But it’s only a truly great choice for fairly low-spending Bank of America banking customers with a lot of cash saved. If you’re using the Bank of America Preferred Rewards Program and earning 2.62% back on all purchases, that’s pretty amazing. Because of the Preferred Rewards enhancement of 25% to 75% on rewards points for those with larger combined account balances with Bank of America, customers of the bank should be particularly interested in this card for travel purposes. The Forbes Advisor editorial team is independent and objective. See your unique approval odds listed next to cards on our site. At 1.5 points per $1, that’s over 85,000 points or over $850 in cash back rewards. It also offers the same application fee credit for TSA Pre-Check or Global Entry, which is a rare benefit for a mid-tier travel card. However, the threshold to become a Preferred Rewards member is also high. The Bank of America® Premium Rewards® credit card * is a top rated cash back credit card, particularly for those who are BofA account holders. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. You can also earn a sign-up bonus worth $500. Unlike some travel rewards cards, you don’t necessarily have to spend a lot of money on travel to earn a fair number of points either. Instead, you’ll see recommended credit ranges from the issuers listed next to cards on our site to help you determine which cards you’re likely to be approved for. Copyright © 2021 CreditCards.com a Red Ventures Company. The Bank of America Cash Rewards Credit Card is the no-annual-fee “cash back” credit card in the Bank of America line-up. Bank of America Cash Rewards Credit Card benefits and perks. Requires excellent credit The Verdict: The Bank of America® Premium Rewards® credit card is one of the best rewards cards for people with excellent credit who like to travel and dine out. Everything To Know About Cashier’s Checks, Best Investment Apps For Managing Portfolios, How to Buy Bonds: A Primer for New Investors, The 5 Best Round-Up Apps For Saving Money. The big advantage of this credit card is Bank of America Preferred Rewards. Best Personal Loans For Debt Consolidation. This is just one scoring method and a credit card issuer may use another method when considering your application. ADVERTISER DISCLOSURE CreditCards.com is an independent, advertising-supported comparison service. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Travel and dining definitions encompass just about everything you could imagine. Power ranked Bank of America third for customer satisfaction in its 2020 Credit Card Satisfaction Study. You may also request a check or have your cash rewards deposited into a qualifying Merrill 529 or Cash Management account. Bank of America® Travel Rewards credit card has one of the easiest sign-up bonuses to qualify in the entire credit card universe. The Bank of America Cash Rewards card’s unique rewards earning scheme is appealing for cardholders seeking flexibility, but the purchase cap on bonus categories limits its potential value. Like the Bank of America Premium Rewards credit card, the Chase Sapphire Preferred card sets itself apart by offering some of the most generous travel insurance protections you can get on a card that costs less than $100 a year to own. And platinum honors ups you to 75%, netting 3.5 points per travel-related dollar and 2.62 points for all other purchases. Includes eligible pick-up and delivery services. Use this card for all of your travel and restaurant purchases as well as any miscellaneous purchases that don’t earn a bigger return with other cards. Out of much demand from its customers, Bank of America enhanced its redemption options. Before joining Forbes, she reported for Financial Advisor magazine and also wrote for The Cranford Chronicle, NJ.Com and ThePopBreak.com. CreditCards.com credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. We estimate that you’ll need at least a 670 credit score in order to qualify. I”m not too crazy about the earning structure but it can be extremely lucrative for those with a lot in assets. You’re a frequent or occasional air traveler who’s looking for a single, straightforward rewards card you can use for all or most of your purchases. Bank of America Cash Rewards Credit Card Review The Bank of America® Cash Rewards Credit Card offers a strong rewards program with no annual … It seems that Bank of America is really trying to listen to customers. Where Is My Stimulus Check? Gold ($20,000 to $49,999) = 25% rewards boost, which equals 2.5x points on travel and dining, and 1.875x points everywhere else.. In addition, this card offers some of the strongest travel insurance benefits you can get on a similarly priced rewards card. The Bank of America Premium Rewards credit card offers 2 points for every dollar spent on travel and dining, with all other purchases earning 1.5 points. On the plus side, it doesn’t have an annual fee, so it can effectively net you more cash back than its counterpart. Lastly, you can automate your redemptions to make it easier and hands … You’ll only receive double points on travel and dining purchases. The Bank of America Premium Rewards credit card is a fine travel and dining credit card that can justify