bank of america travel rewards guide to benefits

Bank of America Travel Rewards credit card review: Simplicity for points beginners

Bank of America Travel Rewards credit card overview

The no-annual-fee Bank of America® Travel Rewards credit card has the potential to be a solid flat-rate card if you are a member of the Bank of America Preferred Rewards® program . However, without the Preferred Rewards earning bonus, the card falls short compared to other flat-rate cards on the market. Card Rating*: ⭐⭐⭐

* Card Rating is based on the opinion of TPG's editors and is not influenced by the card issuer.

For beginners, points and miles can seem daunting. When I first started earning credit card rewards, the idea of transferring points and trying to find the absolute best redemptions was exciting but also nerve-wracking — and I'm not alone. Many beginners give up on using credit card rewards to pay for travel because it seems too complicated.

That's where an option like the Bank of America Travel Rewards credit card comes into play. It has no annual fee and a recommended credit score of 670. Points and miles experts will likely not be amazed at the perks and redemption options, but the simplicity of this card's earning rate and redemption process provides a nice starting point for beginners.

Let's dig into the card details so you can decide if it's right for you.

Bank of America Travel Rewards welcome offer

The Bank of America Travel Rewards credit card is currently offering 25,000 bonus points after you make at least $1,000 in purchases in the first 90 days of account opening. These points are redeemable at a flat rate of 1 cent per point toward travel or dining purchases, so this bonus is worth $250 — a solid offer but significantly less valuable than what you'll find on other top travel cards .

It's not a flashy bonus, but it is easy to hit since the minimum spending requirement works out to $11.11 per day. And since the card has no annual fee, you're essentially earning rewards on purchases you would have normally made without any up-front cost.

Bank of America does have a 24-month restriction , though the details vary from card to card. The wording for the Travel Rewards card states:

"This card may not be available to you if you currently have or have had the card in the preceding 24 month period."

This means that you can get a second Travel Rewards card if you held one before but must wait 24 months after closing your old account before opening a new one.

Related: The ultimate guide to credit card application restrictions

Bank of America Travel Rewards benefits

The real benefit of the Bank of America Travel Rewards is its simplicity. There are no bonus categories, earning caps or transfer partners. For beginners, that can be a great way to start a points and miles journey.

The card offers an unlimited 1.5 points for every dollar spent on all purchases. Your points don't expire as long as you keep your account open. You'll also enjoy no booking restrictions when you redeem your points and will pay no foreign transaction fees when you swipe the card outside the U.S.

As expected with a no-annual-fee card, you won't get luxury perks with this card. However, since it is a Visa Signature card, you will still have access to certain travel protections and benefits, including:

• Auto rental insurance
• Zero fraud liability
• Roadside assistance

Again, this isn't an extensive list of benefits, but it's decent for a no-annual-fee card.

Related: How to build a no-annual-fee card strategy

Earning points on the Bank of America Travel Rewards

The Bank of America Travel Rewards card has a simple earning structure, but there's more than meets the eye. You'll earn unlimited 1.5 points per dollar on every purchase. There's no yearly cap on rewards earned, and your points won't expire for as long as your account is open.

This is a fairly standard earning rate for a no-annual-fee card, though you can find cards with more competitive reward structures . However, the rewards structure becomes much more valuable if you qualify for the Bank of America Preferred Rewards program .

To enroll in Preferred Rewards, you'll need an eligible Bank of America personal checking account and a three-month average balance of at least $20,000 across your Bank of America and Merrill accounts. There are four levels of Preferred Rewards, and each comes with an earning bonus on the Travel Rewards card.

As you can see, those with Platinum Honors and Diamond can earn 2.625 points per dollar on every purchase, which is an impressive return for everyday purchases. Plus, you'll get a savings account interest bonus, discounted banking and investing fees, and discounted rates on auto loans and mortgages.

Still, if you aren't a Preferred Rewards member, the earning rate of 1.5 points per dollar is lackluster.

Related: Stop ignoring Bank of America Preferred Rewards

Redeeming points on the Bank of America Travel Rewards

Bank of America points act more like cash-back rewards since each point is worth a flat 1 cent . You can redeem them as a statement credit for travel or dining purchases (starting at a minimum of 2,500 points). When you make a purchase, simply login, log in to your account and select any qualifying transaction from the previous 12 months.

Although travel enthusiasts may see this as a disadvantage, beginners might rejoice at this no-stress process. You don't have to think about maximizing reward redemptions or figuring out the best transfer partner for booking your travel, which can be a headache for someone looking for a simple, no-frills way to earn and use their points.

You can also use your points for a cash reward — a check or a deposit into a qualifying Bank of America account. However, you'll get a value of just 0.6 cents per point this way (2,500 points = $15), so you're much better off using them for travel or dining purchases.

Finally, you can redeem your points for gift cards, though the exact value varies by merchant.

Related: The best Bank of America credit cards of 2024

Which cards compete with the Bank of America Travel Rewards?

One of these may be a better fit if you want more perks or a different earning structure than the Bank of America Travel Rewards offers.

• If you want more perks : The Bank of America® Premium Rewards® credit card is a mid-tier travel card with a $95 annual fee. It earns the same 1.5 points per dollar base rate as the Travel Rewards card, but you'll also earn 2 points per dollar on travel and dining purchases and get more travel perks. For more information, see our full review of the Premium Rewards card .
• If you want more flexible rewards : The Capital One VentureOne Rewards Credit Card earns 1.25 miles per dollar spent on everyday purchases and 5 miles per dollar on hotels and car rentals purchased through Capital One Travel. However, the card shines by giving you access to the issuer's 15-plus transfer partners , including British Airways, Turkish Airlines and Wyndham. For more information, see our full review of the Capital One VentureOne Rewards .
• If you want even more cash back: The Chase Freedom Unlimited is another great no-annual-fee card option and offers 5% cash back on travel purchases through the Ultimate Rewards portal, 3% back at restaurants and drugstores and 1.5% back on all other purchases. For more information, see our full review of the Freedom Unlimited .

For additional options, check out our full list of the best cash-back credit cards .

Related: How to choose a cash-back credit card

Is the Bank of America Travel Rewards worth it?

If you're looking for simplicity in how you earn and redeem points, the no-annual-fee Bank of America Travel Rewards credit card could be a good option for you, especially if you're a Bank of America Preferred Rewards customer. However, more seasoned points and miles travelers will likely want a card with higher earning rates and more redemption options.

Bottom line

The Bank of America Travel Rewards card offers a simple earning rate and redemption options many beginners will appreciate. However, frequent travelers who want better earning rates and the flexibility of transfer partners should consider other options.

Apply here: Bank of America Travel Rewards credit card

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7 bank of america ® travel rewards credit card benefits you may not know about.

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Travel rewards credit cards often provide ways to earn rewards you could redeem toward travel redemptions, including flights and hotel stays. But how you earn these rewards varies by each credit card.

With the Bank of America ® Travel Rewards credit card, you get a simple earning structure that’s easy to understand and use in everyday life. This card also offers a valuable sign-up bonus and a $0 annual fee.

We’ll take a look at Bank of America Travel Rewards benefits, such as Bank of America credit card benefits for rental insurance , and whether this card deserves a spot in your wallet.

About the Bank of America Travel Rewards card

7 bank of america travel rewards benefits, additional benefits, drawbacks to the bank of america travel rewards card, bottom line.

The Bank of America Travel Rewards card is a rewards card focused on flexible travel and dining redemptions. It also offers a simple rewards rate of 1.5 points per $1 spent on all purchases.

Some of the card’s primary benefits include:

• A $0 annual fee
• A helpful welcome bonus
• Potential Visa Signature perks

A $0 annual fee is typically a clear indication of immediate value because there’s no annual cost to offset by earning rewards or using benefits. However, no-annual-fee credit cards often have limited benefits compared to cards with annual fees.

The Bank of America Travel Rewards card’s straightforward earning rate could make sense if you want a travel card but aren’t sure about complicated earning and redeeming strategies. The welcome offer and potential Visa Signature perks, including roadside dispatch and emergency travel assistance, could also add more value for new cardholders.

Check out our  Bank of America Travel Rewards credit card review.

Here are the main Bank of America Travel Rewards benefits:

1. Generous sign-up bonus

The Bank of America Travel Rewards offers this welcome bonus: Earn 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.

This sign-up bonus is particularly generous and likely attainable if you use the card for everyday purchases. This could include buying groceries, gas, food, and more. This type of strategy could effectively turn your everyday purchases into rewards to help offset future travel expenses.

2. Simple earning

Credit card rewards typically offer valuable points, miles, or cash back for making purchases and qualifying for sign-up bonuses. However, earning rewards can get complicated depending on the credit card.

With the Bank of America Travel Rewards, you can earn 1.5 points per $1 spent on all purchases. And that’s it. You don’t have bonus categories or rotating categories to keep track of. As long as you make an eligible purchase, you already know how many rewards points you should be earning.

