Bank of America Credit Cards
A Comprehensive Review of All Five Options
Bank of America's credit card portfolio offers something for every type of spender, from premium travel enthusiasts to everyday cash back users. What sets these cards apart isn't just their competitive earning structures, but their unique Preferred Rewards tier system that can dramatically boost your earning potential based on your banking relationship with the institution. Our comprehensive analysis examines all five cards in Bank of America's current lineup to help you determine which combination might work best for your spending patterns and financial goals.
Bank of America's five-card lineup ranges from the premium Elite ($550 annual fee, 75,000-point bonus) with Priority Pass lounge access and comprehensive travel benefits, to no-fee options like the Customized Cash Rewards ($200 bonus, 3x monthly categories) and Travel Rewards (25,000-point bonus, 1.5x everything). The standout feature across all cards is the Preferred Rewards tier system, which can boost earning rates by up to 75% for customers with $100,000+ in Bank of America accounts. While lacking transfer partners, the cards become competitive through strategic combinations and the unique 1.25x airfare redemption bonus on premium cards.
Card Overview
Bank of America's credit card ecosystem consists of three travel-focused cards and two cash back options, each designed to serve different spending preferences and fee tolerances. What makes this lineup particularly interesting is how the cards can work together, allowing point transfers between travel cards and offering enhanced value through the bank's Preferred Rewards program.
Key Card Features
Premium Rewards Elite
- Sign-up bonus: 75,000 points after spending $4,000 in the first 90 days
- Annual fee: $550 (effective annual fee can be as low as $75 after credits)
- Foreign transaction fees: None
- Travel portal access: Yes, with 1.25x point modifier for airfare bookings
- Transfer partners: No
Premium Rewards
- Sign-up bonus: 60,000 points after spending $4,000 in the first 90 days
- Annual fee: $95 (effective annual fee can be -$30 after credits)
- Foreign transaction fees: None
- Travel portal access: Yes, with 1.25x point modifier for airfare bookings
- Transfer partners: No
Travel Rewards
- Sign-up bonus: 25,000 points after spending $1,000 in the first 90 days
- Annual fee: $0
- Foreign transaction fees: None
- Travel portal access: Yes
- Transfer partners: No
Customized Cash Rewards
- Sign-up bonus: $200 after spending $1,000 in the first 90 days
- Annual fee: $0
- Foreign transaction fees: Yes
- Travel portal access: Only when paired with a travel card
- Transfer partners: No
Unlimited Cash Rewards
- Sign-up bonus: $200 after spending $1,000 in the first 90 days
- Annual fee: $0
- Foreign transaction fees: Yes
- Travel portal access: Only when paired with a travel card
- Transfer partners: No
Spending Categories
Understanding each card's earning structure is crucial for maximizing your rewards potential. Bank of America's travel cards share similar category structures, while the cash cards offer more specialized earning opportunities.
Travel Cards Earning Structure
Premium Rewards Elite & Premium Rewards
- 2x points: Travel (including an exceptionally broad definition that encompasses airlines, hotels, car rentals, cruise lines, transit, parking, tolls, tourist attractions, and even real estate agents when travel-related)
- 2x points: Dining
- 1.5x points: Everything else
The travel category definition is notably comprehensive, including "airlines, hotels, motels, time shares, trailer parks, motor home and recreational vehicle rentals, campgrounds, car rental agencies, truck and trailer rentals, cruise lines, travel agencies, tour operators, operators of passenger trains, buses, taxis, limousines, ferries, boat rentals, parking lots and garages, tolls and bridge fees, tourist attractions and exhibits like art galleries, amusement parks, carnivals, circuses, aquariums, zoos and the like."
Travel Rewards
- 1.5x points: All purchases
Cash Cards Earning Structure
Customized Cash Rewards The most complex earning structure in the lineup, offering:
- 3x cash back: Monthly selectable category (up to $2,500 spent quarterly)
- 2x cash back: Groceries and wholesale clubs combined (up to $2,500 spent quarterly)
- 1x cash back: Everything else
Monthly selectable categories include:
- Gas and EV charging stations
- Online shopping (including cable, internet, phone plans, streaming)
- Dining
- Generic travel
- Drugstores and pharmacies
- Home improvement and furnishings
Expert Tip: The online shopping category is often the most valuable selection since it's difficult to earn more than 2x in this category with other cards, and it includes broad subcategories like streaming services and utilities.
Unlimited Cash Rewards
- 1.5x cash back: All purchases
Effective Earnings with Preferred Rewards
Bank of America's Preferred Rewards program can significantly boost earning rates based on your account balance:
- Gold tier ($20,000-$49,999 balance): 25% rewards bonus
- Platinum tier ($50,000-$99,999 balance): 50% rewards bonus
- Platinum Honors tier ($100,000+ balance): 75% rewards bonus
With Platinum Honors status, the Premium Rewards Elite card effectively earns:
- 3.5x points: Travel categories (2x × 1.75 multiplier)
- 3.5x points: Dining (2x × 1.75 multiplier)
- 2.63x points: Everything else (1.5x × 1.75 multiplier)
When combined with the 1.25x travel portal bonus, these rates become even more impressive for airfare bookings.
