CNN Underscored reviews financial products such as credit cards and bank accounts based on their overall value. We may receive a commission through The Points Guy affiliate network if you apply and are approved for a card, but our reporting is always independent and objective.

The old saying “Cash is king” might never have been as true as it is right now. One of the best perks of using a credit card is that you can earn rewards on your everyday spending, and while many people like to earn travel points or miles to redeem for a once-in-a-lifetime trip, those plans are on pause for many right now.

So, instead of using a credit card that earns rewards for a vacation that might not be happening in the near future, you may be better off with a card that gives you cash back almost instantly. Having cash in your pocket now allows you to use that cash on anything you desire — or save it for the future.

Interested? Then check out our list of the best cash back credit cards to decide which one will best fit your needs.

The best cash back credit cards of 2020

Citi® Double Cash Card: Best overall card for cash back
Blue Cash Preferred® Card from American Express: Best for US supermarkets
Costco Anywhere Visa® Card by Citi: Best for gas purchases
Chase Freedom Flex: Best for restaurants, including takeout and delivery
Chase Freedom Unlimited: Best for flexibility
Discover it® Cash Back: Best sign-up bonus
U.S. Bank Cash+™ Visa Signature® Card: Best for streaming
Bank of America® Cash Rewards Credit Card: Best for travel

The information for the Discover it Cash Back, U.S. Bank Cash+ and Bank of America Cash Rewards cards has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuers.

Why did we select these cards as our best cash back credit cards for 2020? CNN Underscored’s comprehensive credit card methodology compares every aspect of each cash back credit card to our “benchmark credit card” to determine which cards can potentially earn you the most cash. So let’s dive into the details of each card and see how they stack up.

Citi Double Cash

Best overall card for cash back

Why it’s great in one sentence: The Citi Double Cash Card is extremely simple, since you earn 2% cash back on every purchase — 1% when you buy and 1% when you pay your statement — all for no annual fee.

This card is right for: People looking for an easy and straightforward way to earn cash back without having to worry about category bonuses.

Highlights:

  • Earn 2% cash back on everything — 1% when you make a purchase and another 1% when you pay it off.
  • 18-month 0% introductory rate on balance transfers (13.99% to 23.99% variable afterward).
  • Expert users can convert the cash back to Citi ThankYou travel points at a ratio of 1 cent per point when combined with the Citi Prestige® Card or Citi Premier℠ Card.
  • No annual fee.

Sign-up bonus: None.

What we like about the Citi Double Cash: When compared to all of the other major no-annual-fee credit cards, the Citi Double Cash offers the highest ongoing flat-rate return on every single purchase. With this card you’ll earn 2% in cash back — 1% when you buy something and another 1% when you pay it off — on every purchase you make. There’s no maximum on the cash back you can earn, and you don’t need to worry about tracking category bonuses.

The Citi Double Cash also offers a relatively long 18-month introductory 0% interest rate period for balance transfers — a great way to pay off your debt (though make sure you pay it off, because the rate jumps to a variable 13.99% to 23.99% after the introductory offer ends). And you have up to four months after you open the account to make your first balance transfer and still have it qualify for the introductory offer.

Related: See CNN Underscored’s list of the best balance transfer credit cards.

Experts will enjoy pairing this card with one of the premium Citi ThankYou credit cards, such as the Citi Premier or Citi Prestige. That’s because if you also have a premium ThankYou card, you can actually convert your cash back from the Citi Double Cash to Citi ThankYou points and then transfer those points to one of Citi’s airline partners or redeem them for airfare at 1.25 cents per point when going through the Citi travel portal with the Citi Premier (though this rate will drop to 1 cent per point after April 21, 2021).

One thing that could be better: Although the Citi Double Cash card will earn you the most cash back on your everyday purchases, it doesn’t have any category bonuses. This can be a downside if you routinely make a large number of purchases in a particular category.

