Bank of America Cash Rewards Review

Bank of America Cash Rewards is a cashback credit card issued by Bank of America. If you're wondering whether Bank of America Cash Rewards is the right card for you, read on. This is everything you need to know to make a good choice.

Key takeaways:

• Generous reward rate. You will get a cashback rewards rate of up to 3%.
• Earn 1% cash back on everyday purchases.
• 0% APR balance transfer intro rate. Offers an introductory 0% APR rate on balance transfers for up to 15 months, which is longer than the average 0% APR period of 12 months.
• 0% APR on new purchases. New cardholders receive an introductory 0% APR rate on new purchases for up to 15 months.
• Signup bonus. Offers a signup bonus of $200 if you spend $1000 within 3 months.
• Competitive APRs. Bank of America Cash Rewards has a variable purchase APR that ranges from 13.99% up to 23.99%.
• No annual fee. This is a great option for people looking for a low-maintenance rewards card. It gives you rewards on your purchases, but you don't have to pay an annual fee for the privilege.
• 3% Balance transfer fee. Bank of America Cash Rewards charges a fee of up to 3% on balance transfers. For example, a balance of $1,000 could cost up to $30 in transfer fees. The minimum fee is $10.
• Charges foreign transaction fees. Avoid using this card when traveling abroad because it charges a commission of 3% every time you make a transaction outside the U.S.
• Accepts cosigners. Bank of America is one of the few credit card issuers that allows applicants to include a cosigner. Adding a cosigner can really improve your approval chances if your credit is not great.
• Gas rewards. Earn up to 3% for every $1 you spend on gas.
• Fair or better credit required. You stand a chance of qualifying if your credit score is not below 640.

Bank of America Cash Rewards Pros and Cons:

The Good

The Bad

Earn 3% cash back on your choice of gas, online shopping, dining, travel, drug stores, or home improvement and furnishings. Cardholders have the option to change their category online or through the mobile app each calendar month for future purchases, or make no change and the category stays the same Lower than average purchase APRs. 0% APR balance transfer intro rate on balance transfers for up to 15 months. 0% APR on new purchases during the first 15 months. No annual fee. Free access to your credit score. Cardholders can earn rewards on every purchase. Earn rewards on every purchase. Bank of America Cash Rewards reports to multiple credit bureaus. Cardholders can earn rewards on their purchases.

Only first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter earn 3% and 2% cash back. Charges a foreign transaction fee of 3%. Charges a 3% balance transfer fee.

Is there a Bank of America Cash Rewards cash back or rewards program?

Bank of America Cash Rewards is a cashback card. This means you earn a percentage of your purchase as a cash reward. With Bank of America Cash Rewards you receive 1% cash back on every purchase. For example, if you buy a $1,000 laptop, you will receive $10 back in cash. However, you can earn up to 3% for purchases in a bonus category.

Bank of America Cash Rewards Rewards

Rewards rate (all purchases)	1%
Max rewards rate	3%
Annual rewards limit	N/A
Signup Bonus ($)	$200
Signup Bonus Spend Requirement	$1000
Signup Bonus Spend Period (months)	3 months

What are the Bank of America Cash Rewards benefits?

Bank of America Cash Rewards provides the following benefits:

• Free Credit Score
• Zero fraud liability
• No blackout dates when redeeming miles
• ID Theft Protection
• Reports to major credit bureaus

What are the relevant APRs for Bank of America Cash Rewards?

According to the Federal Reserve Board, the average interest rate is 15% for all credit cards and 17% for accounts that carry a balance. Bank of America Cash Rewards has lower than average purchase APRs.

Bank of America Cash Rewards has a variable purchase APR that ranges from 13.99% up to 23.99%. The card has a variable balance transfer APR that ranges from 13.99% up to 23.99%. It also has a variable cash advance APR of 27.24% . Note that late payments are subject to an APR of 29.99% if you are late or miss your payments. Typically, the penalty APR applies for a minimum of six months but can go on indefinitely.

What are the fees for Bank of America Cash Rewards?

The following fees apply to Bank of America Cash Rewards:

Bank of America Cash Rewards Fees

Fees	Amount
Annual Fee	$0
Foreign Transaction Fee	3%
Returned Payment Fee	up to $29
Late Payment Fee	up to $40

Does Bank of America Cash Rewards report your account activity to credit bureaus?

Bank of America Cash Rewards reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.

How to apply for Bank of America Cash Rewards

• Visit the Bank of America Cash Rewards website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.
• If you're denied click here to find out why your application may have been rejected and what you can do about it.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.