- Easily obtainable $200 bonus offer for new cardholders
- No annual fee
- Can be combined with perks for Preferred Rewards clients
- $200 sign up bonus
- No annual fee
- Up to 4% cash back on popular categories
- Other cards offer more perks for everyday purchases
- APR nearly doubles if you make a late payment
Do you want a card that pays you cash back where you shop most? The Bank of America® cash rewards credit card may be just what you’re looking for. This card offers up to 3% cash back on popular categories. Your credit card should pay you, and with this card, it happens every time you swipe.
Bank of America® Card Rewards credit card review
Every time you use a credit card at checkout online or in store, the credit card company charges the merchant a small fee for processing the transaction. With cash back rewards cards, you get a piece of that fee for every dollar you spend.
The Bank of America® Cash Rewards card gives you 2% cash back at grocery stores and wholesale clubs, 3% cash back on gas, and 1% everywhere else. The 2% and 3% bonus cash back categories are limited to the first $2,500 in combined purchases each quarter.
This card has no annual fee and offers a $200 cash back bonus after spending $500 on purchases in the first 90 days after opening a new account. With no annual fee and a great signup bonus, this card can pay you back big time for regular purchase activity.
Bank of America® Card Rewards credit card rewards and perks
The rewards program from this card comes in the form of cash back. You earn cash back rewards every time you use the card. Earn 2% back at grocery stores and wholesale clubs and 3% cash back on gas up to $2,500 in combined purchases per quarter across all bonus categories. Earn 1% everywhere else.
New customers get a $200 cash rewards bonus after $500 in purchases within 90 days of opening a new account. That is a great signup bonus and equivalent to 40% cash back on your first $500 in purchases, plus the 1% to 3% you earn anyway.
Bank of America customers with a linked BofA checking or savings account can get even more. Get a 10% customer bonus every time you redeem cash back into a Bank of America® checking or savings account. Preferred Rewards clients can earn up to 75% in bonuses if you meet certain balance or activity requirements.
Bank of America® Card Rewards credit card credit card benefits
This card offers one very attractive benefit to new cardholders with outstanding balances on other cards. Get 0% APR for all new purchases for the first 12-months and 0% APR for balance transfers completed within 60 days of opening your account for the same 12-month period.
This card does not offer purchase protection or travel insurance benefits.
Bank of America® Card Rewards credit card costs and fees
Bank of America® Cash Rewards has no annual fee. You can keep the card forever without paying a cent as long as you avoid interest and certain fee generating activity.
Pay 0% APR on purchases and balance transfers for the first 12 billing cycles. Balance transfers must be completed within 60 days of opening a new account to qualify for 0% APR. Regardless of when you do it, a balance transfer comes with a 3% fee ($10 minimum) for each transfer.
After the 0% APR period ends, this card charges variable rate interest from 14.99% APR to 24.99% APR depending on your credit history. Interest rates can change at any time with market rates.
Cash advance transactions charge a higher variable 17.99% to 26.99% APR. Bank cash advances always charge the higher variable 26.99% APR. If you miss a payment, you’ll pay up to 29.99% variable rate interest under a penalty rate. Cash advance fees are 3% or 5% depending on the type of advance with a $10 minimum per occurrence.
Returned payments charge up to $27 each and late payments cost up to $38 each. Overdraft protection cash advances charge $12.
If you use this card outside of the United States, a 3% foreign transaction fee applies.
Does the Bank of America® Card Rewards credit card make sense for me?
If you are a Bank of America customer and want to earn cash back through an easy-to-understand rewards system, this is a great card for you. Consider the Citi Double Cash card or Chase Freedom Unlimited as alternative cash back credit cards depending on your needs.
This is not the best cash back card out there due to a $2,500 quarterly limit on bonus categories, but when you take into account no annual fee, a $200 signup bonus, and an opportunity for 10% bonus cash back for Bank of America customers, there are some scenarios where this card makes a lot of sense.
Application Process: Apply online with the usual info requested by credit card companies, or visit your local Bank of America branch. You can also apply by calling (877) 754-6706.
You need good to excellent credit to get approved for this cash-back card, so hold off on applying if your FICO needs some TLC.
Fees: The Bank of America Cash Rewards card doesn’t charge an annual fee. However, you’ll still shell out cash for other fees, like if you transfer a balance or forget to pay your bill on time.
Balance transfers cost $10 or 3% of the amount of each transaction, whichever is greater. You can get a cash advance via direct deposit or a check, but it costs $10 or 3% of the amount of each transaction, whichever is greater. ATM cash advances cost $10 or 5% of the transaction amount, whichever is greater.
Wire transfers from nonfinancial institutions cost $10 or 5% of the amount of each transaction, whichever is greater.
Returned payment fees run up to $27, and late payment fees cost as much as $38. You may have some luck getting your first fees waived, but try not to make a habit out of making late payments.
APR: There’s a 0% promotional APR during the first 12 billing cycles for purchases and balance transfers. Balance transfers must be made within 60 days to qualify.
When your promotional period ends, expect to pay an APR between 14.99% and 24.99% for purchases. Cash advances have an APR between 17.99% and 26.99%.
There’s a penalty APR of 29.99% if you make a late payment, and it lasts indefinitely.
Rewards: Your rewards rate is always at least 1% cash back for qualifying purchases. Earn 2% at wholesale clubs and grocery stores. Collect 3% cash back on gas for the first $2,500 in combined grocery and gas purchases per quarter.
If you aren’t shopping for gas or groceries, you’ll earn 1% back. Increase your rewards to 10% cash back by redeeming them to your Bank of America checking or savings account. Preferred Rewards clients can increase their rewards by a whopping 25% to 75% per redemption.
Bonus Offers: Cardholders often gripe about unattainable bonuses, but that’s not the case with this Bank of America card. Spend just $500 on purchases during your first 90 days as a cardholder to claim a $150 online cash bonus from Bank of America.
- No annual fee
- $150 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening
- Earn 1% cash back on every purchase, 2% at grocery stores and wholesale clubs, and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter
- No changing categories and no expiration on rewards
- 0% Introductory APR for 12 billing cycles for purchases AND for any balance transfers made in the first 60 days, then, 14.99% - 24.99% variable APR, 3% fee (min $10) applies to balance transfers
- Get a 10% customer bonus every time you redeem your cash back into a Bank of America® checking or savings account
- If you're a Preferred Rewards client, you can increase that bonus to 25% - 75%
- Easily add your Mastercard® credit card to any digital wallet for a simple, secure, and convenient way to pay online, in-app, and in-store