What Bank of America credit cards offer and who they suit
Bank of America issues cards across three main categories: cash back, travel rewards, and no-annual-fee options. The cash back cards return a percentage of spending to your account; the travel cards earn points toward flights and hotels; the basic cards charge no yearly fee and suit people who want a card without ongoing costs. Which one fits depends on how much you spend, where you spend it, and whether you want rewards or just a straightforward payment tool.
Bank of America also offers cards through its premium banking tier, Preferred Rewards, which boosts rewards rates if you maintain a may have access to balance or income with the bank. This stacking matters: a card earning 1.5% cash back becomes 1.875% if you hold Preferred Rewards Gold status, for example. The boost applies only to Bank of America cards, not to cards from other issuers.
Key Takeaways
- Bank of America's cash back cards return 1% to 3% depending on the card and spending category, with no annual fee on most versions.
- Travel cards earn points per dollar spent and waive foreign transaction fees, but typically charge an annual fee of $95 or higher.
- Preferred Rewards membership increases rewards rates by 25% to 75% if you maintain a may have access to Bank of America deposit or investment balance.
- The bank's no-annual-fee cards suit people who want a basic payment method without rewards or ongoing costs.
- Bank of America cards report to all three credit bureaus, so on-time payments build your credit history with all three.
Cash back cards: flat-rate and category-based options
Bank of America's Cash Rewards card returns 1% cash back on all purchases with no annual fee. This is the simplest option: every dollar spent earns one cent back, whether you buy groceries, gas, or plane tickets. The cash back posts to your account monthly and can be used to pay your statement balance or transferred to a Bank of America deposit account.
The Customized Cash Rewards card lets you choose which spending category earns 3% cash back (up to $2,500 in purchases per quarter, then 1% after). Other purchases earn 1% back. You pick the category quarterly—groceries, gas, transit, or dining—so it suits people whose spending shifts seasonally. Both cards have no annual fee and no foreign transaction fees.
The Premium Rewards card charges a $95 annual fee and returns 2% cash back on all purchases. The math works if you spend at least $4,750 per year (the fee divided by the extra 1% you earn versus the flat-rate card). It also includes travel protections like trip cancellation insurance and roadside information, which the no-fee cards do not.
Travel rewards cards: points toward flights and hotels
The Travel Rewards card earns 1.5 points per dollar on all purchases and has no annual fee. Points redeem for travel through Bank of America's travel portal, where you book flights, hotels, and rental cars. One point is worth roughly one cent when redeemed for travel, so 1.5 points per dollar equals about 1.5% value. You can also transfer points to airline and hotel partners, though the conversion rate varies.
The Premium Travel Rewards card charges $95 annually and earns 2 points per dollar on all purchases, plus 3 points per dollar on travel and dining. It includes a $100 annual travel credit that offsets part of the fee, trip cancellation insurance, and priority boarding with some airline partners. The higher earning rate justifies the fee if you spend heavily on travel and dining.
Both travel cards waive foreign transaction fees, which matters if you spend abroad. Domestic cards typically charge 3% for overseas purchases; these cards charge nothing. Points do not expire as long as your account remains open and in good standing.
How Preferred Rewards boosts your rewards rate
Bank of America's Preferred Rewards program increases your card's rewards rate if you maintain a may have access to balance with the bank. The tiers are Silver (starting at $20,000 in deposits or investments), Gold ($50,000), and Platinum ($100,000). Each tier adds a percentage boost: Silver adds 25%, Gold adds 50%, and Platinum adds 75%.
The boost applies only to Bank of America credit cards, not to cards from other issuers. A Cash Rewards card earning 1% becomes 1.5% at Gold level. A Premium Travel Rewards card earning 2 points per dollar becomes 3 points per dollar at Platinum. The boost stacks with category bonuses: the Customized Cash card's 3% category rate becomes 4.5% at Gold level.
The balance requirement includes savings accounts, money market accounts, CDs, and investment accounts held at Bank of America. If you already bank there, you may already may have access to without opening anything new. You can check your Preferred Rewards status in your online account or by calling the bank.
