As of March 2015, the Bank of America cash rewards card is a credit card, as stated by the official Bank of America website. Users are able to earn different reward rates for various categories up to a predetermined amount.
The earned rewards do not expire, and card users are able to choose how they want their rewards back. Customers who have a checking account with Bank of America are able to link the cash rewards credit card to their account as overdraft protection. Utilizing this feature incurs fees, and users have to pay interest on the amount advanced. The interest rate for this card is variable based on the user's credit score and whether the loaned amount was a purchase or cash advance.