You’ll also find that the Citi Double Cash doesn’t come with many perks, such as travel or purchase protections. This is also not the card to use for international purchases, as you’ll be charged a 3% foreign transaction fee when you’re overseas, which more than offsets the rewards you’d earn.

Why it’s our benchmark card: The ease of use and straightforward top-of-market cash back earning rate of the Citi Double Cash are why CNN Underscored currently uses the Double Cash as our “benchmark” credit card to compare the features of other credit cards and determine if they’re better or worse overall.

You can read more about our benchmark credit card concept in our credit card methodology guide or dig into our complete review of the Citi Double Cash.

Learn more about the Citi Double Cash Card.

Blue Cash Preferred by American Express

Best for US supermarkets

Earn bonus cash back at US supermarkets with the Blue Cash Preferred credit card.
Earn bonus cash back at US supermarkets with the Blue Cash Preferred credit card.
PHOTO: iStock

Why it’s great in one sentence: The Blue Cash Preferred Card from American Express earns 6% cash back at US supermarkets (up to $6,000 per year in purchases, then 1%), making this one of the best credit cards year after year for your grocery purchases.

This card is right for: People who spend a significant amount at US supermarkets while also wanting a card that avoids high interest rates on their purchases for their first year as a card member.

Highlights:

  • Earn 6% cash back at US supermarkets on up to $6,000 per year in purchases (then 1%) and on select US streaming subscriptions.
  • Earn 3% cash back at US gas stations and on transit (including taxis/ride-share, parking, tolls, trains, buses and more).
  • Earn 1% cash back on everything else.
  • 0% interest on all purchases for the first 12 months (13.99% to 23.99% variable afterward).
  • Purchase protection and return protection.
  • Car rental loss and damage insurance.
  • Terms apply.

Welcome bonus: Earn a $250 statement credit after you spend $1,000 in purchases on your new card within the first three months after opening the account.

What we like about the Blue Cash Preferred: For many Americans, a significant portion of the monthly family budget goes to supermarket and gas station expenses. The Blue Cash Preferred card dials up the bonus cash back on those two categories, creating a go-to in your wallet for these routine purchases.

Plus, not only will you earn more cash back in the grocery and gas departments, but you’ll also earn a significant amount of cash back on all your US streaming subscriptions. This includes over 20 different providers, such as Disney+, HBO, Netflix, Spotify and YouTube TV, among others. And when transit starts to make a comeback, you’ll also get a nice return, with 3% cash back on those transactions as well.

Related: Earn more rewards on your groceries with these credit cards.

The Blue Cash Preferred also comes with a solid return protection policy, which can come in handy from time to time. Return protection allows you to return an eligible item within 90 days from the day of purchase if the merchant won’t take it back. As long as you used your Blue Cash Preferred to pay for the purchase, American Express will refund the full purchase price (excluding shipping and handling). Claims are capped at $300 per item, up to a maximum of $1,000 per card account per calendar year.

One thing that could be better: Many of the bonus categories on the Blue Cash Preferred are limited to purchases made within the United States. There’s also a 2.7% foreign transaction fee on the card, which doesn’t make this an ideal choice for international travel.

The Blue Cash Preferred comes with a $95 annual fee, which is significantly higher than many other credit cards offering cash back. However, if you prefer a no-annual-fee card that also offers a strong return on groceries, you might consider the Blue Cash Everyday® Card from American Express instead.

While the Blue Cash Everyday earns a lower 3% cash back at US supermarkets (up to $6,000 per year, then 1%), it has no annual fee. That means if you spend less than $3,166 in grocery purchases annually, it may be a better choice, since the first $95 you earn in cash back only offsets the annual fee of the Blue Cash Preferred.

Related: Amex Blue Cash Preferred vs. Amex Blue Cash Everyday.

Where it beats our benchmark card: Welcome bonus, an introductory interest rate on purchases, return protection and car rental damage coverage.

Where our benchmark card is better: The Citi Double Cash has an introductory interest rate on balance transfers, and its cash back can be converted to Citi ThankYou travel points when combined with the Citi Prestige Card or Citi Premier Card.

