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6% Cash Back in Your Choice Category for Year One
Earn 6% cash back in the category you choose most (dining, gas, shopping, travel, and more) for the first year, then 3% ongoing. With a $200 welcome bonus, flexible category selection, and 0% intro APR for 15 months, this card rewards your spending habits without an annual fee.
$0
Annual Fee
3X
Top Rate
Annual Fee
$0
Foreign Transaction Fee
3%
Network
Visa Signature
Rewards Currency
Cash
Point Valuation
0.6–1 cpp (mid: 1)
Credit Required
Good to Excellent
| Category | Rate | Type | Booking Method | Cap | Notes |
|---|---|---|---|---|---|
| Dining | 3X | Core | Any | $2,500/quarterly | |
| Drugstores | 3X | Core | Any | $2,500/quarterly | |
| Gas Stations | 3X | Core | Any | $2,500/quarterly | |
| Home Improvement | 3X | Core | Any | $2,500/quarterly | |
| Online Shopping | 3X | Core | Any | $2,500/quarterly | |
| Streaming | 3X | Core | Any | $2,500/quarterly | |
| Telecom | 3X | Core | Any | $2,500/quarterly | |
| Travel | 3X | Core | Any | $2,500/quarterly | |
| Grocery Stores | 2X | Core | Any | $2,500/quarterly | |
| Wholesale Clubs | 2X | Core | Any | $2,500/quarterly | |
| All Other | 1X | Base | Any | None |
Pick the category where you spend the most—whether that's dining out, filling up at the pump, shopping online, or any of the 8 choices—and earn 6% cash back for a full year. After your first year, this drops to 3%, but it remains among the highest cash back rates available.
Spend $500/month in your choice category = $300 cash back in year one (up to $2,500/quarter cap)
Every trip to the supermarket or warehouse club automatically earns 2% cash back. Whether you're buying groceries, gas, or supplies at Costco or Sam's Club, this rate applies seamlessly without activation or category switching.
Spend $400/month on groceries = $96 cash back annually (up to $2,500/quarter combined with choice category)
Beyond your choice category and grocery/warehouse spending, every other purchase earns 1% cash back. No caps, no limits, no special rules—just consistent rewards on everyday spending.
Spend $1,000/month on non-bonus categories = $120 cash back annually, unlimited
Benefits & Perks
Program & Transfers
Bank of America Rewards Points is a straightforward statement credit program with a fixed 1 cpp value for travel and dining redemptions. There are no transfer partners, so redemption flexibility is limited compared to Chase Ultimate Rewards or American Express Membership Rewards. However, the Preferred Rewards program can significantly boost earning rates by up to 75% for members with qualifying Bank of America and Merrill combined account balances.
Reviews & Analysis
Details & Terms
| Purchase APR | 17.49%–27.49% (Variable) |
| Foreign Transaction Fee | 3% |
Cash Rewards family
| Card | Tier | Annual Fee | Note |
|---|---|---|---|
| Bank Of America Unlimited Cash | entry | $0 |
Product changes available between family members without a new credit inquiry.
No, points don't expire as long as your Bank of America credit card account is open and active. Once you close a card, any unredeemed points on that card are lost.
Media & Resources
6% Cash Back in Your Choice Category for Year One
Earn 6% cash back in the category you choose most (dining, gas, shopping, travel, and more) for the first year, then 3% ongoing. With a $200 welcome bonus, flexible category selection, and 0% intro APR for 15 months, this card rewards your spending habits without an annual fee.
