The Ultimate Guide to Credit Cards
Wednesday, July 17, 2024

5 Best Bank of America Cash Back Credit Cards (June 2024)

Bank Of America Cash Back Credit Cards
Eric Bank

Written by: Eric Bank

Eric Bank
Eric Bank

Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.

See full bio »

Edited by: Lillian Guevara-Castro

Lillian Guevara-Castro
Lillian Guevara-Castro

Lillian Guevara-Castro brings more than 30 years of editing and journalism experience to the CardRates team. She has written and edited for major news organizations, including The Atlanta Journal-Constitution and the New York Times, and she previously served as an adjunct journalism instructor at the University of Florida. Today, Lillian edits all CardRates content for clarity, accuracy, and reader engagement.

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Reviewed by: Ashley Fricker

Ashley Fricker
Ashley Fricker

Ashley Fricker has more than a decade of experience as a finance contributor and editor, and has specialized in the credit card industry since 2015. Her credit card commentary is featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader's Digest, among many others. She has worked closely with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media. Ashley holds a bachelor's degree in multimedia journalism from Florida Atlantic University.

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Advertiser Disclosure

Bank of America serves more than 65 million customers, so it’s no wonder many consumers flock to the bank’s credit cards. This venerable financial institution offers several cards, but our focus will be on its cash back credit cards. We will, however, peek at its other credit cards and those of competing megabanks. 

Bank of America generally requires cardowners to have excellent credit to obtain an unsecured card, but it also offers a secured cash back card and a student card with more lenient requirements. 

All of its cards have valuable tie-ins with other bank products and services. Getting one of its cards is a no-brainer if you do your banking at Bank of America. Those who bank elsewhere (or nowhere at all) will also find these cards merit serious consideration.

Best Bank of America Cash Back Cards

Cash is so versatile — admired and coveted by most Americans. One way to increase your supply is to own a cash back credit card. Bank of America issues no less than four cards of this genre. If you like money, keep reading!

Bank of America® Customized Cash Rewards credit card Review

at Bank Of America’ssecure website

  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
  • Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
  • Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
  • If you’re a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
  • No annual fee and cash rewards don’t expire as long as your account remains open.
  • 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% – 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
  • Contactless Cards – The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 billing cycles for purchases
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days (Balance Transfer Fee 3% for 60 days from account opening, then 4%)
19.24% – 29.24% Variable APR on purchases and balance transfers
$0
Excellent/Good

Additional Disclosure: Bank of America is a CardRates advertiser.

The Bank of America® Customized Cash Rewards credit card suits consumers who want to decide where they earn rewards. You choose your top-tier rewards from categories that include gas, online shopping, dining, travel, drug stores, and home improvement/furnishings. You can change your mind as often as once each calendar month or leave your choice unchanged indefinitely.

Bank of America® Unlimited Cash Rewards credit card Review

at Bank Of America’ssecure website

CASH BACK RATING

★★★★★

4.7

OVERALL RATING

  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
  • Earn unlimited 1.5% cash back on all purchases.
  • If you’re a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 1.87%-2.62% cash back on every purchase with Preferred Rewards.
  • No annual fee.
  • No limit to the amount of cash back you can earn and cash rewards don’t expire as long as your account remains open.
  • 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% – 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
  • Contactless Cards – The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 billing cycles for purchases
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days (Balance Transfer Fee 3% for 60 days from account opening, then 4%)
19.24% – 29.24% Variable APR on purchases and balance transfers
$0
Excellent/Good

Additional Disclosure: Bank of America is a CardRates advertiser.

Perhaps you prefer the simplicity of unlimited flat-rate cash back on all your purchases. The Bank of America® Unlimited Cash Rewards credit card fulfills this mission admirably while charging no annual fee. Happily, that flat rate fattens when you become a Preferred Rewards member. As with all Bank of America cards, you want to avoid late payments, or they may jack up your APR and charge you a late fee.

