Review: BankAmericard Cash Rewards credit card April 2018 | finder.com

Review: BankAmericard Cash Rewards credit card – April 2018

An excellent cash back card with no annual fee.

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  • Get this card if you want easy cash back — especially on gas and groceries — without an annual fee.
  • Pick something else if you spend heavily on gas and groceries (the Blue Cash Preferred might be better) or if want travel rewards.
  • Recommended good to excellent credit range of 720 to 850 to apply.
Product NameBankAmericard Cash Rewards™ Credit Card
Intro APR for Balance Transfer0% Intro APR for 12 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
Balance Transfer Rate (not intro)14.49% to 24.49% variable
APR for Purchases ( Purchase Rate )14.49% to 24.49% variable
Annual fee$0
Cash Advance Rate17.49% to 26.49% variable
Card TypeVisa
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 25 days
Returned Payment Fee$27
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Minimum Interest$1.50
Minimum Credit ScoreGood (700-739)
Minimum Age18 years of age
Annual fee$0
Returned Payment Fee$27
Late Payment Fee$38
Cash Advance Fee$10 or 3% of the amount of each transaction, whichever is greater

The basics

For travel, the BankAmericard Travel Rewards has a reputation as a solid, reliable rewards card. Its sister card — the BankAmericard Cash Rewards — creates the same impression for cash back.

A $0 p.a. annual fee is a great start: It means you’ll never feel pressured to use your card. The cash back you earn is all upside, and you can earn it at your own pace.

Luckily, the cash back earnings are pretty good too. You’ll get 3% on gas and 2% at grocery stores and wholesale clubs for your first $2,500 in spending each quarter and 1% afterward. On everything else you buy, you’ll earn a consistent 1% cash back. This creates a good mix of earnings, especially for everyday spending.

What’s more, it doesn’t hurt to get a 0% intro APR for 12 statement closing dates on purchases and balance transfers. If your current card charges a high annual fee — or you’re sick of trying to understand travel points and miles — switching to the Cash Rewards could be a good option.

How does the BankAmericard Cash Rewards stack up against the competition?

The Cash Rewards more than holds its own against its cashback competitors. That said, consider your spending to decide if the Cash Rewards is the best choice for you.

The Citi Double Cash is a customer favorite because it’s incredibly flexible. You’ll get 1% cash back on everything you buy and another 1% back when you pay off your purchases. It’s a smart pick if you spend widely across multiple categories.

The Blue Cash Preferred from American Express is the powerhouse for gas and grocery cash back. It offers 6% cash back — up to $6,000 a year — at US supermarkets and 3% cash back at US gas stations and some department stores. Unfortunately, it has a $95 annual fee. That said, only get the card if you spend enough on gas and groceries to make the fee worth it.

The BankAmericard Cash Rewards is similar to the Blue Cash Preferred, although it offers less cash back on gas and groceries. On the plus side, it doesn’t have an annual fee, so it can effectively net you more cash back than the Blue Cash Preferred. Pick the BankAmericard Cash Rewards if you spend modestly on gas and groceries.

The perks

  • SIGNUP BONUS: Bonus cash. If you spend $500 in the first 90 days, you’ll receive a $150 online cash bonus.
  • CASH BACK: More for gas and groceries. Earn 3% cash back on gas and 2% at grocery stores and wholesale clubs for your first $2,500 in purchases each quarter, then 1% cash back. Earn 1% cash back on everything else you buy.
  • INTRO APR: For purchases and balance transfers. Get 0% APR for the first 12 statement closing dates on purchases and balance transfers. Make balance transfers within the first 60 days to qualify.
  • No annual fee. Reap the rewards of this card each year without paying a fee.

You’ll also like …

  • Cash back bonus for Bank of America customers. When you redeem your cash back into a Bank of America checking or savings account, you’ll get a 10% bonus.