If you’re new to earning travel rewards, this could offer a straightforward way to get started.

3. Low annual cost

The Bank of America Travel Rewards has a $0 annual fee. This means there is no annual cost for your card membership.

Having no annual cost immediately increases the card’s value because you’re paying the card issuer to be a card member. Instead, you have the opportunity to earn rewards and use card perks freely.

4. Flexible redemptions

It’s nice to be able to earn travel rewards, but only if the travel redemptions align with your lifestyle and goals. Not every traveler is the same — some could look to use rewards on flights, whereas others prefer hotel stays.

Fortunately, the Bank of America Travel Rewards offers plenty of flexibility for any rewards you earn. Available redemption options include:

• Statement credits toward eligible dining- and travel-related purchases
• Cash rewards , including a paper check, a deposit into a Bank of America checking or savings account, or a credit to an eligible Merrill account

Statement credits can be applied toward eligible travel and dining purchases you make. Bank of America has a generous pool of eligible purchase categories, including the following:

• Hotels, motels, timeshares, trailer parks, and campgrounds
• Motorhome and recreational vehicle rentals
• Car rental agencies
• Truck and trailer rentals
• Cruise lines
• Travel agencies, tour operators, and real estate agents
• Operators of passenger trains and buses
• Taxis and limousines
• Ferries and boat rentals
• Parking lots and garages
• Tolls and bridge fees
• Tourist attractions and exhibits such as art galleries
• Amusement parks, carnivals, and circuses
• Aquariums and zoos
• Eating places, restaurants, and fast-food restaurants
• Drinking places, bars, taverns, cocktail lounges, nightclubs, and discotheques

Having such a wide choice of eligible purchases helps increase the flexibility of your rewards. This means you could redeem your rewards on typical travel redemptions such as flights, hotel stays, and rental cars. But other options might also work, including amusement parks, RV rentals, and loads of dining purchases.

Keep in mind that redemption values vary depending on the option you choose. You typically need at least 2,500 points to redeem for statement credits or cash rewards, and gift card redemptions start at 3,125 points. Statement credits are worth 1 cent per point, which means 2,500 points would be $25 in credit.

However, cash rewards and gift card redemptions are worth less. Using 2,500 points for cash would only net you $15 and gift card values vary.

5. Bank of America Preferred Rewards®

Bank of America Travel Rewards cardholders have the opportunity to access the Preferred Rewards program. There’s no cost to join this program, but you have to meet certain requirements to become a Preferred Rewards member, including:

• Having an active and eligible Bank of America checking account
• Having a three-month combined average daily balance of at least $20,000 or more in eligible Bank of America deposit accounts and/or Merrill investment accounts

Meeting these requirements could qualify you for at least Preferred Rewards Gold status, though the Platinum and Platinum Honors tiers are higher. You need at least a three-month combined average daily balance of $50,000 for Platinum, and at least $100,000 for Platinum Honors.

The main benefit of Preferred Rewards is that Bank of America Travel Rewards cardholders receive between a 25% to 75% bonus on rewards. Gold members receive a 25% bonus, Platinum members receive a 50% bonus, and Platinum Honors members receive a 75% bonus.

Here’s how it breaks down. Let’s say you spend $10,000 on your card in a year. You would typically receive 15,000 points or $150 ($10,000 x 0.015 = $150) for this spend. But with a 75% bonus, you would receive 26,250 points or $262.50 ($10,000 x 0.02625 = $262.50). That’s $112.50 in added value for Platinum Honors members.

6. Low introductory APR offer

You might consider the Bank of America Travel Rewards card if you have upcoming large purchases. 

7. Visa Signature perks

The Bank of America Travel Rewards is a Visa Signature card, which means it’s accepted in more than 200 countries and territories worldwide. Visa Signature cards also typically come with certain benefits depending on the card issuer, such as the following.

• Roadside dispatch: Receive access to roadside dispatch services, including standard towing, tire changing, and fuel delivery. This is a pay-per-use assistance program.
• Travel and emergency assistance services: Receive 24/7 access to emergency travel assistance, including medical referral assistance, legal referral assistance, lost luggage locator service, and emergency translation service.
• ID Navigator by NortonLifeLock: Receive access to certain security features to help prevent identity theft, including dark web monitoring, stolen wallet assistance, data breach notifications, and restoration assistance.

Consider these additional Bank of America Travel Rewards benefits:

• No reward expiration: Points earned with this card don’t expire as long as your account remains open, and your travel redemptions have no blackout dates. However, points for dining and travel statement credits can only be redeemed toward eligible purchases made within the past 12 months.
• No foreign transaction fees: This card has no foreign transaction fees, which are typically additional fees added on when making foreign purchases.
• Contactless: Use your contactless card to tap to pay anywhere Visa credit cards are accepted and you see the contactless symbol.
• Digital wallet: Add your card to popular digital wallets such as Apple Pay, Google Pay, and Samsung Pay.
• Mobile and online banking: Access your card account on the go by using your Bank of America online account through a web browser or mobile app.
• FICO Score: Opt into complimentary monthly updates to your FICO Score.
• Account alerts: Customize and receive alerts about due dates and paid payments as well as other notifications.

Potential drawbacks of the Bank of America Travel Rewards card include:

• No bonus categories: Many rewards cards provide additional earning categories to earn bonus rewards. This card has a simple flat-rate earning structure without bonus categories. Check out our page that lets you compare credit cards to see how each one works.
• Preferred Rewards requirements: Earning a rewards bonus from Preferred Rewards sounds great, but not everyone will meet the high account balance requirements.
• Redemption value: This card doesn’t provide good redemption value if you choose cash rewards or gift cards. You could still choose these options, but statement credits provide more value.
• Card qualification: This card typically requires a good or excellent credit score to qualify, which might not make sense for everyone.

Does Bank of America Travel Rewards have travel insurance?

The Bank of America Travel Rewards credit card does offer travel insurance through its Visa Signature benefits. Travel insurance benefits currently available to cardmembers include:

• Lost baggage reimbursement

The Travel Rewards card also offers Visa Signature benefits including roadside dispatch and travel and emergency assistance services. 

What can you use Bank of America travel points on?

Bank of America travel points from the Bank of America Travel Rewards credit card can be used as statement credits toward most travel and purchases. These are some of the eligible purchases:

• Restaurants

How much are Bank of America travel points worth?

Bank of America travel points are worth varying amounts depending on the travel redemption. The Bank of America Travel Rewards credit card offers redemptions of statement credits, cash rewards, and gift cards.

Statement credit redemptions are worth 1 cent per point, so 2,500 points would equal $25. Cash rewards and gift card redemptions are worth less than 1 cent per point.

The Bank of America Travel Rewards credit card could be a good fit as a beginner travel card. It offers a generous sign-up bonus, a simple earning structure, and has a $0 annual fee. But with beginner travel cards, don’t expect premium travel benefits or advanced redemption options.

Other travel credit cards could include airport lounge access or annual travel credits to use how you see fit. Many of these cards might also offer ways to transfer your rewards to airline and hotel loyalty programs, providing opportunities to be more flexible with your points or miles.

Check out our list of the best travel credit cards to see what benefits these cards offer.

Easy-to-Earn Unlimited Rewards

Bank of america ® travel rewards credit card.

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

• Earn 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
• Earn 1.5 points per $1 spent on all purchases
• Longer intro APR on qualifying purchases and balance transfers
• No foreign transaction fees
• Best for Bank of America customers
• Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire as long as your account remains open.
• 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
• Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
• Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
• 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.24% - 28.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
• If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases.
• Contactless Cards - The security of a chip card, with the convenience of a tap.
• This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

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You have selected to redeem your points for travel.

If you want to redeem your points, select Continue . If you wish to purchase travel, select Purchase Travel and you will be directed to the Bank of America Travel Center where you can purchase travel without using your points.

En este momento, estamos actualizando nuestros sistemas para incorporar características mejoradas a la experiencia de recompensas en línea. Como resultado, este sitio web se encuentra temporalmente fuera de servicio. El canje de recompensas no estará disponible hasta las últimas horas de la tarde el 20 de mayo. Gracias por su paciencia.

We are currently updating our systems to bring enhanced features to the online rewards experience. As a result, this website is temporarily unavailable. Rewards redemption will not be accessible until late afternoon on May 20. Thank you for your patience.

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En este momento, estamos actualizando nuestros sistemas para incorporar características mejoradas a la experiencia de recompensas en línea. Como resultado, este sitio web se encuentra temporalmente fuera de servicio. El canje de recompensas no estará disponible hasta las últimas horas de la tarde el 20 de mayo. Gracias por su paciencia.

Important Notice

We are in the process of converting your BankAmericard Privileges ® with Travel Rewards credit card to a BankAmericard Travel Rewards ® credit card. As a result, you will not be able to access the rewards site at this time. Thank you for your patience.