Bank of America® Customized Cash Rewards credit card for Students Review

at Bank Of America’ssecure website

CASH BACK RATING

★★★★★

4.7

OVERALL RATING

  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
  • Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
  • Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
  • No annual fee and cash rewards don’t expire as long as your account remains open.
  • 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% – 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
  • When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job. Access your FICO® Score for free within Online Banking or your Mobile Banking app.
  • Contactless Cards – The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 billing cycles for purchases
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days (Balance Transfer Fee 3% for 60 days from account opening, then 4%)
19.24% – 29.24% Variable APR on purchases and balance transfers
$0
Excellent/Good

Additional Disclosure: Bank of America is a CardRates advertiser.

The Bank of America® Customized Cash Rewards credit card for Students offers the same rewards as its non-student counterpart. You get to choose your top-tier bonus category.

You’ll also earn a signup bonus if you satisfy the minimum spending requirement within the first 90 days after account opening. Through Balance Connect®, you can link the card to a Bank of America checking account to cover overdrafts. The card also features account alerts, FICO score access, and digital wallet technology.

Bank of America® Unlimited Cash Rewards credit card for Students Review

at Bank Of America’ssecure website

CASH BACK RATING

★★★★★

4.5

OVERALL RATING

  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
  • Earn unlimited 1.5% cash back on all purchases.
  • No annual fee.
  • No limit to the amount of cash back you can earn and cash rewards don’t expire as long as your account remains open.
  • 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% – 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
  • When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job. Access your FICO® Score for free within Online Banking or your Mobile Banking app.
  • Contactless Cards – The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 billing cycles for purchases
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days (Balance Transfer Fee 3% for 60 days from account opening, then 4%)
19.24% – 29.24% Variable APR on purchases and balance transfers
$0
Excellent/Good

Additional Disclosure: Bank of America is a CardRates advertiser.

The Bank of America® Unlimited Cash Rewards credit card for Students is the issuer’s flat-rate cash back card for students. You can also get a signup bonus and 0% intro APRs (after which the regular APR will take effect).

There’s no annual fee, but you should pay the balance in full each month to avoid interest fees that eat away at your cash back earnings. There’s no limit to the amount of cash back you can earn, and your rewards never expire.

5. Bank of America Customized Cash Rewards Secured credit card

The Bank of America® Customized Cash Rewards Secured Credit Card allows you to earn handsome cash back rewards and rebuild your credit simultaneously. You choose which merchant category will provide the highest cash back rate, and you can choose a different one each calendar month.

  • Earn 3% cash back in the category of your choice
  • $200 minimum deposit required
  • Free FICO Score updated monthly
  • $0 annual fee

Bank of America sets your maximum credit limit based on your security deposit, income, and ability to pay your bill. The bank may eventually refund your collateral if you consistently pay on time. This unlimited cash rewards card works with popular digital wallets, including those from Google, Apple, and Samsung.

(The information related to the Bank of America® Customized Cash Rewards Secured Credit Card has been collected by CardRates.com and has not been reviewed or provided by the issuer or provider of this product or service.)

Other Bank of America Rewards Cards

Bank of America also offers two travel cards and a third for the frugally minded. All three provide good value, and its Balance Connect® service for bank customers can help prevent declined purchases, returned checks, and other overdrafts when you link your Bank of America checking account to your card account.

Bank of America® Premium Rewards® credit card Review

at Bank Of America’ssecure website

EXPERT’S RATING

★★★★★

4.8

OVERALL RATING

  • Low $95 annual fee.
  • Receive 60,000 online bonus points – a $600 value – after you make at least $4,000 in purchases in the first 90 days of account opening.
  • Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases. No limit to the points you can earn and your points don’t expire as long as your account remains open.
  • If you’re a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means you could earn 2.5-3.5 points on travel and dining purchases and 1.87 – 2.62 points on all other purchases, for every $1 you spend.
  • Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center.
  • Get up to $100 in Airline Incidental Statement Credits annually and TSA PreCheck®/Global Entry Statement Credits of up to $100, every four years.
  • Travel Insurance protections to assist with trip delays, cancellations and interruptions, baggage delays and lost luggage.
  • No foreign transaction fees.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
21.24% – 29.24% Variable APR on purchases and balance transfers
$95
Excellent/Good

Additional Disclosure: Bank of America is a CardRates advertiser.

