Bank of America offers different cards for different financial situations
Bank of America issues roughly a dozen credit cards, each built around a specific spending pattern or financial goal. The "best" card depends entirely on how you spend money, how you travel, and whether you carry a balance. A card that rewards restaurant purchases does nothing for someone who never eats out. A travel card wastes its benefits on someone who drives locally and never flies.
The main categories are cash-back cards (you get a percentage back on purchases), travel rewards cards (you earn points toward flights and hotels), and cards with no annual fee but minimal rewards. Most require good to excellent credit to be considered. Bank of America also offers secured cards for people rebuilding credit, which work differently and are covered separately below.
This guide walks through the actual cards Bank of America currently offers, what each one costs, what each one pays back, and which spending patterns make each one worth holding.
Key Takeaways
- Bank of America's cash-back cards return 1% to 3% depending on the category, with the BankAmericard Cash Rewards returning 1% on everything and the Premium Rewards returning higher percentages in specific categories.
- The Bank of America Travel Rewards card earns 1.5 points per dollar on all purchases and has no annual fee, making it straightforward for people who travel occasionally but do not want category complexity.
- Cards with annual fees (typically $95 to $450) are only worth holding if your rewards exceed the fee by a meaningful margin, which usually requires $10,000 or more in annual spending in the card's bonus categories.
- Bank of America's secured card requires a cash deposit that becomes your credit limit, and after responsible use for several months, you may be able to move to an unsecured card.
- Introductory offers (like 0% interest for a set period) are real benefits but should not be the only reason to choose a card, since the ongoing rewards matter far longer than the intro period.
Cash-back cards: what you earn on everyday purchases
The BankAmericard Cash Rewards card returns 1% cash back on all purchases, has no annual fee, and has no category restrictions. This is the simplest option if you want rewards without tracking which card to use for which purchase. The trade-off is that 1% is lower than what you could earn in specific categories on other cards, so it works best for people whose spending does not fit neatly into bonus categories.
The Bank of America Premium Rewards card returns 2% cash back on gas, groceries, and transit (up to $2,500 per quarter, then 1% after), and 1% on everything else. It has a $95 annual fee. The math works if you spend at least $500 per quarter in those three categories combined — that is roughly $40 per quarter in rewards, which covers the annual fee. If you spend more, the fee becomes invisible quickly.
The Bank of America Cash Rewards for Students card has no annual fee and returns 1% on all purchases, plus 2% on groceries and gas. It is only available to full-time students under 24. After graduation, you can keep the card but it converts to the standard BankAmericard.
Travel rewards cards: earning points for flights and hotels
The Bank of America Travel Rewards card earns 1.5 points per dollar on all purchases, has no annual fee, and lets you redeem points for travel at a fixed rate (typically 1 point = 1 cent toward flights, hotels, rental cars, or cruises). This card works well for people who travel a few times per year but do not want to optimize spending by category. The simplicity is the main advantage — you earn the same rate everywhere.
The Bank of America Premium Travel Rewards card earns 2 points per dollar on travel and dining, 1 point per dollar on everything else, and has a $95 annual fee. It also includes trip cancellation insurance, baggage delay reimbursement, and other travel protections. The card makes sense if you spend $5,000 or more per year on travel and dining combined, which generates $100 in rewards and covers the fee.
The Bank of America Preferred Rewards card (sometimes called the Visa Signature) earns 2 points per dollar on travel, 1.5 points per dollar on dining and gas, and 1 point per dollar on everything else. It has a $95 annual fee. If you are already a Bank of America customer with a high balance or income, you may also earn bonus points through the Preferred Rewards program, which multiplies your earnings by 25% to 75% depending on your account tier.
Annual fees and when they actually cost you money
A $95 annual fee sounds expensive until you do the math. If a card returns 2% on $5,000 of annual spending, that is $100 in rewards — the fee is covered with $5 left over. But if you spend only $2,000 per year, you earn $40 and lose $55 to the fee. The break-even point matters more than the fee itself.
Higher-tier cards (like the $450 Preferred Rewards card) are designed for people who spend $30,000 or more per year in bonus categories. Unless your spending genuinely reaches that level, the fee will outweigh the rewards. Be honest about your actual spending, not your aspirational spending.
Cards with no annual fee have lower rewards rates, but they have no break-even point — you earn something on every purchase, even if it is only 1%. If you are unsure whether you will use a card enough to justify the fee, start with a no-fee card.