$0
Annual Fee
3X
Top Rate
Annual Fee
$0
Foreign Transaction Fee
3%
Network
Visa Signature
Rewards Currency
Cash
Point Valuation
0.6–1 cpp (mid: 1)
Credit Required
Good to Excellent
| Category | Rate | Type | Booking Method | Cap | Notes |
|---|---|---|---|---|---|
| Dining | 3X | Core | Any | $2,500/quarterly | |
| Drugstores | 3X | Core | Any | $2,500/quarterly | |
| Gas Stations | 3X | Core | Any | $2,500/quarterly | |
| Home Improvement | 3X | Core | Any | $2,500/quarterly | |
| Online Shopping | 3X | Core | Any | $2,500/quarterly | |
| Streaming | 3X | Core | Any | $2,500/quarterly | |
| Telecom | 3X | Core | Any | $2,500/quarterly | |
| Travel | 3X | Core | Any | $2,500/quarterly | |
| Grocery Stores | 2X | Core | Any | $2,500/quarterly | |
| Wholesale Clubs | 2X | Core | Any | $2,500/quarterly | |
| All Other | 1X | Base | Any | None |
Pick the category where you spend the most—whether that's dining out, filling up at the pump, shopping online, or any of the 8 choices—and earn 6% cash back for a full year. After your first year, this drops to 3%, but it remains among the highest cash back rates available.
Spend $500/month in your choice category = $300 cash back in year one (up to $2,500/quarter cap)
Every trip to the supermarket or warehouse club automatically earns 2% cash back. Whether you're buying groceries, gas, or supplies at Costco or Sam's Club, this rate applies seamlessly without activation or category switching.
Spend $400/month on groceries = $96 cash back annually (up to $2,500/quarter combined with choice category)
Beyond your choice category and grocery/warehouse spending, every other purchase earns 1% cash back. No caps, no limits, no special rules—just consistent rewards on everyday spending.
Spend $1,000/month on non-bonus categories = $120 cash back annually, unlimited
Benefits & Perks
Program & Transfers
Bank of America Rewards Points is a straightforward statement credit program with a fixed 1 cpp value for travel and dining redemptions. There are no transfer partners, so redemption flexibility is limited compared to Chase Ultimate Rewards or American Express Membership Rewards. However, the Preferred Rewards program can significantly boost earning rates by up to 75% for members with qualifying Bank of America and Merrill combined account balances.
Reviews & Analysis
Details & Terms
| Purchase APR | 17.49%–27.49% (Variable) |
| Foreign Transaction Fee | 3% |
Cash Rewards family
| Card | Tier | Annual Fee | Note |
|---|---|---|---|
| Bank Of America Unlimited Cash | entry | $0 |
Product changes available between family members without a new credit inquiry.
No, points don't expire as long as your Bank of America credit card account is open and active. Once you close a card, any unredeemed points on that card are lost.
Media & Resources
6% Cash Back in Your Choice Category for Year One
Earn 6% cash back in the category you choose most (dining, gas, shopping, travel, and more) for the first year, then 3% ongoing. With a $200 welcome bonus, flexible category selection, and 0% intro APR for 15 months, this card rewards your spending habits without an annual fee.
$0
Annual Fee
3X
Top Rate
Annual Fee
$0
Foreign Transaction Fee
3%
Network
Visa Signature
Rewards Currency
Cash
Point Valuation
0.6–1 cpp (mid: 1)
Credit Required
Good to Excellent
| Category | Rate | Type | Booking Method | Cap | Notes |
|---|---|---|---|---|---|
| Dining | 3X | Core | Any | $2,500/quarterly | |
| Drugstores | 3X | Core | Any | $2,500/quarterly | |
| Gas Stations | 3X | Core | Any | $2,500/quarterly | |
| Home Improvement | 3X | Core | Any | $2,500/quarterly | |
| Online Shopping | 3X | Core | Any | $2,500/quarterly | |
| Streaming | 3X | Core | Any | $2,500/quarterly | |
| Telecom | 3X | Core | Any | $2,500/quarterly | |
| Travel | 3X | Core | Any | $2,500/quarterly | |
| Grocery Stores | 2X | Core | Any | $2,500/quarterly | |
| Wholesale Clubs | 2X | Core | Any | $2,500/quarterly | |
| All Other | 1X | Base | Any | None |
Pick the category where you spend the most—whether that's dining out, filling up at the pump, shopping online, or any of the 8 choices—and earn 6% cash back for a full year. After your first year, this drops to 3%, but it remains among the highest cash back rates available.