The Bank of America® Premium Rewards® credit card is one of the best cards for consumers who want travel benefits and top rewards on each purchase. You get a signup bonus when you spend the required amount on purchases in the first 90 days after account opening.

You also get a travel statement credit to reimburse you for airline incidentals and TSA PreCheck®/Global Entry fees. This premium reward card does not charge foreign transaction fees.

Bank of America® Travel Rewards credit card Review

at Bank Of America’ssecure website

EXPERT’S RATING

★★★★★

4.9

OVERALL RATING

  • Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don’t expire as long as your account remains open.
  • 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – that can be a $250 statement credit toward travel purchases.
  • Use your card to book your trip how and where you want – you’re not limited to specific websites with blackout dates or restrictions.
  • Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
  • 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% – 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
  • If you’re a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases.
  • Contactless Cards – The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 billing cycles for purchases
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days (Balance Transfer Fee 3% for 60 days from account opening, then 4%)
19.24% – 29.24% Variable APR on purchases and balance transfers
$0
Excellent/Good

Additional Disclosure: Bank of America is a CardRates advertiser.

The Bank of America® Travel Rewards credit card is a good choice for consumers who like to travel. It offers a signup bonus and the standard flat rewards rate on all purchases. The card never charges an annual or foreign transaction fee.

Your reward points never expire. You can redeem your points for a statement credit to pay for travel and dining purchases, with no blackout dates or booking restrictions. The card frequently offers 0% intro APRs on purchases and qualifying balance transfers.

BankAmericard® credit card

This card is currently not available.

Bank of America® Rating

★★★★★

N/A

OVERALL RATING

N/A
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
N/A
N/A
N/A

Additional Disclosure: The information related to BankAmericard® credit card has been collected by CardRates.com and has not been reviewed or provided by the issuer of this card.

The BankAmericard® credit card has no annual fee nor penalty APR. The card doesn’t offer rewards, but its 0% interest rate can save you a lot of money, whether you need to finance a large expense or transfer high-interest debt from another card. The 0% rate will revert to the standard APR after the promotional period expires.

Additional benefits include fraud liability protection, account alerts, and free access to your FICO score (updated monthly, opt-in required). The card works with digital wallets and contactless tap-to-pay.

Competing Cash Back Cards From Major Banks

You may find yourself right at home with one of these cash back cards if you don’t hold your checking and savings with Bank of America. A few cards advertise cash back but actually use point rewards that you can quickly redeem for cash.

Chase Freedom Unlimited® Review

at Chase’ssecure website

CASH BACK RATING

★★★★★

4.8

OVERALL RATING

  • INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) – worth up to $300 cash back!
  • Enjoy 6.5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
  • After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
  • No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
  • Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% – 29.24%.
  • No annual fee – You won’t have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 15 months
0% Intro APR on Balance Transfers 15 months
20.49% – 29.24% Variable
$0
Good/Excellent

The Chase Freedom Unlimited® features a new card signup bonus, 0% intro APR promotions, and an extraordinary first-year rewards rate on all purchases, including bookings through Chase Travel. Benefits include auto rental collision damage waiver, extended warranty protection, and trip insurance, making it a solid choice as the best credit card in this review.

Citi Double Cash® Card Review

at Citi’ssecure website

CASH BACK RATING

★★★★★

4.8

OVERALL RATING

  • Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
  • Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
  • Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% – 29.24%, based on your creditworthiness.
  • Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
  • If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
  • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
0% Intro APR Period 18 months on Balance Transfers
19.24% – 29.24% (Variable)
$0
Excellent, Good, Fair

Additional Disclosure: Citi is a CardRates advertiser.

You can redeem the ThankYou Points from the Citi Double Cash® Card for cash via a check, statement credit, or direct deposit. Alternatively, you can use your points for travel, shopping, and gift card purchases.

The Citi Double Cash® Card provides 24/7 customer support, contactless pay, compatibility with digital wallets, and special access to entertainment events. The card addresses security concerns with around-the-clock fraud protection through Citi Identity Theft Solutions, Citi Lost Wallet Service, and zero liability for unauthorized charges. If you’d prefer a World Elite Mastercard, consider the Citi Strata Premier℠ Card.

