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.

Although you can redeem your cash rewards for statement credit, there is another way to redeem your cash back that makes a lot more financial sense.

When you redeem cash rewards as a deposit into a Bank of America® checking or savings account, N.A. or a Merrill Lynch Cash Management Account, you can get a 10% customer bonus. That means that if you redeem $100 worth of cash rewards as a deposit into your eligible Bank of America® checking or savings account, you will receive $110.

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, the 10% customer bonus that you receive when you redeem cash rewards into your account will increase to 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).

Credit CardFeaturesIntro APRRegular APRAnnual FeeWhy we like itWe least likeCredit RequiredRelated links
Bank of America<sup>®</sup> Cash Rewards credit card

Bank of America® Cash Rewards credit card

APPLY NOWAt Bank of America's secure website
  • $150 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening
  • No annual fee
  • $150 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening
  • NEW OFFER: Maximize your cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings
  • Now earn 3% cash back in your choice category and 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
  • You can update your choice category for future purchases once each calendar month using the Mobile banking app or Online banking, or do nothing and it stays the same.
  • No expiration on rewards
  • 0% Introductory APR for 12 billing cycles for purchases AND for any balance transfers made in the first 60 days, then, 16.24% - 26.24% Variable APR. 3% fee (min $10) applies to balance transfers
  • If you're a Preferred Rewards client, you can get a 25% - 75% rewards bonus on every purchase
APPLY NOWAt Bank of America's secure website

0% Introductory APR for 12 billing cycles for purchases AND for any balance transfers made in the first 60 days

16.24% - 26.24% Variable APR

$0

Why we like it
  • $150 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening.
  • NEW OFFER: Maximize your cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings.
We least like
  • 3% foreign transaction fee.
Excellent/Good
Bank of America<sup>®</sup> Travel Rewards credit card - 25,000 Bonus Points Offer

Bank of America® Travel Rewards credit card - 25,000 Bonus Points Offer

APPLY NOWAt Bank of America's secure website
  • 25,000 online bonus points if 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
  • 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
  • 25,000 online bonus points if 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 flights, hotels, vacation packages, cruises, rental cars, or baggage fees
  • Comes with chip technology for enhanced security and protection at chip-enabled terminals
  • 0% Introductory APR for 12 billing cycles for purchases, then 17.24% - 25.24% Variable APR
  • Get an additional 10% customer points bonus on every purchase when you have an active Bank of America® checking or savings account
  • If you’re a Preferred Rewards client, you can increase that bonus to 25% - 75%
APPLY NOWAt Bank of America's secure website

0% Introductory APR for 12 billing cycles for purchases

17.24% - 25.24% Variable APR

$0

Why we like it
  • 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.
Excellent/Good