Bank of America Cash Rewards Credit Card

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Bank of America Cash Back

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  • $0 annual fee
  • 0% Intro APR offer on purchases for 15 billing cycles
  • 0% Intro APR for 60 days on Balance Transfers


  • Ability to choose bonus cash back category
  • $200 cash back welcome bonus offer
  • $0 annual fee


Bank of America Cash Rewards Card Summary

The Bank of America Cash Rewards Credit Card comes with no annual fees and somewhat generous welcome bonus offer, but the customer needs to ensure they use the card frequently during the first three months if they wish to qualify for this welcome offer. There is a convenient introduction offer that comes with 0% APR on purchase transactions and Balance Transfers.

A flat fee cash back system is provided to the customer with the issuance of the Bank of America Cash Rewards Credit Card. The ability to earn bonus points is also provided, but the customer can only select one category in which they would like to implement this system.


PROS:
  • 0 annual fee
  • 0% Intro APR offer on purchases for 15 billing cycles
  • 0% Intro APR for 60 days on Balance Transfers

CONS:
  • Variable APR can go as high as 26.24%
  • Requires a minimum credit score of 690
  • Balance Transfer intro APR offer only valid for 60 days


Best Features

One of the most beneficial features that come with the issuance of this particular credit card is the fact that the customer does not need to pay any annual fees. The card also has a welcome bonus that the customer can take advantage of. If the cardholder spends at least $1,000 within the first 90 days after they received the card, then a cashback bonus of $200 will be added to their account.

The Bank of America Cash Rewards Credit Card comes with a 15-month 0% APR intro offer on all purchase transactions that are made with the card. Additionally, the customer is able to enjoy a 0% APR intro offer on all Balance Transfer transactions within the first 60 days after the card was provided to them.

A 1% fixed award system is in place for the majority of transactions that the customer makes, but there is a bonus system that allows the customer to choose a category in which they would like to receive a 3% cashback once a month. Extra reward points are offered on purchases at wholesale clubs and grocery stores.


Drawbacks

The major drawback that some will face is the fact that there is a limit in terms of the rewards that can be earned in the bonus categories, as well as when making purchases for groceries. The same limit applies to purchases made at wholesale clubs.

The introductory period that offers a 0% APR on Balance Transfers is also quite limited compared to some of the competitive options that are available.


Overall Summary

The Bank of America Cash Rewards Credit Card comes with a number of perks that are primarily aimed at those individuals who are already with this particular bank. The card has an unlimited cashback earning potential on regular purchases, but a limit is placed on how much rewards can be earned on certain purchase transactions, such as those made at grocery stores. There is a welcome bonus offer that the customer can take advantage of, but it relies on a minimum amount of $1,000 in transactions that need to be made within the first 90 days.


Who this card is best for

The Bank of America Cash Rewards Credit Card is a great option for people who are already loyal customers at this bank. The card is also great for those looking to gain the benefits of cashback rewards, and be able to choose the bonus categories that they mostly shop in. People who worry about annual fees on credit cards will also find this option ideal, as there are no such fees that apply.


 

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