Your BankAmericard Privileges ® with Travel Rewards credit card has recently been converted to a BankAmericard Travel Rewards ® credit card. Please visit bankofamerica.com to access your new rewards site and find out what your new credit card program has to offer.

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Bank of America Premium Rewards card benefits guide

For a mid-tier rewards card, the Bank of America Premium Rewards has a lot to offer

Published: December 2, 2021

Author: Ana Staples

Editor: Emily Sherman

Reviewer: Kaitlyn Tang

How we Choose

At a rather modest price, the Bank of America Premium Rewards Credit Card can provide excellent value, thanks to its impressive list of benefits.

The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards , or use our CardMatch™ tool to find cards matched to your needs.

The Bank of America® Premium Rewards® credit card is a mid-tier travel credit card . At $95 per year, it earns 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases.

The card also offers a few desirable perks, which can make it a solid choice for frequent travelers who don’t want to spend hundreds of dollars in annual fees on premium rewards cards . The benefits include TSA PreCheck or Global Entry credits, airline incidental credits, travel protections and more.

In this benefits guide, you’ll learn what the Bank of America Premium Rewards card has to offer and how you can use the card to maximize its value.

Bank of America Premium Rewards card benefits

For a credit card with a comparatively modest annual fee, the Bank of America Premium Rewards card has a few exciting things going on.

TSA PreCheck or Global Entry credits

Credits to reimburse the cost of a TSA PreCheck or Global Entry membership are a popular credit card perk among travelers. However, it’s typically associated with more expensive credit cards, such as the Chase Sapphire Reserve card , the Capital One Venture X Rewards Credit Card and The Platinum Card® from American Express .

See related : Best credit cards for expedited airport security screening

If like most travelers, you like the idea of expedited airport security screening, you can get up to $100 in statement credits for TSA PreCheck or Global Entry once every four years with the Bank of America Premium Rewards card. Considering that offsets the card’s fee, that’s an excellent deal.

Annual credits for airline incidentals

Another premium-level benefit on the Premium Rewards is statement credits for airline incidentals, such as checked bags and in-flight refreshments. Once again, this is a perk typically reserved for the most expensive travel card offerings.

The Amex Platinum, for instance, offers up to $200 in statement credits per calendar year on airline incidental charges. But Amex makes it somewhat complicated to use this benefit: You need to pick an eligible airline in January and stick to it throughout the year.

With the Bank of America Premium Rewards, on the other hand, you’ll get up to $100 in annual credit for airline incidentals which you’ll be able to use with any airline.

Not too bad for a mid-tier rewards card, especially considering the difference in annual fees – the Amex Platinum is a whopping $600 more expensive.

Travel protections

The Bank of America Premium Rewards also comes with some valuable travel protections, including:

• Trip delay reimbursement, which allows a cardholder and their family members to receive coverage for delays in eligible cases.
• Trip cancellation or interruption protection, which provides coverage for eligible prepaid travel expenses for canceled trips due to a covered reason.
• Baggage delay insurance, which covers essential items when bags are delayed.
• Lost baggage reimbursement, which covers luggage and its contents stolen or lost due to misdirection by an airline.
• Emergency evacuation and transportation coverage, which covers eligible medical services and transportation if a cardholder or their family member is injured or sick while traveling.
• Roadside dispatch program, which provides emergency roadside assistance.
• Rental car insurance, which kicks in when you decline the collision damage waiver offered by the car rental agency.

Better rewards for Preferred Rewards program members

The Preferred Rewards program is available to Bank of America and Merrill customers with large checking, savings and investment account balances. The program offers appealing benefits like discounts on fees, higher rewards rates and interest rates on savings and more.

There are three tiers in the Preferred Rewards program, based on combined qualifying balances:

• Gold – $20,000 to $49,999
• Platinum – $50,000 to $99,999
• Platinum Honors – $100,000

If your combined balances meet any of these thresholds, here are what your rewards rates on the Premium Rewards card may look like:

Simple rewards redemption

Speaking of rewards, the Premium Rewards card makes redeeming your points easy. You don’t have to worry about the point value – whichever redemption option you choose, you’ll get 1 cent per point.

You can redeem for travel, gift cards, statement credit or direct deposit. To pay for travel with points, you can use Bank of America’s Travel Center. Alternatively, you can get reimbursement for travel you’ve already purchased.

Unfortunately, Bank of America doesn’t have transfer partners, limiting your ability to maximize the point value. If you’re interested in transferring points, look into another mid-tier travel card, like the Chase Sapphire Preferred . At the same $95 per year, it offers outstanding perks and allows access to Chase Ultimate Rewards and the program’s excellent transfer partners.

No foreign transaction fees

The Bank of America Premium Rewards is also a good card to take with you abroad. Since it’s on the Visa network, it’s widely accepted internationally – and you won’t have to worry about foreign transaction fees.

Maximizing the Bank of America Premium Rewards card

Now that you know everything the Bank of America Premium Rewards card has to offer, you can get the most out of it.

Here are some tips to help you maximize the card’s potential:

• Use the Premium Rewards on dining and travel – unless you have another card that earns more in these categories.
• Use the card on general purchases outside of the bonus categories on your other cards to earn more than 1 point per dollar.
• Read through terms and conditions to understand all travel protections available to you, as they sometimes can save you hundreds or even thousands of dollars.
• Sign up for Global Entry or TSA PreCheck and make sure to use the Premium Rewards to pay for the membership.
• Have the card handy when you travel to pay for airline incidentals and take advantage of the annual $100 credit.

Bottom line

For an affordable travel card, the Bank of America Premium Rewards credit card has plenty to offer, from popular perks like TSA PreCheck or Global Entry credits to less flashy but valuable benefits like rental car insurance.

If you already have the card, it’s a good idea to keep these benefits in mind so you can use it to its full potential. If you’re still shopping around, make sure to consider your options and see what kind of perks other similar cards provide.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

Ana Staples is a staff reporter and young credit expert reporter for CreditCards.com and covers product news and credit advice. She loves sharing financial expertise with her reader and believes that the right financial advice at the right time can make a real difference. In her free time, Anastasiia writes romance stories and plans a trip to the French Riviera she'll take one day—when she has enough points, that is.

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BankAmericard benefits guide

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Bank of America Preferred Rewards Program Guide

Vault’s viewpoint on bank of america preferred rewards.

• There are five Bank of America rewards tiers, separated by the combined average daily balance in your accounts.
• It’s free to enroll in the program, and you’re automatically upgraded to the next tier if your average balance increases.
• You can earn up to a 75% credit card rewards bonus, up to a 20% interest savings rate booster, up to a 0.750% HELOC interest rate discount and more with the program.

What Is the Bank of America Preferred Rewards Program?

BofA’s Preferred Rewards program is the bank’s way of giving back to high-balance customers. It’s available to customers with a checking account and at least one other Merrill investment or BofA deposit account. If the balance across all of your accounts is $20,000 or more, you’ll qualify for the program.

Rewards vary by tier, and we’ll cover those in the rest of this Bank of America Preferred Rewards guide. However, across all levels, you can expect:

• Credit card rewards bonuses
• Savings interest rate boosters
• Reduced mortgage fees
• HELOC interest rate discounts
• Auto loan interest rate discounts
• Foreign currency exchange rate discounts
• No monthly maintenance fees
• Investing program annual fee discount

Luckily, once you earn Preferred Rewards status, you’ll maintain your program benefits for a full year. So even if your balance drops below the threshold for a few months, you’ll still be able to access rate discounts, savings boosters and more.

Bank of America Preferred Rewards Tiers

There are five BofA rewards tiers for which you may be eligible. All come with no monthly maintenance fees on your accounts. Each level offers increasingly better benefits, but they also require you to keep more money with the bank.

Preferred Rewards Gold Tier

Required three-month combined average daily balance: $20,000 to <$50,000

The Preferred Rewards Gold Tier is the entry-level option for those testing the waters with Bank of America. In addition to a 25% rewards bonus on eligible credit cards, you’ll enjoy a 5% interest rate savings booster. Unfortunately, with the Bank of America’s current savings account interest rate of just 0.01% APY, that only equates to a bonus APY of 0.02%.

You’ll also benefit from $200 off a mortgage origination fee, a 0.125% interest rate discount on a home equity line of credit and a 0.25% interest rate discount for a new auto loan. Also of note is the 1% foreign currency exchange rate discount as well as a 0.05% annual fee discount for the Merrill Guided Investing Program (making the annual fee just 0.40% of your total assets).

Preferred Rewards Platinum Tier

Required three-month combined average daily balance: $50,000 to <$100,000

When you’re eligible for the Platinum Tier, you’ll see boosted rates across the board. You’ll get a 50% credit card rewards bonus, a 10% savings interest rate booster, a 0.250% home equity line of credit rate discount and a 0.35% auto loan interest rate discount. You can also get $400 off a mortgage origination fee, a 1.5% foreign currency exchange rate discount and 0.10% off the Merril Guided Investing Program annual fee.

