What's the difference between Bank of America Power Rewards and Cash Rewards? This question is about the BankAmericard® Power Rewards® Visa Signature® Credit Card

The main difference between BankAmericard® Power Rewards® Visa Signature® Credit Card and the Bank of America® Customized Cash Rewards credit card is that only the latter is still available to new applicants. Both are everyday credit cards earning cardholders supplemented rewards in various spending categories. It's worth seeing how they stack up against each other, especially if you still have the BankAmericard® Power Rewards® Visa Signature® Credit Card and are considering a change. BankAmericard® Power Rewards® Visa Signature® Credit Card vs Bank of America Customized Cash Rewards credit card Card BankAmericard® Power Rewards® Visa Signature® Credit Card Bank of America Customized Cash Rewards credit card Initial Bonus No longer available to new applicants. $200 for spending $1,000 in the first 90 days Ongoing Rewards 3 point / $1 on gas, grocery and drugstore purchases for the first 6 months and 1 point / $1 on all other purchases. 3% cash back in a category of your choice and 2% back at grocery stores and wholesale clubs (up to $2,500 spent quarterly), plus unlimited 1% cash back on all other purchases Purchase Intro APR 0% for 12 months 0% for 18 billing cycles Purchase Intro APR 0% for 12 months 0% for 18 billing cycles for any balance transfers made in the first 60 days Balance Transfer Free 3% 3% (min $10) Regular APR 12.99% - 22.99% (V) 18.24% - 28.24% Variable Annual fee $0 $0 Foreign transaction fee 3% 3% Credit score required No longer available to new applicants. Required a credit score of 750+ (excellent credit) 750+ (excellent credit) If you still have the BankAmericard® Power Rewards® Visa Signature® Credit Card and are thinking of making a change, the Bank of America Customized Cash Rewards credit card makes for a great every day card, with even more rewards. Plus, you get to pick your own category for the 3% cash back rate. Bank of America also offers the Bank of America® Unlimited Cash Rewards credit card which simplifies rewards by offering unlimited 1.5% cash back on all purchases.

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What's the difference between Bank of America Power Rewards and Cash Rewards?

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This question is about the BankAmericard® Power Rewards® Visa Signature® Credit Card

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Tommy S Davidson, WalletHub Analyst

@tdvdson94 • 10/15/21 This answer was first published on 05/08/19 and it was last updated on 10/15/21.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The main difference between BankAmericard® Power Rewards® Visa Signature® Credit Card and the Bank of America® Customized Cash Rewards credit card is that only the latter is still available to new applicants. Both are everyday credit cards earning cardholders supplemented rewards in various spending categories. It's worth seeing how they stack up against each other, especially if you still have the BankAmericard® Power Rewards® Visa Signature® Credit Card and are considering a change.

BankAmericard® Power Rewards® Visa Signature® Credit Card vs Bank of America Customized Cash Rewards credit card

Card	BankAmericard® Power Rewards® Visa Signature® Credit Card	Bank of America Customized Cash Rewards credit card
Initial Bonus	No longer available to new applicants.	$200 for spending $1,000 in the first 90 days
Ongoing Rewards	3 point / $1 on gas, grocery and drugstore purchases for the first 6 months and 1 point / $1 on all other purchases.	3% cash back in a category of your choice and 2% back at grocery stores and wholesale clubs (up to $2,500 spent quarterly), plus unlimited 1% cash back on all other purchases
Purchase Intro APR	0% for 12 months	0% for 18 billing cycles
Purchase Intro APR	0% for 12 months	0% for 18 billing cycles for any balance transfers made in the first 60 days
Balance Transfer Free	3%	3% (min $10)
Regular APR	12.99% - 22.99% (V)	18.24% - 28.24% Variable
Annual fee	$0	$0
Foreign transaction fee	3%	3%
Credit score required	No longer available to new applicants. Required a credit score of 750+ (excellent credit)	750+ (excellent credit)

If you still have the BankAmericard® Power Rewards® Visa Signature® Credit Card and are thinking of making a change, the Bank of America Customized Cash Rewards credit card makes for a great every day card, with even more rewards. Plus, you get to pick your own category for the 3% cash back rate. Bank of America also offers the Bank of America® Unlimited Cash Rewards credit card which simplifies rewards by offering unlimited 1.5% cash back on all purchases.

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How do the BankAmericard Power Rewards points work?

You earn Bank of America Power Rewards points for every qualifying purchase (3 points per $1 on gas, grocery and drugstore purchases for the first 6 months and 1 point per $1 on all other purchases).

You can redeem those points on this page (min. 2,500 points). If you opt for cash back, 1,000 rewards points can be redeemed for $10 cash.… read full answer

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How can I redeem my Bank of America cash rewards?

The easiest way you can redeem your Bank of America cash rewards is either online or through the mobile app. Alternatively, you can do it over the phone, by calling customer service at (800) 434-8313.

How to Redeem Your Bank of America Cash Rewards Online

Select the “Rewards” tab.

Choose a redemption option.

Select the amount of cash back to redeem.

Submit your redemption request.

You can redeem your cash rewards for statement credit, direct deposit to a BofA/Merrill Lynch account, or a personal check. Cardholders must have a minimum of $25 in cash back earned in order to redeem, regardless of redemption method.

Using your Bank of America cash rewards for a statement credit is one of the simplest options. Once you have at least $25 in cash rewards, you can directly apply your rewards as a statement credit and the amount will be subtracted from your current balance.

To redeem your cash rewards for a direct deposit, you must have a Bank of America checking or savings account, or a Cash Management Account at Merrill Lynch. If you choose to redeem your rewards using the personal check option, you should expect to wait at least 14 days for the check to arrive by mail.

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How much are Bank of America rewards points worth?

Bank of America rewards points are worth up to 1 cent per point. The exact ammount depends on which BofA rewards card you have and how you redeem the points.

For example, points from the Bank of America® Travel Rewards credit card are worth $0.01 each when redeemed for travel credits (1,000 points = $10). They’re worth $0.006 per point (1,000 points = $6) when redeemed for cash, and gift card redemption values vary.… read full answer

Meanwhile, all points earned with the Bank of America® Premium Rewards® credit card are worth $0.01 per point.

Other points-earning BofA credit cards are co-branded with specific companies. The Free Spirit Airlines Credit Card, the Free Spirit Airlines Credit Card with No Annual Fee, and the Sonesta Credit Card are a few of them. Many have different point-redemption values, too.

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