Cash back credit cards come in many variations, with some giving you bonus cash back for purchases in fixed or changing purchase categories and others giving you a flat rate of cash back on all purchases. Bank of America® Cash Rewards credit card is among the more popular cash back cards, and it stands out from other credit cards since you get to choose your cash back category, so this credit card has a lot to offer a variety of credit card users.
|Credit Card||Features||Intro APR||Regular APR||Annual Fee||Why we like it||We least like||Credit Required||Related links|
Bank of America® Cash Rewards credit card
0% Introductory APR for 12 billing cycles for purchases AND for any balance transfers made in the first 60 days
16.24% - 26.24% Variable APR
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Here, GET.com provides answers to key questions about how Bank of America® Cash Rewards credit card works and what it offers.
Questions And Answers For Bank of America® Cash Rewards credit card
Answer: If your application for this credit card is approved, you earn a $150 online cash rewards bonus after spending at least $500 on purchases during the first 90 days after account opening. Spending $500 in that time frame is easy considering the card's cash back categories.
Answer: When you charge purchases to this credit card you earn 1% cash back on every purchase, 2% at grocery stores and wholesale clubs, and 3% on the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings (up to the first $2,500 in combined grocery/wholesale club/category choice each quarter). It is obvious from the categories that this is a card for real everyday savings, this card delivers practical cash back for the type of purchases that nearly everybody makes.
Answer: If you're a Preferred Rewards client, you can get a 25% - 75% rewards bonus on every purchase. Becoming a Preferred Rewards client involves having at least $20,000 at Bank of America (for the Gold tier). As a Platinum Honors client, the 75% bonus will nearly double your cash back.
Answer: Yes. Bank of America partners with many big-name merchants for its BankAmeriDeals program. The deals are available online or via a mobile app. You can earn up to 15% cash back on some deals by paying with your Bank of America credit card.
Answer: The Museums on Us program from Bank of America makes it possible for you to visit over 200 institutions (including museums, zoos and science centers) for free on the first full weekend of every month. Just present your Bank of America card and some ID to enjoy free entry.
Answer: Bank of America® Cash Rewards credit card has no annual fee, so you do not pay a yearly card fee to use it. However, all credit cards come with some fees based on the transactions you make, and we explain those below.
Answer: No. You pay a 3% foreign transaction fee when you use this card to make purchases in foreign currencies. While this is a very rewarding card to use in the U.S., you'd be better off leaving it at home when you travel in favor of a card with no foreign transaction fee. If you are a Bank of America checking account holder, you could benefit by using your debit card to get cash when you travel, as you do not pay out-of-network ATM fees when you use your debit card to withdraw money at ATMs from banks in the Global ATM Alliance including ATMs from Scotiabank in Canada, Barclays in the UK, Deutsche Bank in Germany and Spain, BNP Paribas in France, BNL D'Italia in Italy, China Construction Bank in China and several more banks in other countries.
Answer: Any balances above the minimum required payment which you do not pay in full by the due date are subject to a 16.24% - 26.24% Variable APR. A big benefit of this card is that you get a 0% intro APR for 12 billing cycles for purchases and for any balance transfers made in the first 60 days. That makes it a good card to use for big ticket purchases, as long as you pay off the balance within the introductory APR period. While the balance transfer option is beneficial as it lets you transfer card debt and enjoy the long introductory APR period, you should note that there is a 3% of the amount of each transaction or $10, whichever is greater.
Answer: Bank of America tends to impose harsh penalties, and this card is no exception. If you fail to make your payment by the due date, you pay a late payment fee of up to $39, and worse yet, your APR will be bumped to up to 29.99% variable penalty APR. Plus there is the damage to your credit score.
Answer: No, your cash rewards do not expire, so you can redeem them when you choose to.
Answer: As a mastercard, Bank of America® Cash Rewards credit card is accepted by many online merchants. Additionally, you benefit from the ShopSafe® tool, which generates a temporary credit card number for online purchases so you do not have to enter your actual card number at the checkout. This greatly reduces the risk of card-not-present fraud.
Answer: You can link this credit card to a Bank of America® checking account to protect your account from overdrafts. You will pay a cash advance fee, but this is substantially lower than checking account overdraft fees.
Answer: Yes, the FICO® Score Program is a benefit available for primary cardholders and can be accessed through the Mobile website and the Mobile Banking app.
Answer: Most people will benefit from a card that lets you choose your preferred cash back category. Checking account holders will get the most mileage out of this card thanks to the overdraft protection benefit.
More about Bank of America® Cash Rewards credit card:
Our Review Of Bank of America® Cash Rewards credit card
Best Cash Back Credit Cards In 2019