Bank of America® Cash Rewards Credit Card review

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.

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.

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 (between gas, online shopping, dining, travel, drug stores, or home improvement) 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 15 billing cycles, reverting to 13.99% to 23.99% variable APR after. Make balance transfers within the first 60 days to qualify.

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 15 billing cycles. After, they’re subject to an APR of 13.99% to 23.99% 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

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Name	Product	Filter values	Rewards	Purchase APR	Annual fee
Blue Cash Preferred® Card from American Express			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 (redeem as statement credit)	0% intro for the first 12 months (then 13.99% to 23.99% variable)	$0 intro annual fee for the first year ($95 thereafter)	Apply now View details	Earn up to $350. In your first 6 months, you can earn a $150 statement credit when you spend $3,000, and earn 20% back on Amazon purchases made with your card, up to $200 total. Having 6 months to earn a welcome offer is a rare benefit as most cards give you only 3. Terms apply, see rates & fees	Compare	loading Fetching your data...
Blue Cash Everyday® Card from American Express			3% at US supermarkets on up to $6,000 per year (then 1%), 2% at US gas stations and select US department stores and 1% on all other purchases (redeem as statement credit)	0% intro for the first 15 months (then 13.99% to 23.99% variable)	$0	Apply now View details	Earn up to $250. You'll get 20% back on Amazon.com purchases in the first six months for up to $150 back, and $100 after you spend $2,000 in the first six months. This is a higher-than-average welcome offer for a card with no annual fee. Terms apply, see rates & fees	Compare	loading Fetching your data...
Chase Freedom Unlimited®			5% cash back on travel purchased through Chase, 5% on Lyft, 3% on dining and drugstores and 1.5% on all other purchases	0% intro for the first 15 months (then 14.99% to 23.74% variable)	$0	Apply now View details	This solid 1.5% cashback card gets even better with the addition of up to 5% back in categories like travel, drug stores and dining.	Compare	loading Fetching your data...

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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.

Bank of America® Cash Rewards Credit Card reviews and complaints.

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.

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 $40. 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.

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.

Frequently asked questions

• If I qualify for the signup bonus, when will I receive my cash bonus?

  You’ll receive the bonus eight to 12 weeks after you qualify.

• How do I qualify for Bank of America Preferred Rewards?

  First, you’ll need a Bank of America personal checking account. Then you’ll need a combined balance of $20,000 or more in these accounts:

  • Bank of America accounts
  • Merrill Edge or Merrill Lynch investment accounts

  Bank of America Preferred Rewards includes tiers that enter based on your combined balance:

  • Gold. Required balance of $20,000 to $50,000 — 25% points bonus
  • Platinum. $50,000 to $100,000 — 50% points bonus
  • Platinum Honors. $100,000+ — 75% points bonus

• Does cash back expire?

  No. Your cash back doesn’t expire as long as your account is open and in good standing.