An additional benefit you won’t see in the Preferred Rewards Gold Tier is 12 no-fee ATM transactions each year. You’ll also benefit from no fees on select everyday banking services, such as incoming international wire transfers.

Preferred Rewards Platinum Honors Tier

Required three-month combined average daily balance: $100,000 to <$1 million

The Platinum Honors Tier kicks things up a notch with a 75% credit card rewards bonus, a 20% savings interest rate booster, a 0.50% auto loan discount and a 0.375% home equity line of credit discount. Keep in mind, the savings account booster only gets your APY up to 0.04% based on current rates.

At this level, Bank of America offers unlimited no-fee ATM transactions as well as a 2% foreign currency exchange rate discount, $600 off your origination fee and a Merril Guided Investing Program annual fee discount of 0.15%.

Preferred Rewards Diamond Tier

Required three-month combined average daily balance: $1 million to <$10 million

The Diamond Tier sees only a few upgrades from the Platinum Honors Tier, including a 0.625% home equity line of credit discount. Another unique thing is that you get a discount on your mortgage interest rate of 0.250% instead of an origination fee discount.

This is the first tier to offer no international transaction fees and access to unique experiences and premium offers. These include a variety of travel, automobile, food and wine, style, sports and wellness discounts and promotions.

Preferred Rewards Diamond Honors Tier

Required three-month combined average daily balance: $10 million+

Bank of America’s Preferred Rewards Diamond Honors Tier is the most exclusive level. It ups the ante by providing a 0.375% mortgage interest rate discount and a 0.750% home equity line of credit interest rate discount. However, that’s really the only difference between this tier and the standard Diamond Tier.

How Do You Join the Bank of America Preferred Rewards Program?

There are no hurdles to jump over to join the program. All you need to have is a Bank of America personal checking account as well as another deposit or investment account with a three-month combined average daily balance of $20,000 or more. Then, you can log in to your Online Banking account to enroll with just a few clicks.

After you hit the balance requirement, Bank of America gives you a full year of program status. At the end of the year, you’ll have a three-month grace period if your balance drops below $20,000. After that, you may drop to a lower tier or be removed from the program if you don’t meet minimum requirements. However, if you can regain your balance within 24 months, Bank of America automatically reinstates your membership.

Which Bank of America Credit Cards Are Eligible for Preferred Rewards?

If you want to qualify for the credit card rewards booster perk, you need to make sure you’re using an eligible Bank of America credit card . Luckily, many of the bank’s cards are a part of the program. Here’s a complete list:

• Bank of America® Customized Cash Rewards credit card
• Bank of America® Unlimited Cash Rewards credit card
• Bank of America® Travel Rewards credit card
• Bank of America® Premium Rewards® credit card
• Bank of America® Premium Rewards® Elite credit card
• Bank of America® Customized Cash Rewards credit card for Students
• Bank of America® Unlimited Cash Rewards credit card for Students
• Bank of America® Travel Rewards credit card for Students
• Bank of America® Customized Cash Rewards Secured Credit Card
• Bank of America® Unlimited Cash Rewards Secured credit card
• Bank of America® Travel Rewards Secured Credit Card
• Susan G. Komen® Cash Rewards Visa® credit card from Bank of America
• Bank of America Norwegian Cruise Line® World Mastercard®

Notably, business credit cards and airline credit cards do not qualify for this deal.

To better understand how the booster works, let’s consider the Bank of America® Customized Cash Rewards Credit Card . Normally, it earns 3% cash back in a category of your choice up to $2,500 each quarter (then 1%). With the Preferred Rewards Gold Tier, that would be boosted by 25%, so your new rate would be 3.75% cash back. Platinum Tier members would earn 4.50%, while Platinum Honors Tier and higher would earn 5.25%.

Frequently Asked Questions

Is there a downside to bank of america preferred rewards.

The major downside of the Bank of America Preferred Rewards program is the bank’s low interest rates. Even at the highest tier, you’ll only be earning up to 0.04% APY, which is far below the average savings account interest rate . Parking large amounts of money in a savings account without the opportunity to earn more isn’t worth most of the benefits offered by the program.

How Does Bank of America Preferred Rewards Work?

Bank of America Preferred Rewards works by taking your three-month combined average daily balance from your Bank of America deposit and Merrill investing accounts. If you have at least $20,000, you’ll be eligible to join the program. There are five tiers, each offering slightly better benefits, that have different minimum balance requirements.

What Is the Threshold for Bank of America Preferred Rewards?

You’ll need at least $20,000 saved across your Bank of America deposit and Merrill investing accounts to join Preferred Rewards. However, you may be able to dip below this once in a while, as Bank of America gives you a year of membership once you initially qualify.

The post Bank of America Preferred Rewards Program Guide first appeared on Newsweek Vault .

Wells Fargo Autograph Journey Card review 2024: rewards, benefits, and more

The Wells Fargo Autograph Journey Card offers generous travel rewards for a reasonable annual fee, making it an excellent choice for frequent travelers who prioritize earning points on hotels, airlines, and dining expenses.

Marc Guberti

Marc Guberti is a Certified Personal Finance Counselor (CPFC) and Bankrate contributor. He also writes articles on finance and investing for US News & World Report, InvestorPlace, Benzinga, and other publications.

Hanna Horvath

Hanna Horvath is a CERTIFIED FINANCIAL PLANNER™ and Bankrate's senior editor of content partnerships.

Updated April 24, 2024, 2:34 PM EDT

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The new Wells Fargo Autograph Journey℠ Visa® Card is a great travel card with a reasonable annual fee. This card is best for frequent travelers thanks to its unlimited 5X points on hotels, 4X points on airlines, 3X points on other travel, and 1X points on all other purchases.

In this review, we'll dive into the features, benefits, and potential drawbacks of the Wells Fargo Autograph Journey card, helping you determine if it's the right fit for your wallet.

Key takeaway

The Wells Fargo Autograph Journey Card offers great rewards on hotels, airlines, and dining expenses alongside travel protection benefits, making it a valuable tool for those who spend heavily in these categories and want to maximize their travel rewards.

Wells Fargo Autograph Journey℠ Visa® Card

• 5X points back on hotels and other great travel rewards
• Generous welcome bonus
• Annual statement credit for airfare purchases
• No portal that restricts which travel purchases qualify for bonus points
• No foreign transaction fees
• Travel protection benefits
• Rewards primarily focused on travel and dining categories
• No introductory APR period
• $95 annual fee

Key features

• Unlimited 5x points on hotels, 4x points on airlines, 3x  points on other travel and dining, 1x on other purchases
• $50 annual airfare statement credit 

Travel protection benefits 

Benefits and rewards.

The Wells Fargo Autograph Journey Card comes with a generous welcome bonus of 60,000 reward points after spending $4,000 within the first three months. This bonus can be redeemed for travel, gift cards, or statement credits, giving you a head start on earning points. 

One of the most attractive aspects of this card is its unlimited reward structure. Cardholders earn 5X points on hotel bookings, making it an excellent choice for those who frequently stay at hotels. 

The card also offers 4X points on airline purchases, helping you accumulate points quickly when booking flights. For other travel expenses and dining, you'll earn 3X points, while all other purchases earn 1X points.

The Wells Fargo Autograph Journey card costs $95 per year, on par or lower than many other comparable travel credit cards. 

You’ll also get a $50 annual statement credit for any airline booking (with a $50 minimum airline purchase), effectively reducing the annual fee to just $45. This credit can offset the cost of flights, making your travel even more affordable.

Redeeming rewards

The Wells Fargo Autograph Journey card is a flexible travel card, which means you can transfer points to hotel or airline partners.

Co-branded cards often offer 2X-5X points on travel and may restrict which airlines or hotel chains you can use points with. For example, an American Airlines credit card often requires you to board an American Airlines plane to get the maximum points back. 

Unlike other travel cards, you don’t have to use Wells Fargo’s travel portal to earn bonus points when booking travel. For example, you can earn 5X points on travel purchases with the Chase Sapphire Preferred® Card , but you must make those purchases within the Chase Travel℠ portal to earn the bonus points.  

The Wells Fargo Autograph Journey card doesn’t have this type of restriction. Also, unlike many other cards, there’s no cap on the rewards you can earn, says David Shipper, Strategic Advisor at Datos Insights. 

This card offers trip cancellation, reimbursing you up to $15,000 for non-refundable expenses such as lodging, flights, and activities if your trip is canceled for a covered reason. This benefit provides peace of mind when booking travel, knowing you're protected against unforeseen circumstances. 

The Autograph Journey card also offers other travel protections, such as trip delay reimbursement, lost luggage reimbursement, and auto rental collision damage waiver. These benefits can save you money and hassle in travel disruptions or mishaps.