Learn more about the Blue Cash Preferred Card from American Express.

Costco Anywhere Visa

Best for gas purchases

Earn bonus cash back on gasoline purchases, both at Costco and other gas stations.
Earn bonus cash back on gasoline purchases, both at Costco and other gas stations.
PHOTO: iStock

Why it’s great in one sentence: The Costco Anywhere Visa Card by Citi offers Costco members big rewards on many practical purchases, such as 4% cash back on eligible gas purchases worldwide (capped at the first $7,000 in purchases per year, then 1% thereafter), 3% cash back at restaurants and on eligible travel purchases and 2% cash back on all Costco and costco.com purchases.

This card is right for: Costco members who want strong rewards when buying at Costco and filling up their gas tank.

Highlights:

  • Earn 4% cash back on eligible gas purchases worldwide, including Costco gas (capped at the first $7,000 in purchases per year, then 1% thereafter).
  • Earn 3% cash back at restaurants and on eligible travel purchases.
  • Earn 2% cash back on all Costco and costco.com purchases (other than Costco gas).
  • Earn 1% cash back on all other purchases.
  • Purchase protection and extended warranty coverage.
  • No foreign transaction fees.
  • No annual fee.

Sign-up bonus: None

What we like about the Costco Anywhere Visa: For those looking to fill up their tank, the Costco Anywhere Visa offers the most cash back when compared to other top-earning credit cards.

Earning 4% cash back on all gas purchases worldwide can add up quickly and save you some serious money over the course of the year. And aside from the earning potential on gas, earning 3% cash back at restaurants and eligible travel purchases is on par — and many times better — than what you’ll see with other cash back credit cards.

The Costco Anywhere Visa also offers purchase protection, which is a great benefit for all purchases. You’ll be covered if your item is damaged or stolen within 120 days of purchase (90 days for New York residents). The coverage is good for up to $10,000 per item and $50,000 annually. While Costco has a favorable return policy for most of its products, electronics and major appliances only have a 90-day return window, which makes the benefits of this credit card extra useful.

Also, with the card’s extended warranty coverage, you’ll receive an additional two years of warranty on top of the normal manufacturer’s warranty for any products you purchase with the card. Both the extended warranty and purchase protection benefits apply not only to purchases made at Costco but also to any other retailer as long as you use your Costco Anywhere Visa as your payment method.

One thing that could be better: One big disadvantage of the Costco Anywhere Visa is that you have to wait a full year to receive your rewards, which are sent in the form of an annual certificate after your February billing statement closes each year. The certificate can be redeemed for Costco purchases or exchanged for cash at your local Costco store and will expire if they are not redeemed by December 31 of that calendar year.

Also, although this card doesn’t carry an annual fee, to be a card member, you must have a Costco membership, which starts at $60 per year.

Where it beats our benchmark card: Extended warranty and purchase protection, and no foreign transaction fees. Also, the Costco card is a Visa credit card, which is accepted at Costco in-store and at costco.com — Mastercards like the Citi Double Cash are not accepted in-store.

Where our benchmark card is better: With the Citi Double Cash, you receive your cash back on a monthly basis — instead of once a year — and you don’t have to physically go into a store to exchange your rewards for cash.

Read our complete Costco Anywhere Visa credit card review.
Learn more about the Costco Anywhere Visa Card by Citi.

Chase Freedom Flex

Best for restaurants, including takeout and delivery

The Chase Freedom Flex has both fixed and rotating bonus categories.
The Chase Freedom Flex has both fixed and rotating bonus categories.
PHOTO: Chase

Why it’s great in one sentence: The brand-new Chase Freedom Flex credit card offers both fixed category bonuses — including one specifically for dining — and a set of rotating category bonuses, plus cell phone protection as well.

This card is right for: People who are looking for a no-annual-fee card that earns bonus cash back at restaurants, even if they’re just getting delivery or takeout, along with other several other categories.

