If you like to be rewarded when you redeem cash rewards for real money, this program is worth looking into. The cash back card from Bank of America lets you earn cash back on everyday purchases, including those made for gas and at grocery stores.

Online Banking customers also have free access to BankAmeriDeals®, which lets you earn up to 15% cash back on deals from restaurants and other merchants. Deals are adapted to your spending preferences and you can access the latest offers directly with Online Banking or Mobile Banking.

If you plan to use a card from Bank of America to earn cash back on your purchases, then consider opening a Bank of America® interest-bearing personal checking account ($100 deposit required) or Regular Savings ($25 deposit required). That way you will maximize your cash earnings.

Those of you who have a good to high income and hold an eligible Bank of America® checking or savings account (Merrill Edge® investment accounts are also accepted) may be eligible to enroll in Bank of America Preferred Rewards. I would highly recommend that you take advantage of this additional program if you can, as it can increase the value of your cash back in a big way.

There are three different tiers:

  1. Gold
    If you have an average combined balance of $20K to $50K in your eligible Bank of America® banking account over a 3-month period, you can earn a 25% rewards bonus. In other words, if you redeem $100 of cash rewards as a deposit into your eligible Bank of America® checking or savings account, you will receive $125.
  2. Platinum
    If you have a 3-month average combined balance of $50K to $100K in your Bank of America® checking or savings account, you will earn a 50% rewards bonus. This means that with Preferred Rewards when you redeem $100 cash rewards into your Bank of America® checking or savings account, you would get $150.
  3. Platinum Honors
    If you have a 3-month average combined balance of $100K or more in your Bank of America® checking or savings account, you could benefit from a phenomenal 75% rewards bonus, which means that for every $1 of cash rewards that you redeem into your eligible account, you will get $1.75 in cold hard cash. That's close to double the value of your cash back rewards!

Both cards below are eligible to earn a rewards bonus with Preferred Rewards (as long as your 3-month average combined balance is at least $20K).