- $0 annual fee
- 3% cash back on gas, 2% on groceries and at wholesale clubs (on the first $2,500 in quarterly bonus-category spending)
- $150 new cardholder cash rewards bonus
- 0% intro APR offer
- Up to 75% bonus cash back for Preferred Rewards clients
- Bonus cash-back caps
|Bonus Offer||$150 after you spend at least $500 on purchases in the first 90 days of account opening|
Intro: 0%, 12 billing cycles
Reg: 13.99% to 23.99%, variable
|Balance Transfer APR||
Intro: 0%, 12 billing cycles for balance transfers made in the first 60 days
Reg: 13.99% to 23.99%, variable
- No annual fee
- $150 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening
- Earn 1% cash back on every purchase, 2% at grocery stores and wholesale clubs, and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter
- No changing categories and no expiration on rewards
- 0% Introductory APR for 12 billing cycles for purchases AND for any balance transfers made in the first 60 days, then, 13.99% - 23.99% Variable APR. 3% fee (min $10) applies to balance transfers
- Get a 10% customer bonus every time you redeem your cash back into a Bank of America® checking or savings account
- If you're a Preferred Rewards client, you can increase that bonus to 25% - 75%
The Bank of America® Cash Rewards credit card offers some of the perks cardholders crave, including flexible cash-back rewards up to 3%, as well as wallet-friendly features we value, like ditching the annual fee. These perks are a few reasons why we think it’s one of the best credit cards of 2017.
What’s more, Bank of America® Cash Rewards credit card is a good option for loyal Bank of America banking clients, who can amp up their rewards by up 10% to 75% through the banks Preferred Rewards program. With the basics covered, let’s dive deeper to learn if Bank of America® Cash Rewards is a good fit for you.
What we like about Bank of America® Cash Rewards
- Up to 3% cash back – The card dishes out cash back up to 3% in what we believe are the right categories (read: categories that incentivize paying for needs, not splurging on wants). Cardholders earn cash back of 3% on gas, 2% on groceries and at wholesale clubs, and 1% on everything else. Keep in mind, people with large grocery and gas budgets might not earn premium rates on all purchases since bonus categories are capped and earn 1% thereafter.
- $150 cash rewards bonus offer – Qualifying for the cash rewards bonus offer requires spending at least $500 on purchases in the first 90 days.
- 0% intro APR – Balances transferred within the first 60 days qualify for a 0% intro APR for 12 billing cycles. Purchases also receive the same promo rate.
- 10% to 75% rewards bonus – Cardholders banking with Bank of America can receive bonus cash rewards worth 10% to 75% more, depending on their banking status. Some bonuses aren’t particularly difficult to qualify for – you’ll earn a 10% customer bonus just for redeeming rewards into an active Bank of America checking or savings account. Preferred Rewards clients can receive anywhere from 25% to 75% rewards bonus. On the high end, that's a cash back rate of 5.25% on qualifying gas purchases (albeit capped)!
What could be improved for Bank of America® Cash Rewards
category spending caps – While many competing credit cards
cap bonus categories similarly, the spending limits are sometimes higher than $2,500 per quarter.
How to best use Bank of America® Cash Rewards
- Cardholders will generally be better off paying balances by the due date every month to avoid interest charges. It’s a losing strategy to rack up debt for the sake of earning rewards at single-digit rates only to watch as they get eaten up by far higher double-digit interest charges.
- Transfer high-interest credit card debt to chip away at debt balances faster. We Fools always encourage smart use of debt, and transferring balances to a card with a 0% intro APR can help avoid costly interest charges. In fact, paying down a $5,000 balance over 12 months will cost a whopping $462 in interest charges at an 18% APR.
- Loyal Bank of America cardholders may want to consider applying for the Bank of America® Travel Rewards credit card as well to increase overall rewards (more details below).
- Leverage access to your FICO® Score. Bank of America provides you with access to your FICO® Score for free, and we think this perk is a huge value! In fact, myFICO charges upwards of $350 per year to receive, track, and monitor your comprehensive credit history.