
Bank of America Cash Rewards
in Personal Credit Cards from Bank of America
Would you recommend Bank of America Cash Rewards to your friends?
Community Rating | Strongly recommended |
Purchase APR (Variable APR) | 13.99% - 23.99% |
Balance Transfer APR (Variable APR) | 13.99% - 23.99% |
Credit Score Range | 640 - 850 |
Annual Fee | $0 |
Number of Reviews | 14 |
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%.
- 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. 3% cashback on eligible gas purchases.
- Fair or better credit required. You stand a chance of qualifying if your credit score is not below 640.
The Good | The Bad |
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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 $10 back in cash. However, you can earn up to 3% for purchases in a bonus category.
Minimum rewards rate | 1x |
Max rewards rate | 3x |
Annual rewards limit | N/A |
Signup Bonus ($) | $200 |
Signup Bonus Spend Requirement | $1000 |
Signup Bonus Spend Period (months) | 3 months |
Does Bank of America Cash Rewards 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:
- 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.
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.
Description | |
---|---|
Balance Transfer APR | 13.99% - 23.99% |
Balance Transfer Introductory APR | 0% |
Balance Transfer Intro APR Period (months) | 15 |
Balance Transfer Fee % | 3% |
Balance Transfer Fee % After Intro Period | N/A |
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.
Description | |
---|---|
Introductory Rate | 0% |
Purchase Intro APR Period (months) | 15 |
What are the fees for Bank of America Cash Rewards?
The following fees apply to Bank of America Cash Rewards:
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 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?
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
- 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 your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.
Contact
- Headquarters
-
100 North Tryon Street
#170
Charlotte, NC 28255 - (800) 432-1000
- Visit Site
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Feature Breakdown
Every Purchase (Points) | 1% cash back on all other purchases |
Bank of America Cash Rewards Community Reviews
Would you recommend Bank of America Cash Rewards to your friends?
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