Highlights:

  • Earn 5% cash back on travel purchased through Chase Ultimate Rewards.
  • Earn 3% cash back on dining at restaurants, including takeout and eligible delivery services.
  • Earn 3% cash back on drugstore purchases.
  • Earn 5% cash back on quarterly bonuses categories (up to $1,500 on combined purchases).
  • Earn 1% cash back on all other purchases.
  • Cash back can be transferred to airline and hotel travel programs when combined with select Chase Ultimate Rewards cards, such as the Chase Sapphire Preferred Card.
  • Cell phone protection.
  • No annual fee.

Sign-up bonus: Earn $200 bonus cash back after you spend $500 on purchases in the first three months after opening the account, plus earn 5% cash back on grocery store purchases (not including Target or Walmart) on up to $12,000 spent in the first year after opening the account.

What we like about the Chase Freedom Flex: While you might sign up for the Chase Freedom Flex for its sign-up bonus, it’ll likely become one of your long-term go-to cards, thanks to its rotating 5% bonus categories and ongoing 3% category bonuses at restaurants and drugstores.

The Chase Freedom Flex earns 5% on travel booked through Chase Ultimate Rewards, 3% at drugstores and 3% at restaurants. And even if you’re not physically eating out at restaurants right now, you’ll still receive the increased cash back on takeout and delivery.

In addition to those three fixed bonus categories, the card also offers a set of 5% bonus categories that rotate each quarter. For the upcoming quarter that runs from October through December, those categories include Walmart and PayPal. Since you can use PayPal to pay at many online retailers, this means you could earn as much as $75 in bonus cash this year on many items you buy online.

Aside from the bonus categories, this card also comes with many unique benefits that differ from most other Chase cards. One of our favorites is cell phone protection. As long as you use your Chase Freedom Flex to pay your monthly cell phone bill, you’ll be covered against theft or damage to your phone, up to $800 per claim and $1,000 per year, with a $50 deductible per claim and a maximum of two claims in a 12-month period. This is currently the only no-annual-fee Chase credit card that offers this highly sought-after benefit.

One thing that could be better: While there’s no maximum on how much cash back you can earn in the three fixed bonus categories, the rotating 5% cash back categories have a cap of $1,500 in purchases — after that, you’ll only earn 1% cash back in those categories for the rest of the quarter. And you’ll need to remember to activate the rotating categories each quarter in order to earn bonus cash back in them.

Where it beats our benchmark card: Sign-up bonus, category bonuses and cell phone protection.

Where our benchmark card is better: The Citi Double Cash has an introductory rate on balance transfers.

Learn more about the Chase Freedom Flex.

Chase Freedom Unlimited

Best for flexibility

Cash back earned with the Chase Freedom Unlimited can also be used as points for travel, and at a greater value.
Cash back earned with the Chase Freedom Unlimited can also be used as points for travel, and at a greater value.
PHOTO: iStock

Why it’s great in one sentence: If you want to earn bonus rewards on all your purchases but aren’t sure whether you’d prefer cash back or travel rewards, the Chase Freedom Unlimited allows you to do both when paired with the Chase Sapphire Preferred or Chase Sapphire Reserve card.

This card is right for: People who want maximum flexibility in a no-annual-fee credit card.

Highlights:

  • Earn 5% cash back on travel purchased through Chase Ultimate Rewards.
  • Earn 3% cash back on dining at restaurants, including takeout and eligible delivery services.
  • Earn 3% cash back on drugstore purchases.
  • Earn 1.5% cash back on all other purchases.
  • Expert users can convert the cash back to flexible travel points when pairing the Freedom Unlimited with a Chase Sapphire Preferred or Reserve card.
  • 15-month 0% introductory rate on purchases (14.99% to 23.74% variable afterward).
  • No annual fee.

Sign-up bonus: Earn $200 bonus cash back after you spend $500 on purchases in the first three months after opening the account, plus 5% cash back on grocery store purchases (not including Target or Walmart) on up to $12,000 spent in the first year after opening the account.