Considerations and downsides

While the Wells Fargo Autograph Journey Card offers impressive rewards, there are a few potential downsides.

The card comes with an annual fee of $95, which may be a deterrent for some (especially when there are plenty of solid no annual fee cards on the market). But, the $50 annual statement credit for airfare effectively reduces the annual fee to $45, making it more manageable. 

“The card comes with a $95 fee, which many consumers will not want to pay. However, that fee is in line with other travel-related credit cards (if not a bit lower) and will more than offset by the card's many bonus features,” Shipper says. 

Another drawback is that the card's rewards are focused primarily on travel and dining. If you don't spend heavily in these categories, you may be unable to maximize the card's rewards. 

Additionally, the redemption options for reward points may be limited compared to other travel cards . While Wells Fargo does have a list of travel partners you can transfer points to at a 1:1 rate, the network is not as diverse or large as other competitors.  

This card also doesn’t have a 0% introductory APR offer, making it not the best choice for those who may carry a balance.

Who is the Wells Fargo Autograph Journey card best for?

The Wells Fargo Autograph Journey Card is an excellent choice for frequent travelers who spend heavily on hotels, airlines, and dining. The lack of limits on your bonus points makes this card especially worthwhile.

But if you spend regularly outside of these categories, this may not be the best card for you. 

You’ll get 1X points back on non-travel and non-dining purchases, but that’s the minimum across the industry. You’re better off using another card for groceries, electronics, gas, and everyday purchases.

Alternatives

The Wells Fargo Autograph Journey card offers many perks for people who like to travel often. However, you should compare credit cards before choosing the right travel card for your finances. Here are some alternatives.

Chase Sapphire Preferred® Card

The Chase Sapphire Preferred card also offers 60,000 bonus points if you spend $4,000 on purchases within the first three months of opening your account.

The card offers 5X points on travel purchased through Chase’s Travel portal, 2X on other travel purchases, 3X on dining and grocery purchases (excluding Walmart, Target, and wholesale clubs), 3X points on select streaming services, and 1X on all other purchases.

The Sapphire Preferred card has a greater range of spending categories that exceed 1X points back. You’ll also get 25% more value when you redeem your points through the Chase Travel℠ portal. For example, 60,000 points can be valued at up to $750 for qualifying travel expenses. The card has a $95 annual fee.  

Capital One Venture Rewards Card

The Capital One Venture Rewards card offers a straightforward unlimited 2X miles for every dollar you spend. You’ll also earn 5X miles on hotels and rental cars booked through Capital One Travel, all for a $95 annual fee.

The new cardholder offer is 75,000 bonus miles if you spend $4,000 on purchases within the first three months of opening your card. The card comes with travel accident insurance.

The ability to earn unlimited 2X miles on every purchase is a good perk for non-travel spending categories. However, you must use Capital One Travel to book your flights and hotels to receive the maximum bonus miles.

Wells Fargo Autograph℠ Card

The Wells Fargo Autograph card is a good starter card for those who want to earn travel rewards but don’t want to pay an annual fee.

You can receive unlimited 3X points at restaurants, travel, gas and electric vehicle charging stations, transit, popular streaming services, and phone plans. All other purchases are eligible for 1X points. You can redeem points for travel, gift cards, and cash.

The card doesn’t have as many travel benefits but has some notable perks. You’ll get up to $600 of cell phone protection against theft or damage, 24/7 roadside dispatch, and an auto rental collision damage waiver.

You can earn 20,000 bonus points if you spend $1,000 within the first three months of opening your account, which is worth up to $200 in cash back. 

Citi Premier® Card 

The Citi Premier card has a 60,000 bonus point welcome offer if you spend $4,000 after the first three months of opening your account. This card has a $95 annual fee. You can earn a $100 annual hotel credit if you spend $500 or more, helping you offset the annual cost.

The card offers 3X points back on restaurants, supermarkets, gas stations, air travel, and hotels. You will receive 1X points back on all other purchases. Points do not expire, and there is no limit to how many bonus points you can earn.

For a limited time, you can earn up to 10X points on hotels, car rentals, and attractions (excluding flights) booked through Citi’s travel portal. This promotional offer lasts until June 30, 2024. 

Bank of America® Travel Rewards credit card

The Bank of America Travel Rewards card is a straightforward card with no annual or foreign transaction fees. You’ll earn a flat 1.5X points on every purchase. You can also receive 25,000 bonus points if you spend $1,000 within the first 90 days of opening your account.

Unlike the Wells Fargo Autograph Journey card, this card has a 0% introductory APR offer. You’ll get 0% APR for the first 15 billing cycles for purchase. The intro balance transfer fee is 3% for the first 60 days, and this balance transfer fee goes up to 4% after the initial promotion.

Bank of America Preferred Rewards members can earn 25%-75% additional points on every purchase. Your membership level depends on your two-month combined average daily balance across your Bank of America bank accounts.

Outside of that, the card doesn’t have as many perks. It’s good for beginners who want to get started earning travel rewards. However, you may earn more rewards and access additional benefits if you use a card with an annual fee.   

The bottom line

The Wells Fargo Autograph Journey card is a great, flexible choice for travelers with a moderate annual fee. The card also has a generous welcome bonus similar to what you will find with other travel cards.

But it’s important to consider your spending habits and travel preferences when deciding if this card is right for you. If travel and dining aren’t your primary spending categories, you may find more value in alternative cards with different rewards. Its rewards, benefits, and travel protections make this card a solid choice for travelers. 

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.  

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Bank of America Customized Cash Rewards Review: Choose Your Own Bonus Category

The option to choose your 3%-back category is appealing, if a bit complicated. If you qualify for the Bank of America Preferred Rewards® program, the card can be even more valuable. But its spending caps mean it's not a strong choice for big spenders.

• No annual fee
• New cardholder bonus offer
• Rotating bonus categories
• Relationship rewards for customers
• Intro APR period
• Requires good/excellent credit
• Complicated rewards
• Spending caps on bonus rewards
• Best rewards limited to certain customers

18.24%-28.24% Variable APR

0% intro APR on Purchases for 15 billing cycles and 0% intro APR on Balance Transfers for 15 billing cycles for any balance transfers made in the first 60 days

Rewards rate

Bonus offer

• $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.

Ongoing APR

APR: 18.24%-28.24% Variable APR

Cash Advance APR: See Terms

Penalty APR: 29.99%, Variable

Balance transfer fee

3% for 60 days from account opening, then 4%

Foreign transaction fee

• 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.
• Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishing purchases.
• If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
• No annual fee and cash rewards don’t expire as long as your account remains open.
• 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.24% - 28.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
• Contactless Cards - The security of a chip card, with the convenience of a tap.
• This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Compare to Other Cards

Detailed review: Bank of America® Customized Cash Rewards credit card

The Bank of America® Customized Cash Rewards credit card stands out among other cash-back cards as a great option, despite its complicated terms .

Unlike other cards, the $0 -annual-fee card lets you choose your own 3% bonus category from a list of options and change that selection up to once a month. It's an especially good deal for those who can boost their rewards rates by keeping large balances with Bank of America® or Merrill.

The main downside: The card comes with bonus category spending caps, so it's not a good pick for big spenders.

Bank of America® also issues a different version of this card that's marketed toward students. To learn more about the Bank of America® Customized Cash Rewards credit card for Students , read our review .

Key features of the Bank of America® Customized Cash Rewards credit card

Card type: Cash back .

Annual fee: $0 .

Sign-up bonus: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.

Ongoing rewards:

While the Bank of America® Customized Cash Rewards credit card offers potentially valuable rewards for those who spend modestly, its rewards structure is fairly involved.

3% back on a category of your choice (options listed below) and 2% back on grocery stores and wholesale clubs for the first $2,500 of combined bonus category/ grocery store/wholesale club spending per quarter; after hitting that threshold, you’ll earn 1% back on these purchases.

1% back on all other purchases.

When selecting a 3% back bonus category, you can choose one of the following six options:

Gas/EV charging.

Online shopping (including cable, streaming, internet and phone plans).

Drugstores.

Home improvement and furnishings.

You can change this category up to once a month. If you don't make a selection, the default 3% cash-back category will be set to gas, according to the issuer. Your selected category will remain the same from month to month, unless you change it.

APR: 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.24% - 28.24% will apply .

Other benefits:

Cardholders who are eligible for the Bank of America Preferred Rewards ® program can earn higher rewards rates.

With this card, there’s no minimum redemption requirement when doing a one-time redemption of cash rewards into your Bank of America® account or statement credit, but there’s still a $25 minimum redemption requirement for other redemption options. Cash back can be redeemed for statement credit, a check, a direct deposit into a Bank of America® checking or savings account, an eligible 529 account or a contribution to an eligible Merrill account. You can also opt to register for automatic redemption.

