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Review on the Bank of America Cash Rewards Card

Bank of America Cash Rewards Credit Card

This is the card for those looking for a great cash back.

The loyalty program really matters. This is true for those who have the Bank of America® Cash Rewards credit card.

The card implies no annual fee to pay while promising you a really high rewards rate on different purchases made at gas stations, grocery stores and wholesale clubs. There is only one but really important requirement to meet to be able to use the benefits – you should have at least $20,000 with Bank of America® and Merrill Lynch®. If you don’t meet the requirement, you’d better start looking for a different cash back credit card since you won’t get that much rewards.

General information on the card

Benefits:

  • No annual fees to pay.
  • An appealing special offer.
  • Great rewards rate.

Disadvantages:

  • If you spend a lot of money on different purchases and have a great credit score, you can find better cards in terms of rewards.

Bank of America® Cash Rewards Credit Card
Bank of America® Cash Rewards Credit Card

  • No annual fee to pay each year.
  • The Standard APR from 13.99 to 23.99%. Bear in mind that it may vary.
  • There is a Penalty fee that may amount up to 29.99%. The fee applies in case you fail to pay off in full on time. The fee may also vary.
  • Special Offer: If you manage to spend $500 within the time period of the first 90 days, you’ll be rewarded $150 online cash.
  • APR Special Offer: There is no fee to pay for the purchases and balance transfer operations during the first 12 months after you open an account. Pay attention to the fact that only the operations carried out and the purchases made in the first 60 days will be taken into account.

More information concerning the card:

  • You’re not expected to pay any fee.
  • You get a reward of $150 online cash after spending $500 on different purchases.
  • The total sum of $2,500 you spent on gas, purchases at grocery stores and wholesale clubs is a subject to a big reward. You’ll get 2% cash back for purchases at grocery stores and wholesale clubs, 3% for purchases made at gas stations and 1% for all the rest purchases made with the card. The rewards apply each quarter of a year.
  • The reward you earn do not expire for as long as your account is active. The bonus categories are unchangeable.
  • No payment for the balance transfer operations carried out in the first 60 days after you open an account. Once the “bonus” period is over, the fee of 3% applies.
  • Each time you choose to redeem your rewards (cash back rewards) and credit it to a checking or savings account you have with the Bank of America®, you get 10% bonus.
  • In case you happen to be a Preferred Rewards client, your bonus may be increased for 25-75%.

The reasons for you to consider applying for the card

  1. You’re either the Bank of America® or Merrill Lynch® loyal customer.

The fact is that the rewards rate you are to expect in case you are neither of those mentioned is pretty low. You’ll get a standard 1% cash back and an increased cash back rewards of 2 and 3% on the purchases made at wholesale clubs, grocery stores and gas stations. Bear in mind that you need to spend a total sum of $2,500 each quarter of a year to get the increased cash back.

If you have a bank or an investment account with Bank of America® or Merrill Lynch®, you’ll be rewarded 10% bonus when redeeming your rewards. This sounds better. However, not all people of those looking for a cash back credit card have accounts required.

In case you happen to be a Preferred Rewards client with the Bank of America®, this card is the best to have. Still, there are certain requirements to meet. The minimal sum on your combined accounts with Bank of America®, Merrill Edge® and/or Merrill Lynch® should at least amount to $20,000. If you are lucky to have such a big amount, you’re to get an increased reward rate of 25-75%.

  • Preferred Rewards (Gold status) implies the rate increased for 25%. The total sum on the combined accounts should amount to $20,000-$49,999. The reward rate for purchases at gas stations – 3.75%. The reward rate for purchases at grocery stores and wholesale clubs – 2.5%. For all the rest purchases the reward rate of 1.25% applies.
  • Preferred Rewards (Platinum status) implies the rate increased for 50%. The total sum on the combined accounts should amount to $50,000-$99,999. The reward rate for purchases at gas stations – 4.5%. The reward rate for purchases at grocery stores and wholesale clubs – 3%. For all the rest purchases the reward rate of 1.5% applies.
  • Preferred Rewards (Platinum honors status) implies the rate increased for 75%. The total sum on the combined accounts should amount to $100,000 and more. The reward rate for purchases at gas stations – 5.25%. The reward rate for purchases at grocery stores and wholesale clubs – 3.5%. For all the rest purchases the reward rate of 1.75% applies.

The rates are fantastic! Besides, if you keep the sum of $50,000 on your combined accounts, the rewards you’ll earn will be higher than those provided by the Costco co-branded card. Seems like the greatest deal you can have in your life.

  1. You’re a regular client at gas stations and you buy a lot at grocery stores.

The Bank of America® Cash Rewards credit card, like many other cash back credit cards, grants you rewards on the basis of the total sum spent in your bonus categories. The only difference is that the categories never change. You definitely need the card if you spent a lot at gas stations, grocery shops and wholesale clubs.

It’s simple and easy to get the rewards. You don’t need to activate any bonus categories each quarter of a year. No doubt, the need to do it can be really bothersome.

  1. You’re looking for a card without any interest for a certain period of time.

The card is advantageous from the point of view of no APR during the first 12 months. It means that you can simply pay off the purchase made without paying any interest.

However, you’re strongly recommended to pay off on time. If you fail to do so, the “bonus” period implied by the card will come to an end.

The reasons for you to consider a different card

  1. You’re looking for a more appealing sign-up bonus.

Discover it - Cashback Match

If you want to get a really big sign-up bonus, you’d better apply for Discover it® – Cashback Match™. The thing is that the Bank of America® Cash Rewards credit card only promises you a bonus of $150 while the Discover It card allows you to get cash back on the total sum spent during the first 12 months. The card comes with no annual fee and promises a cash back of 5% on the purchases made in activated bonus categories.

  1. You’re looking for unlimited rewards.

Citi Double Cash Card – 18 month BT offer

For those spending big sums on different purchases the limitation of $2,500 may seem rather disappointing. Once you spend more than the sum mentioned, you’ll only get 1% cash back on all the purchases made after. The “bonus” period will activate at the beginning of the next quarter.

We recommend those spending much to apply for the Citi® Double Cash Card – 18 month BT offer. There is no annual fee that you’re expected to pay and you’ll get 1% cash back when paying for the items or food with the card and an additional 1% when paying the purchases off. Consequently, the card allows you to get more rewards.

Summary: Is the Bank of America® Cash Rewards credit card right for you?

The card is good even if you’re not a Preferred Rewards client. However, we all aim to find the best from what’s available. We recommend you keep looking since there are credit cards with a lot better rewards and special offers.

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Comments: 3
  1. SilasBrown

    Hello. I’m wondering whether the online cash rewards bonus is to be spend only online? Can I withdraw it from my account? Can I spend it at other shops or only at BOA gift shops?

    1. Gloria

      Hi, there. You can redeem the reward in the form of a deposit, a statement credit or a personal check. Consequently, it’s possible for you to spend you reward at any shop you want.

  2. Josephine

    I really like the promotion offer. It allows those spending much at grocery shops to get rewards. As a rule, people spend more on groceries and not on gas (I’m one of the examples).

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