Bank of America® Cash Rewards™ Credit Card
The BankAmericard Cash Rewards credit card is a fairly simple cashback card. It offers 3.0 percent back on gas and 2.0 percent back at grocery stores and wholesale clubs on the first $2,500 in combined purchases each quarter. All other purchases earn 1.0 percent back.
Cash back can easily be redeemed in amounts of $25 or more for a check, statement credit or direct deposit. If you have a Bank of America checking or savings account, or a Merrill Edge or Merrill Lynch investment account and you redeem for direct deposit, you will be given at least a 10 percent bonus. Depending on how much money you have invested, you can get up to a 75 percent bonus!
Overall, the Cash Rewards card is a pretty good no-fee option, especially if you bank with Bank of America. And if you have a chunk of change invested with BoA, Merrill Edge or Merrill Lynch, you can earn a lot more.
Bonuses & Benefits of Bank of America Card
Knowing what benefits come with a credit card can help you decide if it’s a good fit for you. Here we cover the bonuses and perks that the Bank of America® Cash Rewards™ Credit Card offers and the value of the Bank of America BankAmericard Cash Rewards™ cashback you earn.
There is a sign-up bonus for $150 after spending at least $500 on your Bank of America Cash Rewards card within the first 90 days of account opening. Additionally, you’ll receive 0% APR on purchases for 12 billing cycles and 0% APR for 12 months on balance transfers made within 60 days of opening your account. A 3 percent fee applies to balance transfers, even those made within the first 60 days.
What You Get
- $150 after you spend $500 within 3 months
- 3.0% back at gas stations
- 2.0% back at grocery stores and wholesale clubs
Your Bank of America Cash Rewards never expire.
The value of BankAmericard Points
Your Bank of America Cash Rewards can be redeemed in a couple of different ways. You have the option to redeem for a statement credit, a personal check or a direct deposit into a Bank of America checking or savings account or a Merrill Lynch or Merrill Edge investment account. Direct deposits receive a 10 percent bonus. You must redeem a minimum of $25 in rewards. Every point you earn is worth one cent in cash back.
The Best Ways to Redeem Bank of America Cash Rewards
Redeeming your cash back as a directly deposit into a Bank of America checking or savings account or a Merrill Edge or Merrill Lynch investment account results in a 10 percent bonus, making it the best option.
Depending on the amount of money you have in your Bank of America, Merrill Lynch or Merrill Edge accounts, you can get a higher bonus as part of the Preferred Rewards Program. If you have a combined balance of $25,000 to $49,999, you’ll get a 25 percent bonus; a combined balance of $50,000 to $99,000 gets a 50 percent bonus; and a balance in excess of $100,000 gets a whopping 75 percent bonus.
Everyday Earnings with Bank of America® Cash Rewards™ Credit Card
The Bank of America Cash Rewards credit card offers 3.0 percent back on gas and 2.0 percent back at grocery stores and wholesale clubs for the first $2,500 in combined purchases each quarter. All other purchases earn 1.0 percent back.
- Car Rental
- All Other Purchases
Since the Bank of America Cash Rewards card is not a travel card, it doesn’t offer great travel benefits
Foreign Transaction Fee
You’ll be charged 3% of the U.S. dollar amount of each transaction made in a foreign currency or processed outside of the United States.
Fees: the cost of Having Bank of America® Cash Rewards™ Credit Card
Since the BankAmericard Cash Rewards card doesn’t have an annual fee, you don’t have to spend anything in order for the card to pay for itself. Since the card offers a sign-up bonus of $150, you are automatically going to come out ahead.
- Annual Fee
- Balance Transfer Fee
Either $10 or 3% of the amount of each transaction, whichever is greater
- Foreign Transaction Fee
3% of each transaction in U.S. dollars
- Late Payment Fee
Up to $38
The BankAmericard Cash Rewards credit card is a no-fee card. You do not have to earn a certain amount of rewards in order to cover the cost since it’s free. It’s still good to know roughly how much you’ll be earning, though. We’ve broken out our estimates for the first- and second-year net earnings.
These estimates are based on an annual monthly spend of $2,000
Top 5 Benefits of the BankAmericard Cash Rewards Credit Card
The Bank of America Cash Rewards card is pretty solid. Here are the top five benefits of the card
- No Annual Fee: You’ll never have to pay anything for this card. That means all the rewards you earn are essentially free.
- Sign-Up Bonus with a Low Minimum Spend: You’ll earn a $150 sign-up bonus after spending just $500 on your card within the first 90 days of opening your account.
- Hassle-Free Redemptions: You can redeem your cash back in amounts of $25 or more as a statement credit, direct deposit or check.
- 10% Bonus with BoA: If you have a Bank of America, Merrill Edge or Merrill Lynch account, you’ll earn at least a 10% bonus when you redeem your rewards as a direct deposit. Depending on how much money you have invested, you can earn up to a 75% bonus!
- Good Earning Rates: You’ll earn 3.0% back on gas and 2.0% back on grocery stores and wholesale clubs for the first $2,500 in combined purchases every quarter. All other purchases earn 1.0% back.
Should You Get the BankAmericard Cash Rewards Credit Card?
The BankAmericard Cash Rewards credit card is a good option for anyone looking for a simple cashback credit card. It offers good earning rates for no annual fee. It’s an even better card for anyone who banks with Bank of America or invests with Merrill Lynch or Merrill Edge due to the 10 percent bonus for direct deposit redemptions. For people with a more significant relationship with Bank of America, it is possible to get a bonus of up to 75 percent through the Preferred Rewards Program!
