Who is BankAmericard Cash Rewards Designed For?
BankAmericard Cash Rewards is a credit card designed for people with good to excellent credit who want a cash back card with high reward rates on everyday purchases and competitive interest rates that doesn't carry an annual fee. Its long 0% APR intro rate also makes it an attractive option for people who carry a credit card balance or are planning to make large purchases.
What are the Interest Rates for BankAmericard Cash Rewards?
- BankAmericard Cash Rewards' interest rates range from 13.24% to 23.24% APR depending on the credit history of cardholders. There is a 12-month 0% APR introductory rate on new purchases and balance transfers made within the first two months of opening the account. Cash advances have a 16.24% to 25.24% APR and there is a 29.99% penalty rate on new transactions when cardholders are late on their payments.
What Are the Fees for BankAmericard Cash Rewards Credit Card?
- The BankAmericard Cash Rewards doesn't have an annual fee. However, it does have a 3% fee on foreign transactions and balance transfers ($10 minimum on balance transfers). It also charges 3% to 5% fee on cash advances, depending on the withdrawal method used. Late payments incur a $37 fee and returned payments trigger a $27 fee.
What Is BankAmericard Cash Rewards' Rewards Program Like?
BankAmericard Cash Rewards cardholders earn 2% cash back at grocery stores, 3% on gas purchases and 1% cash back on all other purchases. The catch is that the 2% and 3% reward rates are capped at $1,500 in combined purchases every quarter. That still allows for a respectable $180 a year in cash back at bonus reward rates. Once you reach the $1,500 cap, cash back rates drop to 1% on all purchases. There is no limit on the total amount of cash back you can earn, no revolving bonus categories to worry about and cash back points never expire.
A nice feature of the BankAmericard Cash Rewards is that cardholders receive an additional 10% customer bonus when they redeem their cash back into a checking or savings account, which encourages members to save more.
What about BankAmericard Cash Rewards' Signup Bonus?
BankAmericard Cash Rewards gives online applicants a $100 signup bonus to cardholders who spend $500 in the first three months. This may not sound like much, but for a gas credit card with no annual fee, it is excellent.
Does BankAmericard Cash Rewards Have Any Other Benefits?
Benefits and rewards are Achilles heel of the BankAmericard Cash Rewards Visa card. The only benefits are basic services like overdraft protection, paperless statements, text banking and account alerts.
How Is BankAmericard Cash Rewards Better Than Other Credit Cards?
The BankAmericard Cash Rewards is a solid cash back card with decent reward rates, a $100 signup bonus, and no annual fee. It's a good fit for people who are looking for significant cash back rebates but don't want the hassle of revolving categories and complicated rewards programs. It is particularly attractive for customers who also have a bank account with Bank of America because they receive an additional 10% when they deposit their cash back earnings into a checking or savings account.
Although you should probably leave this card home when traveling abroad – it has a 3% fee on foreign transactions – it has competitive interest rates, a decent cash back rewards program and a generous 0% APR intro rate, which make it a solid all-round credit card for everyday purchases.