What we like about the Chase Freedom Unlimited: If you prefer cash back now but think that a dose of adventure is in your future once travel returns to normal, the Chase Freedom Unlimited can give you the best of both worlds.

When you pair the Freedom Unlimited with a premium Chase Ultimate Rewards credit card, such as the Chase Sapphire Preferred or Chase Sapphire Reserve, you can convert your cash back to travel points at a rate of 1 cent per point. Then you’re able to redeem those points for travel at an increased value of 1.25 to 1.5 cents apiece via the Chase travel portal.

Even better, once you’ve converted the cash back to points, you can transfer them to any of Chase’s 13 airline and hotel loyalty partners. This amazing flexibility is why CNN Underscored’s partner The Points Guy values Ultimate Rewards points at 2 cents apiece. At that rate, since you’re earning 1.5% cash back in all nonbonus categories with the Freedom Unlimited, you could effectively end up with a 3% return on your everyday purchases.

One thing that could be better: The Citi Double Cash comes with a higher cash back earning rate on everyday purchases, and you can also convert its cash back to travel points in conjunction with a premium Citi card.

But Citi’s travel partners aren’t as impressive as Chase’s, and while the Double Cash doesn’t have any bonus categories, the Freedom Unlimited has the same trio of bonus categories as the Chase Freedom Flex (though you won’t receive cell phone protection with the Chase Freedom Unlimited).

Where it beats our benchmark card: Sign-up bonus, bonus categories, purchase protection, extended warranty protection and introductory rate on purchases for 15 months.

Where our benchmark card is better: If you’re solely looking to earn flat-rate cash back on every purchase you make, the Citi Double Cash will earn you more on your everyday purchases.

Learn more about the Chase Freedom Unlimited.

Discover it Cash Back

Best sign-up bonus

For its sign-up bonus, the Discover it Cash Back card matches all cash back earned in the first year.
For its sign-up bonus, the Discover it Cash Back card matches all cash back earned in the first year.
PHOTO: iStock

Why it’s great in one sentence: The rotating categories and cash back match bonus on the Discover it Cash Back card mean you can earn a ton of cash back in the first year you have the card.

This card is right for: People looking for a card with a great sign-up bonus and who routinely spend money on popular rotating categories — such as groceries, gas stations, ride-sharing, restaurants, Amazon.com and more.

Highlights:

  • Earn 5% cash back in rotating quarterly bonus categories up to $1,500 each quarter (must enroll each quarter to earn 5% cash back).
  • Earn 1% cash back on all other purchases.
  • 0% interest on all purchases for the first 14 months (11.99% to 22.99% variable afterward).
  • 0% introductory APR for 14 months on balance transfers (11.99% to 22.99% variable APR after that).
  • No foreign transaction fees.
  • No annual fee.

Sign-up bonus: Receive a match of all cash back earned at the end of your first year.

What we like about the Discover it Cash Back: Earning 5% cash back on a quarterly basis, up to $1,500 per quarter, allows the cash back to really add up. The 2020 schedule on the Discover it Cash Back card includes these categories (2021 categories have not yet been announced):

January through March 2020: Grocery stores, Walgreens and CVS
April through June 2020: Gas stations, Uber, Lyft, The Home Depot and Wholesale Clubs
July through September 2020: Restaurants and PayPal
October through December 2020: Amazon.com, Walmart.com and Target.com

On top of that, all the cash back you earn on the Discover it Cash Back will be matched at the end of the first year for new card holders, making this an ideal card to have if you know you’ll be spending a lot on your credit card over the next year. This means those rotating bonus categories are worth 10% in the first year, and all your purchases outside of the bonus categories earn a solid 2% return the first year.

In addition to a great cash back rewards program, new card holders can also take advantage of a 0% introductory interest on all purchases and balance transfers for the first 14 months, though the rate increases to a variable 11.99% to 2.99% at the end of the 14-month period.

