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The Ultimate Guide to Credit Cards™
Tuesday, January 24, 2023


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home  > Credit Card Advice


BANK OF AMERICA CASH BACK CREDIT CARDS & BEST ALTERNATIVES

Posted: January 23, 2023


CREDIT CARD ADVICE

Written by: Eric Bank

Eric Bank

Eric Bank has been covering business and financial topics since 1985,
specializing in taking complex subject matters and explaining them in simple
terms for consumer audiences. In addition to his work on CardRates.com, Eric has
appeared regularly on Credible.com, eHow, WiseBread, The Nest, Get.com, Zacks,
Chron and dozens of other outlets. A former software engineer, Eric holds an
M.B.A. from New York University and an M.S. in finance from DePaul University.

See full bio »

Edited by: Lillian Guevara-Castro

Lillian Guevara-Castro

Lillian brings more than 30 years of editing and journalism experience. She has
written and edited for major news organizations, including The Atlanta
Journal-Constitution and the New York Times, and she previously served as an
adjunct instructor at the University of Florida. Today, she edits all CardRates
content for clarity, accuracy, and reader engagement.

See full bio »

Reviewed by: Ashley Dull

Ashley Dull

With more than a decade of experience as a content manager and marketer, Ashley
has specialized in finance coverage since 2015. She has worked closely with the
world’s largest banks and financial institutions, up-and-coming fintech
companies, and press and news outlets to curate comprehensive content and media
campaigns. Her credit card commentary is featured on national media outlets that
include CNBC, MarketWatch, Investopedia, and Reader's Digest, among others.

See full bio »


Bank of America serves more than 65 million customers, so it’s no wonder many
consumers flock to the bank’s credit cards. This venerable financial institution
offers several cards, but our focus will be on its cash back credit cards. We
will, however, peek at its other credit cards and those of competing megabanks. 

Bank of America generally requires cardowners to have excellent credit to obtain
an unsecured card, but it also offers a secured cash back card and a student
card with more lenient requirements. 

All of its cards have valuable tie-ins with other bank products and services.
Getting one of its cards is a no-brainer if you do your banking at Bank of
America. Those who bank elsewhere (or nowhere at all) will also find these cards
merit serious consideration.

Navigate This Article:
Bank of America Cash Back Cards Other Bank of America Cards Competing Cash Back
Cards FAQs


BANK OF AMERICA OFFERS 4 CASH BACK CARDS



Cash is so versatile — admired and coveted by most Americans. One way to
increase your supply is to own a cash back credit card. Bank of America issues
no less than four cards of this genre. If you like money, keep reading!


1. BANK OF AMERICA® CUSTOMIZED CASH REWARDS CREDIT CARD



at Bank Of America’ssecure website


CASH BACK RATING

★★★★★

4.8


OVERALL RATING

4.8/5.0
Our Review »
 * $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, automatic 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.
 * If you’re a Preferred Rewards member, you can earn 25%-75% more cash back on
   every purchase. That means you could earn 3.75%-5.25% cash back on purchases
   in your choice category.
 * No annual fee and no expiration on rewards.
 * New longer intro period! 0% Introductory APR for 18 billing cycles for
   purchases, and for any balance transfers made in the first 60 days. After the
   intro APR offer ends, 18.24% – 28.24% Variable APR will apply. A 3% fee (min
   $10) applies to all balance transfers.
 * Contactless Cards – The security of a chip card, with the convenience of a
   tap.
 * This online only offer may not be available if you leave this page or if you
   visit a Bank of America financial center. You can take advantage of this
   offer when you apply now.

 * See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 18 billing cycles for purchases
0% Intro APR for 18 billing cycles for any balance transfers made in the first
60 days
18.24% – 28.24% Variable APR on purchases and balance transfers
$0
Excellent/Good

Additional Disclosure: Bank of America is a CardRates advertiser.

