How does the Bank of America® Cash Rewards credit card work? 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.

Redeem your cash rewards for any amount, anytime for statement credits, deposits made directly into a Bank of America® checking or savings account, or for credit to an eligible account with Merrill. Redemptions for a contribution to a qualifying 529 account with Merrill or for a check start at $25.

To change your choice category for future purchases, you must go to Online Banking, or use the Mobile Banking app. You can change it once each calendar month, or make no change and it stays the same. Until you change your category for the first time, it will be set to Gas & EV Charging Stations.

Bank of America® also has one of the broadest definitions of "travel" of any major issuers. You can use points to get credit for airfare, hotel stays, cruises and car rentals, of course - but also for things like campgrounds, art galleries, amusement parks, carnivals, circuses, aquariums and zoos.

Bank of America® Premium Rewards® Elite credit card. 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.

You need to spend money to earn cash back, so it's not really free money. Credit card companies that run cash back programs do so to incentivize people to use their credit cards. The money you stand to earn as cash back is simply a portion of the merchant fees that your card provider charges.

You can:

1. Receive a statement credit. The cash back gets applied to your credit card's balance.
2. Request a check. The issuer sends you a check for your cash back rewards.
3. Transfer rewards to a bank account. The rewards are electronically transferred into a linked bank account.
4. Use your cash rewards as rewards points.

You can:

1. Receive a statement credit. The cash back gets applied to your credit card's balance.
2. Request a check. The issuer sends you a check for your cash back rewards.
3. Transfer rewards to a bank account. The rewards are electronically transferred into a linked bank account.
4. Use your cash rewards as rewards points.

The Bank of America® Premium Rewards® credit card offers 2X points on travel and dining and 1.5X points on all other purchases. You'll also get prized travel insurance typically found on top-tier travel cards like trip cancellation/interruption insurance, lost and delayed luggage coverage and trip delay reimbursement.

Base Earn Earn Base Cash Rewards of 1% of all Net Purchases. As long as your account is open and has active charging privileges, Cash Rewards do not expire.

Bank of America® Premium Rewards® credit card. Earn unlimited points, that don't expire – 2 points for every $1 spent on travel and dining purchases and 1.5 points per $1 on all other purchases. Get up to $200 in combined Airline Incidental and TSA PreCheck®/Global Entry Statement Credits.

The Cash Rewards cash value will be deposited within five business days via electronic transfer into the Bank of America checking or savings account or qualifying Cash Management Account® with Merrill that you selected as long as your account is open and has active charging privileges.