The Best Bank of America Credit Cards For Cash-Back and Rewards

BY 

Christine Krzyszton

- UPDATED: August 23, 2020

1. Credit Cards  / 
2. Strategies & Guides

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You have to admire the diverse line up of credit cards offered by Bank of America. This established financial institution seems to offer a credit card that will suit just about any consumer or small business owner.

Whether you’re looking for a travel or rewards-earning credit card to fund your next family vacation, an airline-branded card, credit cards that earn cash-back, or cards for your small business, Bank of America has a card that will fit your spending profile.

You’ll also find cards for consumers just starting out, cards with no annual fees, and 0% APR period cards that help you repay a large purchase over time or transfer balances from high-interest credit cards.

Allow us to help you sort through the extensive collection of credit cards that Bank of America has to offer and give you our suggestions for credit cards in each category.

Best Bank of America Credit Card For Earning Rewards

The Bank of America Premium Rewards Credit Card is a solid rewards-earning credit card that holds its own in the market against similar cards such as the Chase Sapphire Preferred® Card. While the Premium Rewards Card has travel and dining as its bonus earning categories, that’s just icing on the cake because you earn 1.5 points per dollar on all other purchases.

Although the card is marketed as a rewards credit card with everyday earning at a rate of 1.5 points per dollar, it functions more like a travel rewards card. It earns 2 points per dollar spent on travel (and dining), and you can redeem your points for travel via the Bank of America Travel Center. Or you can purchase your travel elsewhere, earn 2 points per dollar, and redeem your points for a statement credit against your purchase.

You’ll have several other options at redemption time including statement credits, gift cards, or 1 cent per point transferred to an eligible Bank of America bank account.

Bottom Line: Although the Premium Rewards Card earns rewards on every purchase, it functions well as a travel rewards credit card with its bonus earnings on travel and travel redemption options

Best Bank of America Credit Cards for Travel

In contrast to the Bank of America Premium Rewards Credit Card, the Bank of America Travel Rewards Credit Cards do not earn bonus points on travel purchases. The cards do, however, earn 1.5 points per dollar spent on all purchases.

When it comes time to redeem your points, you can redeem your points for a statement credit against your travel purchases at a rate of 1 cent per point.

The Travel Rewards Credit Card and the Travel Rewards for Students cards are identical.

Best Bank of America Airline Credit Cards

One of the most popular Bank of America credit cards is the Alaska Airlines Card. It usually offers a generous sign-up bonus and its $99 companion fare benefit is a favorite among Alaska Airlines flyers. Also, Bank of America does not limit receiving the sign-up bonus to once in a lifetime as some other card issuers do.

While all of Bank of America’s airline credit cards charge an annual fee, the initial sign-up bonus typically offsets the annual fee in the first year. Beyond the first year, you’ll have to determine the card’s value based on how many miles you’ve earned and whether the benefits outweigh the ongoing annual fee.

The airline credit cards offered by Bank of America are designed specifically for consumers frequenting the branded airline, as those are the consumers who will benefit the most from using these cards.

Best Bank of America Credit Cards for Cash-Back

Cash-back is the most flexible type of reward you can earn, and these cards make it easy to start earning cash-back on every purchase you make. If you spend $2,500 per quarter at gas stations, grocery stores, and wholesale clubs, you’ll maximize the bonus category earnings on these cards.

Best Bank of America Credit Cards for Small Businesses

Small business can accumulate rewards points and cash-back quickly by paying business expenses with a Bank of America business credit card.

The Alaska Airlines Business Card is a favorite with a generous sign-up bonus and $99 annual Companion Fare ticket (plus taxes). If you fly Alaska Airlines or Virgin America even a few times a year, the card could make sense for your business, as miles will add up quickly.

You’ll want to pay close attention to the bonus earning categories on these cards to make sure they match up with the mix of your spending for business expenses.

If your business spends a lot at gas stations, you might consider the Business Advantage Cash Rewards card with its 3% cash-back in that spending category. Or if your business spends a lot of travel, the Business Advantage Travel Rewards card might be a better fit.

For example, since the Business Advantage Travel Rewards card earns 3 points per dollar spent on travel via the Bank of America Travel Center, your business can purchase travel there, then subsequently redeem points for a statement credit to offset the travel expense.

You can access our expert guide for a complete selection of the best business credit cards.

Best Bank of America Introductory 0% APR Credit Cards

It’s always helpful when you can spread out the repayment of a large purchase, or even several purchases, over time without having to pay interest charges. It’s equally helpful to transfer high-interest credit card balances and pay off the debt without incurring interest charges.

Bank of America offers several options that allow you to save on interest charges for purchases and balance transfers with introductory 0% APR periods.

