Bank of America Cash Rewards Credit Card Review

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From Seek Capital - Best for BofA Customers

Welcome Offer

Earn $200 cash rewards bonus

3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases

Earn

3%Cash Back
Earn 3% cash back on gas purchases for the first $2,500
2%Cash Back
Receive 2% cash back at grocery stores and wholesale clubs
1%Cash Back
1% cash back on every purchase
$0Annual Fee
No annual fee with this card

Bank of America Cash Rewards

You can earn hundreds of dollars in cash back just by using the Bank of America Cash Rewards card to pay for things you’re already going to buy. In fact, it’s super easy to earn the $200 sign up bonus, and the average family can see another $300 or more in cash rewards over the course of a year. And if you’re a Bank of America customer, you could turn those rewards into a total of $900+ in cash back simply by redeeming into your existing savings or checking account.

Rewards Highlights

  • No annual fee
  • $200 online cash rewards bonus
  • Earn 3% cash back on gas or your choice of one of five other popular categories, 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
  • 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 15.49% to 25.49% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
  • No expiration on rewards
  • If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase

Expert Review

The Pros

  • No Annual Fee
  • 3% Cash Back on Gas
  • 2% Cash Back on Groceries
  • 1% Cash Back on everything else

The Cons

  • No Travel Benefits

Recommended Credit Profile

Rates & Fees

  • Annual Fee$0
  • Intro Purchase APR0% for 15 months
  • Intro Balance Transfer APR0% for 15 months
  • Regular APR15.49% to 25.49%
  • Great ForGasGroceriesWholesale Clubs
  • Regular Purchase APR15.49% to 25.49%
  • Regular Balance Transfer APR15.49% to 25.49%
  • Cash Advance APR18.49% to 26.49%
  • Balance Transfer Fee$10 or 3%
  • Cash Advance Fee$10 or 3%
  • Foreign Transaction Fee3%

Sign Up Bonus

The Bank of America Cash Rewards card offers a sign-up bonus that's easy to qualify for. After you make $500 in purchases in the first 90 days of your account opening, you'll earn a $200 cash rewards bonus. That’s just $167 a month, which most people can achieve just by using this card to pay for everyday expense like transportation and food.

Seriously, this is one of the easiest bonuses we’ve ever seen.

Keep Earning Cash Back

Even after you earn the sign up bonus, you can keep racking up cash back. How fast you earn depends on what you use your Bank of America Cash Rewards card to pay for.

  • You’ll get 3 percent back on gas purchases and 2 percent back on purchases at grocery stores and wholesale clubs up to a combined spending total of $2,500 per quarter. That means if you spend $1,000 in gas and $1,500 in groceries, you’ll earn $60 in cash back that quarter.
  • You’ll earn 1 percent cash back on all other purchases, including gas and grocery purchases that exceed the $2,500 total each quarter. So, if you spend another $3,000 within each quarter, you’ll get another $30 in cash back.
  • That’s a total of $90 in cash back each quarter, or $360 for the year.

Add that to the sign up bonus, and you’ve earned $560 in cash back just for living your life and paying for it with the Bank of America Cash Rewards card.

That’s enough in cash rewards to fund a big chunk of your holiday spending, take a weekend getaway or upgrade your backyard with a new grill or other equipment.

Bank of America Customers Can Earn Even More

If you redeem your cash back rewards directly into a Bank of America checking or savings account, you get a 10 percent premium on the value. That means if you earned $100 in cash back and you redeem it into your BofA account, you’ll end up with $110.

Using the example above, your $560 could become $616 total.

And Bank of American Preferred Rewards customers could increase their bonus even further. At the highest levels, you could get a 75 percent premium on rewards, turning the $560 from our example into $980 — just for being a loyal rewards customer with the bank.

0 Percent APR Rate

Need time to pay down a major purchase without interest? The Bank of America Cash Rewards credit card offers a 0 percent intro APR rate for the first 12 billing cycles. This is really helpful if you've made a big purchase and need to carry a balance without getting hit hard on interest fees. You could buy a new sofa for $1,000 and pay it off $84 a month without ever paying more than the purchase price. Plus, your purchase counts toward cash back, so you get to double dip in the perks pot.

If you're transferring a balance over from another credit card, the Bank of America Cash Rewards card gives you a zero percent APR rate for 12 billing cycles for balance transfers made within the first 60 days. Transfer a balance of a few thousand dollars to this card from a high-interest account, and you could save hundreds in interest by paying it off within 12 months. Balance transfers don’t count toward cash back rewards.

Balance transfers do come with a 3 percent fee, which means for every $1,000 you transfer, you’ll pay $30 for the privilege. When you compare that with potentially hundreds in interest, though, it may be worth taking advantage of the low APR.

Just be sure you're making on-time payments through this period: one late payment could cut this intro period short.

Other Features of the Bank of America Cash Rewards Card

On top of all that cash back, this card also comes with all the security and account management features we expect to see from topline credit cards.

  • Chip technology keeps your account information safer as you swipe, and fraud protection ensures you’re not liable for any fraudulent activity on your account
  • ShopSafe creates a temporary credit card number when you shop online, so you’re never keying in your actual number in internet shopping carts
  • Online, mobile and text banking let you access your accounts the way you want, when you want
  • Digital wallet tech lets you pay with a variety of methods, including Google Pay, Samsung Pay and Apple Pay
  • You can opt in to receive access to your monthly FICO score update to keep up with your credit history and status

One of the best things about the Bank of America Cash Rewards card is that you get all this value without ever paying an annual fee. We love that this card is straight up winning for anyone who keeps up with monthly payments and uses it regularly on daily expenses like gas and groceries. But we think it’s an especially good wallet choice for BofA loyalists.

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