Related: Tight on cash? These credit cards charge 0% interest on purchases.

One thing that could be better: You won’t get paid out on your sign-up bonus until you’ve had the card for an entire year, whereas many other credit card welcome offers are paid out within a few months of meeting the minimum spend requirement. You also need to pay close attention to the cash back calendar and manually activate the categories on the Discover it Cash Back each quarter, online or by phone, before you make purchases in order to earn the bonus cash back.

Where it beats our benchmark card: No foreign transaction fees or introductory interest on purchases, and the cash back match in the first year equals the earning rate of the Citi Double Cash for everyday purchases and significantly beats it in the bonus categories.

Where our benchmark card is better: After the first year when the cash back match bonus ends, the Citi Double Cash earns a higher return on everyday purchases.

U.S. Bank Cash+ Visa

Best for streaming

Choose "streaming" as one of your 5% bonus categories on the U.S. Bank Cash+ Visa.
Choose “streaming” as one of your 5% bonus categories on the U.S. Bank Cash+ Visa.
PHOTO: iStock

Why it’s great in one sentence: Card holders earn 5% cash back in two categories they select from a list — including options like streaming services — every quarter throughout the year, up to $2,000 in purchases per quarter.

This card is right for: People who want a no-annual-fee credit card that offers the flexibility to earn cash back in the categories that work best for them based on their personal spending habits.

Highlights:

  • Earn 5% cash back on your first $2,000 in combined credit card purchases each quarter on two categories you choose.
  • Earn 2% cash back on one other category of your choice.
  • Earn 1% cash back on all other purchases.
  • 0% interest on all purchases for the first 14 months (11.99% to 22.99% variable afterward).
  • 0% introductory APR for 12 billing cycles on balance transfers (13.99% to 23.99% variable APR after that).
  • No annual fee.

Sign-up bonus: Earn a $200 rewards bonus after you apply online and spend $500 in eligible purchases within the first 90 days of account opening.

What we like about the U.S. Bank Cash+ Visa: When compared to the other 5% rotating category cards, the U.S. Bank Cash+ Visa Signature Card is the only one that allows you to customize your cash back categories to select two that work best for your quarterly spending habits. With the other cards, the increased quarterly categories are selected by the issuer and can’t be changed by the card holder.

With roughly a dozen category options to choose from, the 5% cash back categories on the U.S. Bank Cash+ Visa include:

  • TV, Internet & Streaming Services
  • Cell Phone Providers
  • Department Stores
  • Electronics Stores
  • Home Utilities
  • Furniture Stores

Since streaming services are popular these days, you can select this as one of your two options. And while the Blue Cash Preferred Card by American Express earns slightly more cash back for US streaming services, it comes with a $95 annual fee, which you won’t have to worry about with the U.S. Bank Cash+ Visa.

With the U.S. Bank Cash+ Visa, you’ll also earn 5% cash back on up to $2,000 in purchases in your two chosen categories during each quarter, where other similar cards cap your cash back at $1,500 during the same time frame. That means you can earn up to an extra $100 cash back per quarter or up to $400 per year.

On top of the 5% cash back options, you’ll also be able to select one category to earn 2% cash back each quarter, with no cap on the amount you can earn. These 2% categories typically includes popular choices such as:

  • Grocery Stores
  • Gas Stations
  • Restaurants

One thing that could be better: You need to activate the cash back categories every quarter on the U.S. Bank Cash+ Visa, and you’ll only earn the increased 2% or 5% cash back after activation — rewards can’t be retroactively applied. This means you truly need to be on top of your credit card and remember the categories that you select on a quarterly basis.

The 5% cash back options also don’t include some more mainstream categories. Instead, everyday purchases, such as buying groceries and filling up your gas tank, are in the inferior 2% cash back bucket.

Where it beats our benchmark card: Sign-up bonus, selectable bonus categories and an introductory offer on balance transfers.

