Bank of America Cash Back Rewards Program Review

Bank of America Cash Back Rewards Review Summary

Bank of America Cash Back Rewards is the 6th best credit card rewards program overall, according to WalletHub's latest comparison, receiving 88 points out of a possible 100. The BofA Cash Back Rewards program features several popular cash back credit cards, including the Bank of America® Customized Cash Rewards credit card and the Bank of America® Unlimited Cash Rewards credit card.

Bank of America Cash Back Rewards Review Scorecard

#14 for Earning Policies
#4 for Redemption Policies
#1 for Rewards Value per $1 Spent
#12 for Eligibility & Transparency

Best Bank of America Cash Back Rewards Credit Cards

Summary: Bank of America Cash Back Rewards Scores by Review Category

How to Earn Bank of America Cash Back Rewards

Category Rating: 85% (26/30)

You will earn at least 1% cash back for every dollar you spend with an eligible Bank of America Cash Back Rewards credit card. Choosing the right credit card and using it strategically can enable you to earn even more cash back, and there’s no limit on the amount of cash back you can earn.

Noteworthy Features:

• Rewards don’t expire: As long as your account remains open and in good standing, your cash back will never expire.

• Preferred Rewards bonus: Cardholders who are part of the Bank of America Preferred Rewards bank account program will earn 25% to 75% more cash back.
• Student and secured cards are available: There are very good options for students and people with bad or no credit.

Earning Restrictions: Some Bank of America Cash Back Rewards credit cards, such as the Bank of America® Customized Cash Rewards credit card, have caps on the amount of bonus rewards you can earn in certain categories. Any further purchases in those categories after hitting the limit will earn a flat 1% cash back.

How to Redeem Bank of America Cash Back Rewards

Category Rating: 70% (14/20)

Bank of America Cash Back Rewards can be redeemed for a statement credit, a check or a deposit to a bank account. The way it works is simple: $1 in rewards is equal to a $1 statement credit, check or bank transfer.

Bank of America Cash Back Rewards Transfer Partners

Bank of America Cash Back Rewards does not offer the ability to transfer rewards to other companies’ loyalty programs.

Redemption Restrictions to Watch Out For: 

• Minimum redemption amount: Redeeming cash back for a bank deposit or check requires a minimum redemption amount of $25. There is no minimum for statement credits.

Bank of America Cash Back Rewards Value Per $1 Spent

Category Rating: 100% (30/30)

The Bank of America Cash Back Rewards program offers 1% to 3% cash back on purchases, depending on the card and type of purchase. That means you get anywhere from 1 to 3 cents per $1 spent.

Bank of America Cash Back Rewards Eligibility & Transparency

Category Rating: 88% (18/20)

Not all Bank of America rewards cards participate in the Cash Back Rewards program, but there are several that do. Bank of America also has multiple points rewards credit cards that are in a separate program. 

Bank of America Cash Back Rewards Cards

• Bank of America® Customized Cash Rewards credit card
  

• Bank of America® Unlimited Cash Rewards 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® Customized Cash Rewards Secured Credit Card
  

• Bank of America® Unlimited Cash Rewards Secured Credit Card

 

Bank of America Cash Back Rewards Credit Card Comparison

For more information, check out our editors’ latest picks for the best Bank of America credit cards by category.

5 Tips for Getting the Most Out of Bank of America Cash Back Rewards

1. Pick the right card & use it wisely 
   Some Bank of America cards offer bonus cash back if you spend a certain amount within a few months of account opening. Others reward you more for purchases in certain spending categories. And a few combine the two. Your job is to find a card that complements your particular needs.

2. Redeem regularly
   The whole point of earning credit card rewards is to enjoy the savings they provide. If you just leave your Bank of America Cash Back Rewards sitting in your account unused, they won’t do you much good.

3. Pay your bill on time every month
   Your Bank of America Cash Back Rewards won’t expire as long as your account remains open and in good standing. In other words, you have nothing to worry about if you pay your monthly bills on time.

4. Pay your bill in full every month
   Paying interest at a credit card’s regular APR will end up costing you more than rewards save you. Paying in full monthly allows you to avoid interest charges.
5. Redeem before closing your account
   You will lose any Bank of America Cash Back Rewards left unredeemed when you close your account.

Bank of America Cash Back Rewards vs. Bank of America Points Rewards vs. Amex Blue Cash Reward Dollars

Bank of America Cash Back Rewards Review Methodology

This review of Bank of America Cash Back Rewards is based on the same methodology as WalletHub’s annual study on the Best Credit Card Rewards Programs. Editor’s ratings reflect the sum of the program’s scores across the study’s four major categories, adjusted to a 5-point scale to create a representative distribution of ratings. The four major categories considered were: Earning Policies, Redemption Policies, Rewards Value per $1 Spent and Eligibility & Transparency.