Published Oct. 13, 2023
Fact Checked
Nathan Alderman
BankAmeriDeals is a cash back program offered by Bank of America to its customers. It is designed to help users earn additional cash back at some of their favorite merchants, as well as some new ones they haven't tried yet. In this expert review, learn about what BankAmeriDeals has to offer, and see if it could be a great cash back program for you.
BankAmeriDeals
Pros
- Earn cash back on purchases you'd make anyway
- Very easy to navigate and use
- No separate app required
- Highly rated app
Cons
- Must have a Bank of America account
- Only at participating retailers
- Some programs have generally higher rewards rates
Full BankAmeriDeals review
Learn about the ins and outs of BankAmeriDeals below.
What is BankAmeriDeals and how does it work?
BankAmeriDeals is a cash back program offered by Bank of America to its mobile and online banking customers.
Using the program is pretty easy. You simply log into your Bank of America account online or through the mobile app (no separate app needed) and click on the cash back tab to view your current deals.
If you want to take advantage of a particular deal, you'll click the "add this deal" button next to the offer, then use your Bank of America debit or credit card to shop at the participating merchant, either online or at a store. Once the transaction processes, Bank of America will deposit the cash back into your account.
BankAmeriDeals offers are mostly percentage-based, and range from 1% to 30% cash back on purchases at the participating merchants, with percentages in the 1%-5% range being the most common. There are a few offers that aren't percentage-based, such as one month free when you subscribe to a certain service.
At a glance
- Rewards: 1%-30%
- iOS app rating: 4.8/5 stars
- Android app rating: 4.6/5 stars
- Cost: Free
Top perks
There are some valuable benefits of using BankAmeriDeals that you might find appealing.
Cash back at your favorite merchants
As of September 2023, there are over 100 different deals offered on BankAmeriDeals, and many of them are for retailers you may already shop at. Just to name a few, Home Depot, Nike, Lego, Coach, and Samsung all have cash back offers listed on the platform.
On top of other cash back rewards
It's also worth noting that BankAmeriDeals rewards stack on top of any other cash back rewards you might get from Bank of America. For example, the Bank of America® Customized Cash Rewards credit card offers 2% back on spending at grocery stores. If you also find a deal offering 2% back at a store in this category, you can get a total of 4% back on your purchase.
Easy-to-use app
There is no separate app needed to take advantage of BankAmeriDeals offers, and Bank of America has one of the highest-rated banking apps in the entire industry.
Can use any eligible card
This is a key differentiator between BankAmeriDeals and other credit card and debit card reward programs. For example, if you want to take advantage of a cash back offer through your American Express account, you need to enroll in that offer through a specific credit card and use that particular card to make the purchase.
On the other hand, with BankAmeriDeals, you can use most eligible Bank of America credit cards to make the purchase. For example, if you have a Bank of America debit card connected to your checking account as well as a Bank of America® Customized Cash Rewards credit card, you can choose whichever of the two cards you want to use.
What could be improved
Must be a Bank of America customer
Given the nature of the program, this shouldn't be a surprise, but one potential downside is that to access and use BankAmeriDeals, you need to have an account with Bank of America. If you don't currently have a Bank of America credit or debit card, you'll need to open one.
Some competing programs have better offers
While there are a variety of cash back offers available on BankAmeriDeals, the majority have a cash back rate of 1% or 2%. This is certainly a nice bonus, especially if you were going to make the purchases anyway, but some of the competing programs offered by rivals tend to have higher offers, such as "$20 back on a purchase of $100 or more."
How much does BankAmeriDeals cost?
BankAmeriDeals doesn't have any associated costs. It's free to use for anyone with an eligible Bank of America account.
Alternatives to BankAmeriDeals
If you want a cash back program with more compelling offers: Amex Offers by American Express is the best-known bank rewards program in the industry, and tends to offer more compelling deals, mainly in the form of a statement credit after making a certain purchase. BankAmeriDeals is a nice bonus for many purchases you'd make anyway, but a 1%-2% rewards rate on most offers isn't likely to compel you to change your shopping habits.
If you want a standalone cash back app: Ibotta can be a good fit, as it functions by users scanning their receipts for activated offers. Thousands of retailers -- including some of the most popular in the United States -- are featured on Ibotta.
BankAmeriDeals might be right for you if:
BankAmeriDeals is right for current Bank of America customers (or those that are willing to become Bank of America customers) who want a user-friendly and straightforward way to earn cash back on purchases at some of their favorite retailers.
FAQs
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BankAmeriDeals is Bank of America's cash back program. Merchants offer cash back on a percentage of purchases made with Bank of America debit or credit cards. There is no separate app required, and Bank of America customers can view and accept their cash back offers directly by logging into their accounts on the bank's mobile or online platforms.
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Bank of America's cash back rewards program is available to most Bank of America customers who have a debit or credit card with the bank. Merchants list cash back deals, and account holders can choose to accept them. They make a purchase at the merchant using their Bank of America card, and the cash back is deposited into their account.
Our Personal Finance Experts
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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