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

Bank of America® Cash Rewards Credit Card Review – June 2018

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An excellent cashback card with no annual fee.

30-second take

  • 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
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)14.74% to 24.74% variable
APR for Purchases ( Purchase Rate )14.74% to 24.74% variable
Annual fee$0
Cash Advance Rate17.74% to 26.74% variable
Card TypeMastercard
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 (MC)
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 5% of the amount of each transaction, whichever is greater
Rewards ProgramBank of America
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 gas 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 14.74% to 24.74% 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.

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 $500 on purchases in the first 90 days your account is open, you 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 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 14.74% to 24.74% 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

  • 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. After, they’re subject to an APR of 14.74% to 24.74% 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.

Consider other cards if …

  • You spend a lot on gas and groceries.

    The Blue Cash Preferred® Card is a powerhouse for gas and grocery cash back. It offers 6% cash back — up to $6,000 a year — at US supermarkets, reverting to 1% when you’ve hit the limit. You’ll also earn 3% cash back at US gas stations and some US department stores. Unfortunately, it comes with a $95 annual fee. That said, it’s better to get the card if you spend enough on gas and groceries to make the fee worth it.

Compare cash back credit cards

Rates last updated June 22nd, 2018
Name Product APR for Purchases ( Purchase Rate ) Intro APR for Balance Transfer Annual fee Product Description
HSBC Cash Rewards Mastercard® credit card
14.49%, 18.49%, or 24.49% variable
0% Intro APR for 15 months (with whichever is greater: $10 or 4% balance transfer fee)
$0
Earn unlimited 1.5% cash rewards on all purchases. See Rates and Fees
Apply now Read review
Credit One Bank® Unsecured Visa® with Free Credit Score Tracking
17.49% to 25.49% variable
$0 to $75 first year annual fee for the first year ($0 to $99 thereafter)
Get 1% cash back rewards on eligible purchase, terms apply.
Apply now Read review
Susan G. Komen® Cash Rewards Visa®
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
1% cash back on every purchase, 2% at grocery stores and now at wholesale clubs and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter
Wells Fargo Cash Back CollegeSM Card
12.90% to 22.90% variable
0% Intro APR for 6 months (with whichever is greater, $5 or 3% balance transfer fee)
$0
3% cash rewards on gas, grocery, drugstore for first 6 months, 1% cash rewards on virtually all other net purchases.
U.S. Pride® BankAmericard Cash Rewards™ Visa® Card
14.49% to 24.49% variable
0% Intro APR for first 12 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
$0
Online $150 cash rewards bonus after making at least $500 in purchases in the first 90 days of your account opening.
Blue Cash Everyday® Card from American Express
14.74% to 25.74% variable
0% Intro APR for 15 months (with whichever is greater, $5 or 3% balance transfer fee)
$0
Earn $150 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive the $150 back in the form of a statement credit.
Blue Cash Preferred® Card
14.74% to 25.74% variable
0% Intro APR for 12 months (with whichever is greater, $5 or 3% balance transfer fee)
$95
Earn $250 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive the $250 back in the form of a statement credit.
Bank of America® Cash Rewards Credit Card
14.74% to 24.74% 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.
Citi® Double Cash Card
15.24% to 25.24% variable
$0
Earn 1% cash back for payments on purchases, on top of the 1% cash back on purchases. No annual fee.
USAA® Preferred Cash Rewards Visa Signature® Card
13.40% to 27.40% variable
$0
Earn 1.5% cash back on every purchase with no limits or category restrictions. Pay no annual fee, no penalty APR and no foreign transaction fees.
Uber Visa Card
16.49%, 22.24% or 25.24% variable
$0
Get 4% points back on dining, 3% on travel, 2% on Uber rides and online shopping and 1% on other purchases, and redeem points for Uber credits, gift cards or cash back.
USAA® Cashback Rewards Plus American Express® Card
13.40% to 27.40% variable
$0
Earn $150 bonus after you make $500 in purchases within the first 90 days of opening your account.

Compare up to 4 providers

Should I get the Blue Cash Preferred® Card 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, 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.

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.

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

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.

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

Kevin Joey Chen

Kevin Chen is a world-travelin', copy-writin', Game of Thrones-watchin' credit cards writer for finder.com. When he's not crunching the numbers on bonus points and comparing APRs, you can find him flying around the world in search of the perfect beer.

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