The Bank of America® Customized Cash Rewards credit card suits consumers who
want to decide where they earn rewards. You choose your top-tier rewards from
categories that include gas, online shopping, dining, travel, drug stores, and
home improvement/furnishings. You can change your mind as often as once each
calendar month or leave your choice unchanged indefinitely.


2. BANK OF AMERICA® UNLIMITED CASH REWARDS CREDIT CARD



at Bank Of America’ssecure website


CASH BACK RATING

★★★★★

4.7


OVERALL RATING

4.7/5.0
Our Review »
 * $200 online cash rewards bonus after you make at least $1,000 in purchases in
   the first 90 days of account opening.
 * Earn unlimited 1.5% cash back on all purchases.
 * If you’re a Preferred Rewards member, you can earn 25%-75% more cash back on
   every purchase. That means you could earn 1.87%-2.62% cash back on every
   purchase with Preferred Rewards.
 * No annual fee.
 * No limit to the amount of cash back you can earn and cash rewards don’t
   expire.
 * New longer intro period! 0% Introductory APR for 18 billing cycles for
   purchases, and for any balance transfers made in the first 60 days. After the
   intro APR offer ends, 18.24% – 28.24% Variable APR will apply. A 3% fee (min
   $10) applies to all balance transfers.
 * Contactless Cards – The security of a chip card, with the convenience of a
   tap.
 * This online only offer may not be available if you leave this page or if you
   visit a Bank of America financial center. You can take advantage of this
   offer when you apply now.

 * See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 18 billing cycles for purchases
0% Intro APR for 18 billing cycles for any balance transfers made in the first
60 days
18.24% – 28.24% Variable APR on purchases and balance transfers
$0
Excellent/Good

Additional Disclosure: Bank of America is a CardRates advertiser.

Perhaps you prefer the simplicity of unlimited flat-rate cash back on all your
purchases. The Bank of America® Unlimited Cash Rewards credit card fulfills this
mission admirably while charging no annual fee. Happily, that flat rate fattens
when you become a Preferred Rewards member. As with all Bank of America cards,
you want to avoid late payments, or they may jack up your APR and charge you a
late fee.


3. BANK OF AMERICA CUSTOMIZED CASH REWARDS CARD FOR STUDENTS

The Bank of America® Customized Cash Rewards Card for Students offers the same
rewards as its non-student counterpart. You get to choose your top-tier bonus
category.


 * Earn 3% cash back in the category of your choice
 * Low introductory APR offer
 * Free FICO Score updated monthly
 * $0 annual fee 

You’ll also earn a signup bonus if you satisfy the minimum spending requirement
within the first 90 days after account opening. Through Balance Connect®, you
can link the card to a Bank of America checking account to cover overdrafts. The
card also features account alerts, FICO score access, and digital wallet
technology.


4. BANK OF AMERICA CUSTOMIZED CASH REWARDS SECURED CREDIT CARD

The Bank of America® Customized Cash Rewards Secured Credit Card allows you to
earn handsome cash back rewards and rebuild your credit simultaneously. You
choose which merchant category will provide the highest cash back rate, and you
can choose a different one each calendar month.


 * Earn 3% cash back in the category of your choice
 * $200 minimum deposit required
 * Free FICO Score updated monthly
 * $0 annual fee

Bank of America sets your maximum credit limit based on your security deposit,
income, and ability to pay your bill. The bank may eventually refund your
collateral if you consistently pay on time. This unlimited cash rewards card
works with popular digital wallets, including those from Google, Apple, and
Samsung.

(The information related to the Bank of America® Customized Cash Rewards Card
for Students and Bank of America® Customized Cash Rewards Secured Credit Card
has been collected by CardRates.com and has not been reviewed or provided by the
issuer or provider of this product or service.)


OTHER BANK OF AMERICA REWARDS CARDS



Bank of America also offers two travel cards and a third for the frugally
minded. All three provide good value, and its Balance Connect® service for bank
customers can help prevent declined purchases, returned checks, and other
overdrafts when you link your Bank of America checking account to your card
account.


