Comparison

Bank of America Cash Rewards vs Capital One Venture Rewards card: Which is the best?

Bank of America Cash Rewards or Capital One Venture Rewards? Which one is best? Read our comparison between these two cards and find out!

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by Victória Lourenço

09/10/2021 | Updated on 10/25/2021

Bank of America Cash Rewards or Capital One Venture Rewards: card comparison

Bank of America Cash Rewards or Capital One Venture Rewards? Check out our comparison! Source: Gettyimages
Bank of America Cash Rewards or Capital One Venture Rewards? Check out our comparison! Source: Gettyimages

With the Bank of America Cash Rewards credit card, you can choose your bonus cash back categories. With the Capital One Venture Rewards credit card, you can get great travel rewards and miles points. So, the question is Bank of America Cash Rewards or Capital One Venture Rewards? Keep reading our post to see which card best suits you.

The Bank of America Cash Rewards credit card offers very great cash back rewards to its cardholders. You can even get some other perks if you are an investing customer of Bank of America. Also, the card has no annual fee, and you can choose your spending bonus categories (terms apply).

The Capital One Venture Rewards credit card has a high rewards rate and flexible redemption. However, it has an annual fee. This card also has great perks for its cardholders and a great welcome bonus. And you will get a good view of this card in this post.

If you already want to know about the application process for both these cards, just go to the recommended posts below, and you will get some great information about how to apply for these cards!

How to get the Capital One Venture Rewards card?

Come and check how you can apply for the capital one venture rewards card and benefit from its many perks and travel opportunities.

How to get the Bank of America Cash Rewards card?

With the Bank of America Cash Rewards card you can choose your bonus categories. Keep reading to know how to get this great cash back card!

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Check out our table comparing some features of the two cards

Bank of America Cash Rewards cardCapital One Venture Rewards card
Sign-up bonus*You can earn a $200 online cash reward bonus after spending $1,000 in the first 90 daysAfter spending $3,000 on purchases, you will receive 60,000 bonus miles (valid for the first three months)

*Terms apply
Annual fee$0$95
Rewards*Choose a category to earn 3% cash back (up to $2,500 when you choose the categories)
Get 2% back at wholesale clubs and grocery stores (up to $2,500 when you choose the categories)
You can earn an unlimited 1% on any other spending

*Terms apply
Receive a $100 credit for TDA Prev or Global Entry
Over 15 different travel loyalty programs
Get VIP treatment
You can earn Amazon rewards

*Terms apply
Other perks*People who are able to be members of the Bank of America Preferred Rewards Program might get higher ratese

*Terms apply
Earn 2X miles (unlimited) on every spending
Your miles will not expire
No foreign transaction fees

*Terms apply
APR13.99 to 23.99% variable APR17.24% to 24.49% variable APR

Bank of America Cash Rewards card

Find out a bit more about the Bank of America Cash Rewards credit card. Source: Bank of America
Find out a bit more about the Bank of America Cash Rewards credit card. Source: Bank of America

The Bank of America Cash Rewards credit card offers great rewards to its cardmembers. Such as the 3% cash back in a category of your choice, you can change your chosen categories once every month. The card also offers 2% back for purchases made at grocery stores and wholesale clubs.

However, these bonuses have a spending cap of $2,500 when you chose and combine categories or grocery stores or wholesale clubs that you want to spend at. But the card has no annual fee, and it can offer a generous intro APR offer of 0%.

Also, if you are a member of the Bank of America Preferred Rewards program, you can get higher rates. If you have a Bank of America account or a Merrill account, both having a balance of about $20,000 to $49,999, you can get a rewards bonus of 25%. If you are in Platinum and have an even higher balance in your account, you can get a rewards bonus of 50%.

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Capital One Venture Rewards card

Check out some more information about this great travel card. Source: MyBankTracker
Check out some more information about this great travel card. Source: MyBankTracker

The Capital One Venture Rewards credit card has great perks and rewards for its card members. As a new cardholder, you can get a bonus of 60 thousand miles after you spend 3,000 dollars on qualifying purchases in the first three months after opening your account.

Cardholders can also get unlimited 2X Miles on every spend they make, on any day. This card also offers the benefit of not having your miles expire as long as you have your account. Also, the card does not limit the amount that you can get.

Also, this card has no foreign transaction fees, and you can make many redemptions related to travel. Such as on flights, car rentals, holidays, and many more. As a cardholder, you can also get your miles transferred to more than 15 different travel loyalty programs.

However, this card has a relatively high annual fee, and it can limit its flexibility on its rewards. But you can try to use the card as best as you can to make the annual fee worth it. Also, we recommend that you have a very high credit score if you want to apply for this Capital One credit card.

Benefits of Bank of America Cash Rewards card

  • There is no annual fee.
  • This card offers great cash back rewards.
  • There is a great welcome offer of a $200 online cash reward bonus (terms apply).
  • Generous intro APR offer of 0%.

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Benefits of Capital One Venture Rewards card

  • There is no foreign transactions fee.
  • The card has a very flexible redemption for the rewards offered.

Disadvantages of Bank of America Cash card

  • This card has some relatively complicated rewards.
  • The card has spending caps on its rewards.
  • Some relatively limited options of redemptions are included in this card. To get the redemptions for statement credit, you have to be a Bank of America or Merrill customer, not just a regular cardholder.
  • This card charges a 3% foreign transaction fee.

Disadvantages of Capital One Venture card

  • Annual fee of $95.
  • Even though the rewards are very flexible, they can be limited.
  • You will need a very good to excellent credit score to apply for this card.

Bank of America Cash Rewards or Capital One Venture Rewards card: which you should choose?

Before choosing a credit card for you, analyse your personal finances. We recommend that you do this because a credit card can be good for someone and not so good for you. So, returning to the cards in question, the Bank of America Cash card has some benefits for people who spend inside the spending cap for its rewards. Also, this card has some much better perks for people who have more money in their accounts and are more premium.

And the Capital One Rewards credit card has an annual fee, unlike the Bank of America card. However, the Capital One card offers some more perks and rewards related to travel. With that being said, if you like to travel and get rewards and can afford the annual fee, this Capital one card can be your choice. If you like to play around with cash back rewards and don’t mind the spending cap, the Bank of America Cash card can be the one for you.

If you want to learn more about another great cash back card, check out our post below with an overview of the Citi Custom Cash credit card!

Citi Custom: overview on Citi Custom Card

The Citi Custom Card has great cash back opportunities and other rewards. Keep reading to know a lot more about this card!

About the author

Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by

Aline Barbosa

Senior Editor

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