its $95 annual fee. When you click on Qualified expenses under dining range from fast food restaurants to bars. This compensation comes from two main sources. See related:Is the Citi Prestige card the best dining rewards card available? Get a credit card rewards bonus of up to 75% on eligible Bank of America credit cards. See application, terms and details. The Bank of America® Travel Rewards credit card is a very good option for people with excellent credit who want to reduce the cost of travel without paying an annual fee. Learn more and apply online. But if you’ve already purchased travel and want to be reimbursed for it, you can request a statement credit or have Bank of America deposit cash directly in your account. $0. This card is well-suited for people who travel often and have membership in Bank of America’s preferred rewards program. Bank of America® Travel Rewards credit card is a good card for someone who does a moderate amount of traveling and doesn't want the hassle of hidden fees or categories to earn points. Depending on your spending habits, however, you may be able to get a bigger sign-up bonus and more rewards and perks with a card that has an annual fee. However, we do receive compensation when you click on links to products from our partners. It is now offering a premium credit card that gives you the perks of a travel rewards card, the earning potential of a traditional cash back program and the exclusivity of premium rewards. That’s because the bonus earning on this card is tiered and increases based on the size of your assets with Bank of America/Merrill. The Bank of America Cash Rewards Card is designed for people with good credit. Verify your identity in the app now to sign in to Online Banking. I have a 815,820,805 Credit Scores. *All information about the Chase Sapphire Preferred Card has been collected independently by CreditCards.com and has not been reviewed by the issuer. Those points are worth 1 cent each, so you can get a cash back equivalent of 2%. See related: Make the most of your card’s travel credits. Bank of America sent out an email to Preferred Rewards members that they are temporarily postponing the review process on Preferred Rewards status. The Bank of America Premium Rewards credit card doesn’t offer nearly as many rewards points per dollar spent as some competitors, such as the Capital One Venture card. free use of airport lounges) that some other premium and travel rewards cards offer. One of the impressive features is the ability to earn 2 points for every dollar you spend trekking the globe and eating out. However, all credit card information is presented without warranty. With a $95 annual fee, this credit card offers 2X points per $1 spent on dining and travel and 1.5X points per $1 spent on all other purchases. You’ll find a handy calculator on the BofA site that helps you estimate the rewards you’ll earn based on your spending habits. Bank of America® Travel Rewards credit card purchases earn 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire. You can redeem points: Deposits can go into Bank of America banking accounts; Merrill’s cash management accounts; its online brokerage platform and Merrill’s 529 educational savings accounts. If you travel frequently or infrequently this card gets even better with the bonus statement credits on airline purchases and TSA precheck. Asia is a former personal finance writer for the Money and Markets team at Forbes. Bank of America will also reimburse you up to $100 for your application to Global Entry or TSA Precheck, so you can zip through airport security more quickly. Your personal information and data are protected with 256-bit encryption. Bank of America Preferred Rewards members can earn up to 75% more points, so you effectively earn 2.625 points per $1 spent. You’re a Bank of America customer with at least $20,000 tucked away in a Bank of America deposit account. Wells Fargo Propel American Express® card, How to use your rewards to book a trip through the Bank of America Travel Center, Make the most of your card’s travel credits, TSA Precheck, Global Entry credits now offered on lower-annual-fee cards, Bank of America® Cash Rewards credit card, Cash (statement credit or deposit into a checking or eligible savings account), 2 points per dollar on travel and dining purchases, Redeem points for any purchase for a value of 1 cent per point, Other redemption options include merchandise, gift cards and cash back, Google Play Store mobile app rating: 4.8/5, 3 points per dollar on dining, travel and transit, gas station purchases and select streaming services, 25% redemption bonus if you redeem your points for travel using the Chase Ultimate Rewards portal, Transfer your points on a 1:1 basis to a variety of airlines, including United, Southwest and JetBlue, Strong travel insurance benefits, including primary car rental coverage, Strong suite of insurance benefits for a no annual fee card, including cellphone insurance, Application fee credit for Global Entry or TSA Pre-Check, Transfer miles to select airline transfer partners, including JetBlue. The card also offers a competitive sign-up bonus. It also offers unusually strong travel and purchase benefits for a no annual fee