BANK OF AMERICA® PREMIUM REWARDS® CREDIT CARD



at Bank Of America’ssecure website


EXPERT’S RATING

★★★★★

4.8


OVERALL RATING

4.6/5.0
Our Review »
 * Receive 50,000 online bonus points – a $500 value – after you make at least
   $3,000 in purchases in the first 90 days of account opening.
 * Earn unlimited 2 points for every $1 spent on travel and dining purchases and
   unlimited 1.5 points for every $1 spent on all other purchases.
 * If you’re a Bank of America Preferred Rewards member, you can earn 25%-75%
   more points on every purchase. That means you could earn 2.5-3.5 points on
   travel and dining purchases and 1.87-2.62 points on all other purchases, for
   every $1 you spend.
 * No limit to the points you can earn and your points don’t expire.
 * Redeem for cash back as a statement credit, deposit into eligible Bank of
   America® accounts, credit to eligible Merrill® accounts, or gift cards or
   purchases at the Bank of America Travel Center.
 * Get up to $100 in Airline Incidental Statement Credits annually and TSA
   PreCheck®/Global Entry Statement Credits of up to $100, every four years.
 * No foreign transaction fees.
 * Low $95 annual fee.
 * This online only offer may not be available if you leave this page or if you
   visit a Bank of America financial center. You can take advantage of this
   offer when you apply now.

 * See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
20.24% – 27.24% Variable APR on purchases and balance transfers
$95
Excellent/Good

Additional Disclosure: Bank of America is a CardRates advertiser.

The Bank of America® Premium Rewards® credit card is one of the best cards for
consumers who want travel benefits and top rewards on each purchase. You get a
signup bonus when you spend the required amount on purchases in the first 90
days after account opening.

You also get a travel statement credit to reimburse you for airline incidentals
and TSA PreCheck®/Global Entry fees. This premium reward card does not charge
foreign transaction fees.


BANK OF AMERICA® TRAVEL REWARDS CREDIT CARD



at Bank Of America’ssecure website


EXPERT’S RATING

★★★★★

4.7


OVERALL RATING

4.7/5.0
Our Review »
 * 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 travel or dining purchases,
   such as flights, hotel stays, car and vacation rentals, baggage fees, and
   also at restaurants including takeout.
 * New longer intro period! 0% Introductory APR for 18 billing cycles for
   purchases, and for any balance transfers made in the first 60 days. After the
   intro APR offer ends, 18.24% – 28.24% Variable APR will apply. A 3% fee (min
   $10) applies to all balance transfers.
 * If you’re a Preferred Rewards member, you can earn 25%-75% more points on
   every purchase. That means instead of earning an unlimited 1.5 points for
   every $1, you could earn 1.87-2.62 points for every $1 you spend on
   purchases.
 * Contactless Cards – The security of a chip card, with the convenience of a
   tap.
 * This online only offer may not be available if you leave this page or if you
   visit a Bank of America financial center. You can take advantage of this
   offer when you apply now.

 * See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 18 billing cycles for purchases
0% Intro APR for 18 billing cycles for any balance transfers made in the first
60 days
18.24% – 28.24% Variable APR on purchases and balance transfers
$0
Excellent/Good

Additional Disclosure: Bank of America is a CardRates advertiser.

The Bank of America® Travel Rewards credit card is a good choice for consumers
who like to travel. It offers a signup bonus and the standard flat rewards rate
on all purchases. The card never charges an annual or foreign transaction fee.

Your reward points never expire. You can redeem your points for a statement
credit to pay for travel and dining purchases, with no blackout dates or booking
restrictions. The card frequently offers 0% intro APRs on purchases and
qualifying balance transfers.