Introductory interest rates and balance transfer offers
Many Bank of America cards offer 0% introductory APR (annual percentage rate) for a set period — typically 6 to 12 months on new purchases, or 6 to 21 months on balance transfers. This is a real benefit if you plan to carry a balance, but it is temporary. After the intro period ends, the regular APR kicks in, which is usually 17% to 27% depending on your credit score and current rates.
A 0% balance transfer offer can save money if you are moving debt from a higher-rate card and plan to pay it down during the intro period. But the offer is not a reason to open a card you would not otherwise use. Once the intro period ends, you are paying regular interest on any remaining balance, and the card's ongoing rewards become the only reason to keep it.
Read the fine print on intro offers carefully. Some cards charge a balance transfer fee (typically 3% to 5% of the amount transferred), which reduces the savings. Others limit the intro rate to a specific dollar amount or require a minimum purchase to trigger it.
Secured cards for rebuilding credit
The Bank of America Secured Credit Card requires a cash deposit that becomes your credit limit. If you deposit $500, your limit is $500. You use the card like any other credit card, and your payment history is reported to credit bureaus. After several months of on-time payments, Bank of America may convert the card to an unsecured card and return your deposit.
Secured cards charge an annual fee (typically $29 to $35) and offer no rewards. They exist to build credit history, not to earn cash back. If your credit score is below 600 or you have no credit history, a secured card is often the only option available. Once your score improves, you can move to an unsecured card with better rewards.
The deposit itself is not a fee — it is your money, held in a separate account. But you cannot access it while the card is active, so treat it as money you are setting aside for credit building, not money you are spending.
How Bank of America's Preferred Rewards program changes the math
If you have a Bank of America checking or savings account with a high balance, or if you have a mortgage or investment account with them, you may may have access to for Preferred Rewards. This program multiplies your credit card rewards by 25%, 50%, or 75% depending on your account tier. A card earning 1.5 points per dollar becomes 1.875 to 2.625 points per dollar.
This bonus can shift the math on whether a card with an annual fee is worth holding. A $95 card that barely breaks even at your current spending might become profitable once the Preferred Rewards multiplier is applied. Check your Bank of America account to see which tier you may have access to for, and factor that into your decision.
Preferred Rewards is not automatic — you have to enroll in the program through your online account. The enrollment is free, and the bonus applies when ready to new purchases.
Comparing the main cards side by side
| Card Name | Annual Fee | Main Rewards Rate | Best For |
|---|---|---|---|
| BankAmericard Cash Rewards | $0 | 1% all purchases | straightforward, no-fee cash back |
| Premium Rewards | $95 | 2% gas/groceries/transit, 1% other | High spending in bonus categories |
| Travel Rewards | $0 | 1.5 points all purchases | Occasional travelers, straightforward redemption |
| Premium Travel Rewards | $95 | 2 points travel/dining, 1 other | Frequent travelers with high dining spend |
| Preferred Rewards Visa Signature | $95 | 2 points travel, 1.5 dining/gas, 1 other | High-balance Bank of America customers |
| Secured Card | $29–$35 | No rewards | Building credit from scratch |
Frequently Asked Questions
What credit score do I need to open a Bank of America credit card?
Most Bank of America cards require good to excellent credit, typically a score of 670 or higher. The exact requirement varies by card and changes based on current lending standards. If your score is below 620, the secured card is usually your only option. You can check your own score through your bank or a free service like Credit Karma before you explore.
Can I have more than one Bank of America credit card?
Yes. Many people hold both a cash-back card and a travel card to earn rewards in different categories. However, each new card process triggers a hard inquiry on your credit report, which can temporarily lower your score by a few points. Space out applications by at least a few months if you plan to open multiple cards.
How do I redeem rewards on a Bank of America credit card?
Cash-back rewards can be redeemed as a statement credit, deposited into a Bank of America account, or sent as a check. Travel points can be redeemed through the Bank of America travel portal or transferred to airline and hotel partners. You can redeem rewards anytime — there is no minimum amount required, though some redemptions have higher value than others.
What happens to my rewards if I close the card?
Rewards you have already earned stay in your account and can be redeemed after you close the card. However, some cards have restrictions on how long you can redeem after closing. Check your card's terms before closing an account, or contact Bank of America customer service to confirm your rewards will not expire.
Is the introductory 0% APR worth opening a card for?
Only if you actually plan to use it during the intro period. If you open a card for the 0% offer but do not transfer a balance or make large purchases, the offer provides no benefit and you pay an annual fee for nothing. The ongoing rewards rate and annual fee should make sense on their own — the intro offer is a bonus, not the reason to open the card.