What Bank of America Credit Cards Offer and Who They Suit

Bank of America credit cards work well for some people and poorly for others, depending on what you spend money on and how you use credit

Bank of America offers several credit cards, each with different rewards, fees, and features. Whether one is right for you depends on three things: whether the rewards match your spending, whether the annual fee (if any) is worth what you get back, and whether the card's terms fit how you actually use credit. This guide compares what each card offers so you can see which one, if any, aligns with your situation.

Bank of America's main cards are the Bank of America Cash Rewards card (no annual fee), the Bank of America Premium Rewards card ($95 annual fee), and the Bank of America Travel Rewards card (no annual fee). Each earns cash back or points at different rates depending on where you spend. The cards also differ in sign-up bonuses, introductory rates, and perks like travel insurance or purchase protection.

Key Takeaways

• Bank of America's no-fee cards (Cash Rewards and Travel Rewards) have lower rewards rates than the Premium Rewards card, which charges $95 per year.
• The Cash Rewards card pays different cash-back rates for different categories (gas, groceries, online shopping, transit, and everything else), so your earnings depend on where you spend.
• The Premium Rewards card earns a flat rate on all purchases but requires you to spend enough to offset the $95 annual fee.
• Bank of America cardholders can redeem rewards as cash, statement credits, or transfers to Bank of America bank accounts, but not to other banks or investment accounts.
• Introductory rates (0% APR for a set period) vary by card and by your creditworthiness, so the offer you see may differ from what someone else receives.

How rewards work on each Bank of America card

The Cash Rewards card pays 1% cash back on all purchases, but 2% on gas, groceries, transit (including taxis and rideshare), and online shopping for the first year, then 1% on those categories after that. If you spend heavily in those categories, you earn more; if you mostly buy things outside them, you earn the flat 1% on everything. There is no annual fee, so you keep whatever you earn.

The Premium Rewards card pays 2% cash back on all purchases with no category limits and no spending caps. The $95 annual fee means you need to earn at least $95 per year in cash back to break even. If you spend $5,000 per year on the card, you earn $100 in rewards, netting $5 after the fee. If you spend $2,500 per year, you earn $50, which leaves you $45 in the red.

The Travel Rewards card earns 1.5 points per dollar on all purchases. Points can be redeemed for travel (flights, hotels, rental cars) through Bank of America's travel portal, or converted to cash at a lower rate. There is no annual fee and no category bonuses, so your earnings are consistent regardless of where you spend.

Sign-up bonuses and introductory rates

Bank of America periodically offers sign-up bonuses on its cards, typically in the form of cash back or bonus points if you spend a certain amount in the first few months. These bonuses change frequently and vary based on your credit profile, so the offer you see online may not be the one you receive after you explore. The bank does not publish a single standard bonus; instead, it shows different offers to different people.

Several Bank of America cards also offer introductory 0% APR periods on purchases, balance transfers, or both. The length of the 0% period varies by card and by your creditworthiness. A 0% intro period means you pay no interest on that balance during the promotional window, but interest kicks in at the regular APR once it ends. If you carry a balance, the regular APR (which varies by card and your credit score) will explore to any remaining balance after the intro period closes.

Annual fees and when they make sense

Only the Premium Rewards card charges an annual fee. The other Bank of America cards have no annual fee, which means you can keep them open and use them occasionally without paying anything. The $95 annual fee on the Premium Rewards card is worth it only if you spend enough to earn at least $95 in rewards per year. At the 2% cash-back rate, that means spending at least $4,750 per year on the card.

If you spend less than $4,750 per year on credit cards, the no-fee Cash Rewards or Travel Rewards card will cost you nothing and still earn rewards. If you spend more than $4,750 per year and most of your spending falls outside the bonus categories on the Cash Rewards card, the Premium Rewards card's flat 2% rate may earn you more than the 1% base rate on the Cash Rewards card, even after subtracting the fee.

How to redeem rewards and what you can do with them

Bank of America lets you redeem cash-back rewards as a statement credit (reducing your bill), a direct deposit to a Bank of America checking or savings account, or a check mailed to you. You cannot transfer cash back to another bank, to a credit card at another bank, or to an investment account. Points on the Travel Rewards card can be redeemed through Bank of America's travel portal for flights, hotels, and car rentals, or converted to cash at a lower redemption rate (typically 0.75 cents per point instead of 1 cent).

