What Bank of America credit cards offer and who they suit
Bank of America offers roughly a dozen credit cards across three main categories: cash back rewards, travel rewards, and cards designed for people building or rebuilding credit. Each card carries different annual fees, earning rates, and sign-up bonuses. The right card depends on how you spend money, whether you travel, and what credit score range you fall into.
Most Bank of America cards report to all three credit bureaus, so opening one affects your credit score when ready through a hard inquiry and a new account. The cards themselves are issued by Bank of America, N.A., and managed through their online banking portal or the Bank of America mobile app. You can view statements, make payments, and track rewards through either platform.
Key Takeaways
- Bank of America credit cards fall into three groups: cash back (like the Cash Rewards card), travel rewards (like the Premium Rewards card), and credit-building cards for lower credit scores.
- Most cards charge no annual fee, but premium travel cards charge $95 to $450 per year and offset that with travel credits and higher earning rates.
- Cash back and travel rewards typically range from 1% to 3% on most purchases, with higher rates on specific categories like groceries, gas, or dining.
- New cardholders often see sign-up bonuses worth $100 to $500 in cash back or travel credits, but these require spending a set amount within a set timeframe.
- Bank of America customers with a checking or savings account may see higher cash back rates or waived annual fees on certain cards.
Cash back cards and how the rewards work
The Bank of America Cash Rewards card and similar cash back options earn a percentage of what you spend. The standard rate is 1% cash back on all purchases, but you earn higher rates—usually 2% or 3%—in categories you choose or that rotate each quarter. Cash back appears as a credit on your statement or can be transferred to a linked Bank of America checking or savings account.
Cash back does not expire as long as your account remains open. If you close the card, you keep the cash back you have already earned, but you stop earning on future purchases. Some cards offer bonus cash back during the first year or on specific spending categories, which means you earn more than the standard rate for a limited time.
The cash back rate depends on the specific card. Entry-level cards earn 1% across the board. Mid-tier cards earn 1.5% to 2% on all purchases or higher rates in categories like groceries, gas, or dining. Premium cards may earn up to 3% in certain categories but charge an annual fee to offset the higher earning potential.
Travel rewards cards and how they differ from cash back
Bank of America travel rewards cards earn points on every purchase, and those points can be redeemed for flights, hotels, rental cars, or other travel expenses. The earning rate is typically 1.5 to 2 points per dollar spent, depending on the card. Unlike cash back, travel points are often worth more when redeemed for travel than when converted to cash, though that value varies by card and redemption choice.
Travel cards usually come with an annual fee—$95 to $450—but include benefits that offset the cost, such as travel credits, lounge access, or statement credits for specific expenses. These cards also often offer sign-up bonuses worth thousands of points, which can cover a flight or hotel stay if you meet the spending requirement within the first few months.
Points do not expire as long as your account is open, but closing the card means you lose any unspent points. Some travel cards allow you to transfer points to airline or hotel partners at a fixed rate, which can increase their value if you know which airline or hotel chain you prefer.
Annual fees and when they make sense
Most Bank of America cash back cards charge no annual fee. Travel rewards cards and premium cash back cards typically charge $95 to $450 per year. Whether a fee is worth paying depends on whether the card's benefits and earning rates save you more money than the fee costs.
For example, a card with a $95 annual fee that includes a $100 travel credit effectively costs you nothing if you use that credit. A card earning 2% cash back instead of 1% saves you $100 per year if you spend $10,000 annually—enough to cover a $95 fee and come out ahead. The math changes if you spend less or if you do not use the card's bonus categories.
Bank of America sometimes waives the first-year annual fee for new cardholders, which gives you time to decide whether the card's benefits justify the cost. You can also downgrade to a no-fee Bank of America card instead of closing the account, which preserves your credit history and account age.