Spend $500/month in your choice category = $300 cash back in year one (up to $2,500/quarter cap)
Every trip to the supermarket or warehouse club automatically earns 2% cash back. Whether you're buying groceries, gas, or supplies at Costco or Sam's Club, this rate applies seamlessly without activation or category switching.
Spend $400/month on groceries = $96 cash back annually (up to $2,500/quarter combined with choice category)
Beyond your choice category and grocery/warehouse spending, every other purchase earns 1% cash back. No caps, no limits, no special rules—just consistent rewards on everyday spending.
Spend $1,000/month on non-bonus categories = $120 cash back annually, unlimited
Benefits & Perks
Program & Transfers
Bank of America Rewards Points is a straightforward statement credit program with a fixed 1 cpp value for travel and dining redemptions. There are no transfer partners, so redemption flexibility is limited compared to Chase Ultimate Rewards or American Express Membership Rewards. However, the Preferred Rewards program can significantly boost earning rates by up to 75% for members with qualifying Bank of America and Merrill combined account balances.
Reviews & Analysis
Details & Terms
| Purchase APR | 17.49%–27.49% (Variable) |
| Foreign Transaction Fee | 3% |
Cash Rewards family
| Card | Tier | Annual Fee | Note |
|---|---|---|---|
| Bank Of America Unlimited Cash | entry | $0 |
Product changes available between family members without a new credit inquiry.
No, points don't expire as long as your Bank of America credit card account is open and active. Once you close a card, any unredeemed points on that card are lost.
Media & Resources
Combined Protection Value
$6,350
Get reimbursed up to $2,000 per person when a trip is canceled or interrupted due to covered reasons like illness or severe weather.
Get an additional year of warranty protection on eligible electronics and appliances with original warranties of 3 years or less.
Get coverage for collision damage, theft, and loss-of-use when renting a car. Coverage type (primary vs secondary) varies by issuer.
Access 24/7 multilingual travel assistance including medical referrals, legal help, emergency cash, and lost luggage support.
Get protection against accidental damage or theft of items purchased with your card
Get reimbursed up to $3,000 per person per trip for lost, stolen, or damaged luggage when traveling with your card.
Bank of America is rebranding its Preferred Rewards program to 'BofA Rewards' in May 2026 with updated tier names, new elite benefits, and refreshed asset thresholds for Diamond tier
| Route / Property | Points | Book With | Cabin/Type | Value / Region |
|---|---|---|---|---|
| Domestic roundtrip flight statement credit | 30,000–50,000 | — | — | united_states |
| International economy flight statement credit | 60,000–100,000 | — | economy | europe |
| Premium cabin international flight statement credit | 100,000–150,000 | — | business | asia |
| Hotel stay statement credit | 15,000–30,000 | — | — | united_states |
| Vacation rental statement credit | 20,000–40,000 | — | — | united_states |
| Dining statement credit | 2,500–10,000 | — | — | global |
Category-bonus cash back card with 6% in your choice category (year one), 2% at groceries, 1% elsewhere. No fee, $200 bonus, flexible monthly selection, 0% intro APR for 15 months.
This card isn't ideal for points and miles enthusiasts. With a modest welcome bonus and category multipliers restricted by annual caps, serious reward travelers should save their application slots for cards offering greater long-term value.
This card isn't ideal for serious points and miles enthusiasts. Cash back cards with no annual fees, including this one, typically offer modest welcome bonuses — only $200 in this case. While the card's category multipliers seem attractive initially, the $2,500 annual cap significantly limits their value. If you're committed to maximizing travel rewards long-term, we recommend not using one of your 5/24 slots on this card.
The Bank of America Customized Cash Rewards card works best for beginners in the credit card rewards space. Key features include:
- No annual fee
- $200 cash back after spending $1,000 in the first 90 days
- Customizable 3% cash back in your choice of category: gas/EV charging, online shopping, cable/internet/phone services, streaming, dining, travel, drug stores, or home improvement/furnishings
- 2% cash back on groceries and wholesale clubs like Costco or Sam's Club
Note that these bonus categories have a combined $2,500 quarterly spending cap. After reaching this limit, purchases earn only 1% cash back.
