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 Name | BankAmericard Cash Rewards™ Credit Card |
|---|---|
| Intro APR for Balance Transfer | 0% 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 Rate | 17.49% to 26.49% variable |
| Card Type | Visa |
| 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 Score | Good (700-739) |
|---|---|
| Minimum Age | 18 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 …
- You spend a lot on gas and groceries. The Blue Cash Preferred from American Express may offer more cash back in the long run.
- You spend a lot on different categories. The Citi Double Cash may offer more consistent cash back.
- You want travel rewards. Consider excellent travel cards like the Chase Sapphire Preferred, Barclaycard Arrival Plus and BankAmericard Travel Rewards.
Compare other Bank of America credit cards
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.
2. Complete the application form with your name, address, contact information and total annual income. Then review your application and submit it.
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.