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Review

Review of the Bank of America® Cash Rewards Credit Card

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Brendan Harkness By Brendan Harkness Apr 11, 2018 | Updated Jun 22, 2020
Our rating
Min. credit level: Good
Annual Fee: $0
Regular APR: 16.24%–26.24% Variable

Our Rating: 5 Out of 5 Stars

We give the Bank of America® Cash Rewards Credit Card 5 out of 5 Stars because it’s an easy way to earn cash back on gas and groceries, for no fee.

Why We Like It

  • Choose a 3% cash back category each month to fit your spending as it changes throughout the year
  • A 0% intro APR period for one year
  • The signup bonus is easy to get, compared to other cards
  • Bonus cash back for depositing into an eligible bank account
  • Free FICO Credit Score monitoring
  • No annual fee

Why It Could Be Better

  • You may be able to get a better rewards value with other cards for certain purchases
  • The extra benefits are pretty basic for the most part

Bank of America® Cash Rewards Credit Card

Our rating
Min. credit levelGood
Details
Annual Fee$0
Regular APR16.24%–26.24% Variable
Apply Now

securely on the issuer's website

  • No annual fee
  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
  • NEW OFFER: Maximize your cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings
  • Now earn 3% cash back in your choice category and 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and unlimited 1% on all other purchases
  • You can update your choice category for future purchases once each calendar month using the Mobile Banking app or Online Banking, or do nothing and it stays the same
  • No expiration on rewards
  • 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.24% – 26.24% Variable APR will apply. A 3% fee (min $10) applies to balance transfers
  • If you’re a Preferred Rewards member, you can earn 25% – 75% more cash back on every purchase

The Bank of America Cash Rewards Credit Card has recently been updated with a more flexible rewards program, allowing cardholders to choose their own 3% cash back category every month.

You’ll earn 3% cash back in your choice of one of the following six categories:

  • Gas
  • Online shopping
  • Dining
  • Travel
  • Drugstores
  • Home improvement/furnishings stores

That online shopping category in particular is very valuable, because 3% cash back is probably the best rate you’ll find on a credit card for general online shopping.

You’ll also get 2% cash back at grocery stores and wholesale clubs. And there’s an excellent $200 cash rewards introductory bonus for spending $1,000 in the first 90 days.

Bank of America bank account holders have an extra incentive to get this card, with a cash back bonus of 25%–75% when redeeming into an eligible bank account.

There’s no annual fee to worry about paying, and cardholders get 12 months at 0% APR for both purchases and balance transfers before the regular rate of 16.24%–26.24% Variable kicks in.

The Cash Rewards is an interesting card that has become more rewarding thanks to this update, making it more useful in more situations. Read on to learn if you should be using it to earn a bit of cash back on your weekly spending.

Due to the impact of COVID-19, for eligible card accounts approved from 1/1/20 through 5/31/20, the period to make eligible purchases to earn the welcome bonus will be extended for an additional 90 days.

Insider Advice: Getting the Most Out of Your Card

  • Pick your rewards: Choose your 3% category based on the type of spending you’ll do most: Gas, online shopping, dining, travel, drugstores, or home improvement/furnishing stores. You can change this every month to keep up with your expected shopping plans.
  • Reach the welcome bonus: $200 cash rewards bonus for spending $1,000 in the first 90 days.
  • Bring it all the way to the bank: Bank of America Preferred Rewards members can get a reward bonus of 25% or more. The more money you have in eligible BofA or Merrill Lynch accounts, the bigger your bonus.
  • Keep an eye out for savings: Check the BankAmerideals offerings to find discounts of 5%–10% at nearby merchants.
  • Take advantage of the intro offers: Use the 0% intro APR to pay off purchases over time at zero interest, or transfer a balance away from a card with a high APR.
  • Keep tabs on your credit: Monitor your FICO Score 8 Credit Score using Bank of America’s free credit score service, based on your TransUnion credit report, and find tips to improve your credit scores.