Discover it® Cash Back Review

at Discover Card’ssecure website

CASH BACK RATING

★★★★★

4.9

OVERALL RATING

  • INTRO OFFER: Unlimited Cashback Match for all new cardmembers–only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
  • Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.
  • Redeem your rewards for cash at any time.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • Get a 0% intro APR for 15 months on purchases. Then 18.24% to 28.24% Standard Variable Purchase APR applies, based on credit worthiness.
  • No annual fee.
  • Terms and conditions apply.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 months
0% Intro APR for 15 months
18.24% – 28.24% Variable APR
$0
Excellent/Good

It’s hard to beat the cash rewards you earn from the Discover it® Cash Back. The quarterly rotating bonus categories include grocery stores and restaurants, gas stations, warehouse stores, Walmart and Target. You must activate the new rotating bonus category to receive the special rate on quarterly purchases.

New cardholders receive Discover’s unlimited Cashback Match on all rewards posted in the first year. Cash back can be redeemed in any amount and at any time. The card features a free FICO credit score, US-based customer service, and no annual fee.

CASH BACK RATING

★★★★★

4.8

OVERALL RATING

  • Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase, every day
  • $0 annual fee and no foreign transaction fees
  • Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of trip options. Terms apply
  • No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won’t expire for the life of the account and there’s no limit to how much you can earn
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 15 months
0% for 15 months
19.99% – 29.99% (Variable)
$0
Excellent, Good

The Capital One Quicksilver Cash Rewards Credit Card offers the same flat-rate cash back as the Bank of America Unlimited Cash Rewards credit card. It also offers a promotional 0% intro APR on purchases and balance transfers, but its promotional period is shorter than that of the Bank of America card.

Your rewards do not expire while the account remains open. You can redeem any amount of cash back at any time through a statement credit or a check. If you prefer, you can use your rewards to cover recent purchases, get a gift card, make online purchases using PayPal Pay with Rewards, or pay for purchases at Amazon.com.

Blue Cash Preferred® Card Review

at the issuer’ssecure website

CASH BACK RATING

★★★★★

4.6

OVERALL RATING

4.7/5.0
  • Earn $250 back in the form of a statement credit after you spend $3,000 in purchases on your new Card within the first 6 months of Card Membership.
  • Earn 6% cash back at U.S. supermarkets on up to $6,000 per year on purchases (then 1%). Also earn 6% cash back on select U.S. streaming subscriptions.
  • Earn 3% cash back on transit, including U.S. gas stations, taxis/rideshare, parking, tolls, trains, buses, and more. All other purchases earn 1% cash back.
  • $120 Equinox Credit – Use your Blue Cash Preferred Card to pay for Equinox+ at equinoxplus.com and receive $10 in monthly statement credits. Enrollment required.
  • 0% intro APR for 12 months from the date of account opening, then a variable APR applies
  • $0 intro annual fee for the first year, then $95
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 12 months
N/A
19.24% – 29.99% Variable
$0 intro annual fee for the first year, then $95
Excellent Credit

The Blue Cash Preferred® Card leads the pack for grocery rewards, offering the highest cash back rate on purchases at US supermarkets. We calculate that the average US household can earn around $300/year by using this card for groceries. 

Deduct the annual fee, and you’re still ahead by about $200 a year. And that doesn’t include additional cash back earned in other categories, including bonus rates on streaming, transit, and gas purchases. Other benefits include a signup bonus, car rental loss and damage insurance, and purchase return protection.

What Is a Cash Back Card?

A cash back credit card returns a small percentage of every eligible purchase in cash (or points easily converted to cash). There are different types of cash back cards in terms of how they pay rewards:

Types of cash back credit cards

The cards we’ve reviewed offer cash back rewards of up to 6% on bonus categories or up to a flat 2% rate (or more) on all purchases. It’s almost as if you have a coupon for every purchase.

How Do I Qualify For a Cash Rewards Card From Bank of America?

You must be at least 18 years old and satisfy the bank’s credit requirements to apply for a Bank of America credit card. A card may not be available if you currently have or have had the card in the past 24 months. 

