Bank of America Cash Rewards

Bank of America Cash Rewards Review

This is a cashback credit card issued by Bank of America. If you're wondering whether Bank of America Cash Rewards credit card is the right card for you, read on. This review will provide you with with all the details you need to make a good choice.

• Generous reward rate. You will get a maximum cashback rewards rate of up to 3%.
• 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 cashback card. It gives you cashback on your eligible 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 3% on balance transfers. For example, a balance of $1,000 could cost $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. 3% cashback on eligible gas purchases.
• Fair or better credit required. You will have good approval odds if your credit score is above 650.

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 Potentially 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. Identity Theft Protection. Cardholders can earn rewards on their purchases. Bank of America Cash Rewards reports to multiple credit bureaus.

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.

Does Bank of America Cash Rewards credit card have a cash back or rewards program?

This is a cashback card. This means you earn a percentage of your purchases as cash back rewards. You will receive 1% cash back on travel, dining, groceries, drugstore purchases, or any other 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.

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Bank of America Cash Rewards credit card Rewards

Minimum rewards rate	1x
Max rewards rate	3x
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 credit card benefits?

It provides the following benefits:

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

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

According to the Federal Reserve Board, the average regular APR is 15% for all credit cards and 17% for accounts that carry a balance. This card has lower than average regular 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 that ranges from 16.99% up to 26.99%. 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 credit card?

The following fees apply:

Bank of America Cash Rewards credit card Fees

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

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost cashback card.

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

Yes, 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 may help improve your credit.

How to apply for Bank of America Cash Rewards credit card

• Visit the Bank of America Cash Rewards credit card 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 your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.