GET.com's Review of Bank of America® Cash Rewards credit card
|Highlights||Credit Card Feature|
|Things We Like||Signing bonus of $200|
|Our Least Favorite||3% foreign transaction fees|
|Our Verdict||Great card to earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings|
- No annual fee
- $200 online cash rewards bonus after you make at least $1000 in purchases in the first 90 days of account opening
- NEW OFFER: Maximize your cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings
- Now earn 3% cash back in your choice category and 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and unlimited 1% on all other purchases
- You can update your choice category for future purchases once each calendar month using the Mobile Banking app or Online Banking, or do nothing and it stays the same
- No expiration on rewards
- 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.24% - 26.24% Variable APR will apply. A 3% fee (min $10) applies to balance transfers
- If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase
- Intro APR
0% Introductory APR for 12 billing cycles for purchases and for any balance transfers made in the first 60 days
- Annual Fee
- Regular APR
16.24% - 26.24% Variable APR
- Credit Required
Bank of America® Cash Rewards credit card is one of the best cash back credit cards in the US in my opinion. Provided by Bank of America, this no annual fee card is for those with good to excellent credit who want to earn cash back on their spending, as well as enjoy a special interest-free introductory period on both purchases and balance transfers.
This card is one of the highest ranked Bank of America credit cards on GET.com since it has many additional benefits apart from earning cash back and offering you low introductory interest rates. In this review, I will share with you the main benefits of Bank of America® Cash Rewards credit card, and take a look at how it compares to other cash back credit cards.
Things We Like About Bank of America® Cash Rewards credit card
No annual fee. This card has no annual or monthly fees.
Earn $200 online cash rewards bonus when spending at least $1,000 within the first 90 days. You will earn a $200 online cash rewards bonus after you make purchases totaling at least $1,000 within the first 90 days from account opening.
Enjoy 0% intro APR on purchases during the first 12 billing cycles. If you plan on making expensive purchases with this card, you will be able to pay them off interest-free during the first 12 billing cycles of card membership. After this introductory interest rate period, you'll have a 16.24% - 26.24% Variable APR based on your creditworthiness.
Enjoy 0% intro APR for 12 billing cycles on balance transfers made within the first 60 days of account opening. When transferring a balance to this card within 60 days of opening your account, you will be able to enjoy 12 billing cycles of 0% intro APR on the amount you transfer. Any balance transferred to this card after the first 60 days will have 16.24% - 26.24% Variable APR. Keep in mind that you'll still have to pay a fee of 3% of the amount of each transaction or $10, whichever is greater.
Earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings and 2% cash back at grocery stores and wholesale clubs on the first $2,500 spent between combined category choice, grocery store, and wholesale club purchases each quarter. This offer not only helps you maximize your cash back by letting you choose which category you want to receive 3% cash back on, but it takes it a step further by letting you update your choice category for future purchases once each calendar month (through the mobile bank app or online). So for example, if you usually spend more on dining but a certain month you know you will spend more on online shopping, you can change your category choice from dining to online shopping easily for that month. If you spend a lot of money on wholesale clubs and grocery store you will benefit from 2% cash back. The 2% grocery store cash back category also includes candy stores, dairy (for the cheese lovers), bakeries and freezer/meat lockers - so it applies to basically all of your food shopping! For spending that is more than $2,500 in combined grocery store, wholesale clubs, and your choice category, you will earn 1% cash back on the rest of your purchases.
Earn 1% cash back on everything else. All your other purchases that are not included in the grocery store and gas categories will earn 1% cash back.
Cash back enrollment not required to earn rewards. Unlike some other cards, you won't have to enroll in any cash back program in advance to be eligible to earn rewards.
Cash back categories do not change. This card, unlike other cards, doesn't have changing categories that rotate each quarter.
Rewards don't expire. No matter how long you accumulate your cash back for, it won't expire, so this gives you the convenience of being able to redeem it whenever you want.
Redeem your cash back in the form of a check, statement credit, or a deposit into a Bank of America® savings or checking account. Preferred Rewards clients can increase that bonus to 25%-75%.
If you have an average combined balance of $20K to $50K in your eligible Bank of America® bank account over a 3-month period, that will increase to a 25% customer bonus every time you redeem your cash back into your Bank of America® checking or savings account.
When you have a 3-month average combined balance of $50K to $100K in your Bank of America® checking or savings account, that customer bonus will increase to a 50% customer bonus every time you redeem your cash back into your Bank of America® checking or savings account.
If you have a 3-month average combined balance of $100,000 or more in your Bank of America® checking or savings account, you could benefit from a phenomenal 75% customer bonus every time you redeem your cash back into your Bank of America® checking or savings account. So if you redeem $100 cash back into your eligible account, you will get a $75 customer bonus!
Chip technology to help protect you from fraud at chip-enabled merchants. This feature also allows you to make purchases in other parts of the world where chip technology is widespread, such as in Europe.
Free entrance at many US museums. The Museums on Us® program from Bank of America gives you free entry into over 200 cultural institutions (museums, zoos, science centers and more) in around 123 US cities on the first full weekend of every month. Just show this card and some form of ID at the reception desk.
$0 Liability Guarantee. If your card gets lost or stolen, you won't be liable to pay for any fraudulent purchases.
Enjoy discounts of up to 15% with BankAmeriDeals®. With BankAmeriDeals® you can benefit from special discounts and promotions from a wide selection of retailers in categories like entertainment, restaurants, travel and shopping. You can get discounts of up to 15% (although most merchants offer 10% discounts) when using this card to shop through the Bank of America® Mobile Banking app. You can choose to receive deal alerts on your phone and the cash back you earn will automatically be credited to your account by the end of the next month.
Other benefits such as paperless statement options, account alerts, text and mobile banking are available to all cardholders.
Our Least Favorite Things About Bank of America® Cash Rewards credit card
Cash back redeemed as checks will expire 90 days after being issued. This will not be a problem for you if you cash the check within 90 days from the date of issue. Even if a check does expire, you will receive a statement credit for that cash back as long as your card account is open.
How Other Cards Compare With Bank of America® Cash Rewards credit card
|Intro APR:||0% Introductory APR for 12 billing cycles for purchases and for any balance transfers made in the first 60 days|
|Regular APR:||16.24% - 26.24% Variable APR|
|Intro APR:||0% intro APR on purchases and balance transfers for 15 months|
|Regular APR:||15.24%-26.24% Variable|
|Credit Required:||Excellent, Good|
|See Rates & Fees||Terms Apply|
Bank of America® Cash Rewards credit card is a very rewarding cash back card for gas and grocery purchases, especially if you also have a Bank of America® checking or savings account. Daniel Dreier
Bank of America® Cash Rewards credit card is an excellent card for those of you who want to earn and accumulate cash back, especially if you spend a lot of money on grocery store and gas purchases each quarter.
I also recommend this card if you're planning on making a big-ticket purchase and then repaying it during the first year you have this card, as you will be able to do so with 0% interest during the first 12 billing cycles (16.24% - 26.24% Variable APR thereafter). This card is also a good choice if you're currently holding a card that charges a high interest on your balance since you will also get 0% intro APR for the first 12 billing cycles on any balances that you transfer to this card within 60 days of account opening (16.24% - 26.24% Variable APR after that).
To me, the most attractive feature of this card is that it offers a decent cash back program that doesn't require you to enroll in advance, plus you earn $200 cash back bonus if you make at least $1,000 in purchases with your card within 90 days of account opening. One feature of this Bank of America credit card that makes it stand out among other credit cards in the US is that it includes chip technology, which provides additional security when used at chip-enabled merchant terminals.
See more Bank of America credit cards.