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finder.com’s rating: 4.6 / 5
★★★★★
$200
Welcome offer
Up to 3%
Cash back
$0
Annual fee
0%
Intro purchase APR
for the first 15 statement closing dates (then 13.99% to 23.99% variable)
Annual fee | $0 |
---|---|
Welcome Offer | $200 after spending $1,000 in the first 90 days |
Rewards | 3% cash back on a chosen category and 2% at grocery stores and wholesale clubs for the first $2,500 each quarter combined, then 1% after that and on everything else |
Purchase APR | 0% intro for the first 15 statement closing dates (then 13.99% to 23.99% variable) |
Balance transfer APR | 0% intro for the first 15 statement closing dates (then 13.99% to 23.99% variable) |
Recommended minimum credit score | 720 |
Issuer | Mastercard |
Review by
Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order by expertly navigating cutting-edge financial tools — including credit cards, apps and budgeting software.
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.
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 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:
In total, you’d earn $258 cash back over a year.
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.
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).
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.
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 earned a Trustpilot score of 1.3 out of 5 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 an A+ rating from the Better Business Bureau as of October 2020 and has been accredited since 1949.
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:
Ally CashBack Credit Card review
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.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
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Our team evaluates credit cards to determine their value against similar cards on the market.
We rank card types — travel, cash back, business — on a set of factors that are most relevant to that type of card. We create these rankings to help you narrow down a credit card that best suits your spending and budget.