Hot Tip: Finding a credit card with an introductory 0% APR period for balance transfers is not difficult. However, finding a 0% APR period offer without any transfer fees is uncommon, as transfer fees usually range from 3-5% of the amount transferred. Selecting the BankAmericard with no transfer fees in the first 60 days after account opening can result in considerable savings. 

Best Bank of America Credit Cards with No Annual Fee

Annual credit card fees can add up quickly, so if you can find a card that earns rewards, cash-back or other valuable benefits and it doesn’t charge an annual fee, that’s a big positive. Fortunately, Bank of America offers a large selection of credit cards with no annual fees.

• Business Advantage Travel Rewards card
• Business Advantage Cash Rewards card
• Bank of America Cash Rewards Card
• BankAmericard
• Bank of America Travel Rewards Card
• Susan G. Komen Cash Rewards Visa Credit Card from Bank of America®
• MLB® Mastercard
• World Wildlife Fund Visa
• U.S. Pride® Visa
• Norwegian Cruise Line® Mastercard
• Royal Caribbean® Visa Signature®
• Bank of America Cash Rewards for Students
• Bank of America Travel Rewards for Students
• Bankamericard for Students

Bottom Line: You don’t have to pay an annual fee to get a rewards-earning credit card with Bank of America. 

Best Bank of America Cards for Building Credit

If you’re just starting out or trying to rebuild your credit, Bank of America has a few cards in its portfolio that can help you accomplish your credit objective.

While neither of these credit cards are rewards-earning credit cards, they do offer a path to building or rebuilding your credit. Once you’ve managed either of these cards successfully, you may be able to elevate to the next level and secure one of Bank of America’s rewards cards including:

• Bank of America® Cash Rewards
• Bank of America® Cash Rewards for Students
• Bank of America® Travel Rewards
• Bank of American® Travel Rewards for Students

You’ll notice that the wide range of credit card options offered by Bank of America can fit nearly every financial situation from starting out to earning valuable rewards that bring perks, benefits, and even free travel.

Everything Else You Need to Know About Bank of America Credit Cards

Redeeming Rewards

Bank of America offers flexibility to redeem points for cash-back, gift cards, travel, or bonus cash-back when you transfer your cash into one of your Bank of America associated accounts.

Points earned on your Bank of America rewards-earning credit card can be redeemed for 1 cent per point. In many cases, you’re earning 2-3 points per dollar spent on the card, so you’re receiving good value.

Hot Tip: If you have a card such as the Business Advantage Travel Rewards World Mastercard that earns 3 points per dollar on travel purchased through Bank of America® Travel Center, you can purchase travel and earn 3 points per dollar and redeem points at 1 cent per point for a statement credit to cover that purchase.

Relationships Matter

• 10% bonus on cash-back: If you have a banking account with Bank of America, the reward benefits that come with your Bank of America credit cards may receive a bonus. Cardholders who have a Bank of America checking or savings account, 529, or Merrill Lynch account can receive a 10% bonus when redeeming cash-back into an eligible account.
• Preferred Rewards Program: If you have $20,000 or more in qualifying Bank of America deposit accounts or Merrill Edge and Merrill Lynch investment, you may qualify for the Preferred Rewards Program and receive a 25-75% rewards bonus on your Bank of America credit card.

Bank of America Credit Card Features, Protections, and Managing Your Account

Your Bank of America credit card will come with these basic features and benefits:

• Paperless credit card statements
• Chip-enabled technology
• Custom account alerts for payments due, payments received, balances, and more
• Online and mobile banking
• Digital wallet using Apple Pay, Google Pay, and Samsung Pay
• Free FICO Score access

Bank of America Shopping Protections and Benefits

Most Bank of America Cards will offer all of these additional benefits:

• Fraud detection and $0 liability for fraudulent transactions
• ShopSafe service generates a temporary credit card number when shopping online
• Return protection
• Warranty manager service
• Purchase security

Bank of America Travel Protections and Benefits

Premium Bank of America credit cards will offer additional travel protections and benefits:

To determine which Bank of America benefits and protections come with the Bank of America card you’re considering; you’ll need to access the specific card summary or cardholder agreement. Complete details are provided in your new account materials.

Final Thoughts

If Bank of America was the only credit card issuer available, you could still find a card that fits your purchasing and earning preferences. There are, however, an endless variety of cards available in the marketplace for consumers and businesses.

You should use the Card Match tool to see if there are any credit card offers that have already been matched to your profile or use our complete guide to finding personal pre-qualified and pre-approved offers from credit card issuers to see your existing offers.

Narrowing the selection of cards that fit your situation is essential to select a credit card that maximizes the benefits, earnings, and rewards you ultimately receive on the card.