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Bank of America Cash Rewards Credit Card
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Pros
- 3% cash back is awesome opportunity for consumers who use to purchase for furnishing, online shopping, gas, dining, etc. (See more at the table below.)
- 2% cash back for wholesale clubs and grocery stores is another good opportunity.
- Opportunity for 19.24% cash advance APR is very good.
- There is no annual fee for the card.
- There is extra cash back opportunity if you are client of preferred rewards of Bank of America.
- 3% maximum cash advance and balance transfer fees are good.
- Interests rates of the card is good.
Cons
- Minimum balance transfer fee and cash advance fee are high.
Review
Bank of America Cash Rewards credit card is one of those best opportunities if you are looking for a cash back card. It provides several benefits for consumers. You can find a detailed review for the card below. There will be cash back and interest rates, promotions and benefits of the card in our review. If you are already using this card, please feel free to leave a review below.
3% Cash Back Rate for the Purchase Category That You Choose
3% cash back is an amazing rate for cash back and it is very unique. You can pick a purchase category and you can 3% cash back with this opportunity of the Bank of America Cash Rewards credit card. Categories that you can select: gas, online shopping, dining, travel, drug stores and home improvement and furnishing purchases.
Cash back rewards are limited with $2500 in a quarter.
2% Cash Back for Grocery Stores and Wholesale Clubs
You will able to get 2% cash back for Grocery Stores and Wholesale Clubs with the help of Bank of America Cash Rewards Credit Card. This is up to $2500 and combined with your grocery stores and wholesale club.
You will also earn 1% rewards for the each purchases you have made for other categories. If you reach the each limits which we counted above, you will also start to earn 1% cash back from those categories too.
Bonus Cash Rewards After Spending $500
You will able to earn 150 cash rewards after you spend $500 with your credit card. This is making this card more profitable for consumers. Bonus rewards are not attracting much but it is good opportunity when you think about the high cash back opportunities of the card.
Interest Rates and Fees
APR for purchases is 16.24% minimum for the card and the maximum is 26.24%. Your creditworthiness will determine the interest rate of your credit card. If you manage to get the minimum APR it can be quite beneficial card for you. You will need to calculate your expenses and also possible reward rates for maximum APR. You can also talk about a banker for your possible interest rates with Bank of America Cash Rewards Credit Card.
Introductory APR for 12 Months on Purchases and Balance Transfers
One of the good advantages of Bank of America Cash Rewards Credit Card is that you won’t need to pay APR rates for 12 months and this will help you to save a lot. This introductory APR is valid for purchases and balance transfers.
Fees
There is no annual fee of the credit card and this makes the card profitable for consumers. You need to pay 3% for cash advance and 3% for balance transfer.
Additional Rewards for Preferred Rewards
If you are already a preferred rewards client of Bank of America, you will gain additional rewards on your purchases. Amount of these extra rewards are depends with your tier. The minimum reward amount will be 25% and the maximum is going to be 75% more rewards. With the 3% cash back you can increase your earns to 5% with preferred rewards.
Bank of America Cash Rewards Credit Card Rates and Fees Table
| Interest Rate (APR) | Rewards ($1) | Annual Fee | FTF(*) | Cash Advance Fee | Cash Advance APR | Balance Transfer Fee | Balance Transfer APR |
|---|---|---|---|---|---|---|---|
| 16.24% – 26.24% | 3% cash back for one of these categories that you select: home improvement and furnishing, online shopping, dining, gas, travel, drug stores. (Limited with $2500 in a quarter.)
2% cash back to wholesale clubs and grocery stores. (Limited with $2500 in a quarter.) 1% cash back to all purchases. |
None | 3% | $10 or 3% | 19.24% – 27.24% | $10 or 3% | 16.24% – 26.24% |
FTF: Foreign Transaction Fee
Discover It Chrome Card Editor Scores
| Type of Card | Editor Score | Overall Score | Total Cards |
|---|---|---|---|
| General | 254 | 200 | 100 |
| Zero Interest | 226 | 180 | 43 |
| No Annual | 201 | 166 | 60 |
| Rewards | 316 | 189 | 64 |
| Cash Back | 174 | 123 | 26 |
| Sign-Up Bonus | 232 | 199 | 44 |
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You can check user reviews of Bank of America Cash Rewards Credit Card below and you can also add your own review.
Originally posted 2019-03-05 14:49:30.
