The main Bank of America cards and what they're built for

Bank of America offers five main credit cards, each designed for a different financial situation. The BankAmericard Cash Rewards is the simplest — it gives you cash back on all purchases with no annual fee. The Bank of America Preferred Rewards card works the same way but rewards you more if you keep a high balance in a Bank of America checking or savings account. The Bank of America Travel Rewards card gives you points toward flights and hotels instead of cash. The Premium Rewards card charges an annual fee but offers higher rewards and travel perks. The Business Advantage Unlimited is for sole proprietors and small business owners.

Which card makes sense depends on three things: whether you carry a balance month to month, how much you spend, and what you'd actually use the rewards for. If you pay your full balance every month and want the simplest option, the BankAmericard Cash Rewards works. If you travel regularly or have a high balance in Bank of America accounts, one of the other cards might save you money despite an annual fee.

Key Takeaways

  • The BankAmericard Cash Rewards has no annual fee and works for anyone who pays their balance in full each month.
  • Bank of America Preferred Rewards gives higher cash back rates if you maintain a checking or savings account with the bank and keep a minimum balance.
  • The Travel Rewards card makes sense only if you book flights or hotels regularly enough to use the points before they expire.
  • Premium Rewards charges an annual fee but includes travel insurance and higher rewards rates — the fee pays for itself only if you spend enough to earn back the cost.
  • All Bank of America cards charge interest on balances you don't pay in full, so the rewards rate matters far less than the interest rate if you carry a balance.

How rewards work on each card

The BankAmericard Cash Rewards gives you 1% cash back on all purchases. That means for every $100 you spend, you get $1 back. There's no bonus category — you earn the same rate whether you're buying groceries or gas.

The Bank of America Preferred Rewards card gives you 1.5% cash back on all purchases if you have a Bank of America checking or savings account. If you also maintain a Preferred Rewards membership (which requires keeping a certain balance in Bank of America accounts), the rate goes up to 2% or higher depending on your membership tier. This is where the card gets complicated — the higher rewards only happen if you're already keeping money in Bank of America accounts.

The Travel Rewards card gives you 1.5 points per dollar spent on all purchases. Those points convert to cash or travel bookings through Bank of America's travel portal. The conversion rate varies — sometimes 1 point equals 1 cent, sometimes more or less depending on how you redeem.

The Premium Rewards card charges $95 per year but gives you 2.625% cash back on all purchases if you're a Preferred Rewards member. Without that membership, the rate is lower. The card also includes travel insurance, purchase protection, and other perks that may or may not matter to you.

Interest rates and what happens if you carry a balance

All Bank of America credit cards charge interest on balances you don't pay in full by the due date. The interest rate (called the APR) varies based on your credit score and current market rates — Bank of America doesn't publish a single rate. When you explore, you'll see the range you might receive.

This matters because if you carry a balance, the interest you pay will almost always be larger than the rewards you earn. For example, if you have a $5,000 balance at 20% APR, you'll pay roughly $100 in interest that month. Even with 2% cash back, you'd earn only $100 in rewards on $5,000 in spending — meaning the interest wipes out the benefit. If you're carrying a balance, focus on paying it down rather than chasing rewards.

Bank of America does offer 0% introductory APR periods on some cards for new cardholders, but the length varies by card and by your creditworthiness. Check the offer details before you explore.

Annual fees and when they're worth paying

The BankAmericard Cash Rewards, Bank of America Preferred Rewards, and Travel Rewards cards have no annual fee. The Premium Rewards card charges $95 per year.

An annual fee makes sense only if the rewards you earn exceed the cost. If you spend $10,000 per year and earn 2.625% cash back on the Premium Rewards card, you'd earn $262.50 — enough to cover the $95 fee and come out ahead. If you spend $3,000 per year, you'd earn only $78.75, which doesn't cover the fee. Do the math for your own spending before you choose a card with an annual fee.

How to compare these cards to other banks' options

Bank of America cards are solid but not exceptional. Other banks offer higher cash back rates or better travel rewards. For example, some cards offer 2% cash back on all purchases with no annual fee, which beats Bank of America's 1% unless you have a Preferred Rewards membership. Some travel cards offer higher points per dollar or better redemption rates.

The advantage of a Bank of America card is convenience if you already bank there — you can see your rewards and balance in the same app as your checking account. If you don't bank at Bank of America, you might find a better deal elsewhere. Compare the rewards rate, annual fee, and introductory offers across three or four cards before you decide.

how the process works and what happens next

You can explore for a Bank of America credit card on their website, in a branch, or by phone. The process takes about 10 minutes and asks for your name, address, income, employment, and Social Security number. Bank of America will check your credit report, which temporarily lowers your credit score by a few points.

You'll usually get a decision within minutes. If approved, your card arrives in the mail within 7 to 10 business days. You can request expedited shipping in some cases. Once the card arrives, you set up it through the Bank of America app or website before you use it.

If you're denied, you can ask why — Bank of America will tell you whether it was due to credit score, income, or another factor. You can reapply after addressing the issue, though explore multiple times in a short period hurts your credit score more.

Frequently Asked Questions

Can I get a Bank of America credit card if I have bad credit?

Bank of America typically requires a credit score of 600 or higher, though some sources suggest 650 is more realistic for approval. If your score is lower, you might be denied. In that case, a secured credit card (where you deposit money as collateral) from Bank of America or another bank is an option to build credit first.

What's the difference between the Preferred Rewards card and the regular BankAmericard?

The Preferred Rewards card gives you higher cash back (1.5% or more) if you have a Bank of America checking or savings account. The BankAmericard gives you 1% on everything with no account requirement. If you don't bank at Bank of America, the BankAmericard is the better choice.

Do I have to use Bank of America's travel portal to redeem travel points?

On the Travel Rewards card, you can redeem points as cash or through the travel portal. The portal usually offers better value — 1 point might equal 1.5 cents when you book a flight, but only 1 cent if you take it as cash. Check both options before you redeem.

What happens to my rewards if I close the card?

Cash back rewards stay in your account and can be withdrawn or applied to your balance. Travel points may expire or be forfeited depending on the card's terms — check your cardholder agreement before you close an account.

Can I transfer my balance from another credit card to a Bank of America card?

Yes, some Bank of America cards offer balance transfer options, usually with a 0% introductory rate for a set period. You'll pay a transfer fee (usually 3% to 5% of the amount transferred). This can help if you're paying high interest elsewhere, but only if you pay off the balance before the introductory period ends.