BANKAMERICARD® CREDIT CARD



at Bank Of America’ssecure website


EXPERT’S RATING

★★★★★

4.6


OVERALL RATING

4.6/5.0
Our Review »
 * New longer intro period! 0% Introductory APR for 21 billing cycles for
   purchases, and for any balance transfers made in the first 60 days. After the
   intro APR offer ends, 16.24% – 26.24% Variable APR will apply. A 3% fee (min
   $10) applies to all balance transfers.
 * No annual fee.
 * No penalty APR. Paying late won’t automatically raise your interest rate
   (APR). Other account pricing and terms apply.
 * Access your FICO® Score for free within Online Banking or your Mobile Banking
   app.
 * Contactless Cards – The security of a chip card, with the convenience of a
   tap.
 * This online only offer may not be available if you leave this page or if you
   visit a Bank of America financial center. You can take advantage of this
   offer when you apply now.

 * See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 21 billing cycles for purchases
0% Intro APR for 21 billing cycles for any balance transfers made in the first
60 days
16.24% – 26.24% Variable APR on purchases and balance transfers
$0
Excellent/Good

Additional Disclosure: Bank of America is a CardRates advertiser.

The BankAmericard® credit card has no annual fee nor penalty APR. The card
doesn’t offer rewards, but its 0% interest rate can save you a lot of money,
whether you need to finance a large expense or transfer high-interest debt from
another card. The 0% rate will revert to the standard APR after the promotional
period expires.

Additional benefits include fraud liability protection, account alerts, and free
access to your FICO score (updated monthly, opt-in required). The card works
with digital wallets and contactless tap-to-pay.


COMPETING CASH BACK CARDS FROM MAJOR BANKS



You may find yourself right at home with one of these cash back cards if you
don’t hold your checking and savings with Bank of America. A few cards advertise
cash back but actually use point rewards that you can quickly redeem for cash.


CHASE FREEDOM UNLIMITED®



at Chase’ssecure website


CASH BACK RATING

★★★★★

5.0


OVERALL RATING

4.9/5.0
Our Review »
 * INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up
   to $20,000 spent in the first year) – worth up to $300 cash back!
 * Enjoy 6.5% cash back on travel purchased through Chase Ultimate Rewards®, our
   premier rewards program that lets you redeem rewards for cash back, travel,
   gift cards and more; 4.5% cash back on drugstore purchases and dining at
   restaurants, including takeout and eligible delivery service, and 3% on all
   other purchases (on up to $20,000 spent in the first year).
 * After your first year or $20,000 spent, enjoy 5% cash back on Chase travel
   purchased through Ultimate Rewards®, 3% cash back on drugstore purchases and
   dining at restaurants, including takeout and eligible delivery service, and
   unlimited 1.5% cash back on all other purchases.
 * No minimum to redeem for cash back. You can choose to receive a statement
   credit or direct deposit into most U.S. checking and savings accounts. Cash
   Back rewards do not expire as long as your account is open!
 * Enjoy 0% Intro APR for 15 months from account opening on purchases and
   balance transfers, then a variable APR of 19.24% – 27.99%.
 * No annual fee – You won’t have to pay an annual fee for all the great
   features that come with your Freedom Unlimited® card

 * See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 15 months
0% Intro APR on Balance Transfers 15 months
19.24% – 27.99% Variable
$0
Good/Excellent

The Chase Freedom Unlimited® features a new card signup bonus, 0% intro APR
promotions, and an extraordinary first-year rewards rate on all purchases,
including bookings through Chase Travel. Benefits include auto rental collision
damage waiver, extended warranty protection, and trip insurance, making it a
solid choice as the best credit card in this review.

Unlike other Chase Ultimate Rewards card offerings, this card has chip & PIN
capability for superior security. To qualify, you must have a good-to-excellent
credit score, meaning a 680 FICO score or higher may be sufficient for most
applicants. 


CITI® DOUBLE CASH CARD




CASH BACK RATING

★★★★★

4.9


OVERALL RATING

4.8/5.0
Our Review »
 * Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an
   additional 1% as you pay for those purchases.
 * To earn cash back, pay at least the minimum due on time.
 * Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months.
   After that, the variable APR will be 18.24% – 28.24%, based on your
   creditworthiness.
 * Balance Transfers do not earn cash back. Intro APR does not apply to
   purchases.
 * If you transfer a balance, interest will be charged on your purchases unless
   you pay your entire balance (including balance transfers) by the due date
   each month.
 * There is an intro balance transfer fee of 3% of each transfer (minimum $5)
   completed within the first 4 months of account opening. After that, your fee
   will be 5% of each transfer (minimum $5).