The Rewards

This card can provide 1%–3% cash back, depending on what you buy and how you redeem your cash back. Preferred Rewards members can earn up to 5.25% cash back, although this will require having quite a bit of money in the bank.

Earning

Spending Rewards
  • 3% cash back in one category of your choice:
    • Gas
    • Online shopping
    • Dining
    • Travel
    • Drugstores
    • Home improvement/furnishings stores
  • 2% cash back at:
    • Grocery stores
    • Wholesale clubs
  • 1% cash back on all other purchases
  • Spending limit: 3% and 2% rewards only up to $2,500 per quarter, then 1%
Introductory Bonus Offer
  • $200 cash rewards bonus for spending $1,000 in the first 90 days

Your 3% and 2% reward categories are limited to the first $2,500 in combined spending every quarter. After that you’ll earn 1% back in those categories. Limits like this are pretty common on credit cards. If you know you’ll be spending way more than that every quarter you should probably consider a different reward card.

This is a unique rewards program, offering you the ability to earn 3% cash back in your choice of one of six useful categories. The online shopping category is particularly interesting here, because 3% cash back is one of the best rates you’ll find for online shopping in general. That’s true for drugstores and home improvement stores as well.

The default 3% category is gas, so it will be set to that unless you change it. You’ll be able to choose a new category each month, or you can just set it once and leave it.

If you have a Bank of America bank account you can get at least 25% added to your cash back, as explained in the section below.

Due to the impact of COVID-19, for eligible card accounts approved from 1/1/20 through 5/31/20, the period to make eligible purchases to earn the welcome bonus will be extended for an additional 90 days.

BankAmerideals Shopping Portal

The BankAmerideals shopping portal provides discounts at a small selection of retailers, usually either 5% or 10% off. This discount is in addition to whatever cash back you would typically earn on the purchase.

You’ll also get one BankAmerideal “coin” for every deal you redeem. Every four coins you earn will grant you an additional cash reward. We’ll discuss this more below.

The offers you get will be based on your particular location, and they will change over time. You may find that it includes a majority of restaurants.

Some example offers are:

Merchant Discount
Airbnb 5%
AutoZone 5%
H&R Block 10%
Little Caesars 10%
Olive Garden 10%
Omaha Steaks 10%
Peebles 10%
Ruby Tuesday 10%
Starbucks 10%

You won’t find as many retailers here as you would in some other credit card shopping portals, like those you get with the Amex EveryDay Preferred Card or Chase Sapphire Preferred® Card (Review). But it’s interesting that Bank of America will use your location to find deals in your area, a feature that most other cards don’t offer. Check this selection now and then to see if you could save on an upcoming purchase.

Just add any particular deal to your card, and it will automatically be applied the next time you make a purchase from that merchant. Or you could add them all to your card just in case you happen to shop at one of the retailers.

Every deal you use will provide one BankAmerideals coin. After collecting four coins you’ll earn a cash reward. You’ll start at Level 1 in the coin program, which provides a $5 reward for earning four coins. The amount of the reward will depend on your level, with higher levels providing larger rewards. Every time you get four coins and get your reward, you’ll also move up a level.

Here are the levels, along with how much cash back you’ll earn at each one:

The BankAmerideals coin program

The BankAmerideals coin program

You won’t be able to earn a ton of extra cash back through the coin program, but it is a little extra incentive to use these BankAmerideals.

Redeeming

There are two redemption options to get your cash back:

  • Statement credit
  • Mail a personal check

Statement Credit

You can redeem your cash back as a statement credit to simply reduce your account balance. This is quick and easy, and it will probably be the best method for anyone who doesn’t have a Bank of America bank account.

Mail a Personal Check

You can also have your cash back mailed to you as a personal check. This will take 14 days.