You can increase your rewards by joining Bank of America's Preferred Rewards program, which requires a Bank of America checking account. With a three-month average balance of at least $20,000 across Bank of America and Merrill investment accounts, you'll qualify for Gold Tier status (balances between $20,000-$50,000). This provides a 25% earning bonus, boosting your returns to 3.75% in your chosen 3% category and 2.5% in 2% categories, with all other purchases earning 1.25%. Higher tiers offer even greater bonuses, with Platinum Honors and Diamond providing a 75% boost.
This card may not suit you if:
- You want to earn travel rewards. While you can redeem rewards for travel through the Bank of America Travel Center, the value is fixed at 1 cent per point.
**Bank of America Travel Rewards is a low tier program in the points and miles hobby:**
- There are one or two cards worth getting, but only in the right situations
- Having an existing relationship with the bank or needing a break from the big credit card issuers are the main reasons you might want to get into this system
- Redeeming rewards is simple and straightforward, but you’ll only earn 1 cent per point at best
- Many cards only offer cash back rewards
- Its lack of any transfer partners puts this system near the bottom of our rankings
This is one of two Bank of America cash back cards. The other—Bank of America Unlimited Cash Rewards—also has no annual fee and offers the same $200 welcome bonus but provides a simpler 1.5% cash back on all purchases with no spending caps.
For travel enthusiasts, Bank of America offers two more valuable options with annual fees:
Credit Utilization (60%)
Excludes earning value, lounge access, insurance, and elite status
Total Value Captured
$4.80
Annual Fee
-$0
Net Annual Value
+$4.80
No. Bank of America points cannot be transferred to external loyalty programs. You can only redeem them for statement credits, cash back, or gift cards.
You need at least 2,500 points to redeem. That's worth $25 toward travel/dining statement credits or $15 as cash back.
No. You cannot transfer points to another cardholder or person. You may be able to transfer rewards between your own eligible Bank of America accounts by calling customer service.
Preferred Rewards members earn 25% (Gold), 50% (Platinum), or 75% (Platinum Honors/Diamond) more points on every purchase. A card earning 1.5x would earn 2.625x at the Platinum Honors tier.
Flights, hotels, vacation rentals (including Airbnb), baggage fees, car rentals, and restaurant meals all qualify as travel/dining purchases.
Travel Rewards (no annual fee, 1.5x all), Premium Rewards ($95 AF, 2x travel/dining), Premium Rewards Elite ($550 AF with luxury travel benefits), Customized Cash Rewards (no AF, 5.25% in chosen category), and Unlimited Cash Rewards (no AF, simple cash back).
Forbes Advisor in-depth review analyzing Preferred Rewards bonus and spending caps
CNBC Select review with monthly category switching feature and intro APR offer
U.S. News comprehensive review with methodology ratings and comparison to competing cards
Bankrate review analyzing the choice category system and quarterly spending caps
TPG review covering the flexible 3% category selection, 6% first-year bonus, and Preferred Rewards multiplier
Motley Fool review covering flexibility benefits and spending cap limitations
WalletHub review with user ratings, average credit limits, and cardholder data
Credit Karma review with cardholder insights and credit score data
Forbes article highlighting the first-year 6% cash back promotion in choice categories
| Source | Date | URL |
|---|---|---|
| — | — | View source |
| — | — | View source |
Combined Protection Value
$6,350
Get reimbursed up to $2,000 per person when a trip is canceled or interrupted due to covered reasons like illness or severe weather.
Get an additional year of warranty protection on eligible electronics and appliances with original warranties of 3 years or less.
Get coverage for collision damage, theft, and loss-of-use when renting a car. Coverage type (primary vs secondary) varies by issuer.
Access 24/7 multilingual travel assistance including medical referrals, legal help, emergency cash, and lost luggage support.
Get protection against accidental damage or theft of items purchased with your card
Get reimbursed up to $3,000 per person per trip for lost, stolen, or damaged luggage when traveling with your card.
