Annual Fee
$0
Foreign Txn Fee
3%
Credit Needed
Good to Excellent (690+)
APR
17.49%–27.49% variable
Rewards Categories
6x (6%) Choice category for first year, then 3x (3%) — gas, online shopping, dining, travel, drug stores, or home improvement/furnishings
2x (2%) Grocery stores and wholesale clubs
1x (1%) All other purchases
Benefits
Choose your 3% category monthly (6% in year one)
Combined 3%/2% categories capped at $2,500 in spending per quarter
10% rewards bonus for Bank of America Preferred Rewards / checking customers (as of May 2026)
No annual fee
Cash rewards never expire while account is open
Auto rental collision damage waiver
Welcome Bonus
$200 online cash rewards bonus after spending $1,000 in first 90 days
Pros & Cons
Pros
Ability to choose your own 3% category monthly is unusually flexible
6% category rate in year one is a top-tier introductory rate
Preferred Rewards members get up to 75% bonus on top of base rates
Cons
3%/2% categories capped at $2,500 in combined spend per quarter
Best rates require a Bank of America banking relationship to maximize
3% foreign transaction fee
Best For / Worst For
Best For
Existing Bank of America banking customers who can hit Preferred Rewards tiers
Worst For
People without a BofA banking relationship, who miss the biggest multiplier
Reward Valuation
Cash back redeemed dollar-for-dollar, boosted up to 75% with Preferred Rewards Platinum Honors status.
Insurance Benefits
Auto Rental Collision Damage Waiver
Secondary coverage when declining the rental company's insurance
Approval Odds
Generally requires good to excellent credit (690+). Existing BofA banking relationship can improve approval odds and rewards rate.
Historical Welcome Offers
June 2026
$200 bonus after $1,000 spend in 90 days
User Reviews
April 2026
Great if you bank with BofA
The Preferred Rewards bonus pushes my category rate well above 6%. Without that relationship it's a fine but not amazing card.
— V.K.
Comments
No comments yet. Be the first to share your thoughts.
Similar Cards
Capital One Savor Cash Rewards Credit Card
Blue Cash Preferred® Card from American Express
Discover it® Cash Back
Last verified June 2026