Bank of America has six main credit cards in its lineup, and they are not all created equal. Some offer excellent value with no annual fees, while others are only useful for a very specific type of cardholder.
In this ranking, we’ll go from the worst Bank of America credit cards to the best, explain who each card is actually for, and reveal which cards make the most sense for everyday spending.
6. Bank of America Premium Rewards Elite Credit Card
The Bank of America Premium Rewards Elite Credit Card sits at the bottom of the list because, for most people, the numbers simply do not work.
The biggest problem is the $550 annual fee. Unlike some premium credit cards, Bank of America does not waive the fee for the first year.
For that price, the card earns:
- 2 points per dollar on travel and dining
- 1.5 points per dollar on all other purchases
- No foreign transaction fees
The frustrating part is that these earning rates are identical to the regular Premium Rewards card, which has a much lower annual fee.
The welcome bonus is 75,000 points after spending $5,000 within the first 90 days. That is worth around $750 when redeemed.
To justify the massive annual fee, Bank of America includes several credits and benefits:
- Up to $300 per year in airline incidental credits
- Up to $150 per year in lifestyle credits for things like streaming services, food delivery, fitness subscriptions, and rideshare
- Up to $120 every four years for TSA PreCheck or Global Entry
- Four Priority Pass airport lounge memberships
- 20% discount on airfare when redeeming points
- Concierge service
On paper, the math looks appealing. If you fully use the $300 airline credit and $150 lifestyle credit, you recover $450 of the annual fee.
However, the problem is that you need to actually use these benefits. You need to fly enough, spend money in the eligible categories, and value airport lounge access.
Another disadvantage is that Bank of America points are worth a flat 1 cent each. Unlike Chase Ultimate Rewards or American Express Membership Rewards, you cannot transfer points to airline or hotel partners to potentially get more value.
For frequent travelers, this card can make sense. But for most people, paying $550 every year for a credit card is difficult to justify.
5. BankAmericard Credit Card
The BankAmericard is completely different from the other cards on this list.
It does not earn:
- Cash back
- Points
- Travel rewards
Nothing.
So why does this card exist?
The reason is its introductory 0% APR offer.
The card provides:
- 0% introductory APR for 21 billing cycles on purchases and balance transfers
- No annual fee
- No penalty APR
- Fraud protection with zero liability
The biggest advantage is the long interest-free period.
This card is mainly designed for two groups of people.
People with Existing Credit Card Debt
If you currently have credit card debt with interest rates above 20%, transferring the balance to this card can give you almost two years to pay it down without additional interest.
There is a 5% balance transfer fee, and transfers must usually be completed within the first 60 days.
People Planning a Large Purchase
If you are paying for something expensive like:
- Home renovations
- A wedding
- Medical expenses
This card allows you to spread payments over time without paying interest.
Outside of those situations, there is little reason to choose this card because it earns no rewards.
4. Bank of America Premium Rewards Credit Card
The regular Bank of America Premium Rewards card is much better than the Elite version, but it still only makes sense for a specific type of customer.
The annual fee is $95.
The card earns:
- 2 points per dollar on travel and dining
- 1.5 points per dollar on everything else
- No foreign transaction fees
The welcome bonus is 60,000 points after spending $4,000 within the first 90 days, worth approximately $600.
The card also includes:
- Up to $100 per year airline incidental credit
- Up to $100 every four years for TSA PreCheck or Global Entry
- Travel insurance benefits
- Rental car coverage
- Return protection
For someone who travels occasionally, the card can easily pay for itself. A single checked bag fee or airline upgrade could cover the annual fee.
However, if you do not travel, this card becomes difficult to justify. The free Bank of America Unlimited Cash Rewards card offers the same basic earning rate without charging you $95 every year.
The other issue is that Bank of America points cannot be transferred to airline or hotel partners, limiting their value compared with travel cards from Chase or American Express.
3. Bank of America Travel Rewards Credit Card
The Bank of America Travel Rewards card is one of the strongest no-fee travel cards in the lineup.
Its biggest advantage is simple:
No foreign transaction fees.
Many no-annual-fee credit cards charge around 3% every time you make a purchase overseas. This card avoids that completely.