Bank of America is rebranding its Preferred Rewards program to 'BofA Rewards' in May 2026 with updated tier names, new elite benefits, and refreshed asset thresholds for Diamond tier
| Route / Property | Points | Book With | Cabin/Type | Value / Region |
|---|---|---|---|---|
| Domestic roundtrip flight statement credit | 30,000–50,000 | — | — | united_states |
| International economy flight statement credit | 60,000–100,000 | — | economy | europe |
| Premium cabin international flight statement credit | 100,000–150,000 | — | business | asia |
| Hotel stay statement credit | 15,000–30,000 | — | — | united_states |
| Vacation rental statement credit | 20,000–40,000 | — | — | united_states |
| Dining statement credit | 2,500–10,000 | — | — | global |
Category-bonus cash back card with 6% in your choice category (year one), 2% at groceries, 1% elsewhere. No fee, $200 bonus, flexible monthly selection, 0% intro APR for 15 months.
This card isn't ideal for points and miles enthusiasts. With a modest welcome bonus and category multipliers restricted by annual caps, serious reward travelers should save their application slots for cards offering greater long-term value.
This card isn't ideal for serious points and miles enthusiasts. Cash back cards with no annual fees, including this one, typically offer modest welcome bonuses — only $200 in this case. While the card's category multipliers seem attractive initially, the $2,500 annual cap significantly limits their value. If you're committed to maximizing travel rewards long-term, we recommend not using one of your 5/24 slots on this card.
The Bank of America Customized Cash Rewards card works best for beginners in the credit card rewards space. Key features include:
- No annual fee
- $200 cash back after spending $1,000 in the first 90 days
- Customizable 3% cash back in your choice of category: gas/EV charging, online shopping, cable/internet/phone services, streaming, dining, travel, drug stores, or home improvement/furnishings
- 2% cash back on groceries and wholesale clubs like Costco or Sam's Club
Note that these bonus categories have a combined $2,500 quarterly spending cap. After reaching this limit, purchases earn only 1% cash back.
You can increase your rewards by joining Bank of America's Preferred Rewards program, which requires a Bank of America checking account. With a three-month average balance of at least $20,000 across Bank of America and Merrill investment accounts, you'll qualify for Gold Tier status (balances between $20,000-$50,000). This provides a 25% earning bonus, boosting your returns to 3.75% in your chosen 3% category and 2.5% in 2% categories, with all other purchases earning 1.25%. Higher tiers offer even greater bonuses, with Platinum Honors and Diamond providing a 75% boost.
This card may not suit you if:
- You want to earn travel rewards. While you can redeem rewards for travel through the Bank of America Travel Center, the value is fixed at 1 cent per point.
**Bank of America Travel Rewards is a low tier program in the points and miles hobby:**
- There are one or two cards worth getting, but only in the right situations
- Having an existing relationship with the bank or needing a break from the big credit card issuers are the main reasons you might want to get into this system
- Redeeming rewards is simple and straightforward, but you’ll only earn 1 cent per point at best
- Many cards only offer cash back rewards
- Its lack of any transfer partners puts this system near the bottom of our rankings
This is one of two Bank of America cash back cards. The other—Bank of America Unlimited Cash Rewards—also has no annual fee and offers the same $200 welcome bonus but provides a simpler 1.5% cash back on all purchases with no spending caps.
For travel enthusiasts, Bank of America offers two more valuable options with annual fees:
Credit Utilization (60%)
Excludes earning value, lounge access, insurance, and elite status
Total Value Captured
$4.80
Annual Fee
-$0
Net Annual Value
+$4.80
No. Bank of America points cannot be transferred to external loyalty programs. You can only redeem them for statement credits, cash back, or gift cards.
You need at least 2,500 points to redeem. That's worth $25 toward travel/dining statement credits or $15 as cash back.
No. You cannot transfer points to another cardholder or person. You may be able to transfer rewards between your own eligible Bank of America accounts by calling customer service.
Preferred Rewards members earn 25% (Gold), 50% (Platinum), or 75% (Platinum Honors/Diamond) more points on every purchase. A card earning 1.5x would earn 2.625x at the Platinum Honors tier.