What to watch out for

  • It hurts to pay late. Making late or returned payments could result in fees as high as $38.
  • Expiration on intro APRs. You’ll accrue no interest on your initial purchases and balance transfers for 12 statement closing dates. Afterward, they are subject to an APR of 14.49% to 24.49% variable.
  • No interest grace periods on cash advances or balance transfers. Outside of the introductory APR period, any cash advances and balance transfers accrue interest immediately.

Consider other cards if …

Compare other Bank of America credit cards

Rates last updated April 19th, 2018
Name Product APR for Purchases ( Purchase Rate ) Intro APR for Balance Transfer Annual fee Product Description
Spirit Airlines™ World Mastercard®
14.24% to 24.24% variable
$0 annual fee for the first year ($59 thereafter)
15000 bonus miles after your first purchase–enough for up to 3 roundtrip off-peak award tickets with taxes and fees from $12 per award.
Asiana Visa Signature® Credit Card
16.24% to 24.24% variable
$99
No matter where you're travelling, feel free to use your Asiana Visa Signature® credit card without incurring foreign transaction fees when making purchases.
Allegiant World Mastercard®
14.24% to 24.24% variable
0% Intro APR for 12 statement closing dates following the opening of your account (with whichever is greater, $10 or 3% balance transfer fee)
$59
Earn 15000 Bonus Points - equal to $150 off your next Allegiant trip, after you make $1,000 or more in purchases within the first 90 days
Alaska Airlines Visa Signature® Card
16.24% to 24.24% variable
$75
Buy one ticket, get one for just the taxes and fees with Alaska’s Famous Companion Fare™ offer.
BankAmericard® Secured Credit Card
21.49% variable
$39
Help establish, strengthen — even rebuild your credit
BankAmericard Cash Rewards™ Credit Card
14.49% to 24.49% variable
0% Intro APR for 12 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
$0
Earn more cash back for the things you buy most.
BankAmericard Travel Rewards® Credit Card
16.24% to 24.24% variable
$0
Ditch the restrictions of typical airline rewards cards. Any airline, any hotel, anytime. No blackout dates.

Compare up to 4 providers

What should I know before I apply?

To apply for the BankAmericard Cash Rewards card, you must be at least 18 years old (or 21 if you’re a permanent resident of Puerto Rico).

Always consider your options and your financial situation before you apply for a credit card.

Information you’ll need

  • Your full name and contact information
  • Your residential status and monthly housing payment
  • Your annual income, source of income and employment information

What credit score do I need?

You’ll have a better chance of being approved for the BankAmericard Cash Rewards card if you apply with a good to excellent credit score of 720 or higher.

How to apply for the BankAmericard Cash Rewards credit card

1. Go to the Bank of America website and click Apply Now.
BankAmericard Cash Rewards credit card screenshot 1
2. Complete the application form with your name, address, contact information and total annual income. Then review your application and submit it.
BankAmericard Cash Rewards credit card screenshot 2

How long will it take to be approved?

Because conditional approval is automated on the Bank of America website, you’ll often get a decision within 60 seconds. In some cases, you’ll need to wait a few days to a few weeks to receive a response.

I got the card. Now what?

  • Make timely payments. You can pay your card bill online and enroll in autopay at the Bank of America website.
  • Avoid interest payments. After the close of each billing cycle, you have a grace period of 25 days to pay your balance. If you do, you won’t pay interest on your purchases.
  • Avoid fees. Late and returned payments come with hefty fees of up to $38. Balance transfers, cash advances and foreign transactions also come with fees.
  • Customer service. If you have questions, call Bank of America at 800-732-9194, email using an online secure form, or connect on Twitter @BankofAmerica or on Facebook @BankofAmerica.

Bottom line

The BankAmericard Cash Rewards is an excellent cash back card, and it gets even better with a $0 p.a. annual fee. Pick it up if you want no-hassle cash back — especially on gas and groceries. Before you make any decisions, compare other Bank of America cards.

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