The card earns:
- 1.5 points per dollar on every purchase
Those points are worth 1 cent each when redeemed toward travel or dining purchases, making this essentially a 1.5% travel rewards card.
The welcome offer is:
- 25,000 points after spending $1,000 within 90 days
That equals about $250 in travel statement credits.
This card is excellent for people who travel internationally but do not want to pay an annual fee.
If you never leave the country, though, there are better choices because the Unlimited Cash Rewards card offers the same earning rate as simple cash back.
2. Bank of America Unlimited Cash Rewards Credit Card
The Bank of America Unlimited Cash Rewards card is one of the easiest cards to recommend.
It keeps things simple:
- 1.5% cash back on every purchase
- No annual fee
- No spending categories to track
The welcome offer includes:
- $200 cash back after spending $1,000 within 90 days
- Additional first-year bonus that increases earnings to 2% cash back for 12 months
Where this card becomes much more powerful is through the Bank of America Preferred Rewards program.
Depending on your relationship with Bank of America and Merrill, your rewards can increase:
- 2.25% cash back with a 50% bonus
- 2.625% cash back with a 75% bonus
Those rates are extremely competitive for a no-annual-fee card.
The reason this card does not take first place is because another Bank of America card can earn even more if your spending matches the bonus categories.
But for people who want a simple card that rewards every purchase, Unlimited Cash Rewards is one of the best options.
1. Bank of America Customized Cash Rewards Credit Card
The winner of the ranking is the Bank of America Customized Cash Rewards card.
This is the card that offers the most potential value for everyday spending.
The card earns:
- 3% cash back in a category of your choice
- 2% cash back at grocery stores and wholesale clubs
- 1% cash back on everything else
The 3% category choices include:
- Gas and EV charging
- Online shopping
- Dining
- Travel
- Drugstores
- Home improvement
For many people, online shopping is the best choice because it covers many everyday expenses, including:
- Amazon purchases
- Streaming subscriptions
- Phone bills
- Internet bills
- Digital services
The card also has:
- No annual fee
- $200 cash back welcome offer after spending $1,000 in 90 days
- Extra first-year bonus offering 6% cash back in your chosen category
The only limitation is that the 3% and 2% categories are capped at $2,500 in combined purchases each quarter. After reaching that limit, purchases earn 1%.
For most households, the quarterly limit is more than enough.
The Bank of America Preferred Rewards program makes this card even stronger:
- 3% category can become 3.3%
- 3.75%
- 4.5%
- Up to 5.25% cash back depending on your rewards tier
That is an incredible return for a card with no annual fee.
Why Bank of America Rewards Changes Everything
Bank of America cards are average for people who do not have a relationship with the bank.
However, they become much more competitive if you qualify for the Preferred Rewards program through Bank of America or Merrill.
The rewards multiplier changes the entire calculation.
A basic 1.5% cash back card can become:
- 2.25%
- 2.625%
And the Customized Cash Rewards card can reach returns above 4% in certain categories.
That is why Bank of America cards can compete with products from Chase, Capital One, and American Express.
Without the rewards multiplier, other issuers often have stronger options.
With the multiplier, Bank of America becomes much more attractive.
Bank of America Credit Card Ranking Summary
Here is the final ranking from worst to best:
- Bank of America Premium Rewards Elite — Only worth it for heavy travelers who maximize every credit
- BankAmericard — Great for balance transfers and 0% APR financing, but no rewards
- Bank of America Premium Rewards — Good travel benefits, but limited value for most people
- Bank of America Travel Rewards — Best no-fee international travel option
- Bank of America Unlimited Cash Rewards — Simple, powerful everyday cash back card
- Bank of America Customized Cash Rewards — Best overall choice for most Bank of America customers
Which Bank of America Credit Cards Make the Most Sense?
For most people, the best combination is:
- Bank of America Customized Cash Rewards for bonus categories
- Bank of America Unlimited Cash Rewards for everything else
If you travel internationally, adding the Travel Rewards card also makes sense because of the no foreign transaction fees.
The Premium Rewards and Premium Rewards Elite cards are harder to recommend because of their annual fees. Unless you travel frequently and use every benefit, you are probably better off with the free cards.
Overall, Bank of America cards become truly impressive when combined with the Preferred Rewards program. Without it, they are good. With it, they can be some of the strongest cash back cards available.
