Interested in applying for new credit cards out there? Don’t know which one is right for you? Look into the Bank of America® Cash Rewards Credit Card because it is a great card to use every single day. You have the opportunity to earn a $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening.
This card has a $0 annual fee and no expiration on the rewards so cash in whenever! To entice you even more, you can earn 1% cash back on every purchase, 2% at grocery stores and wholesale clubs and 3% on a category of your choice, such as a gas, online shopping and more. Maximize your potential savings by using this card and start earning rewards on those everyday purchases!
* The Cash Rewards card is issued by Bank of America. They also offer great sign-up bonuses for their Checking/Savings accounts.
Editor’s Note: Check if you’re targeted for this offer from Bank of America where you can earn 6% cashback on up to $2,500 online shopping purchases through December 31st, 2019. You earn up to a maximum of $150 in additional bonus value.
Table of Contents
Bank of America Cash Rewards Credit Card Summary
| Bonus Available | Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening |
| Bonus Value* | $200 |
| Travel Credit | N/A |
| Ongoing Rewards/Benefits |
3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings 2% cash back at grocery stores and wholesale clubs 1% cash back on all other purchases You’ll earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1% |
| Foreign Transaction Fees | 3% |
| Airport Lounge Access | N/A |
| Annual Fee | None |
PROS
- $200 bonus
- No annual fee to justify
- 0% intro APR for 12 billing cycles
- Bank of America Preferred Rewards bonus of 25% – 75%
CONS
- $2,500 spending cap on bonus rewards
There are cards with higher rewards if you’re a big spender and willing to pay the annual fee
How Much Cashback Can You Earn?
Although, BoA Cash Rewards credit card offers potentially valuable rewards for frugal spenders, its rewards structure is complicated. The highest rewards rate of 3% for cashback will be in the category of your choice. When selecting a 3% cashback category, you can choose one of the following six options:
- Gas
- Online shopping
- Dining
- Travel
- Drugstores
- Home improvement and furnishings
If you’re not able to choose a category then the default will be set to gas. If spending habits change, you have the option to update your choice category for future purchases once a month using the mobile banking app or online banking.
Redeem your cash rewards for any amount, anytime for statement credits, deposits made directly into a Bank of America checking or savings account.
Bank of America Cash Rewards Credit Card Benefits
- $0 Liability Guarantee. The $0 Liability Guarantee covers fraudulent transactions made by others using your account. Claims against posted and settled transactions subject to dollar limits and verification, including providing requested information supporting fraudulent use claim.
- Overdraft Protection. Overdraft transfers to your eligible Bank of America deposit account from your credit card account will be Bank Cash Advances under your Credit Card Agreement. Transfers will be subject to the terms of both your Credit Card Agreement and the account agreement(s) and disclosures governing your Bank of America deposit account.
- Mobile and Text Banking. Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Bank of America does not charge for Text Banking. However, your mobile service provider may charge for sending and receiving text messages on your mobile phone. Check with your service provider for details on specific fees and charges that may apply. Message and data rates may apply.
- Alerts. You may opt in to receive alerts via text or email. Bank of America does not charge for this service but your mobile carrier’s message and data rates may apply. Delivery of alerts may be affected or delayed by your mobile carrier’s coverage.
- FICO® Score Program. The FICO Score Program is available only for primary cardholders with an open and active consumer credit card account who have a FICO Score available. Simply access this through Online Banking, the Mobile website, and the Mobile Banking app.
BoA Cash Rewards Credit Card Top Features
For this credit card, you’ll get a 0% APR rate on purchases for the first 12 billing cycles. This gives you an incredible amount of time and flexibility to pay off a large purchase. After the introductory 0% APR period, your APR will go to Bank of America’s standard rates.
Note the introductory 0% APR offer also applies to balance transfers made in the first 60 days. However, there’s a 3% (min $10) balance transfer fee.
Enroll in Bank of America Preferred Rewards with at least $20,000 in combined accounts and you can enjoy between 25% and 75% boost on every purchase. The Bank of America Cash Rewards credit card Preferred Rewards bonus will be applied after all base and bonus cash rewards have been calculated on a purchase.
