BankAmericard Cash Rewards credit card review | finder.com

Bank of America® Cash Rewards credit card review – June 2019

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Bank of America® Cash Rewards credit card

An excellent cashback card with no annual fee.

  • 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 or want travel rewards.
  • Apply with a good to excellent credit score of 720 to 850.
Product NameBank of America® Cash Rewards credit card
Card TypeMastercard
Annual Fee$0
Standard Purchase APR16.24% to 26.24% variable
Intro Purchase APR0% for the first 12 statement closing dates (then 16.24% to 26.24% variable)
Standard Balance Transfer APR16.24% to 26.24% variable
Intro Balance Transfer APR 0% for the first 12 statement closing dates (then 16.24% to 26.24% variable)
Balance Transfer Fee$10 or 3% of the transaction, whichever is greater
Cash Advance Rate19.24% to 27.24% variable
Cash Advance Fee$10 or 5% of the cash advance amount, whichever is greater
Foreign Transaction Fee3% of the transaction value
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $38
Returned Payment FeeUp to $28
Additional Cardholder Fee$0
Minimum Age18 years of age
Welcome Offer$200 after spending $1,000 in the first 90 days
Rewards3% cash back on a chosen category and 2% at grocery stores and wholesale clubs for the first $2,500 in combined purchases each quarter, then 1% after that and on everything else
Base Rewards1% cash back
Rewards Points ExpiryNever

The basics

The Bank of America® Cash Rewards credit card has a reputation as a solid, reliable cashback rewards card.

A $0 annual fee is a great start: It means you won’t feel pressured to use your card. The cash back you earn is a bonus, rather than an obligation to get your money’s worth. You can earn it at your own pace.

Luckily, the cashback earnings are pretty good too. You’ll earn 3% cash back on a category of your choice and 2% at grocery stores and wholesale clubs for the first $2,500 in combined purchases each quarter — and then 1% after. All other purchases earn you a consistent 1% cash back. This makes for a good mix of earnings for everyday spending.

What’s more, it doesn’t hurt to get a 0% intro APR on purchases and balance transfers for 12 statement closing dates. An APR of 16.24% to 26.24% variable applies after.

If your current card charges a high annual fee — or you’re sick of trying to understand the conversion rate for travel points and miles — switching to the Bank of America® Cash Rewards credit card could be a good option. However, if you’re looking for travel rewards, you may want to check out its sister card, the Bank of America® Travel Rewards credit card.

A cashback card with similar categories

Blue Cash Everyday® Card from American Express

  • Earn a $150 statement credit after you spend $1,000 in purchases on your new card within the first 3 months.
  • 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%).
  • 2% cash back at U.S. gas stations and at select U.S. department stores, 1% back on other purchases.
  • Low intro APR: 0% for 15 months on purchases and balance transfers, then a variable rate, currently 15.24% to 26.24%.
  • You spoke, we listened. Over 1.6 million more places in the U.S. started accepting American Express® Cards in 2018.
  • Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise.
  • No annual fee.
  • Terms apply.
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See Rates & Fees
Promoted

A '1 2 3 cash back credit card'

You may have seen this term before; it’s shorthand for a card that offers 3%, 2% and 1% cash back. The Bank of America® Cash Rewards credit card is an example of such a product — and it’s one of the top available.

The perks

  • Annual fee: $0.

    A $0 annual fee means your cash back is all a plus. You won’t feel pressured to use the card to make it worth paying for.

  • Signup bonus: Online cash.

    After you spend $1,000 on purchases in the first 90 days your account is open, you receive a $200 online cash bonus.

  • Cash back: More for gas and groceries.

    Earn 3% cash back on your chosen category and 2% at grocery stores and wholesale clubs on your first $2,500 in combined purchases each quarter, reverting to 1% cash back after. You’ll also earn 1% cash back on everything else you buy.

  • Intro APR: Purchases and balance transfers.

    Get a 0% intro APR on purchases and balance transfers for the first 12 statement closing dates, reverting to 16.24% to 26.24% variable APR after. Make balance transfers within the first 60 days to qualify.

How much cashback rewards can I earn with the Bank of America® Cash Rewards credit card?

The Bank of America® Cash Rewards credit card is effective if you spend around $800 a month in combined gas, grocery and wholesale-club purchases. Doing so helps you maximize your elevated rewards.

Here’s how much you might earn based on a similar monthly budget:

  • $250 per month on gas x 3% = $90 cash back a year
  • $500 per month on groceries and wholesale-club purchases x 2% = $120 cash back a year
  • $400 per month in other purchases x 1% = $48 cash back a year

In total, you’d earn $258 cash back over a year.

You’ll also like …

  • A cashback 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 on your earnings. Existing qualified clients of Bank of America Preferred Rewards could see a bonus of 25% and 75%.

What to watch out for

  • Expiration on intro APRs.

    You’ll accrue no interest on your initial purchases and balance transfers for 12 statement closing dates. After, they’re subject to an APR of 16.24% to 26.24% variable .

  • No interest grace period on cash advances.

    Any cash withdrawals accrue interest immediately. Balance transfers initiated outside the first 60 days your account is open also accrue interest right away.

  • Bank of America Cash Rewards foreign transaction fee.

    Though the card offers strong cash back, you might want to avoid using it when you travel abroad. That’s because 3% of the transaction will be charged as a fee each time you use your card in a foreign country or for a foreign-currency transaction.