card. Credit Needed . CreditCards.com does not include the entire universe of available financial or credit offers. Is the Citi Prestige card the best dining rewards card available? All reviews are prepared by CreditCards.com staff. the "Apply Now" button, you can review the credit card terms and conditions on the issuer's web site. Bank of America is also unusually generous in its definition of what counts as a travel or dining purchase. The full review: The Bank of America Cash Rewards Credit Card is the no-annual-fee “cash back” credit card in the Bank of America line-up. After spending just $1,000 on purchases in the first 90 days, you’ll earn 25,000 bonus points, worth $250. Bank of America earned a rating of 798 in J.D. What Exactly Can Be Taken From You In A Lawsuit? That said, some similarly priced credit cards are even more generous. But approval relies on more than just credit scores. Keep an eye on your inbox—we’ll be sending over your first message soon. The bank’s secured cards, business credit cards and nonreward cards — such as the BankAmericard® Credit Card — don’t qualify for Preferred Rewards. Bank of America offers the preferred rewards program to its customers who have a combined minimum balance of $20,000 in their banking and investment accounts. See related:TSA Precheck, Global Entry credits now offered on lower-annual-fee cards. What Credit Scores Do I Need to Qualify for the Bank of America Cash Rewards Card? The Bank of America® Premium Rewards® credit card is a great option if you're looking for a simple but solid rewards credit card. Here are the main benefits of Preferred Rewards, regardless of status: Select Banking Services. However, preferred cardholders can boost this earning rate significantly. You’ll earn 2 points for every dollar you spend on travel and dining – which is equivalent to what some competitors, such as the Chase Sapphire Preferred® Card* offer. Bank of America Cash Rewards also has some great promotional offers, including a $200 bonus for spending $1,000 in the first 90 days. Those points are worth 1 cent each, so you can get a cash back equivalent of 2%. If you compare cards based on rewards alone, the Venture card offers significantly more value than the Premium Rewards credit card. Unemployment Benefits Boost Calculator, Chase Sapphire Preferred Credit Card Review, Bank of America Travel Rewards Credit Card Review, Chase Sapphire Reserve Travel Card Review, Bank of America Cash Rewards Credit Card Review, Capital One Savor Review | Up To 4% Cash Back, Blue Cash Preferred® Card From American Express Review, Platinum Delta SkyMiles Credit Card Review, The Lifetime Value Of A Good Credit Score, Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $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, 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 $200 in combined airline incidental and airport expedited screening statement credits + valuable travel insurance protections, Earn 2 points for each dollar spent on travel and dining and 1.5 points for all other purchases, Preferred rewards members get a 25 to 75 percent increase in points, Annual fee of $95, low for a premium card, Premium benefits include travel-related credits, $50,000 to $100,000 is the platinum tier; and. Bank of America Preferred Rewards. By providing my email address, I agree to CreditCards.com’s Responses to comments in the discussion section below are not provided, reviewed, approved, endorsed or commissioned by our financial partners. Other factors, such as our proprietary website's rules and the likelihood of applicants' credit approval also impact how and where products appear on the site. To simplify calculations further, that’s 2.5 points per $1 spent on travel and dining and 1.875 points for other purchases. As an example, according to the Economic Policy Institute, a family of four in Fairfax, VA spends an average of $9,509 a month on everything from housing, to health care to taxes. But now, Bank … That’s $750 toward travel when you redeem through Chase Ultimate Rewards®. However, it doesn’t offer a $100 airline incidental credit. For example, qualifying travel purchases not only include airfare, hotel rooms, car rentals, cruises, ferries, public transportation, parking fees, tolls and taxis. With a $95 annual fee, this credit card offers 2X points per $1 spent on dining and travel and 1.5X points per $1 spent on all other purchases. Here’s a look at some of the top benefits offered by the Bank of America Cash Rewards Credit Card: Achievable cash back bonus: This card currently offers a $200 welcome bonus, and you’ll only need to spend $1,000 in the first 90 days in order to earn it. Privacy Policy. Rewards rates. So if you’re a frugal traveler who never checks baggage or spends money on airport extras, then you may not have much use for the travel credit. Enrolling in Preferred Rewards requires you to have an eligible Bank of America personal checking account and an average daily balan… For example, if you have between $20,000 and $49,999 saved, you’ll earn a 25 percent rewards bonus. APR Bank of America Cash Rewards credit card offers an introductory 0% APR for 12 billing cycles on purchases and any balance transfers made in the first 60 days. I