Before pouncing on this offer, pay close attention to the spending caps on the bonus categories. If you spend far more than $2,500 per quarter on this card's 3% and 2% categories, you might earn more rewards with a different card that doesn't impose such caps.

» MORE: Credit cards that can help you save for — and pay for — college

Benefits and perks

Ability to choose your own 3% category.

There aren’t many rewards credit cards that allow you to choose your own bonus categories. And of those that exist, none of them lets you change your selection up to once a month, as the Bank of America® Customized Cash Rewards credit card does. That makes the card valuable for cardholders who want choice — especially because the card defines its rewards categories quite generously.

Consider the online shopping category, for example. This category includes purchases made with the following retailers, among others:

Amazon.com.

Bestbuy.com.

Groupon.com.

Target.com.

Walmart.com.

» MORE: NerdWallet's best credit cards for online shopping

The dining category is similarly wide-ranging. This bonus category isn't just limited to sit-down restaurants; it also includes other eating places, fast-food restaurants, bars, cocktail lounges, nightclubs, taverns and drinking places. That would include, for example, Starbucks, GrubHub and McDonald's, among many other merchants, the issuer confirms. Consider, too, the breadth of the card's home improvement category, which covers retailers from Ace Hardware to Williams-Sonoma, but also things like air conditioning repair, plumbers, landscapers, antique shops, florists and much more. It's one of NerdWallet's top credit cards for new homeowners .

Remember, though, you'll only earn bonus rewards on the first combined $2,500 in purchases on the card's 3% and 2% categories each quarter. After that, you'll earn only 1% on those purchases.

Loyalty bonuses

While the Bank of America® Customized Cash Rewards credit card promises plenty of choices, its rewards rates are unremarkable compared with other no-annual-fee cards — that is, unless you qualify for the Bank of America Preferred Rewards® program.

Under this program, you can earn 25% to 75% more on your eligible Bank of America® credit card rewards, among other benefits. You can qualify for the Bank of America Preferred Rewards® program when your combined balances in Bank of America® or Merrill accounts surpass certain thresholds. For example, say you kept more than a combined $100,000 in Bank of America® and Merrill accounts, and qualified for the 75% rewards boost. Instead of the usual 3% cash back on the category of your choice, you'd effectively be earning 5.25% back on purchases in that category. That's more than you'd generally earn on other no-annual-fee cards.

Introductory 0% APR period and no annual fee

With the Bank of America® Customized Cash Rewards credit card , you can come out ahead on rewards no matter how little you spend. That's because the annual fee is $0 . The card also comes with an introductory 0% APR offer.

Drawbacks and considerations

Spending caps can limit earning power.

The quarterly spending caps on the Bank of America® Customized Cash Rewards credit card make it a less valuable choice for those who spend thousands of dollars each month. If this is you, a flat-rate rewards card that doesn't impose such restrictions could be a smarter choice.

Try the $0 -annual-fee Wells Fargo Active Cash® Card instead. It offers 2% cash back on all purchases, with no spending caps.

Without loyalty bonuses, rewards rates are modest

The Bank of America® Customized Cash Rewards credit card offers plenty of good bonus category choices, but if you don't qualify for the Bank of America Preferred Rewards® program, its rewards just go up to 3%, with spending caps.

For a card with customizable rewards that go a little higher, the U.S. Bank Cash+® Visa Signature® Card could fit the bill. This card offers 5% cash back on your first $2,000 in combined eligible net purchases on two categories of your choice from a list (see it below), and 2% cash back on your choice of either gas stations/EV charging stations, dining or grocery stores. While the 5% categories on this card are relatively narrow — including, for instance, fast food, cell phone providers, and TV, internet and streaming services, among others — and you can't change your choices as often, this card might prove more valuable if you happen to spend an outsize amount in one of these categories.

Home utilities.

TV, internet and streaming.

Department stores.

Cell phone providers.

Electronics stores.

Sporting goods stores.

Movie theaters.

Gyms/fitness centers.

Furniture stores.

Ground transportation.

Select clothing stores.

For more information on how these cards stack up with each other, see our roundup of best credit cards .

This card pays 6% cash back at U.S. supermarkets, on up to $6,000 a year in spending (then 1%); 6% cash back on select U.S. streaming subscriptions; 3% cash back at U.S. gas stations and on transit (including such things as taxis, rideshares, parking, tolls, trains and buses); and 1% cash back on all other purchases. Terms Apply. There's a $0 intro annual fee for the first year, then $95. Even with this cost, the high reward rates make the card worth it for many families.

How to decide if it's right for you

The bonus-category spending caps on the Bank of America® Customized Cash Rewards credit card can make it a less-valuable deal for those who spend thousands each month. But if you’re a frugal shopper and want to choose your own 3% cash-back bonus category — especially if you keep a lot of money with Bank of America® or Merrill — this card is an excellent pick.

To view rates and fees of the Blue Cash Preferred® Card from American Express, see this page .

• The best credit cards of 2024
• Best travel credit cards
• Best rewards credit cards
• Best cash back credit cards

Methodology

NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.

Frequently asked questions

For the right person, it can be outstanding. Unlike most other cash back cards, the $0-annual-fee Bank of America® Customized Cash Rewards credit card lets you customize your rewards by choosing a bonus category from a list of options.

The Bank of America® Customized Cash Rewards credit card earns 3% back on a category of your choice and 2% back on grocery store and wholesale club spending, on up to $2,500 per quarter in combined spending in those categories. All other purchases earn 1% back.

You can change your 3% bonus category once a month. The options are: gas, online shopping, dining, travel, drugstores and home improvement and furnishings. If you don't choose a category, the default is gas.

There’s no limit to how much you can earn with the Bank of America® Customized Cash Rewards credit card . The card’s bonus rewards are capped at $2,500 in combined spending per quarter. But after that, you’ll still earn 1% cash back in those bonus categories. If you typically spend more than this on the card’s 3% and 2% categories per quarter, you might earn more with a different rewards card that doesn't have a spending cap.

If you have a good credit score of at least 690, you may be approved for the Bank of America® Customized Cash Rewards credit card . Card issuers will also typically consider an applicant’s income, existing debts and other information.

The easiest way to redeem your cash rewards is for a statement credit, meaning the amount you redeem is subtracted from your account balance. You can also redeem as a check or as a direct deposit into an eligible Bank of America® account. All redemption options require you to have a minimum of $25 in cash rewards. Rewards do not expire.

Yes, new cardholders get the following welcome offer: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. .

The Bank of America® Customized Cash Rewards credit card is eligible for the Bank of America Preferred Rewards® program , which can increase your cash-back rates on this card by 25% to 75%, depending on how much money you have in eligible Bank of America® or Merrill accounts.

About the author

Claire Tsosie

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MORE FROM VAULT

Guide to Discover Checking Accounts: Cash Back Rewards With Virtually No Fees

Micah Murray

Contributor

Micah Murray is a freelance writer and editor for Newsweek’s personal finance team. He began writing about personal finance as a side hustle in 2018 and quit his full-time job in 2019 to dive headfirst into helping others build their financial literacy. Since then, he has written for various online publications, including Credible, ConsumerAffairs and the New York Post. Micah currently resides in Maine with his husband.

Tanza Loudenback

Tanza is a freelance editor for Newsweek. Her personal finance journey began at Business Insider, where she told inspiring stories of people achieving great financial success and taught millions of readers about the basics of money management. Since becoming a CERTIFIED FINANCIAL PLANNER in 2020, her expertise has deepened on taxes, insurance, investing, retirement planning and much more. Her longstanding goal is to empower every reader with accurate, clear and helpful information so they can make smart decisions with their money.

Updated April 22, 2024 at 11:45 am

When searching for your next checking account, considering all your options can help you ensure you get the most out of your new account. While national banks and credit unions might seem to be the most obvious places to look, some alternatives, such as Discover Bank, could better suit your needs.

Although Discover is best known for its credit card offerings, issuing credit cards to the public since 1986, it has expanded its offerings to include many other financial products. Now, it rivals traditional bank and credit union checking account options, especially with its online checking account: Discover Cashback Debit.

Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.

We assessed the following five key factors to help you choose the best account for your personal finance needs.

• Associated fees
• Balance requirements
• Customer service
• Interest-earning potential

Vault’s Viewpoint

• Discover Cashback Debit is a checking account that is managed entirely online.
• The account does not earn interest but provides 1% cash back on up to $3,000 each month.
• Discover Cashback Debit is mostly fee-free, but charges $30 per outgoing wire transfer.

Discover Checking Account Options

Discover Cashback Debit

Vault Verified

Expert Take

Discover offers several banking options, but only one checking account option: Discover Cashback Debit. This account can be managed, like all of the bank’s products, entirely online. In lieu of interest, a Discover online checking account provides cash back rewards and is fee-free.