Credit score requirements and cards for lower scores
Bank of America credit cards typically require a credit score of 670 or higher for approval, though some premium travel cards may require 700 or above. If your score is below 670, Bank of America offers the Secured Credit Card, which requires a cash deposit as collateral. The deposit becomes your credit limit, so a $500 deposit gives you a $500 limit.
The Secured Card charges no annual fee and reports to all three credit bureaus, so on-time payments build your credit history. After 12 months of on-time payments, you may be able to convert it to an unsecured card and recover your deposit. Some cardholders are offered an upgrade without needing to wait the full year.
If you are denied for a standard card, you can request reconsideration by calling the number on your denial letter. Bank of America will sometimes approve you if you explain your situation or if you have a checking or savings account with them. Having an existing Bank of America account can also improve your chances of approval for a standard rewards card.
Sign-up bonuses and how to meet the spending requirement
Most Bank of America credit cards offer a sign-up bonus worth $100 to $500 in cash back or travel points. The bonus typically requires you to spend a set amount—often $500 to $3,000—within a set timeframe, usually three months. Once you meet the spending requirement, the bonus posts to your account automatically.
The spending requirement counts only new purchases, not balance transfers or fees. If you do not meet the requirement within the timeframe, you do not receive the bonus. Some cards offer a lower bonus with a lower spending requirement, which may suit you better if you do not spend much in the first few months.
Sign-up bonuses are one-time offers. You cannot earn the same bonus twice on the same card, though you may be able to earn it again if you close the card and reopen it after a set period—typically 24 months. Bank of America publishes the current bonus offers on their website and updates them periodically.
How Bank of America cardholders earn extra rewards
Bank of America customers with a checking or savings account may earn higher cash back rates on certain cards. For example, a card that normally earns 1% cash back might earn 1.5% if you have a may have access to Bank of America deposit account. This bonus is sometimes called the "preferred rewards" program and requires you to maintain a minimum balance or direct deposit.
The preferred rewards tiers are based on your combined Bank of America account balance. Bronze tier (starting at $20,000) adds 25% to your cash back rate. Silver tier ($50,000) adds 50%. Gold tier ($100,000) adds 75%. Platinum tier ($250,000) adds 100%, effectively doubling your cash back on some cards.
You must enroll in preferred rewards through your Bank of America online banking account to receive the bonus. The bonus applies automatically once you meet the tier requirement and enroll. If your balance drops below the tier threshold, you move down to the next tier, and your cash back rate adjusts accordingly.
Frequently Asked Questions
Can I use a Bank of America credit card if I do not have a Bank of America bank account?
Yes. You do not need a checking or savings account to open a Bank of America credit card. However, having an account may improve your chances of approval and can unlock higher cash back rates through the preferred rewards program. You can pay your credit card bill from any bank account, though paying from a Bank of America account may process faster.
What happens to my rewards if I close my credit card?
You keep the cash back or points you have already earned. You stop earning rewards on new purchases once the account is closed. If you have unspent rewards, you can redeem them before closing the card or after, depending on the card's terms. Some cards allow you to transfer points to a travel partner even after the account is closed.
How long does it take to receive a Bank of America credit card after approval?
Bank of America typically mails credit cards within 7 to 10 business days after approval. You can sometimes request expedited shipping for an additional fee. You can also use the card when ready through the Bank of America app before the physical card arrives, which is useful if you have a sign-up bonus spending requirement to meet.
Can I increase my credit limit on a Bank of America card?
Yes. You can request a credit limit increase through your Bank of America online banking account or by calling the number on the back of your card. Bank of America may perform a hard inquiry on your credit report, which temporarily lowers your score. Increases are not may provide and depend on your credit score, payment history, and income.
What is the difference between a sign-up bonus and ongoing rewards?
A sign-up bonus is a one-time offer you earn by meeting a spending requirement within a set timeframe. Ongoing rewards are the cash back or points you earn on every purchase after that. Both are separate—you earn the sign-up bonus once, then earn ongoing rewards indefinitely as long as the account is open.