Bank of America offers competitive credit cards enhanced by their unique Preferred Rewards program. If you have significant assets with BofA or Merrill Lynch, their cards can offer some of the highest cash back rates available.
Bank of America Overview
Bank of America is one of America's largest banks. Their credit cards stand out through the Preferred Rewards program, which boosts earnings based on your banking relationship.
Cash Back Cards
Bank of America Customized Cash Rewards
Flexible cash back with a category you choose:
- Annual fee: $0
- Earning rates: 3% in a category of your choice, 2% at grocery stores and wholesale clubs (combined $2,500/quarter), 1% everywhere else
- Choice categories: Gas, online shopping, dining, travel, drug stores, or home improvement/furnishings
- With Preferred Rewards: Up to 5.25% in your choice category
Best for: Those with consistent spending in one category.
Bank of America Unlimited Cash Rewards
- Annual fee: $0
- Earning rates: 1.5% unlimited cash back on all purchases
- With Preferred Rewards: Up to 2.62% on all purchases
Travel Cards
Bank of America Premium Rewards Card
BofA's premium travel and dining card:
- Annual fee: $95
- Earning rates: 2 points per dollar on travel and dining, 1.5 points everywhere else
- Key benefits: $100 airline incidentals credit, Global Entry/TSA PreCheck credit, no foreign transaction fees
- With Preferred Rewards: Up to 3.5 points on travel and dining
Bank of America Travel Rewards Card
- Annual fee: $0
- Earning rates: 1.5 points per dollar on all purchases
- Redemption: Points worth 1 cent each toward travel purchases
- With Preferred Rewards: Up to 2.62 points per dollar
Preferred Rewards Program
The key to maximizing Bank of America cards is their Preferred Rewards program:
Tiers Based on 3-Month Average Balance
- Gold ($20,000+): 25% bonus on credit card rewards
- Platinum ($50,000+): 50% bonus on credit card rewards
- Platinum Honors ($100,000+): 75% bonus on credit card rewards
What This Means
With Platinum Honors status:
- Customized Cash 3% category becomes 5.25%
- Unlimited Cash 1.5% becomes 2.62%
- Premium Rewards 2x travel/dining becomes 3.5x
This makes BofA cards among the best available for those with significant assets.
Business Cards
Business Advantage Customized Cash
- Annual fee: $0
- Earning: 3% in choice category, 2% at restaurants, 1% everywhere else
- Choice categories: Gas, office supplies, travel, TV/telecom/wireless, computer services, or business consulting
Business Advantage Unlimited Cash
- Annual fee: $0
- Earning: 1.5% unlimited cash back
Secured Card
BankAmericard Secured
- Annual fee: $0
- Deposit: $200-$5,000 refundable deposit
- Features: Reports to all three credit bureaus, potential upgrade path
Additional Benefits
Purchase Protection
Coverage for eligible purchases against damage or theft.
Extended Warranty
Extends manufacturer warranties on eligible purchases.
BankAmeriDeals
Cash back offers at various merchants, similar to Amex Offers.
Who Should Get BofA Cards?
- Existing BofA/Merrill customers: The Preferred Rewards bonus makes these cards exceptional value
- High-net-worth individuals: Platinum Honors level provides industry-leading cash back rates
- Those building credit: Secured card with no annual fee is a solid option
- Category spenders: Customized Cash lets you pick your bonus category
Bank of America cards work best as part of a comprehensive wealth-building strategy that includes banking and investment relationships.
