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  Bank of America Cash Rewards

Bank of America Cash Rewards

in Personal Credit Cards from Bank of America

Unaffiliated

Bank of America Cash Rewards

Unaffiliated

in Personal Credit Cards from Bank of America

SuperMoney Net Recommendation Score +41

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +41, equating to 3.8 on a 5 point rating scale.

+41

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.

Mostly recommended

11 users recommend
2 users are unsure
4 users don't recommend
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Highlights
Community Rating Mostly recommended
Purchase APR  (Variable APR) 13.99% - 23.99%
Balance Transfer APR  (Variable APR) 13.99% - 23.99%
Credit Score Range 650 - 850
Annual Fee $0
Number of Reviews 17

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.

Key Takeaways
  • Generous reward rate. You will get a 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 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.
Pros & Cons of Bank of America Cash Rewards credit card
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.
  • 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.
Bank of America Cash Rewards credit card FAQ

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

Does Bank of America Cash Rewards credit card have a signup bonus?

Yes, it offers card users a signup bonus worth up to $200 after spending $1000.

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

This card doesn't offer a cash loyalty bonus.

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. It has lower than average regular APRs.

It 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.

Does Bank of America Cash Rewards credit card have an intro APR offer on balance transfers?

Yes, it offers an intro 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 Introductory APR 0%
Balance Transfer Intro APR Period 15 months
Balance Transfer APR 13.99% - 23.99%
Balance Transfer Fee Minimum $10
Balance Transfer Fee % 3%

Does Bank of America Cash Rewards credit card have an intro APR offer on new purchases?

Bank of America Cash Rewards Purchase Intro Offer
Description
Introductory Rate 0%
Purchase Intro APR Period 15 months

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

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 credit card have a foreign transaction fee?

Bank of America Cash Rewards credit card 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 foreign transaction fees.

What is the customer service phone number for Bank of America Cash Rewards credit card?

The Bank of America Cash Rewards credit card customer service number is (800) 932-2775.

What is the support contact email for Bank of America Cash Rewards credit card?

The support contact email for Bank of America Cash Rewards credit card is customerservicealert@bankofamerica.com.

How do people rate the customer service and user experience of Bank of America Cash Rewards credit card?

Overall, Bank of America Cash Rewards credit card is mostly recommended based on community reviews that rate customer service and user experience.

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.

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...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

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Availability

  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

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 $10
Cash Advance Fee (%) Up to 3%
Minimum Cash Advance Fee ($) Starting at $10
Foreign Currency Transaction Fee 3%
Minimum Interest Charge $1.50
Returned Payment Fee Up to $29
Late Fee Amount Up to $40
Customer Type Personal
Minimum Age 18
Co-signing Allowed
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Credit Score Range 650 - 850
Credit Bureau Reporting
  • Equifax
  • Experian
  • TransUnion
Credit Card Benefits
  • Fraud Liability
  • Free Credit Score
  • Identity Theft Protection
No Reward Expiration Period
No Blackout Dates
Rewards Categories
  • 3% Cash Back on Travel up to $2500 quarterly
  • 3% Cash Back on Retail up to $2500 quarterly
  • 3% Cash Back on Drug Store Purchases up to $2500 quarterly
  • 3% Cash Back on Gas up to $2500 quarterly
  • 2% Cash Back on Groceries up to $2500 quarterly
  • 3% Cash Back on Home Improvement Purchases up to $2500 quarterly
  • 3% Cash Back on Restaurants up to $2500 quarterly
  • 2% Cash Back on Warehouse Clubs Purchases up to $2500 quarterly
  • 1% Cash Back on Every Purchase
Signup Bonus Starting at $200
Cash Advance APR (Variable APR) 16.99% - 26.99%
Balance Computation average daily balance (including new purchases)
Penalty APR (Variable APR) 29.99%
Purchase APR (Variable APR) 13.99% - 23.99%
Balance Transfer Introductory APR (Variable APR) 0%
Balance Transfer Intro APR Period (Variable APR) 15 months
Balance Transfer APR (Variable APR) 13.99% - 23.99%
Balance Transfer Fee Minimum $10
Balance Transfer Fee % 3%
Card Type
  • Balance Transfer
  • Bonus Offers
  • Cashback
  • Gas
  • Rewards
  • Travel
  • Zero Percent
Card Network Mastercard

Bank of America Cash Rewards Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +41, equating to 3.8 on a 5 point rating scale.

+41

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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