 * See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
0% Intro APR Period 18 months on Balance Transfers
18.24% – 28.24% (Variable)
$0
Excellent, Good

Additional Disclosure: Citi is a CardRates advertiser.

You can redeem the ThankYou Points from the Citi® Double Cash Card for cash via
a check, statement credit, or direct deposit. Alternatively, you can use your
points for travel, shopping, and gift card purchases.

The Citi® Double Cash Card provides 24/7 customer support, contactless pay,
compatibility with digital wallets, and special access to entertainment events.
The card addresses security concerns with around-the-clock fraud protection
through Citi Identity Theft Solutions, Citi Lost Wallet Service, and zero
liability for unauthorized charges. If you’d prefer a World Elite Mastercard,
consider the Citi Premier® Card.


DISCOVER IT® CASH BACK



at Discover Card’ssecure website


CASH BACK RATING

★★★★★

4.8


OVERALL RATING

4.9/5.0
Our Review »
 * INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will
   automatically match all the cash back you’ve earned at the end of your first
   year! There’s no minimum spending or maximum rewards. You could turn $150
   cash back into $300.
 * Earn 5% cash back on everyday purchases at different places each quarter like
   Amazon.com, grocery stores, restaurants, and gas stations, up to the
   quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all
   other purchases – automatically.
 * Discover helps remove your personal information from select people-search
   websites. Activate by mobile app for free.
 * Every $1 you earn in cash back is $1 you can redeem.
 * Get a 0% intro APR for 15 months on purchases. Then 16.24% to 27.24% Standard
   Variable Purchase APR applies, based on credit worthiness.
 * No annual fee.

 * See application, terms and details.

See Rates & Fees
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 months
0% Intro APR for 15 months
16.24% – 27.24% Variable APR
$0
Excellent/Good

It’s hard to beat the cash rewards you earn from the Discover it® Cash Back. The
quarterly rotating bonus categories include grocery stores and restaurants, gas
stations, warehouse stores, Walmart and Target, and even Amazon. You must
activate the new rotating bonus category to receive the special rate on
quarterly purchases.

New cardholders receive Discover’s unlimited Cashback Match on all rewards
posted in the first year. Cash back can be redeemed in any amount and at any
time. The card features a free FICO credit score, US-based customer service, and
no annual fee.


CAPITAL ONE QUICKSILVER CASH REWARDS CREDIT CARD




CASH BACK RATING

★★★★★

4.8


OVERALL RATING

4.8/5.0

 * Earn a one-time $200 cash bonus after you spend $500 on purchases within 3
   months from account opening
 * Earn unlimited 1.5% cash back on every purchase, every day
 * $0 annual fee and no foreign transaction fees
 * Enjoy up to 6 months of complimentary Uber One membership statement credits
   through 11/14/2024
 * Earn unlimited 5% cash back on hotels and rental cars booked through Capital
   One Travel, where you’ll get Capital One’s best prices on thousands of trip
   options. Terms apply
 * No rotating categories or sign-ups needed to earn cash rewards; plus, cash
   back won’t expire for the life of the account and there’s no limit to how
   much you can earn

 * See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 15 months
0% for 15 months
19.24% – 29.24% (Variable)
$0
Excellent, Good

The Capital One Quicksilver Cash Rewards Credit Card offers the same flat-rate
cash back as the Bank of America Unlimited Cash Rewards credit card. It also
offers a promotional 0% intro APR on purchases and balance transfers, but its
promotional period is shorter than that of the Bank of America card.

Your rewards do not expire while the account remains open. You can redeem any
amount of cash back at any time through a statement credit or a check. If you
prefer, you can use your rewards to cover recent purchases, get a gift card,
make online purchases using PayPal Pay with Rewards, or pay for purchases at
Amazon.com.