• Earn 1% cash back on up to $3,000 in purchases each month
• Enjoy a fee-free account, including no monthly fees or insufficient funds fees
• Early pay allows you to access qualifying ACH payments up to two days early
• Eligible for overdraft protection
• Withdraw cash fee-free at over 60,000 Discover ATMs
• Apply for the account online in minutes
• Doesn’t earn interest on balances
• Cash back rewards are only accrued on amounts up to $3,000 each month
• You must visit a Walmart location to deposit cash into your account

Who Is This Best For?

Discover Cashback Debit is best for current Discover customers who are looking to expand their banking relationship with Discover. Those looking for a simple online checking account without all the bells and whistles will also enjoy this account, which offers an easy-to-understand rewards program and virtually no fees.

That said, this account isn’t best suited for people who prefer in-person banking, since Discover doesn’t have physical branches. Additionally, Discover isn’t a high-yield checking account , so those hoping to earn interest on the balance in their account may want to look elsewhere.

Discover Checking Account Features and Benefits

Although it might seem simple on its surface, Discover Cashback Debit advertises a robust list of features for you to take advantage of, including:

• 1% cash back on up to $3,000 in purchases made with a Discover Cashback Debit card
• Cash back does not expire, unless the account is closed
• Access your direct deposits up to two days early with Early Pay
• Fee-free overdraft to those who opt-in
• A network of over 60,000 fee-free ATMs across the U.S.
• The Discover Mobile App lets you manage your account, find ATMs and more straight from your mobile device
• Chip and contactless payment-enabled debit cards let you securely make payments anywhere chip or contactless payments are accepted
• Zelle integration lets you send and receive money in minutes from the Discover Mobile App
• Mobile check deposit lets you deposit money into your account by simply taking photos of a check and uploading it to the Discover Mobile App
• Deposit cash into your account at any Walmart location across the U.S.
• Debit card freeze allows you to freeze and unfreeze your card whenever you need to, such as when it is lost or stolen, preventing any new purchases until you unfreeze the card
• Auto Redemption allows you to set your cash back rewards to automatically be deposited into your savings account , letting you grow your savings just by spending on your debit card
• Online Privacy Protection services can help you remove your personal information from certain people-search sites
• Online Bill Pay allows you to pay your bill at many different companies from your Discover account with no fee

Discover Cashback Debit stands out against other checking accounts, charging practically no fees. Specifically, Discover advertises that account holders won’t be charged the following account-related fees:

• Monthly service fees
• Insufficient funds fees
• Bank check fees
• Expedited delivery fees on replacement debit cards
• Check re-order fees

The only fee that the Discover Cashback Debit account requires accountholders to pay is a $30 service charge per outgoing wire transfer .

Alternatives to Discover Checking Accounts

Discover cashback debit vs american express rewards checking.

Like Discover, American Express is best known for its credit card selection but offers a variety of banking products. Its American Express Rewards Checking is similar to Discover Cashback Debit, with no monthly fees, no minimum to open an account and rewards on eligible debit card purchases. However, American Express Rewards Checking accrues 1% APY while Discover Cashback Debit doesn’t accrue any interest.

Unlike the American Express Rewards Checking account, you don’t need to have a current credit card account with the company to qualify for Discover Cashback Debit.

Discover Cashback Debit vs Ally Bank Spending Account

The Discover Cashback Debit and Ally Bank Spending Account are similar, with minimal fees and early direct deposit available, but these two accounts have key differences. For instance, the Ally Bank Spending Account doesn’t offer cash back like the Discover Cashback Debit.

However, unlike the Discover Cashback Debit, Ally offers a 0.25% APY and a useful feature called savings buckets. Savings buckets allow you to set money aside within your account for recurring expenses like rent and gas.

Ally doesn’t allow you to deposit cash into your Ally Bank Spending Account, while Discover which lets you deposit cash at any Walmart location.

Discover Cashback Debit vs Axos Bank Rewards Checking

Like Discover Cashback Debit, Axos Bank Rewards Checking has minimal fees, including no overdraft fee, monthly service fee or minimum balance fee. That said, Axos sets itself apart from Discover with an impressive APY offering of up to 3.30%.

Plus, Axos Bank rewards new account holders with an intro bonus of $300 when they use a promo code to apply for the account and meet funding and balance maintenance requirements.

Frequently Asked Questions

What is the cash back limit on discover debit cards.

Discover Cashback Debit limits your cash back earning potential to 1% of $3,000 in eligible Discover debit card purchases each month. This means that the maximum amount of cash back you can earn is $30 per month or $360 per year.

Does Discover Charge Debit Card Overdraft Fees?

No, Discover doesn’t charge debit card overdraft fees. However, you’ll need to enroll in overdraft protection to be covered. To do this, you’ll be required to designate a different bank account as a funding account in case an overdraft happens.

Can I Deposit Cash Into My Discover Cashback Debit?

To deposit cash into your Discover Cashback Debit account you can visit any Walmart location in the U.S. and use Discover’s “Add Cash” feature. Doing so is free but you’ll be required to deposit a minimum of $20.

Is Discover Bank a Real Bank?

Yes, Discover Bank is a real bank and it is insured by the Federal Deposit Insurance Corporation (FDIC). Unlike many traditional banks, Discover doesn’t have physical branches and instead operates entirely online. You can access your account via your computer or mobile device, both through Discover’s website and mobile app.

Related Articles

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.

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Bank of America® Premium Rewards® Credit Card

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60,000 online bonus points offer — a $600 value

Earn unlimited points – 2 points for every $1 spent on travel and dining purchases and 1.5 points per $1 on all other purchases

Card Details

60,000 bonus point offer.

60,000 online bonus points — a $600 value — after you make at least $4,000 in purchases in the first 90 days of account opening

Unlock premium value for your everyday spend

Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases.

No limit to the points you can earn and points don't expire as long as the account remains open.

Flexibility to choose how you redeem your points – redeem for cash back as a deposit into Bank of America ® checking or savings accounts, for credit to eligible Merrill ® accounts including 529 accounts, as a statement credit to your credit card, or for gift cards and purchases at the Bank of America Travel Center.

Get up to $200 in travel statement credits

Get up to $100 in Airline Incidental Statement Credits annually for qualifying purchases such as seat upgrades, baggage fees, in-flight services, and airline lounge fees - automatically applied to your card statement

Get up to $100 in Airport Security Statement Credits for TSA PreCheck ® or Global Entry application fees, every four years

No foreign transaction fees †

No matter where you're traveling, feel free to use your Bank of America ® Premium Rewards ® credit card without incurring foreign transaction fees when making purchases outside of the United States

Get even more rewards

Bank of America Preferred Rewards ® members earn 25%-75% more points on every purchase.

That means you could earn 2.5 to 3.5 points on travel and dining purchases and 1.87 to 2.62 points on all other purchases, for every $1 you spend.

Learn more about Preferred Rewards Premium Rewards

Interest Rates & Fees Summary †

Introductory apr, standard apr.

20.24% - 27.24%

Balance Transfer Fee

of each transaction †

† Please see Terms and Conditions for rate, fee and other cost information, as well as an explanation of payment allocation. All terms may be subject to change.

Note: minimum payments are applied to lower-interest balances first. Additional payments are applied to higher-interest balances first.

60,000 online bonus points after you make at least $4,000 in purchases in the first 90 days of account opening

2 points per $1 spent on travel purchases

2 points per $1 spent on dining purchases

1.5 points per $1 spent on all other purchases

No blackout dates or restrictions and points do not expire as long as the account remains open.

Use our rewards calculator to see where your points can take you...

Take control of your rewards with the flexibility to redeem them towards what matters most to you.

Enjoy the flexibility to choose how you redeem your points – redeem for cash back as a deposit into Bank of America ® checking or savings accounts, for credit to an eligible account with Merrill, including 529 accounts, as a statement credit to your credit card, or for gift cards and purchases at the Bank of America Travel Center.

See how many points you can earn

Tell us how much you spend every, earn 2 points.

for every $1 spent on Travel & Dining purchases

Earn 1.5 points

for every $1 spent on all other purchases

Your 1 year of spending

Flexibility to choose how you redeem your points

Enjoy the flexibility to choose how you redeem your points – redeem for cash back as a deposit into your Bank of America ® checking or savings accounts, as a statement credit to your credit card, or for gift cards and purchases at the Bank of America Travel Center.

Customer bonus

Gold Tier Preferred Rewards Bonus

Platinum Tier Preferred Rewards Bonus

Platinum Honors Tier and Higher Preferred Rewards Bonus

Learn more about Preferred Rewards

Preferred Rewards makes your credit card even better

Note: This calculator is for illustrative purposes only. It is not intended to be printed or distributed. Your actual rewards earned will depend upon your individual purchases.

10% Customer bonus

25% Gold Tier Preferred Rewards Bonus

50% Platinum Tier Preferred Rewards Bonus

75% Platinum Honors Tier and Higher Preferred Rewards Bonus

Premium Benefits

Travel protections.