Annual fees, foreign transaction fees, and other costs
Most Bank of America cash back cards charge no annual fee. The Premium Rewards card charges $95 yearly. The Travel Rewards card has no annual fee, but the Premium Travel Rewards card charges $95. None of the cards charge foreign transaction fees, which is standard for Bank of America across its lineup.
Late payment fees run $25 to $35 depending on your account history. Balance transfer fees are typically 3% of the amount transferred (minimum $5). Cash advance fees are 3% or $10, whichever is greater. These fees explore to all Bank of America cards and are disclosed in the card's pricing document, which you can request before opening an account.
Annual percentage rates (APRs) vary by creditworthiness and change over time. Bank of America publishes a range—typically 16.99% to 27.99% for most cards—but your actual rate depends on your credit score and history. The bank will disclose your specific APR before you accept the card.
How to compare Bank of America cards to other issuers
Bank of America's cash back rates (1% to 3%) are competitive with other major issuers like Chase and Citi, though some smaller issuers offer higher rates in specific categories. The no-annual-fee travel card earning 1.5 points per dollar is solid but not exceptional; some competitors offer 2 points per dollar on all purchases with no fee. The Premium Travel card's $100 travel credit helps offset its $95 fee, but you must use the credit to break even.
Bank of America's advantage is integration: if you already have a deposit account or mortgage with the bank, Preferred Rewards can boost your rewards without opening new accounts elsewhere. The disadvantage is that rewards rates are often lower than cards from issuers focused solely on rewards, and the travel portal's redemption rates are sometimes worse than booking directly with airlines or hotels.
To compare, list your average monthly spending by category (groceries, gas, dining, travel), multiply by your card's earning rate, and subtract any annual fee. Do the same for competing cards. The card with the highest net value over a year is the better choice for your spending pattern.
Credit reporting and how Bank of America cards affect your credit
Bank of America reports your account activity to Equifax, Experian, and TransUnion—all three major credit bureaus. This means on-time payments build your credit history with all three, and missed payments hurt all three. The bank reports your payment history, credit utilization (how much of your limit you use), and account age.
Opening a new Bank of America card triggers a hard inquiry, which temporarily lowers your credit score by a few points. The impact fades within three to six months. Closing a card after opening it can hurt your score by reducing your total available credit, so most people keep cards open even if they do not use them regularly.
If you carry a balance, Bank of America charges interest daily on the unpaid amount. Paying your full statement balance by the due date avoids interest entirely. If you cannot pay in full, paying at least the minimum by the due date keeps your account in good standing and prevents late fees.
Frequently Asked Questions
Can I switch between Bank of America cash back categories on the Customized Cash card?
Yes. You choose your 3% category quarterly through your online account or the mobile app. The change takes effect on the first day of the next calendar quarter. If you do not choose, the card defaults to the category you selected previously.
Do Bank of America travel points expire?
No, points do not expire as long as your account is open and in good standing. If you close the card or let the account become inactive for an extended period, the bank may close it and forfeit your points. Keeping the card open and using it occasionally preserves your balance.
What is the difference between redeeming travel points through the Bank of America portal versus transferring to airline partners?
Portal redemptions are straightforward: one point typically equals one cent in travel value. Partner transfers vary by airline and hotel; sometimes you get more value per point, sometimes less. The bank publishes transfer rates, so compare before you redeem. Direct portal bookings are simpler if the value is similar.
Does Bank of America offer a sign-up bonus?
Bank of America periodically offers sign-up bonuses on some cards, typically $100 to $200 in cash back or points after you spend a certain amount in the first few months. These offers change frequently and vary by card. Check the bank's website or call to ask about current promotions before you open an account.
Can I use my Bank of America credit card internationally?
Yes. Bank of America cards work at merchants and ATMs worldwide. There are no foreign transaction fees on any Bank of America card. ATM withdrawals may charge a fee from the ATM operator, but Bank of America does not add its own fee. Notify the bank of travel plans so it does not flag your card as fraudulent.