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Bank of America Cash Rewards Credit Card

  • No annual fee
  • You can choose your own bonus category to get 3% cash back; no rotating categories that you have to keep track of
  • Rewards rates boosted if you have a large balance with Bank of America or Merrill Lynch
7.5 Total Score
4 reviews
WalletStars

Our rating is based on a combination of expert staff and user ratings.

7.5Expert Score
Support
6.5
Affordability
7.5
Benefits
7
Application Process
9
8.2User's score
Support
7.3
Affordability
8.3
Benefits
7.5
Application Process
9.8
PROS
  • No annual fee
  • You can choose your own bonus category to get 3% cash back; no rotating categories that you have to keep track of
  • Rewards rates boosted if you have a large balance with Bank of America or Merrill Lynch
CONS
  • Spending caps on bonus categories means this card is only for frugal spenders
  • Complicated terms
  • Not the best sign-up bonus among similar credit cards
Add your review
Average Score 7.5
PROS:
  • No annual fee
  • You can choose your own bonus category to get 3% cash back; no rotating categories that you have to keep track of
  • Rewards rates boosted if you have a large balance with Bank of America or Merrill Lynch
CONS:
  • Spending caps on bonus categories means this card is only for frugal spenders
  • Complicated terms
  • Not the best sign-up bonus among similar credit cards

Introduction

Intro APR 0% for 12 Billing Cycles
Annual Fee $0 
APR Range 16.24% – 26.24%

About the Bank of America Cash Rewards Card
This credit card mainly suits frugal shoppers who want to earn some extra rewards.

With the Bank of America Cash Rewards Credit Card, you can earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. You will also earn 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. You will only earn 3% and 2% cash back on the first $2,500 that you spend in combined choice category/grocery store/wholesale club purchases each quarter; then you will earn 1%. APR starts at 0% on purchases for 12 billing cycles and 0% on balance transfers for 12 billing cycles for balance transfers made in the first 60 days, and then the ongoing APR is 16.24% – 26.24% variable APR.

Benefits
Fortunately, the Bank of America Cash Rewards Credit Card has no annual fee. Rewards rates are boosted if you have large balances with Bank of America or Merrill Lynch. You can get an online $150 cash rewards bonus after making at least $500 in purchases in the first 90 days of your account opening. The most unique benefit is that you can choose your own bonus category from gas, online shopping, travel, dining, drug stores, or home improvement/furnishings. The credit card also includes Common Carrier Travel Accident Insurance which provides coverage to the cardholder while traveling by land, air, or sea on a licensed common carrier.

Drawbacks
Because of the spending caps on bonus categories, this card is not for big spenders. The terms are also very complicated and can be hard to understand. The sign-up bonus is also not the most generous that you can find in similar credit cards.

How to Get the Bank of America Cash Rewards Card
You must be at least 18 years of age to apply for this credit card. You will also have to authorize Bank of America to look at your credit reports and employment history. If you already have a Cash Rewards card or have had one within the past 24 months, you will not be eligible for this credit card.

About Target
Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico, and more than 35 countries.


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