Additionally, reports suggest that you can obtain no more than two Bank of America credit cards in a rolling two-month period, three credit cards in a rolling 12-month period, and four credit cards in a rolling 24-month period.

The bank’s card application requires you to submit the following data:

  • Name
  • Address
  • Phone number
  • Email address
  • Citizenship
  • Date of birth
  • Employment status
  • Total annual income
  • Monthly housing payment

The bank performs a hard credit check to confirm the information in your application. It will not issue you a card if it cannot verify your identity. You can streamline the application process if you are already a Bank of America customer, as much of the required information is already on file.

How Do I Redeem My Bank of America Cash Back Rewards?

Cash reward redemptions have a $25 minimum, and you can start redeeming after your first billing cycle. You can apply your cash back as a statement credit or transfer it to your Bank of America checking or savings account or to your Merrill Lynch Cash Management Account or 529 Account. You can also request a personal check but may have to wait two or more weeks to receive it.

You can redeem your Bank of America cash back rewards in three ways:

  • Website: To check your rewards balance or redeem it online, log in to Online Banking, select your credit card, and then select the Rewards tab.
  • Mobile app: Log in to the Mobile Banking app and tap the View My Rewards link to redeem your available rewards balance. You can also tap the Erica icon and say, “I want to redeem credit card rewards,” and follow the instructions (if you prefer, you can also type your message to Erica).
  • Phone: To redeem your credit card rewards by phone, call (800) 434-8313 and select Option 2 (available Mon-Fri 9 AM to 9 PM ET).

What Benefits Should I Expect From Bank of America Cash Back Cards?

Most Bank of America cash back cards offer lucrative signup bonuses, and Preferred Rewards members earn 25%-75% more cash back on every purchase. The cards also frequently run 0% intro APR promotions on purchases and balance transfers.

They also offer:

  • A $0 liability guarantee against fraudulent transactions
  • Contactless chip technology supporting tap-to-pay checkout
  • Balance Connect overdraft protection using your Bank of America checking account
  • Paperless statements
  • Digital wallet technology
  • Online and mobile banking
  • Account alerts
  • Free FICO scores
  • No annual fee

The Bank of America Customized Cash Rewards Secured Credit Card provides the same benefits except for the signup bonus and 0% intro APR promotions.

Do I Need Good Credit to Get a Cash Back Card?

The bank requires excellent credit for its Bank of America® Customized Cash Rewards credit card and Bank of America® Unlimited Cash Rewards credit card. You generally need a FICO score of at least 750 to qualify for these cards.

You can get the Customized Cash Rewards Credit Card for Students with no or limited credit history. If you do have a credit score, it must be at least fair (above 580), though ideally higher. The Bank of America Customized Cash Rewards Secured Credit Card does not require a credit score to apply.

FICO and VantageScore credit score tiers
Bank of America offers cash back credit cards for all credit score ranges.

You may be able to get a cash back card from another bank or credit union even if you have only fair credit. Credit union customers generally have access to low-cost prime and subprime credit cards.

Which Is Better: Cash Back or Points?

Points may be a little more versatile than cash back for these reasons:

  • Cash back rewards are easy to value because a $1 reward is worth exactly $1. But point rewards may be worth more, less, or the same as cash rewards, depending on the context. For example, some cards increase the value of reward points when you redeem them for travel.
  • Some points cards allow you to transfer rewards to another loyalty program as points or miles. For example, you can transfer Chase Ultimate Rewards points to Delta Skymiles. 
  • A points card typically offers more redemption options.

Cash back rewards are simple to redeem. Be aware of any restrictions, such as minimum redemption amounts. Some card issuers revoke any unredeemed rewards if you cancel the account.

Bank of America’s Cash Back Cards Are Worth Serious Consideration

Bank of America’s cash back credit cards are well-positioned against competition from other large banks. Those more familiar with travel credit cards may notice that the cash back variety offers relatively fewer benefits, instead concentrating on rewards and bonuses. That’s a good reason to consider owning both types of cards.

In any event, you don’t have to be a Bank of America customer to get one of its credit cards, but they’re a natural choice if you are.

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