Bank of America is an American multinational bank based out of Charlotte, North Caronlina, USA that provides banking and financial products worldwide. They are one of the 'Big Four' banks in the United States.
Bank of America Cash Back Credit Cards
Bank of America offers two cash back credit cards in which both of them allows you to choose a select category to earn 3% cash back spending in.
Both cards are also part of the Preferred Client program in which you can earn up to a 75% cash back bonus based on how much you have invested with Bank of America. With this bonus, you can earn up to 5.25% cash back on your selected category and up to 1.75% on non-category purchases.
If you have money sitting around to invest, the Bank of America Cash Rewards program will be one of the best options for earning cash back rewards.
- No annual fee
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
- Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases
- 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 13.99% - 23.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
- No expiration on rewards
- If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase
- Contactless Cards - The security of a chip card, with the convenience of a tap
- Earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier.
- Redeem your cash back as a deposit into your Bank of America checking or savings account, as a card statement credit or as a check mailed to you.
- Cash rewards don't expire.
- No annual fee.
Redeeming Bank of America Cash Back
Cash Back earned with Bank of America credit cards can be used in several ways. It can be redeemed in any amount and at any time for statement credits, deposits made directly into a Bank of America checking or savings account, or for credit to an eligible account with Merrill Lynch® or Merrill Edge®. Redemptions for a contribution to a qualifying 529 account with Merrill Lynch or Merrill Edge or for a check start at $25. You can set up automatic redemptions for Bank of America®, Merrill Lynch®, or Merrill Edge® accounts starting at $25.
Bank of America Preferred Rewards Client
Bank of America offers the Preferred Rewards Client and Preferred Rewards Client for Business bonuses for most of their credit cards. This includes:
- Bank of America Cash Back Credit Cards
- Bank of America Travel Rewards Credit Cards
- Bank of America AAA Member Rewards Visa Card
- Norwegian Cruise Line Mastercard
Your tier in the program is based on your 3-month investments with Bank of America, Merrill Lynch or Merrill Edge. The program offers a long list of benefits, but the one we're focused on is the the rewards bonus which applies to all of the credit cards that are part of the program. The table below breaks down the balance qualifications for each tier and the bonus you'll receive at that tier.
|Gold||$20k to <$50k||25% Bonus|
|Platinum||$50k to <$100k||50% Bonus|
|Platinum Honors||$100k+||75% Bonus|