Credit Card Reviews

Bank of America Cash Rewards Credit Card – Is It Right for You?

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With so many cash rewards credit cards to choose from, it’s not easy picking the one that will work best for your situation. That’s why we are going to tell you about one of the best cash rewards credit cards currently being offered, the Bank of America cash rewards credit card. You receive a $150 signup bonus after you make at least $500 in purchases within the first 90 days of the account being open. Sure it would have been nice if you received this bonus without being required to spend any money at all, but most cards have this requirement before they give you their bonus and most of them require you to spend a lot more. So, this isn’t a bad deal to get the bonus. The bonus actually winds up being roughly a 30% discount on the purchases you make to receive it and that isn’t a bad deal in anyone’s book.

Benefits of Using this Card

There are a lot of benefits when it comes to using the Bank of America Cash Rewards Credit Card especially when it comes to gas, groceries, and wholesale purchases. Moreover, the Bank of America Cash Rewards Credit Card offers 3% cash back on all gas purchases along with 2% cash back on all grocery and wholesale purchases all up to $2,500. Adding to this, all other purchases spent using this card customers can earn 1% cash back, but if an individual also has a Bank of America checking or savings account they can earn an additional 10% added to all of their cash back rates. Furthermore, if individuals have a certain amount of money in all of their accounts combined they can really start earning some amazing rewards.

Sign Up Bonus

The Bank of America Cash Rewards Credit Card offers customers a $200 sign up bonus if $500 is spent before the end of 3 months of activating the card which could be very enticing for new cardholders. Finishing up with these great offers individuals get 0 percent intro APR on All purchases and balance transfers for one year making it known that this card has some amazing benefits especially if an individual already has standard accounts with Bank of America.

APR and Fees

The Bank of America credit card offers an impressive introductory APR of 0% for the first 12 months of the card being opened. Balance transfers also receive a 0% APR for the first 12 months. After the introductory APR, the card has an APR of 13.99% to 23.99% which is based on your creditworthiness. The cards regular APR is comparable to similar cards, if not a little lower. The credit cards fees are equally impressive; they include:

  • No annual fee.
  • The balance transfer fee is 3% of the transfer with a minimum of $10.
  • A maximum late fee of $38.
  • No over limit fee.
  • Cash advance fee of 5% with a minimum of $10.
  • A foreign transaction fee of 3%.

Cash Back Rewards

Cash back rewards are no doubt everyone’s favorite part of credit cards. This is where the Bank of America Cash Rewards Card proves it’s worth, cash back rewards include:

  • You earn 1% cash back on purchases.
  • There is a 2% cash back reward at grocery stores, wholesale clubs, and gas station purchases every quarter.
  • Gas station purchases provide you with a 3% reward for the first $2,500 in combined purchases from grocery stores, wholesale clubs, and gas stations.
  • Receive a 10% customer bonus when you redeem your cash back rewards into a Bank of America checking or savings account.
  • You can redeem your cash rewards for a statement credit, a check, or an electronic deposit into a Bank of America checking or savings account when your cash rewards balance is $25 or more.
  • There is no reason to register your card or sign up to earn cash rewards because they are automatic and never expire.

Bank of America Preferred Rewards

The Bank of America Cash Rewards Credit Card offers an impressive cashback rewards program. However, if you qualify for the Preferred Rewards, you can get additional rewards for a truly impressive bonus. Bank of America customers can receive an additional 10% in cash rewards. If you keep a large amount of money in your Bank of America or Merrill Lynch accounts, you can receive even more cashback rewards; to qualify you to need:

  • A Bank of America personal checking account.
  • A balance of $20,000 or more in a qualifying Bank of America account, which include Merrill Edge and Merrill Lynch investment accounts, which is calculated as a three-month average of combined balances.

There Are Three Levels

Gold, Platinum and Platinum Honors, based on the balance of your account. These balance levels are:

  • The Gold balance requirement is $20,000 to $49,999 which will give you a 25% bonus.
  • The Platinum balance requirement is $50,000 to $99,999 which will give you a 50% bonus.
  • The Platinum Honors balance requirement is more than $100,000 which will give you a 75% bonus.

When You Reach A Rewards Level

Even if your balance drops below the required amount for that level, you can keep the program benefits for 15 months. The Bank of America Preferred Rewards program offers more than extra credit card rewards; you can also receive:

  • Interest rate increases on money market accounts.
  • No-fee ATM transactions.
  • Reduced mortgage origination fees.
  • Loan discounts and more.

Additional Bank of America Benefits

So as you’ve already seen there are a lot of benefits and features to choosing Bank of America as if all of that wasn’t enough, Bank of America offers additional benefits including:

  • Security Benefits – B of A offers zero liability protection on your credit card, Fraud Monitoring, Overdraft Protection, and a Paperless Statement Option.
  • Mobile Payments – You can add your card to any mobile device and be able to pay for purchases in-store or in-app with Apple Pay, Android Pay or Samsung Pay.
  • Mobile Banking – You can receive text or email alerts so you can stay on top of your finances and receive quick access to your account information with text banking.
  • Credit Line Bonus – If your credit line is $5,000 or more, you’ll receive a Visa Signature account, otherwise you’ll receive a Platinum Plus account. Both offer different benefits.
  • The Bank of America Cash Rewards Card offers some significant perks and is worth looking into to see if it will suit your needs.

What Should I Look Out for When Using this Card?

When asking yourself what should I look out for when using this card you should understand that there are both benefits and some things that may turn away potential cardholders. Starting with the fact that if an individual does not have any other Bank of America accounts they could be missing out on numerous amount of rewards that existing customers can easily take advantage of.

  • Make sure you are a member of the Preferred Rewards program at Bank of America.
  • If you are a Bank of America member already if you do not have at least $20,000 in all of your accounts combined you will still be missing out on a lot of amazing cash back bonuses which can be a let down if you are interested in this card.
  • Furthermore, the limit of $2,500 on the cash back opportunity to earn 2% or more when using this card, this could be frustrating due to other cards allowing for a more significant cash back opportunity than this one again unless the individual is a Bank of America account holder with at least $20,000 in all of their accounts.
  • 0% intro APR period might not be quite as long as other credit cards that may have 15 or more months with 0% intro APR.
  • Lastly, the final thing to look out for when using this card is that in order to be qualified to use this card they will have to have a credit score of at least 690 to get accepted to use the Bank of America Cash Rewards Credit Card.

Do the Cash Rewards Expire on this Card?

So, the question of doing the Cash Rewards expire on this card is very simple when it comes to the Bank of America Cash Rewards Credit Card. Furthermore, the answer to, do the cash rewards expire on this card is no, individuals can redeem their cash back whenever they choose to. In order to redeem the cash back rewards that are earned when using the Bank of America Cash Rewards, they can do so by receiving a check or by it merely being added to their Bank of America bank accounts.

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