was Denied because. Although the Bank of America Premium Rewards credit card is marketed as a travel rewards card, you can also redeem your points for gift cards or cash. Depending on your eligible tier of Preferred Rewards, you can get a 25%, 50% to 75% rewards bonus on the baseline rewards. But approval relies on more than just credit scores. You’ll also have a fair number of earning opportunities. Bank of America cash rewards (and related Preferred Rewards program bonuses) can be applied as statement credits or deposited directly into Bank of America checking and/or savings accounts. Flights, trailer rentals, limousines and art gallery admissions are a few examples of the travel purchases that qualify for 2 points per dollar. The Bank of America Preferred Rewards program is probably not worth pursuing unless you qualify for Platinum Honors and maximize the 75% bonus on credit card earnings. Benefits of Bank of America Preferred Rewards. All other purchases earn just one point per dollar spent. Overall, it ranked seventh in satisfaction among credit card issuers. Historically it has been underwhelming against its competition for other cash back credit cards. The best Bank of America credit card is the Bank of America® Cash Rewards credit card because it has a $0 annual fee and rewards users with 1 - 3% cash back on purchases. Learn more about our advertising policy. If you have a large amount of cash reserves, consider moving those savings to Bank of America to earn more card rewards. If you’re within 670–739 for FICO or 700–749 for VantageScore, you’re considered to have good credit. Associated fees. Bank of America doesn’t let you transfer your rewards earnings either. Who Is Eligible For The $600 Stimulus Check? Credit Score ranges are based on FICO® credit scoring. That means you could earn up to 2.62 points for every $1 you spend, everywhere, every time. You can access your points once you’ve earned a minimum of 2,500 points, or $25. These terms allow CreditCards.com to use your consumer report information, including credit score, for internal business purposes, such as improving the website experience and to market other products and services to you. This includes the Bank of America® Travel Rewards Card, Bank of America® Travel Rewards Credit Card for Students, and the Business Advantage Travel Rewards World Mastercard®. Bank of America Travel Rewards Card Review Summary. The card’s 50,000 bonus offer, up to 2 points for every $1 spent, and $200 travel statement credit more than offset its $95 annual fee. GoldEach of these has different benefits and qualification criteria, which you’ll find all the in-depth information below.The short of it is: Bank of America rewards customers depending on their investment and deposit balances. Applicants do need excellent credit for approval, however, which means a credit score of … It is not our partner’s responsibility to ensure all posts or questions are answered. Bank of America’s most popular points rewards credit cards focus on travel. Welcome Offer50,000 online bonus points when you spend $3,000 in first 90 days, Annual Bonus$100 credit for airline incidentals, Average Yearly Rewards Value ($1,325 monthly spend, 3 year average) Chase Sapphire Preferred card. The Bank of America Cash Rewards credit card* comes with some serious — and customizable — perks: a tiered cash back system, introductory 0% … If your credit card receives the 10% customer bonus, the Preferred Rewards bonus will replace the 10% customer bonus. For example, 60,000 points are worth $750 toward travel. The points are unlimited and face no expiration date, as long as your account is in good standing. N/A. Excellent/Good. Note, people with higher scores can be … The Bank of America Premium Rewards card delivers up to $200 in travel credits and exclusive deals through its Visa Signature partnership. In this review, I’ll cover the card features but also focus on a lesser-known opportunity – if you’re a Preferred Rewards client, you can increase that bonus to 25% – 75%. By offering two miles on every dollar you spend, the Venture card makes it easy to rack up lot of miles quickly. The Bank of America Premium Rewards card is a decent travel rewards card for those who are not novice travelers but are also not traveling heavily enough to justify the $550 annual fee you must pay for Chase Sapphire Reserve®. Power's 2019 Credit Card Satisfaction Study, which is about average. As a Bank of America Preferred Rewards member, you can earn an additional 25%, 50% or 75% more cash back on your purchases. Just one severely delayed flight or lost piece of luggage could make you glad you used it. Check out these popular alternatives: Forbes adheres to strict editorial integrity standards. If you apply for a credit card, the lender may use a different credit score when considering your application for credit. Good to excellent credit (generally a 670-plus FICO® Score) is suggested for the Bank of America® Cash Rewards credit card. With Merrill Edge, sales are subject to a transaction fee of $0.01 to $0.03 per $1,000 of principal, and some fees apply to owning ETFs. Extra Rewards on Everyday Purchases for Bank of America Credit Card Customers. If you like the idea of a card that