BLUE CASH PREFERRED® CARD



at the issuer’ssecure website


CASH BACK RATING

★★★★★

4.7


OVERALL RATING

4.8/5.0
Our Review »
 * Earn $300 back in the form of a statement credit after you spend $3,000 in
   purchases on your new Card within the first 6 months of Card Membership.
 * Earn 6% cash back at U.S. supermarkets on up to $6,000 per year on purchases
   (then 1%). Also earn 6% cash back on select U.S. streaming subscriptions.
 * Earn 3% cash back on transit, including U.S. gas stations, taxis/rideshare,
   parking, tolls, trains, buses, and more. All other purchases earn 1% cash
   back.
 * $120 Equinox Credit – Use your Blue Cash Preferred Card to pay for Equinox+
   at equinoxplus.com and receive $10 in monthly statement credits. Enrollment
   required.
 * 0% intro APR for 12 months from the date of account opening, then a variable
   APR applies
 * $95 Annual Fee

 * See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 12 months
N/A
16.99% – 27.99% Variable
$95
Excellent Credit

The Blue Cash Preferred® Card leads the pack for grocery rewards, offering the
highest cash back rate on purchases at US supermarkets. We calculate that the
average US household can earn around $300/year by using this card for
groceries. 

Deduct the annual fee, and you’re still ahead by about $200 a year. And that
doesn’t include additional cash back earned in other categories, including bonus
rates on streaming, transit, and gas purchases. Other benefits include a signup
bonus, car rental loss and damage insurance, and purchase return protection.


WHAT IS A CASH BACK CARD?



A cash back credit card returns a small percentage of every eligible purchase in
cash (or points easily converted to cash). There are different types of cash
back cards in terms of how they pay rewards:



The cards we’ve reviewed offer cash back rewards of up to 6% on bonus categories
or up to a flat 2% rate (or more) on all purchases. It’s almost as if you have a
coupon for every purchase.


HOW DO I QUALIFY FOR A CASH REWARDS CARD FROM BANK OF AMERICA?



You must be at least 18 years old and satisfy the bank’s credit requirements to
apply for a Bank of America credit card. A card may not be available if you
currently have or have had the card in the past 24 months. 

Additionally, reports suggest that you can obtain no more than two Bank of
America credit cards in a rolling two-month period, three credit cards in a
rolling 12-month period, and four credit cards in a rolling 24-month period.

The bank’s card application requires you to submit the following data:

 * Name
 * Address
 * Phone number
 * Email address
 * Citizenship
 * Date of birth
 * Employment status
 * Total annual income
 * Monthly housing payment

The bank performs a hard credit check to confirm the information in your
application. It will not issue you a card if it cannot verify your identity. You
can streamline the application process if you are already a Bank of America
customer, as much of the required information is already on file.


HOW DO I REDEEM MY BANK OF AMERICA CASH BACK REWARDS?



You can redeem your Bank of America cash back rewards in three ways:

 * Website: To check your rewards balance or redeem it online, log in to Online
   Banking, select your credit card, and then select the Rewards tab.
 * Mobile app: Log in to the Mobile Banking app and tap the View My Rewards link
   to redeem your available rewards balance. You can also tap the Erica icon and
   say, “I want to redeem credit card rewards,” and follow the instructions (if
   you prefer, you can also type your message to Erica).
 * Phone: To redeem your credit card rewards by phone, call (800) 434-8313 and
   select Option 2 (available Mon-Fri 9 AM to 9 PM ET).

Cash reward redemptions have a $25 minimum, and you can start redeeming after
your first billing cycle. You can apply your cash back as a statement credit. 

Alternatively, you can take your cash as a direct deposit to your Bank of
America checking or savings account or your Merrill Lynch Cash Management
Account or 529 Account. You can request a personal check but may have to wait
two or more weeks to receive it.