Flights, hotels, vacation rentals (including Airbnb), baggage fees, car rentals, and restaurant meals all qualify as travel/dining purchases.
Travel Rewards (no annual fee, 1.5x all), Premium Rewards ($95 AF, 2x travel/dining), Premium Rewards Elite ($550 AF with luxury travel benefits), Customized Cash Rewards (no AF, 5.25% in chosen category), and Unlimited Cash Rewards (no AF, simple cash back).
Forbes Advisor in-depth review analyzing Preferred Rewards bonus and spending caps
CNBC Select review with monthly category switching feature and intro APR offer
U.S. News comprehensive review with methodology ratings and comparison to competing cards
Bankrate review analyzing the choice category system and quarterly spending caps
TPG review covering the flexible 3% category selection, 6% first-year bonus, and Preferred Rewards multiplier
Motley Fool review covering flexibility benefits and spending cap limitations
WalletHub review with user ratings, average credit limits, and cardholder data
Credit Karma review with cardholder insights and credit score data
Forbes article highlighting the first-year 6% cash back promotion in choice categories
| Source | Date | URL |
|---|---|---|
| — | — | View source |
| — | — | View source |
Combined Protection Value
$6,350
Get reimbursed up to $2,000 per person when a trip is canceled or interrupted due to covered reasons like illness or severe weather.
Get an additional year of warranty protection on eligible electronics and appliances with original warranties of 3 years or less.
Get coverage for collision damage, theft, and loss-of-use when renting a car. Coverage type (primary vs secondary) varies by issuer.
Access 24/7 multilingual travel assistance including medical referrals, legal help, emergency cash, and lost luggage support.
Get protection against accidental damage or theft of items purchased with your card
Get reimbursed up to $3,000 per person per trip for lost, stolen, or damaged luggage when traveling with your card.
Bank of America is rebranding its Preferred Rewards program to 'BofA Rewards' in May 2026 with updated tier names, new elite benefits, and refreshed asset thresholds for Diamond tier
| Route / Property | Points | Book With | Cabin/Type | Value / Region |
|---|---|---|---|---|
| Domestic roundtrip flight statement credit | 30,000–50,000 | — | — | united_states |
| International economy flight statement credit | 60,000–100,000 | — | economy | europe |
| Premium cabin international flight statement credit | 100,000–150,000 | — | business | asia |
| Hotel stay statement credit | 15,000–30,000 | — | — | united_states |
| Vacation rental statement credit | 20,000–40,000 | — | — | united_states |
| Dining statement credit | 2,500–10,000 | — | — | global |
Category-bonus cash back card with 6% in your choice category (year one), 2% at groceries, 1% elsewhere. No fee, $200 bonus, flexible monthly selection, 0% intro APR for 15 months.
This card isn't ideal for points and miles enthusiasts. With a modest welcome bonus and category multipliers restricted by annual caps, serious reward travelers should save their application slots for cards offering greater long-term value.
This card isn't ideal for serious points and miles enthusiasts. Cash back cards with no annual fees, including this one, typically offer modest welcome bonuses — only $200 in this case. While the card's category multipliers seem attractive initially, the $2,500 annual cap significantly limits their value. If you're committed to maximizing travel rewards long-term, we recommend not using one of your 5/24 slots on this card.
The Bank of America Customized Cash Rewards card works best for beginners in the credit card rewards space. Key features include:
- No annual fee
- $200 cash back after spending $1,000 in the first 90 days
- Customizable 3% cash back in your choice of category: gas/EV charging, online shopping, cable/internet/phone services, streaming, dining, travel, drug stores, or home improvement/furnishings
- 2% cash back on groceries and wholesale clubs like Costco or Sam's Club
Note that these bonus categories have a combined $2,500 quarterly spending cap. After reaching this limit, purchases earn only 1% cash back.
