The most obvious, and possibly most popular, is cash back. Each credit card option will provide its own cash back rate. For example, a card with 2% unlimited cash back will pay you back 2% of any qualifying purchase you charge to the card. A qualifying purchase typically means any new purchase you make. Traditionally, a cash advance or balance transfer will not qualify for cash back. You can redeem the bank’s point rewards for cash back, gift cards, or statement credits to erase all, or part, of a previous travel expense. One perk of redeeming your points for travel is that Bank of America has one of the broadest interpretations of what is considered a travel expense. You can redeem your points toward statement credits to cover the cost of trips to circuses, art gallery admission, amusement parks, zoo, and tourist attraction tickets, boat rentals, limousine rentals, and other ordinary travel expenses, such as plane tickets and hotels. Your points can even cover the cost of bookings through VacationRentals.com and other home-sharing services  — which is rare among most travel credit cards.