You are eligible to enroll in the Preferred Rewards program if you have an active Bank of America personal checking or Advantage Banking account and maintain a 3-month average combined balance in your Bank of America accounts.
| Tier | Qualifying Combines Balance |
| Gold | $20,000 |
| Platinum | $50,000 |
| Platinum Honors | $100,000 |
If you don’t have an BoA checking account, read the current BoA checking account bonuses to help you decide whether you should switch or not! Enrolled clients can receive a Preferred Rewards bonus of 25% for the Gold tier, 50% for the Platinum tier or 75% for the Platinum Honors tier.
| Qualifying Balance | Bonus Category Reward Rate | Grocery store/ Wholesale club reward rate | Rewards rate on everything else |
| Gold- $20,000 | 3.75% | 2.5% | 1.25% |
| Platinum- $50,000 | 4.5% | 3% | 1.5% |
| Platinum Honors- $100,000 | 5.25% | 3.5% | 1.75% |
Bottom Line
The Bank of America® Cash Rewards Credit Card provides you with benefits such as 1% cash back on all your purchases, 2% at grocery stores and wholesale clubs, 3% on a category of your choice, no annual fee, and much more. Start earning easy cash back for your purchases.
On top of all that, you can get a $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening. Don’t hesitate on signing up, this card may be for you.
If you are interested in more deals from Bank Of America has to offer, see our list of the Best Bank of America Promotions. For more credit cards, see our latest list of the best credit card bonuses.
(Visit Bank of America to learn more about this card and its features)
The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
Who’s the Competition?
Standard Rate on All Purchases
The Capital One Quicksilver Cash Rewards Credit Card and American Express Cash Magnet Card are two no-annual-fee cards that earn a flat rate on all purchases. There are no categories and no rewards caps to worry about.
 The Capital One Quicksilver Cash Rewards Card offers a one-time $200 cash bonus after spending $500 on purchases within 3 months from account opening. You'll be able to earn an unlimited 1.5% cash back on every purchase, every day with no rotating categories or sign-ups needed to earn cash rewards. This card comes with no annual fee and no foreign transaction fees which makes this card a viable option for your go-to everyday card. |
 The American Express Cash Magnet® Card offers $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. You'll earn unlimited 1.5% Cash Back on your purchases; your cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise. The card has no annual fee. (See Rates & Fees). |
Earn Another Easy Bonus
The Chase Freedom and Chase Freedom Unlimited credit cards both offer similar bonuses with very modest spending requirements.
 The Chase Freedom FlexSM offers a $200 bonus after you spend $500 on purchases in your first 3 months from account opening. You'll earn: • 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. • 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1% on all other purchases. You cash back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back. You'll be able to new 5% categories each quarter! This card has no annual fee. |
 The Chase Freedom Unlimited® Card offers a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. Earn unlimited 1.5% cash back on all purchases. In addition, you can earn: • 5% on travel purchased through Chase, • 3% on dining at restaurants and drugstores, and • Unlimited 1.5% cash back on all other purchases. There is no minimum to redeem for cash back & your cash back rewards do not expire as long as your account is open. This card comes with no annual fee and you'll get a free credit score that is updated weekly with Credit JourneySM. |
| PROMOTIONAL LINK | OFFER | REVIEW |
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| TD Bank Beyond Checking | $300 Cash | Review |
| TD Bank Convenience CheckingSM | $150 Cash | Review |
| Huntington Bank Unlimited Plus Business Checking | $750 Cash | Review |
| Huntington Bank Unlimited Business Checking | $400 Cash | Review |
| Huntington Bank Business Checking 100 | $200 Cash | Review |
| Axos Bank Basic Business Checking | $100 Cash | Review |
| Aspiration Spend & Save Account | $100 Cash | Review |
| Ally Invest | Up to $3,000 Cash | Review |
| BlockFi | Up To $250 BTC | Review |
| American Express High Yield Savings | 0.40% APY | Review |
| Discover Cashback Debit Account | $360 Cash | Review |
Just a note: I have 800+ credit score and was denied this BoA card for lack of relationship with the bank. Only card I have ever been declined for!