The Bank of America Cash Rewards credit card stands out as an excellent choice among other cashback cards on the US market. It offers various benefits and a unique rewards system.
Unlike other cards, the $0 annual fee card allows you to select from a list of options, such as your own 3 percent bonus category and the option to change that selection up to once a month. It's a particularly good deal for those who can boost their rates of rewards by keeping significant balances with Bank of America or Merrill.
The biggest downside of the card might be that it comes with bonus spending caps in the group, so this isn't a perfect choice for big spenders. However, there's a lot to be happy about with this Mastercard option. Read on to learn about eligibility requirements and other details.
Features and Benefits
One of the main benefits of this card is the sign-up bonus, which entails a $200 online cash rewards bonus for the first 90 days of account opening you make at least $1,000 in transactions.
While the Bank of America® Cash Rewards credit card offers potentially valuable rewards to those who spend modestly, there is fair involvement in its rewards structure.
You get 3% back on your choice category (options listed below) and 2% back on grocery stores and wholesale clubs for the first $2,500 of combined bonus category / grocery store / wholesale club spending per quarter. As well as reaching that threshold, you will also earn 1% back on other purchases.
The 3 percent categories from which you can choose are the following.
- Shopping online now
- Home improvement and interior furnishings
Each month, you can adjust your category, making it easy to prepare for upcoming purchases or keep it the same.
And if you don't remember to choose your next category for a month, you won't miss it out — you'll continue to earn 3 percent in the type of your choice until you hit the cap.
Cardholders who qualify for the Bank of America® Preferred Rewards program receive a higher level of rewards.
With this card, there is no minimum waiver requirement when you do a one-time waiver of cash rewards into your Bank of America® account or a statement credit. However, there is still a minimum waiver requirement of $25 for other waiver options.
More Details on Features
For a statement credit, a check, a direct deposit into a Bank of America® checking or savings account, an eligible 529 account, or a contribution to an available Merrill account, cashback may be redeemed. You can also opt to auto-redeem register.
Pay close attention to the spending caps on the bonus categories before you pounce on this offer.
If you spend more than $2,500 a quarter on the 3 percent and 2 percent categories of this card, you may be better off earning more rewards with another card that doesn't impose such caps.
Eligibility and How to Apply
To be eligible to apply for this particular line of credit, you may need to meet certain age, income, and residency criteria set forth by Bank of America.
To see if you are eligible to apply simple visit the Bank of America website and choose the option to “Apply Now”.
Fees and Charges
Note that this is not a comprehensive list of charges to expect, and for more info regarding the fees associated with this credit card, please contact a bank representative directly.
- Annual Fee - $0
- Standard APR - 13.99% - 23.99% variable for purchases and balance transfers
- APR for Cash Advances - 16.99% - 27.24%
- Penalty APR - 29.99%
- Cash Advance Fee - 3% (or minimum $10)
- Balance Transfer Fee - 3% (or minimum $10)
- Overdraft Protection Cash Advance Fee - $12 per transaction
- Foreign Transaction Fee - 3%
- Late Payment Fee - Up to $40
- Returned Payment Fee - Up to $29
Bank Contact Info
To contact the bank and inquire about this card, its features, or any other information about applying for credit, you can call customer service 24/7 at 800-732-9194.
Alternatively, you may write to Bank of America, PO Box 2493, Norfolk, VA 23501-2493 with application status inquiries.
The Bank of America Cash Rewards card is a generous offer for those looking to earn while they spend.
Visit the Bank of America website to know more tips on applying for cash rewards today!
Risk Disclaimer: There are risks involved when applying for and using credit cards. Consult the bank’s terms and conditions page for more information.