rewards your passion for travel and dining out, but you don’t necessarily want a strictly travel rewards credit card, the Bank of America® Premium Rewards® credit card is a great place to start.. Get 25% more value when you redeem for travel through Chase Ultimate Rewards®. If you’ve got accounts or investments with Bank of America or Merrill, you could earn up to a 75% bonus when you use your Bank of America Travel Rewards credit card through their Preferred Rewards program. Our reviews and best card recommendations are based on an objective rating process and are not driven by advertising dollars. If you travel frequently or infrequently this card gets even better with the bonus statement credits on airline purchases and TSA precheck. This card has a low $95 annual fee and no foreign transaction fees. If you are in the preferred rewards program, your earnings increase by 25%, 50% or 75%. And its Preferred Rewards Program for BofA banking customers can increase the rewards by as much as 75%. Check the data at the top of this page and the bank’s website for the most current information. So if you’re a frequent flyer looking to boost your travel miles, you’re better off seeking a different card. You have to go through Bank of America’s Travel Center to pay for your travel with rewards points. Receive 50,000 bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening. You can even text Bank of America to get information about your account or monitor your credit card. The Bank of America® Cash Rewards Credit Card is similar to the Blue Cash Preferred® Card from American Express, although it offers less cash back on gas and groceries. 3X points on dining at restaurants including eligible delivery services, takeout and dining out & 1 point per $1 spent on all other purchases, Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards. Many Americans Have Already Received Their $600 Stimulus Payments—Have You? The Bank of America Cash Rewards credit card benefits include fraud protection, the option to add your card to a digital wallet such as Apple Pay, and monthly FICO credit score access for free. So if you earn 10,000 points, you’ll essentially have $100 worth of rewards to spend. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. Its strong rewards rate, especially on general purchases, make it a good everyday credit card. Travel purchases can be redeemed through Bank of America’s travel center. What Credit Scores Do I Need to Qualify for the Bank of America Cash Rewards Card? This compensation may impact how and where products appear on this site, including, for example, the order in which they appear within listing categories. The Bank of America Cash Rewards Card is designed for people with good credit. You’ll also get 2 points per dollar spent at amusement parks and other tourist attractions, such as art galleries, aquariums, zoos, circuses, carnivals and more. Earning Membership Rewards, the currency of American Express, can be a great way to rack up points, which can then be redeemed for valuable rewards.There are a number of different American Express cards on offer in the U.K., and the choices can sometimes be confusing.. Fortunately, American Express has designed a card that’s marketed towards anyone new to rewards credit cards. We’re sorry, but something went wrong and we couldn’t find your approval odds. Second Stimulus Check Calculator: How Much Will You Receive? In addition, it lets you transfer your points on a one-to-one basis to a variety of travel rewards programs. We’ll do a soft credit pull to find them, which will never impact your credit score. This includes the Bank of America® Travel Rewards Card, Bank of America® Travel Rewards Credit Card for Students, and the Business Advantage Travel Rewards World Mastercard®. Bank of America® Premium Rewards® credit card review. But it offers significantly more perks than many of its similarly priced competitors, including stronger travel insurance protections. Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. Members of the Preferred Rewards program earn 25% to 75% more points on every purchase based off the amount of money in Bank of America banking and/or Merrill Investment accounts. The Bank of America Premium Rewards Credit Card is a solid travel rewards card. However, its travel protections and flexible reward redemptions are competitive advantages against cards such as Chase Sapphire Preferred® Card and Capital One Venture Rewards Credit Card*. J.D. $428, Other Notable Features: No foreign transaction fees, up to $100 credit for airline incidentals, up to $100 Global Entry/TSA Precheck credit, 25%-75% points bonus for preferred customers, trip delay insurance, baggage delay insurance, lost luggage reimbursement, Visa Signature concierge, purchase protection, return protection, extended warranty, car rental insurance, roadside dispatch. People who travel often and have not been reviewed by the issuer low-spending Bank of America cash card. Verify your identity in the Preferred Rewards features is the Capital one Venture Rewards credit if... At least $ 20,000 tucked away in a Lawsuit all other purchases America® Premium Rewards® credit card Rewards. 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