Card Benefits
Premium Rewards Elite Benefits
The flagship card offers the most comprehensive benefit package:
Annual Credits
- $100 Global Entry/TSA PreCheck credit: Every four years (effectively $25 annually)
- $300 airline incidental credit: Covers seat upgrades, baggage fees, lounge fees, and in-flight services
- $150 lifestyle credit: Applies to video streaming, food delivery, fitness subscriptions, and ride-sharing services
Travel Benefits
- Priority Pass Select membership: Unlimited lounge access plus three additional authorized users
- Primary auto rental collision coverage: Eliminates need for rental car insurance
- Comprehensive travel protections: Including baggage delay insurance, trip cancellation/interruption, emergency evacuation, and trip delay reimbursement
Premium Rewards Benefits
A scaled-down version of the Elite benefits:
- $100 Global Entry/TSA PreCheck credit: Every four years
- $100 airline incidental credit: Same categories as Elite but lower amount
- Primary auto rental collision coverage
- Basic travel protections
Travel Rewards Benefits
Minimal additional benefits beyond standard Visa protections and access to the Preferred Rewards tiers.
Cash Cards Benefits
Both cash cards offer access to the Preferred Rewards tier benefits but no additional travel-specific perks.
Application Rules
Please note: These are general guidelines based on available data points, and individual experiences may vary. We encourage readers to share their own data points to help refine these guidelines.
Bank of America appears to follow several informal application rules:
The 3/12 Rule: You may be declined if you've opened three new credit card accounts in the last 12 months (for non-Bank of America customers)
The 7/12 Rule: You may be declined if you've opened seven new credit card accounts in the last 12 months (for existing Bank of America customers)
The 2/3/4 Rule: Bank of America may approve two cards in two months, three in 12 months, and four in 24 months
Customer Relationship Preference: Bank of America appears to favor existing customers with established banking relationships when evaluating credit card applications.
Points System
Bank of America operates a unified points system across its travel cards, with cash cards earning cash back that can be transferred to travel cards for enhanced value.
Point Values
- Travel portal redemptions: 1 cent per point (1.25 cents for airfare with Elite/Premium Rewards cards)
- Cash redemptions: 1 cent per point for most cards (0.6 cents for Travel Rewards card statement credits)
- Gift card redemptions: Up to 1 cent per point depending on merchant
Transfer Options
Points can be transferred between family members and even friends, providing flexibility for pooling rewards. Cash back from the cash cards can be transferred to travel cards to take advantage of the enhanced redemption values.
Related Cards
All Bank of America travel cards participate in the same points ecosystem, allowing for strategic combinations based on spending patterns and annual fee tolerance.
Card Comparisons
Against Premium Competitors
When compared to premium travel cards like the Chase Sapphire Reserve and Capital One Venture X, the Premium Rewards Elite faces challenges in several key areas:
Point Values: Without transfer partners, Bank of America points typically max out at 1.25 cents per point, while competitors offer transfer partner options that can yield 1.5-2+ cents per point in value.
Earning Rates: The 2x earning rate on travel lags behind cards offering 3x or higher in travel categories.
Annual Fee Value: While the $550 annual fee can be offset to around $75 after credits, competitors often provide more flexible travel credits that are easier to use.
However, Bank of America cards can become competitive for users with substantial Preferred Rewards tier status, particularly Platinum Honors members who see their earning rates boosted by 75%.
Wallet Strategy Considerations
For users who qualify for Preferred Rewards benefits, a combination approach often works best:
Recommended Combination: Customized Cash Rewards + Premium Rewards Elite
- Use Customized Cash for the 3x category and grocery/wholesale spending
- Use Elite for travel and dining
- Transfer cash back to travel card for enhanced redemption value
Budget Alternative: Customized Cash Rewards + Premium Rewards
- Similar strategy but with lower annual fees
- Still captures most of the value with reduced cost
Final Thoughts
Bank of America's credit card lineup represents a compelling option for consumers who already maintain substantial assets with the bank or its Merrill Lynch investment arm. The Preferred Rewards tier system can transform otherwise modest earning rates into highly competitive rewards, particularly for Platinum Honors members.
The Bottom Line: These cards work best for existing Bank of America customers with significant account balances. For others, the lack of transfer partners and modest base earning rates make them less competitive against offerings from Chase, American Express, and Capital One.
Expert Tip: If you're considering Bank of America cards primarily for the Preferred Rewards benefits, ensure you're using a high-yield savings account rather than Bank of America's low-yield options. The opportunity cost of keeping $100,000 in a Bank of America savings account (earning around 0.1% APY) versus a high-yield account (earning 4%+ APY) is approximately $3,600 annually—far more than any credit card rewards benefit could offset.
The cards shine brightest for users who already have substantial Merrill Lynch investment accounts or other qualifying assets and can take advantage of the tier benefits without sacrificing earning potential on their savings. For these customers, particularly those who prefer travel portal redemptions over the complexity of transfer partners, Bank of America's ecosystem can provide excellent value and notably superior customer service.
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