Who is the Bank of America Cash Rewards Credit Card for?
The Bank of America Cash Rewards Credit Card suits any cardowner looking for generous cash back offers without paying an annual fee. This card gives you the chance to be in control of how you earn your rewards. You will earn 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs, and an unlimited 1% cash back on all other purchases. Note that the 3% and 2% cash back categories are limited to the first $2,500 in combined purchases every 3 months.
This card comes with no annual fee, making it beneficial for everyone since no money is leaving their pockets. If you are already a Bank of America Preferred Rewards member, you will receive even greater rewards.
We recommend this card for anyone who wants cash back but does not want to pay for it. This free card can be paired with travel cards to maximize rewards and cash back whether you are at home or abroad.
Once you spend $1,000 with your credit card, you will receive a $200 online cash rewards bonus. For no annual fee, you are being rewarded with $200 of cash rewards which can be spent on whatever you choose. Bank of America is practically paying you to use their credit card, and ultimately this early bonus makes the card very valuable.
The Bank of America Cash Rewards Credit card offers 3% cash back on a category of your choosing, 2% cash back on grocery store and wholesale club purchases, and 1% cash back on all other purchases. Thus, if you know you will be spending a lot of money at gas stations, you can choose gas stations as your 3% cash back category and thus truly maximize your rewards.
For example, if you were going on a trip to the grocery store and filled up gas on the way, you could fill up your tank on the way for $30, receive $3 back, and then spend $50 at the grocery store and receive another dollar back. This simple trip to the store would make you $4, highlighting the benefits of this card.
No Annual Fee
Cardholders can enjoy all of these benefits at no annual cost, making this card perfect for everyday purchases. Since this card is free, it makes sense to use it on everyday transactions, especially on items in the category that you choose for 3% cash back. If you use this card on items that you will receive high cash back rates and then pair it with another Bank of America rewards card for specialized and international spending, you will be able to maximize your rewards at no additional cost.
Savvy cardholders will take advantage of Bank of America’s Preferred Rewards Membership, which supercharges rewards earning potential. That means the 3% choice category could go up to 5.25%, the 2% at grocery stores and wholesale clubs could go up to 3.5%, and the 1% for all other purchases could go up to 1.75%. If you already bank with BofA, you will qualify for either 25%, 50%, or 75% more cash back rewards -- which can push this card ahead of all others in the cash back rewards category.
The Bank of America Cash Rewards card also offers a compelling introductory 0% APR for your first 15 billing cycles for purchases, and for any balance transfers made within 60 days of opening your account. After the introductory APR offer ends, the card offers a competitive 15.49% to 25.49% APR. Note, however, that a 3% fee applies to all balance transfers.
Bank of America also offers a variety of protection packages. You will receive a $0 liability guarantee on any fraudulent charges, which Bank of America will block immediately. Also, Bank of America uses chip technology enhancing security. This technology can be used in over 130 countries.
You can choose to set up account alerts for whatever purposes you may need them for. This will allow you to stay on top of your balances and due dates. You will also be able to choose how you receive these alerts. These options include emails and text alerts, which will let you know when payments are due or paid.
This card also offers access to Bank of America’s award-winning Online and Mobile banking. You can bank from anywhere easily and safely and pay your bills online, transfer funds, and much more. You can also use Digital Wallets technology in order to easily purchase items online.
This card works for everyday purchases and pairs nicely with travel rewards credit cards at no annual cost. Receiving 3% cash back on a category of your choice allows you to decide how you will optimize your cash back. Especially if you are a Bank of America Preferred Rewards member, you can use this card to bring in money, and with 0% APR for 15 months you will be able to save money without spending money.