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).

Credit CardFeaturesIntro APRRegular APRAnnual FeeWhy we like itWe least likeCredit RequiredRelated links
Bank of America<sup>®</sup> Cash Rewards credit card - $200 Cash Rewards Offer

Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer

APPLY NOWAt Bank of America's secure website
  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
  • No annual fee
  • $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, 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
  • 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 15.74% - 25.74% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
  • No expiration on rewards
  • If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase
APPLY NOWAt Bank of America's secure website

0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days

15.74% - 25.74% Variable APR

$0

Why we like it
  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
We least like
  • 3% foreign transaction fee.
Excellent/Good
Bank of America<sup>®</sup> Travel Rewards Visa<sup>®</sup> credit card - 25,000 Bonus Points Offer

Bank of America® Travel Rewards Visa® 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 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 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. After the intro APR ends, 16.74% - 24.74% Variable APR will apply
  • If you’re a Preferred Rewards member, you can earn 25% - 75% more points on every purchase
APPLY NOWAt Bank of America's secure website

0% Introductory APR for 12 billing cycles for purchases

16.74% - 24.74% 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