Rewards do not expire as long as your account remains open and in good standing. If you close the card, you typically have a window (often 60 to 90 days, depending on the card) to redeem remaining rewards before they are forfeited. Bank of America's rewards program does not allow you to combine points from multiple cards into a single redemption pool, so rewards stay tied to the card they were earned on.

Credit score requirements and approval odds

Bank of America does not publish a minimum credit score for its cards, but applicants typically have a credit score of 670 or higher to be approved. The bank uses a soft pull (which does not affect your credit score) to pre-screen you before you explore, and a hard pull (which does affect your score) if you proceed with an process. If you are denied, you can call the reconsideration line to discuss your process, though the bank does not reverse denials based on a phone call alone.

Your approval odds also depend on your income, employment history, and existing Bank of America accounts. If you already have a checking or savings account with Bank of America, you may have a slightly better chance of approval than someone explore without an existing relationship with the bank. The bank does not disclose approval rates by card or by applicant profile.

Comparing Bank of America cards to competitors

Bank of America's Cash Rewards card (1% base, 2% in bonus categories, no fee) is similar to the Chase Freedom Flex card, which also offers 1% base and 5% in rotating bonus categories, but with a $0 annual fee. The key difference is that Chase's bonus categories rotate quarterly and require set up, while Bank of America's bonus categories are fixed. If you prefer predictability, Bank of America's fixed categories may suit you; if you want higher rewards in some categories, Chase's 5% categories (when they align with your spending) earn more.

Bank of America's Premium Rewards card (2% flat, $95 fee) compares to the Citi Double Cash card (2% flat, $0 fee) and the Capital One Venture X card (2% flat, $395 fee with premium perks). The Citi card earns the same rate with no fee, making it a lower-cost option if you do not value Bank of America's other perks. The Capital One card costs more but includes travel credits and other benefits that may offset the higher fee for frequent travelers.

Bank of America's Travel Rewards card (1.5 points per dollar, no fee) is comparable to the Chase Sapphire Preferred card (2 points per dollar on travel and dining, 1 point on everything else, $95 fee) and the American Express Blue Cash Preferred card (3% cash back on transit and streaming, 1% on everything else, $95 fee). Bank of America's card earns less per dollar but charges no fee, making it a lower-commitment option if you travel occasionally.

Frequently Asked Questions

Do Bank of America credit cards have foreign transaction fees?

Yes, all Bank of America credit cards charge 3% foreign transaction fees on purchases made outside the United States. This fee is added to your bill when the transaction posts. If you travel internationally frequently, cards from other issuers (such as Chase Sapphire Preferred or American Express Platinum) often waive foreign transaction fees, though they typically charge annual fees.

Can I get a higher credit limit after I open a Bank of America card?

Yes, you can request a credit limit increase after you have had the card for at least six months and have made on-time payments. You can request an increase through the Bank of America website, mobile app, or by calling the number on the back of your card. The bank may perform a hard pull on your credit report when you request an increase, which temporarily lowers your credit score.

What happens to my rewards if I close my Bank of America credit card?

You have a limited time (usually 60 to 90 days) to redeem your rewards after you close the card. If you do not redeem them within that window, they are forfeited. You cannot transfer rewards from a closed card to another Bank of America card, so make sure to redeem before closing.

Does Bank of America offer price protection or purchase protection on its cards?

The Premium Rewards card includes purchase protection (covering accidental damage or theft for 120 days after purchase) and extended warranty protection. The Cash Rewards and Travel Rewards cards do not include these protections. If purchase protection matters to you, check the full terms on Bank of America's website, as coverage limits and exclusions vary by card.

Can I use my Bank of America rewards to pay down my balance?

Yes, you can redeem cash-back rewards as a statement credit, which reduces your outstanding balance. This is one of the most straightforward ways to use your rewards. You cannot, however, use rewards to make a payment toward your balance; the statement credit is applied automatically and reduces what you owe.