The $150 sign-up bonus after spending just $500 and 0% APR for 12 months makes this card even more appealing. If you have a big purchase coming up, that sign-up bonus and year of interest-free financing can make a big difference in your bottom line.
Need more info? Check out our frequently asked questions. If you have other questions, please click on “Ask Now” below.
- Most successful applicants report having a credit score of 690 or higher. Keep in mind that a high credit score is not a guarantee that you will be approved and a lower score is not a guarantee that you won’t be. Bank of America will evaluate your entire application before deciding whether or not to you approve you for a new card.
- Yes, the BankAmericard Cash Rewards MasterCard does charge a foreign transaction fee. The fee is 3 percent if the purchase is made in a foreign currency or if the purchase is made in U.S. dollars while abroad.
- The BankAmericard Cash Rewards card is not a secured card, but Bank of America does offer secured cards.
- You can use your cash back from the Cash Rewards card for anything you want. You are not limited to redeeming only for travel, and you will earn the same cashback rate regardless of what type of transaction you use it for.
Compare Bank of America Credit Cards
Before you apply for the BankAmericard Cash Rewards card, take a look at the other two versions of the card: the Cash Rewards for Students and Pink Ribbon Cash Rewards.
Other BankAmericard Cash Rewards cards
|APR On Purchases||13.99% to 23.99% Variable±||14.24% to 24.24% Variable±||13.99% to 23.99% Variable±|
|Second Year Value||$240||$240||$240|
All three versions of the Cash Rewards card offer the same cashback percentages for purchases and the same sign-up bonus, but the student version of the card does not have the 0% APR introductory offer. However, the student card is easier to get with little to no credit history.
When people use their Pink Ribbon credit card, Bank of America donates to the Susan B. Komen Cancer Fund. Since 2009, they have donated more than $7 million. With the exception of the introductory APR offer, the different versions of this card are essentially the same.
With the exception of the introductory APR offer, the different versions of this card are essentially the same.
Compare the BankAmericard Cash Rewards Credit Card to Other Cards
In addition to looking at other versions of the Cash Rewards card, we’ll also look at the Quicksilver card, Barclaycard CashForward and Wells Fargo Cash Wise Visa. They are all cashback cards with no annual fee.
The main differences between these cards are the sign-up bonuses, the everyday earning rates and introductory APR period.
The Quicksilver card offers a $150 sign-up bonus after spending $500 on purchases within three months of account opening. It earns 1.5 percent cash back on all purchases with no bonus categories and offers 0% APR for nine months.
Uber Visa Credit Card offers generous cashback bonuses. You can earn 4.0 percent cash back at restaurants, 3.0 percent back for certain major travel expenses, 2.0 percent back on most online and mobile purchases (including Uber rides) and 1.0 percent back everywhere else. Plus, it’s a no-fee card that comes with a $100 sign-up bonus.
The Wells Fargo Cash Wise card offers a $200 sign-up bonus after spending $1,000 on purchases within the first three months. It earns 0.015 percent back on all purchases with no bonus categories and has a 0% introductory APR period for 12 months.
Whenever you apply for a credit card make sure you read the terms and conditions of the card and the rewards program to find out about minimum spend requirements and any restrictions to ensure you can successfully obtain the card and earn the rewards it offers.
Card Terms and Conditions
While it's easy to focus on the rewards offered by the BankAmericard Cash Rewards credit card, it's worth taking a closer look at the terms and conditions. There's a lot to consider as you think about how you're going to use the card. Will you carry a balance, get a cash advance or maybe make a big purchase? Below is a rundown of the various interest rates, purchase protections, security features and mobile banking options that come with this MasterCrd card.
- Intro APR:
- 0% Introductory APR for the first 12 Statement Closing Dates following the opening of your account
- Ongoing APR:
- 14.24% to 24.24% Variable±
- Minimum Grace Period:
- 25 days
Cash Advance Features
- Ongoing APR:
- 17.24% to 26.24%, based on your creditworthiness when you open your account, for Direct Deposit and Check Cash Advances, and 26.24% for Bank Cash Advances
- Cash Advance Fee:
- Direct Deposit and Check Cash Advances: Either $10 or 3% of the amount of each transaction, whichever is greater. ATM, Over-the-Counter, Same-Day Online and Cash Equivalent Cash Advances: Either $10 or 5% of the amount of each transaction, whichever is greater
Security and Protections
The Bank of America Cash Rewards card offers standard security features including the following:
- $0 Liability Guarantee:
- You’re not liable for any unauthorized purchases. Bank of America will block potential fraud if abnormal patterns are detected.
- Banking On the Go:
- Access to Bank of America’s award-winning online and mobile banking. Bank on the go from almost anywhere, quickly and securely.
- Account Alerts:
- Stay on top of balances and due dates with account alerts.
- Text Banking:
- Get the account information you need quickly by text.
- EMV Chip + Signature Technology:
- Get global acceptance and enhanced security at merchants that use chip-enabled terminals.
- Overdraft Protection:
- An optional service to help prevent declined purchases, returned checks or other overdrafts when you link your eligible Bank of America checking account to your credit card.
- Credit Score Monitoring:
- Opt-in for a free FICO Score every month.
Bank of America offers an award winning mobile banking app. The Cash Rewards card is also compatible with digital wallet technology, including Apple Pay, Android Pay and Samsung Pay.