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  Bank of America Cash Rewards

Bank of America Cash Rewards

in Personal Credit Cards from Bank of America

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Bank of America Cash Rewards

Unaffiliated

in Personal Credit Cards from Bank of America

Net Recommendation Score +25% Recommendation score measures the loyalty between a provider and a consumer. It's at +100% if everybody recommends the provider and at -100% when no one recommends.

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Highlights
Highlights
Community Rating

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Balance Transfer APR  (Variable APR) 15.49% - 25.49%
Credit Score Range 640 - 850
Annual Fee $0
Purchase APR  (Variable APR) 15.49% - 25.49%
Rewards Rates
  • Drug Store Purchases
  • Every Purchase
  • Gas
  • Groceries
  • Home Improvement Purchases
  • Restaurants
  • Retail
  • Travel
  • Warehouse Clubs Purchases

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.

  • 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 15.49% up to 25.49%.
  • 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.
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.
  • Has an introductory APR rate on balance transfers of 0%.
  • Earn rewards on every purchase.
  • Bank of America Cash Rewards reports to multiple credit bureaus.
  • Cardholders can earn rewards on their purchases.
  • Free access to your credit score.
  • 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

Does Bank of America Cash Rewards have a signup bonus?

Yes, Bank of America Cash Rewards offers card users a signup bonus worth up to $200 after spending $1000.

Does Bank of America Cash Rewards offer an annual loyalty bonus?

Bank of America Cash Rewards doesn't offer a cash loyalty bonus.

What are the Bank of America Cash Rewards benefits?

Bank of America Cash Rewards provides the following benefits:

  • Free Credit Score
  • Zero fraud liability
  • 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 15.49% up to 25.49%. The card has a variable balance transfer APR that ranges from 15.49% up to 25.49%. It also has a variable cash advance APR that ranges from 18.49% up to 26.49%. 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.

Does Bank of America Cash Rewards have an introductory APR offer on balance transfers??

Yes, Bank of America Cash Rewards offers an introductory APR rate on balance transfers of 0% for a period of up to 15 months.

Bank of America Cash Rewards Balance Transfers
Description
Balance Transfer APR 15.49% - 25.49%
Balance Transfer Introductory APR 0%
Balance Transfer Intro APR Period (months) 15
Balance Transfer Fee % 3%
Balance Transfer Fee % After Intro Period Starting at 3%
Balance Transfer Fee Intro Period (days) N/A
Balance Transfer Fee Minimum $10

Does Bank of America Cash Rewards have an introductory APR offer on new purchases??

This card does offer an introductory APR rate of 0% on qualified purchases for a period of up to 15 months.

What are the Bank of America Cash Rewards fees?

The following fees apply to Bank of America Cash Rewards:

Bank of America Cash Rewards Fees
Fees Amount
Annual Fee up to $0
Foreign Transaction Fee 3%
Balance Transfer Fee 3%
Minimum Balance Transfer Fee $10
Returned Payment Fee $28
Late Payment Fee $39

Does Bank of America Cash Rewards have a foreign transaction fee?

Bank of America Cash Rewards charges a foreign transaction fee of 3%. For example, if you spend $2,000 on a week vacation abroad you would pay a foreign transaction fee of $60. If you travel abroad you may want to leave this card at home and apply for one that doesn't charge a foreign transaction fee.

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.

View Bank of America Cash Rewards's published terms & conditions.
SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Every Purchase (Points) 1% cash back on all other purchases
Introductory Rate 0%
Purchase Intro APR Period (Variable APR) 15 months
No Annual Fee  
Annual Fee $0
No Interest Grace Period for Late Payment 25 days
Cash Advance Fee Minimum $10
Cash Advance Fee (%) Starting at 3%
Minimum Cash Advance Fee ($) Starting at $10
Foreign Currency Transaction Fee 3%
Minimum Interest Charge $1.50
Returned Payment Fee $28
Late Fee Amount $39
Customer Type Personal
Minimum Age 18
Co-signing Allowed  
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Tax Returns
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Credit Score Range 640 - 850
Card Type
  • Balance Transfer
  • Bonus Offers
  • Cashback
  • Gas
  • Rewards
  • Travel
  • Zero Percent
Card Network Mastercard
Credit Bureau Reporting
  • Equifax
  • Experian
  • TransUnion
Fraud Liability  
Credit Card Benefits
  • Fraud Liability
  • Free Credit Score
  • Identity Theft Protection
Free FICO Score  
Bonus Rewards $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
Rewards Rates
  • Drug Store Purchases
  • Every Purchase
  • Gas
  • Groceries
  • Home Improvement Purchases
  • Restaurants
  • Retail
  • Travel
  • Warehouse Clubs Purchases
Signup Bonus $200
Rewards Type Cash Back
Cash Advance APR (Variable APR) 18.49% - 26.49%
Balance Computation average daily balance (including new purchases)
Penalty APR (Variable APR) 29.99%
Purchase APR (Variable APR) 15.49% - 25.49%
Balance Transfer Fee % After Intro Period Starting at 3%
Balance Transfer Introductory APR (Variable APR) 0%
Balance Transfer Intro APR Period (Variable APR) 15 months
Balance Transfer APR (Variable APR) 15.49% - 25.49%
Balance Transfer Fee Minimum $10
Balance Transfer Fee % 3%

Bank of America Cash Rewards Community Reviews

 

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