Where our benchmark card is better: The Citi Double Cash has a longer introductory offer on balance transfers and earns a higher 2% flat-rate cash back on all your everyday purchases for those who don’t want to worry about category bonuses and a maximum cap.

Bank of America Cash Rewards

Best for travel

Choose "travel" as your 3% cash back bonus category on the Bank of America Cash Rewards card.
Choose “travel” as your 3% cash back bonus category on the Bank of America Cash Rewards card.
PHOTO: iStock

Why it’s great in one sentence: The Bank of America Cash Rewards Credit Card allows card holders to select one cash back category — including travel — to earn an increased 3% cash back, but they can change their option on a monthly basis.

This card is right for: Those looking to increase their cash back for all travel-related purchases without having to pay for an annual fee.

Highlights:

  • Earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drugstores or home improvement/furnishings.
  • Earn 2% cash back at grocery stores and wholesale clubs.
  • Earn 1% cash back on all other purchases.
  • Bank of America Preferred Rewards members earn 25% to 75% more cash back on every purchase.
  • 0% interest on all purchases for the first 12 billing cycles (13.99% to 23.99% variable afterward).
  • No annual fee.

Sign-up bonus: Earn $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening.

What we like about the Bank of America Cash Rewards: The Bank of America Cash Rewards card is the only card that allows you to select a category of your choice to earn bonus cash back but where you can change your selection every single month. This allows you to plan ahead and truly maximize your earnings based on upcoming purchases.

This is also the only no-annual-fee cash back card that will give you an increased 3% cash back on travel. This includes anything from air travel and hotel stays to car rentals, train travel, tolls and more. While there are other cards that allow you to earn 3x points on a travel — such as the Chase Sapphire Reserve card — you’re looking at a $450 annual fee.

With the Bank of America Cash Rewards, you’re capped at a higher $2,500 per quarter to receive the 2% and 3% cash back categories. If you’re able to max out the bonus on a quarterly basis on the 3% cash back categories alone, that will earn you an extra $75 every quarter.

Bank of America Preferred Rewards members, which are customers who have at least $20,000 in combined qualifying balances in their Bank of America and/or Merrill investment accounts, can earn an additional 25% to 75% on their rewards earned on the Bank of America Cash Rewards. There are three different tiers, with Gold members earning a 25% bonus, Platinum members a 50% bonus and Platinum Honors members a 75% bonus.

That means if you’re a Preferred Rewards member, you’re looking at an increased 3.75% to 5.25% cash back in the 3% cash back categories. Of course, this requires parking a significant amount of money in your Bank of America bank or investment account, but it can pay out extremely well for loyal Bank of America customers.

On the benefits front, one of the most unique perks of the Bank of America Cash Rewards card is Bank of America’s “Museums on Us” program. Flash your Bank of America Cash Rewards credit card at a participating museum and you’ll receive complimentary general admission to more than 225 cultural institutions across the United States on the first full weekend of every month. For museum lovers, this allows you to visit different museums in your city or while traveling for absolutely no cost.

One thing that could be better: Although the Bank of America Cash Rewards card can earn bonus cash back on your travel purchases, there are very few travel perks that come with this card. If you travel a lot throughout the year and are looking for a card that offers you travel credits, lounge access, complimentary Global Entry or TSA PreCheck and travel protections, you might want to instead consider another travel rewards card, such as the Bank of America®️ Premium Rewards®️ credit card — although it carries a $95 annual fee.

Where it beats our benchmark card: Sign-up bonus, bonus categories, an introductory offer on purchases and complimentary museum access.

Where our benchmark card is better: The Citi Double Cash has an introductory offer on balance transfers and earns a higher 2% flat-rate cash back on all your everyday purchases for those who don’t want to worry about category bonuses and a maximum cap.

Looking for a new credit card that earns travel rewards? Check out CNN Underscored’s list of the best travel credit cards of 2020.

Get all the latest personal finance deals, news and advice at CNN Underscored Money.