WHAT BENEFITS SHOULD I EXPECT FROM BANK OF AMERICA CASH BACK CARDS?



The three unsecured Bank of America cash back cards offer lucrative signup
bonuses, and Preferred Rewards members earn 25%-75% more cash back on every
purchase. The cards frequently run 0% intro APR promotions on purchases and
balance transfers, in addition to:

 * A $0 liability guarantee against fraudulent transactions
 * Contactless chip technology supporting tap-to-pay checkout
 * Balance Connect overdraft protection using your Bank of America checking
   account
 * Paperless statements
 * Digital wallet technology
 * Online and mobile banking
 * Account alerts
 * Free FICO scores
 * No annual fee

The Bank of America Customized Cash Rewards Secured Credit Card provides the
same benefits except for the signup bonus and 0% intro APR promotions.


DO I NEED GOOD CREDIT TO GET A CASH BACK CARD?



The bank requires excellent credit for its Bank of America® Customized Cash
Rewards credit card and Bank of America® Unlimited Cash Rewards credit card. You
generally need a FICO score of at least 750 to qualify for these cards.

You can get the Customized Cash Rewards Credit Card for Students with no or
limited credit history. If you do have a credit score, it must be at least fair
(above 580), though ideally higher. The Bank of America Customized Cash Rewards
Secured Credit Card does not require a credit score to apply.

Bank of America offers cash back credit cards for all credit score ranges.

You may be able to get a cash back card from another bank or credit union even
if you have only fair credit. Credit union customers generally have access to
low-cost prime and subprime credit cards.


WHICH IS BETTER: CASH BACK OR POINTS?



Points may be a little more versatile than cash back for these reasons:

 * Cash back rewards are easy to value because a $1 reward is worth exactly $1.
   But point rewards may be worth more, less, or the same as cash rewards,
   depending on the context. For example, some cards increase the value of
   reward points when you redeem them for travel.
 * Some points cards allow you to transfer rewards to another loyalty program as
   points or miles. For example, you can transfer Chase Ultimate Rewards points
   to Delta Skymiles. 
 * A points card typically offers more redemption options.

Cash back rewards are simple to redeem. Be aware of any restrictions, such as
minimum redemption amounts. Some card issuers revoke any unredeemed rewards if
you cancel the account.


BANK OF AMERICA’S CASH BACK CARDS ARE WORTH SERIOUS CONSIDERATION



Bank of America’s cash back credit cards are well-positioned against competition
from other large banks. Those more familiar with travel credit cards may notice
that the cash back variety offers relatively fewer benefits, instead
concentrating on rewards and bonuses. That’s a good reason to consider owning
both types of cards.

In any event, you don’t have to be a Bank of America customer to get one of its
credit cards, but they’re a natural choice if you are.


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Editorial Note: Our site content is not provided or commissioned by any credit
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Related Topics:

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ABOUT THE AUTHOR


ERIC BANK

Eric Bank has been covering business and financial topics since 1985,
specializing in taking complex subject matters and explaining them in simple
terms for consumer audiences. In addition to his work on CardRates.com, Eric has
appeared regularly on Credible.com, eHow, WiseBread, The Nest, Get.com, Zacks,
Chron and dozens of other outlets. A former software engineer, Eric holds an
M.B.A. from New York University and an M.S. in finance from DePaul University.


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to maintain accurate information; however, all credit card offer details,
including information about rewards, signup bonuses, introductory offers, and
other terms and conditions, is presented without warranty. Clicking on any offer
on CardRates.com will direct you to the issuer's website, where you can review
the current terms and conditions of the offer.

Advertiser Disclosure: CardRates.com is a free online resource that offers
valuable content and comparison services to users. To keep this resource 100%
free, we receive compensation for referrals for many of the offers listed on the
site. Along with key review factors, this compensation may impact how and where
products appear across CardRates.com (including, for example, the order in which
they appear). CardRates.com does not include the entire universe of available
offers. Editorial opinions expressed on the site are strictly our own and are
not provided, endorsed, or approved by advertisers.