Compare similar cashback credit cards

Updated June 16th, 2019
Name Product Filter values Rewards Purchase APR Annual Fee
2% at US gas stations and select US department stores, 3% at US supermarkets on up to $6,000 per year, then 1% after that and on all other purchases
0% for the first 15 months (then 15.24% to 26.24% variable)
$0
Earn a $ bonus statement credit after you spend $1,000 on purchases in the first 3 months. Rates & fees
3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases
0% for the first 12 months (then 15.24%, 19.24% or 25.24% variable)
$0
Earn 3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases. See Rates and Fees.
1.5% cash back on all purchases
0% for the first 15 months (then 15.24% to 26.24% variable)
$0
Earn a $150 statement credit after you spend $1,000 or more in purchases with your new card within the first 3 months of card membership. Rates & fees
1% cash back on all purchases or in categories based on Credit One Bank’s discretion
20.24% to 26.24% variable
$0 to $99
Earn 1% cash back on all purchases or in categories based on Credit One Bank’s discretion.
6% on select US streaming services, 3% on transit and US gas stations, 6% at US supermarkets on up to $6,000 annually, then 1% after that and on all other purchases
0% for the first 12 months (then 15.24% to 26.24% variable)
$95
Earn $250 bonus cash back after you spend $1,000 on purchases in the first 3 months. Rates & fees
5% on up to $2,000 each activated quarter on two categories combined (1% after), 2% on one everyday category and 1% on all other purchases
16.24% to 25.74% variable
$0
When you spend $500 on your card within the first 90 days, you’ll receive a $150 cash back bonus. Rates & Fees
3% back on travel and entertainment and 2% on dining up to $500 combined each billing cycle, then 1% after that and on all other purchases
18.24% to 25.24% variable
$0
Earn 3% cash back on travel and entertainment and 2% at restaurants on the first $1,000 spent on purchases each billing cycle (then 1%). Earn 1% on all other purchases.
3% cash back on all purchases in your first year up to $20,000 spent, then unlimited 1.5% cash back on all purchases
0% for the first 15 months (then 17.24% to 25.99% variable)
$0
Earn 3% cash back on all purchases in your first year up to $20,000 spent. After that earn unlimited 1.5% cash back on all purchases.
5% back in rotating categories up to $1,500 combined each activated quarter, then 1% after that and on all other purchases
0% for the first 15 months (then 17.24% to 25.99% variable)
$0
0% intro APR for 15 months from account opening on purchases and balance transfers.
2% cash back for all PenFed Honors Advantage members and 1.5% cash back on all purchases
11.99% to 17.99% variable
$0
2% cash back for all PenFed Honors Advantage members and 1.5% cash back on all purchases made with your card.

Compare up to 4 providers

Should I get the Blue Cash Preferred® Card from American Express or the Bank of America® Cash Rewards credit card?

The Bank of America® Cash Rewards credit card is similar to the Blue Cash Preferred® Card from American Express, 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 its counterpart. Pick the Bank of America® Cash Rewards credit card if you spend modestly on gas and groceries.

  • You spend a lot in different categories.
    The Citi® Double Cash Card may offer more consistent cash back. And it’s a customer favorite, because it’s incredibly flexible. You’ll earn 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.
  • You want travel rewards.
    Consider excellent travel cards like the Chase Sapphire Preferred® Card and Bank of America® Travel Rewards credit card.

What should I know before I apply?

To apply for the Bank of America® Cash Rewards credit card, you must be at least 18 years old (or at least 21 years old, if you live in Puerto Rico).

Information you’ll need

  • Your name, residential status and address
  • Your Social Security number and date of birth
  • Your email address and phone number
  • Financial information like your annual income, source of income and employment information

What credit score do I need?

You’ll have a better chance of approval for the Bank of America® Cash Rewards credit card if you apply with a good to excellent credit score of 720 to 850.

What do customers say about the Bank of America® Cash Rewards credit card?

Cardholders are generally pleased that the Bank of America® Cash Rewards credit card comes with no annual fee. Overall, they also like the card’s points structure. That said, some customers say they don’t get as much out of the card as they’d like, because they don’t spend much on gas or groceries.

Bank of America itself earns a Trustpilot score of 5.5 out of 10 at the time of this writing. Most negative reviews cite unhelpful customer support. Positive reviews often point to the bank’s easy-to-use website.

Bank of America also earns a B+ rating from the Better Business Bureau.

How to apply for the Bank of America® Cash Rewards credit card

  1. Go to the Bank of America website and click Apply now.
  2. Complete the application with details like your name, address, annual income and Social Security number.
  3. Review and submit your application.

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 minutes. In some cases, you’ll need to wait a few business days to a few weeks to receive a response while Bank of America processes additional verification information.

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 at least 25 days to pay your balance without being charged interest.
  • 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. Call Bank of America customer support at 1-800-432-1000 with any additional questions you might have. You can also email Bank of America using an online secure form or connect through social media on Twitter or Facebook @BankofAmerica.

How do I redeem rewards from Bank of America® Cash Rewards credit card?

Log in to your Bank of America online account. You can redeem when your cash rewards balance is $25 or more.

Redeem for these rewards:

  • Statement credit, which reduces the amount you need to pay on your credit card bill.
  • A check.
  • An electronic deposit into a Bank of America savings or checking account.
  • A contribution to an eligible Cash Management Account with Merrill Edge or Merrill Lynch Wealth Management.

Ally CashBack Credit Card review

Bottom line

The Bank of America® Cash Rewards credit card is an excellent cashback card, and it gets even better with a $0 annual fee. It may be an especially good choice if you spend regularly on gas and groceries.

Before deciding, consider comparing other Bank of America cards or looking into other rewards cards.

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