You can increase your rewards by joining Bank of America's Preferred Rewards program, which requires a Bank of America checking account. With a three-month average balance of at least $20,000 across Bank of America and Merrill investment accounts, you'll qualify for Gold Tier status (balances between $20,000-$50,000). This provides a 25% earning bonus, boosting your returns to 3.75% in your chosen 3% category and 2.5% in 2% categories, with all other purchases earning 1.25%. Higher tiers offer even greater bonuses, with Platinum Honors and Diamond providing a 75% boost.
This card may not suit you if:
- You want to earn travel rewards. While you can redeem rewards for travel through the Bank of America Travel Center, the value is fixed at 1 cent per point.
**Bank of America Travel Rewards is a low tier program in the points and miles hobby:**
- There are one or two cards worth getting, but only in the right situations
- Having an existing relationship with the bank or needing a break from the big credit card issuers are the main reasons you might want to get into this system
- Redeeming rewards is simple and straightforward, but you’ll only earn 1 cent per point at best
- Many cards only offer cash back rewards
- Its lack of any transfer partners puts this system near the bottom of our rankings
This is one of two Bank of America cash back cards. The other—Bank of America Unlimited Cash Rewards—also has no annual fee and offers the same $200 welcome bonus but provides a simpler 1.5% cash back on all purchases with no spending caps.
For travel enthusiasts, Bank of America offers two more valuable options with annual fees:
Credit Utilization (60%)
Excludes earning value, lounge access, insurance, and elite status
Total Value Captured
$4.80
Annual Fee
-$0
Net Annual Value
+$4.80
No. Bank of America points cannot be transferred to external loyalty programs. You can only redeem them for statement credits, cash back, or gift cards.
You need at least 2,500 points to redeem. That's worth $25 toward travel/dining statement credits or $15 as cash back.
No. You cannot transfer points to another cardholder or person. You may be able to transfer rewards between your own eligible Bank of America accounts by calling customer service.
Preferred Rewards members earn 25% (Gold), 50% (Platinum), or 75% (Platinum Honors/Diamond) more points on every purchase. A card earning 1.5x would earn 2.625x at the Platinum Honors tier.
Flights, hotels, vacation rentals (including Airbnb), baggage fees, car rentals, and restaurant meals all qualify as travel/dining purchases.
Travel Rewards (no annual fee, 1.5x all), Premium Rewards ($95 AF, 2x travel/dining), Premium Rewards Elite ($550 AF with luxury travel benefits), Customized Cash Rewards (no AF, 5.25% in chosen category), and Unlimited Cash Rewards (no AF, simple cash back).
Forbes Advisor in-depth review analyzing Preferred Rewards bonus and spending caps
CNBC Select review with monthly category switching feature and intro APR offer
U.S. News comprehensive review with methodology ratings and comparison to competing cards
Bankrate review analyzing the choice category system and quarterly spending caps
TPG review covering the flexible 3% category selection, 6% first-year bonus, and Preferred Rewards multiplier
Motley Fool review covering flexibility benefits and spending cap limitations
WalletHub review with user ratings, average credit limits, and cardholder data
Credit Karma review with cardholder insights and credit score data
Forbes article highlighting the first-year 6% cash back promotion in choice categories
| Source | Date | URL |
|---|---|---|
| — | — | View source |
| — | — | View source |
Get reimbursement up to $500 per claim for items stolen or damaged by accident within 90 days of purchase.
Get reimbursed up to $300 for essential purchases like clothing and toiletries when checked baggage is delayed 4+ hours.
Reimbursement up to $300 for meals and lodging after 12+ hour delay. Signature requires 12 hours vs Infinite's 6 hours.
Get reimbursement up to $250 per item when a merchant won't accept returns within 90 days of purchase (Signature tier).
24/7 roadside assistance including jump-start, lockout, towing, and fuel delivery. Services charged as flat fee per call.
1. **Bank of America Premium Rewards Card**: $95 annual fee with a 60,000-point sign-up bonus after spending $4,000 in the first 90 days. Earns 2x points on travel and dining, 1.5x points on everything else with no limits. Additional benefits include $100 in airline incidental statement credits and a $100 credit for TSA PreCheck or Global Entry, effectively offsetting the annual fee.