Travel Insurance protections to assist with trip delays, cancellations and interruptions, baggage delays, lost luggage and emergency evacuation and transportation. Learn more

Purchase protections

Shop with confidence, with excellent purchase protections like Warranty Manager Service, Return Protection and Purchase Security. These can help with repair, replacement or reimbursement on purchases, or extend the manufacturers' warranty. Learn more

Automotive protections

Feel safer on the road with our 24/7 Roadside Dispatch Program, plus added protection with Auto Rental Collision Damage Waiver. Learn more

Visa Signature ® Luxury Hotel Collection

Enjoy a premium set of benefits when you use your Premium Rewards ® card to book through the Visa Signature Luxury Hotel Collection. Learn more

Concierge Service

The Visa Signature ® concierge service gives you access to concierges who can help with travel planning, restaurant recommendations and event reservations.

Security & Features

Stay protected, contactless chip technology, balance connect ® for overdraft protection, paperless statement option, digital wallet technology, online & mobile banking, account alerts, fico ® score.

Now, when you opt-in you can access your FICO ® Score updated monthly for free, within your Mobile Banking app or in Online Banking. FICO ® Score Program . The FICO ® Score Program is for educational purposes and for your non-commercial, personal use. This benefit is available only for primary cardholders with an open and active consumer credit card account who have a FICO ® Score available. The feature is accessible through Online Banking, the Mobile website, and the Mobile Banking app for iPhone and Android devices. FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries. Data connection required. Wireless carrier fees may apply." data-footnote="ADDITIONAL_BENEFITS_FOOTNOTE_07" aria-label="Footnote 5"> Footnote [5] Learn More   about Free FICO Credit Score opens in a new window

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Bank of America Customized Cash Rewards credit card benefits guide

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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.

Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity , this post may contain references to products from our partners. Here's an explanation for how we make money . The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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Key takeaways

• The Bank of America® Customized Cash Rewards credit card offers a respectable cash back rate, as well as the ability to select and change your top-earning bonus category.
• Members of the Bank of America Preferred Rewards program can earn additional cash back on top of the card's standard rewards.
• However, quarterly spending caps and a lower welcome bonus mean this card may not be the best choice for all consumers.

Earning cash back from your rewards credit card is always a good thing — being able to customize your cash back bonus categories from month to month is even better. The Bank of America® Customized Cash Rewards credit card makes it possible to do just that and with no annual fee to boot.

While having the chance to choose your top rewards category is a major plus, there are other reasons to consider adding this card to your wallet. In fact, Bank of America Customized Cash Rewards credit card benefits can be a major draw, particularly if you’re a Bank of America Preferred Rewards member.

Read on to learn about Bank of America Customized Cash Rewards travel benefits and consumer protections, plus other perks you get just for being a cardholder.

Bank of America Customized Cash Rewards card travel benefits

While the Bank of America Customized Cash Rewards credit card is not a high-end travel credit card, it does come with a range of Visa Signature benefits that can be useful for frequent travelers. While you’ll want to read over your card’s terms and conditions to find out which level of benefits your card comes with, the main Visa Signature travel benefits that come with this card include the following:

Visa Signature concierge

Visa Signature concierge service makes it possible for cardholders to get help with dining reservations, tickets for shows and events and general travel planning. Cardholders call a hotline to receive all kinds of personalized assistance for free, and this help is available 24 hours a day, seven days a week.

Roadside dispatch

Roadside dispatch is available through a hotline cardholders can call. This hotline connects drivers with various types of assistance, including a gas fill-up, flat tire replacement, towing services and more. While the roadside dispatch hotline is free, cardholders are required to pay a standard price for any services received.

Travel and emergency assistance

Cardholders also get access to a travel and emergency assistance hotline they can turn to for various kinds of help. For example, they can call in for medical referrals or legal referrals when running into issues away from home or for emergency transportation assistance.

Again, while the use of this hotline is free, cardholders are responsible for paying for any services they receive.

Bank of America Customized Cash Rewards card consumer benefits

While the rewards offered by the Bank of America Customized Cash Rewards credit card are generous, there are additional perks consumers can benefit from.

0% intro APR period

Applicants who are approved for the Bank of America Customized Cash Rewards credit card automatically qualify for a 0 percent intro APR that applies to purchases and balance transfers. Specifically, consumers get a 0 percent intro APR for 15 billing cycles on both purchases and balance transfers (balance transfers must be made in the first 60 days). Note that a 3 percent balance transfer fee applies (balance transfer fee is 4% thereafter). After the introductory offer ends, the variable APR will be between 18.24 percent to 28.24 percent.

Free FICO score

This card also offers a free FICO credit score for cardholders, which is updated monthly and available online or within the Bank of America mobile app. Having a free credit score can help cardholders track their credit progress over time.

Bank of America notes that opt-in is required to receive this perk.

Extended warranty protection

As another Visa Signature benefit, your card may come with extended warranty protection. This perk adds up to one additional year of warranty protection on items that come with a manufacturer’s warranty of three years or less. Note that you have to pay for the item with your Bank of America credit card for this coverage to apply.

$0 liability protection

Bank of America will block fraudsters and notify you of any fraudulent activity thanks to its $0 Liability Guarantee. You can also customize fraud alerts within your online account or mobile app.

Museums On Us

For over two decades, Bank of America credit cards and debit cards have given cardholders free general admission to 225+ cultural institutions during the first weekend of every month. All you have to do is present your Bank of America card and a valid photo ID to gain free entrance.

BankAmeriDealsⓇ

BankAmeriDeals® is a card-linked, limited-time offer program similar to Amex Offers and Chase Offers . When you activate certain promotional offers within your account, you can earn 5 percent to 15 percent extra cash back at select restaurants and other participating merchants. You won’t make a lot of cash back with BankAmeriDeals, but it will help boost what you earn.

Benefits for Bank of America Preferred Rewards members

While the rewards rate on this card is solid on its own, it’s worth noting that you can boost your earnings rate by as much as 75 percent depending on your status as a member of the Bank of America Preferred Rewards program. To qualify as a member, you must own or co-own an active and eligible Bank of America, Merrill or Merrill Edge account and hold a minimum three-month combined average daily balance of $20,000 or more across eligible Bank of America account types.

Here’s how much you could boost your cash back rate based on the Preferred Rewards tier you fall into:

• Preferred Rewards Gold: 25 percent
• Preferred Rewards Platinum: 50 percent
• Preferred Rewards Platinum Honors: 75 percent
• Preferred Rewards Diamond: 75 percent
• Preferred Rewards Diamond Honors: 75 percent

As a Preferred Rewards member, you’ll gain access to other benefits, including discounts on investment services, mortgage origination fees, HELOC and car loan interest rates, as well as no charge for select banking services.

Maximizing the Bank of America Customized Cash Rewards card

To get the most out of the Bank of America Customized Cash Rewards credit card, you’ll want to take the following steps:

• Change your top earning category periodically based on your spending plans . The Bank of America Customized Cash Rewards credit card lets you change your top earning category once each calendar month, and it makes sense to do so if your normal spending patterns fluctuate throughout the year. If you have a travel or online shopping purchase coming up, for example, you can switch your 3 percent back category that month and boost your rewards haul that way.
• Make sure you earn the welcome offer . Make sure you spend at least $1,000 on purchases within 90 days of account opening in order to earn $200 in bonus cash back. This will require spending at least $334 over three 30-day periods in a row, which you can reach by charging your regular expenses and bills to the card.
• Avoid paying interest. While the Bank of America Customized Cash Rewards card offers an intro APR for purchases and eligible balance transfers, remember that this offer won’t last forever. Make sure you pay off the balance before the offer ends , or else you’ll wind up paying off debt at this card’s higher variable APR.

The bottom line

The Bank of America Customized Cash Rewards card doesn’t offer the highest rates of cash back out there, as there are some rotating category cards that offer as much as 5 percent back on select bonus categories. However, getting 3 percent back on your category of choice (up to $2,500 in combined 3 and 2 percent category purchases each quarter, then 1 percent) is much better than the 1.5 to 2 percent back offered by other flat-rate cash back cards on the market — so long as you’re not spending over $2,500 in a quarter.

With no annual fee, a decent welcome bonus and a generous introductory APR offer as ancillary perks to its respectable cash back rate, this Bank of America credit card deserves serious consideration for a spot in your wallet.

Is the Bank of America Customized Cash Rewards credit card worth it ? Doing your research and comparing it to other cards is the only way to know for sure.

The Bank of America® Customized Cash Rewards credit card information was last updated on Sept. 27, 2023.

How the Bank of America Customized Cash Rewards card’s category selection works

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Is the Bank of America Customized Cash Rewards credit card worth it?

Bank of America Customized Cash Rewards credit card review