2. **Bank of America Premium Rewards Elite Card**: $550 annual fee with a 75,000-point sign-up bonus after $5,000 in purchases within 90 days. Earns the same 2x points on travel/dining and 1.5x points on all other purchases. Includes substantial credits: $300 for airline incidentals, $100 for TSA PreCheck/Global Entry, and $150 for "lifestyle conveniences" (streaming services, food delivery, fitness subscriptions, and rideshare services). Additional perks include up to four complimentary Priority Pass Select memberships and 20% savings on airfare when redeeming points.
Both premium cards allow redemptions as cash back, statement credits, credits to Merrill investment accounts (including 529 plans), or through the Bank of America Travel portal. They're also eligible for earning boosts through the Preferred Rewards program.
Get reimbursement up to $500 per claim for items stolen or damaged by accident within 90 days of purchase.
Get reimbursed up to $300 for essential purchases like clothing and toiletries when checked baggage is delayed 4+ hours.
Reimbursement up to $300 for meals and lodging after 12+ hour delay. Signature requires 12 hours vs Infinite's 6 hours.
Get reimbursement up to $250 per item when a merchant won't accept returns within 90 days of purchase (Signature tier).
24/7 roadside assistance including jump-start, lockout, towing, and fuel delivery. Services charged as flat fee per call.
1. **Bank of America Premium Rewards Card**: $95 annual fee with a 60,000-point sign-up bonus after spending $4,000 in the first 90 days. Earns 2x points on travel and dining, 1.5x points on everything else with no limits. Additional benefits include $100 in airline incidental statement credits and a $100 credit for TSA PreCheck or Global Entry, effectively offsetting the annual fee.
2. **Bank of America Premium Rewards Elite Card**: $550 annual fee with a 75,000-point sign-up bonus after $5,000 in purchases within 90 days. Earns the same 2x points on travel/dining and 1.5x points on all other purchases. Includes substantial credits: $300 for airline incidentals, $100 for TSA PreCheck/Global Entry, and $150 for "lifestyle conveniences" (streaming services, food delivery, fitness subscriptions, and rideshare services). Additional perks include up to four complimentary Priority Pass Select memberships and 20% savings on airfare when redeeming points.
Both premium cards allow redemptions as cash back, statement credits, credits to Merrill investment accounts (including 529 plans), or through the Bank of America Travel portal. They're also eligible for earning boosts through the Preferred Rewards program.
Get reimbursement up to $500 per claim for items stolen or damaged by accident within 90 days of purchase.
Get reimbursed up to $300 for essential purchases like clothing and toiletries when checked baggage is delayed 4+ hours.
Reimbursement up to $300 for meals and lodging after 12+ hour delay. Signature requires 12 hours vs Infinite's 6 hours.
Get reimbursement up to $250 per item when a merchant won't accept returns within 90 days of purchase (Signature tier).
24/7 roadside assistance including jump-start, lockout, towing, and fuel delivery. Services charged as flat fee per call.
1. **Bank of America Premium Rewards Card**: $95 annual fee with a 60,000-point sign-up bonus after spending $4,000 in the first 90 days. Earns 2x points on travel and dining, 1.5x points on everything else with no limits. Additional benefits include $100 in airline incidental statement credits and a $100 credit for TSA PreCheck or Global Entry, effectively offsetting the annual fee.
2. **Bank of America Premium Rewards Elite Card**: $550 annual fee with a 75,000-point sign-up bonus after $5,000 in purchases within 90 days. Earns the same 2x points on travel/dining and 1.5x points on all other purchases. Includes substantial credits: $300 for airline incidentals, $100 for TSA PreCheck/Global Entry, and $150 for "lifestyle conveniences" (streaming services, food delivery, fitness subscriptions, and rideshare services). Additional perks include up to four complimentary Priority Pass Select memberships and 20% savings on airfare when redeeming points.
Both premium cards allow redemptions as cash back, statement credits, credits to Merrill investment accounts (including 529 plans), or through the Bank of America Travel portal. They're also eligible for earning boosts through the Preferred Rewards program.