This method takes the longest, and requires the most work from you. But you may want to get a personal check if both of the following apply:

  • You have a $0 balance on your account, so you don’t need to use a statement credit
  • You don’t plan on using the card for a while

If this is the case, you may want to get your cash back rather than just letting it sit in your account.

The Benefits

The benefits you get with this card will depend on your account type.

If you’re approved with a credit limit below $5,000, you’ll get a standard Platinum Mastercard. If your credit limit is $5,000 or above you’ll get a World Mastercard.

A Platinum Mastercard account comes with a very basic set of benefits, while a World Mastercard account has slightly upgraded benefits.

The following benefits may be available to you, depending on your card account. Be sure to check your Guide to Benefits or contact customer support to find out the specific features of your card.

Every cardholder will get FICO Credit Score access, regardless of account type.

  • FICO Credit Score Monitoring: Use this card to monitor your FICO Score 8 over time, based on your TransUnion credit report.
  • Extended Warranty: Eligible purchases will have their manufacturer’s warranty doubled by up to one additional year. This benefit only applies to warranties of one year or less.
  • 24-Hour Travel Assistance Services: Call Travel Assistance Services when you need help away from home. This benefit is available when traveling 50 miles or more away from home, unless you live in New York in which case there is no mileage requirement.
  • Auto Rental Collision Damage Waiver: Eligible rented vehicles are covered against damage and theft, as long as the rental company’s own insurance is declined.
  • Travel Accident Insurance: To cover you, your spouse, and dependent children against accidental loss of life, limb, sight, speech, or hearing
  • Trip Cancellation/Interruption Insurance: To provide reimbursement if your trip is cut short for an eligible reason
  • $0 Fraud Liability: To protect against unauthorized charges (every account type will have this, regardless of the network)
  • Identity Theft Resolution: Services to help if you become a victim of identity theft

The Terms & Fees

Purchase APR Balance Transfer APR Cash Advance APR
0% for 12 billing cycles, then 16.24%–26.24% Variable 0% for 12 billing cycles, then 16.24%–26.24% Variable 19.24%–27.24% Variable
Annual Fee Foreign Transaction Fee
$0 3%
Balance Transfer Fee Cash Advance Fee
3%, $10 minimum See Terms
Penalty APR Late Fee Returned Payment Fee
Up to 29.99% Variable Up to $39 Up to $28

You’ll get 12 billing cycles at 0% APR with this card, then it’ll be 16.24%–26.24% Variable. That gives you a year to pay off purchases without accumulating extra interest charges.

That rate also applies to balance transfers, so you can transfer a balance away from a different account with a high interest rate. Just divide that balance by 12, and it will give you how much you’ll need to pay each month to eliminate the debt before the intro period ends. We suggest dividing by 11, to make sure it’s paid off in time.

There’s no annual fee to pay for this card, letting you earn cash back potentially for free. After your 0% intro rate runs out you can still avoid interest charges by paying off your balance in full each billing period.

That will be good for you (and your credit) in several ways:

  • Interest will never accrue on your account, helping you avoid soaring credit card debt
  • It will keep your credit utilization lower, meaning higher credit scores for you
  • You’ll never have late payments, which will show lenders that you’re a responsible credit user, also increasing your credit scores
  • Your credit line will be freed up and ready to use again to earn more cash back

That’s why we recommend always paying your balance in full if you don’t have a 0% intro rate. If you do have a 0% rate, remember that you’ll still need to make minimum payments at the very least.

The Bottom Line

The Bank of America® Cash Rewards Credit Card is one of the better no annual fee cards available for frequent purchases of gas and groceries, and the extra 3% categories you can choose make this an even more appealing offer.

If you’re like most people you probably have those expenses fairly regularly, so you might as well get a bit of a discount on them. The 3% and 2% cash back might not seem like a whole lot, but over the years it can add up to a hefty sum. The ability to choose your own category is rare among credit cards, giving you the flexibility to earn more cash back in the categories you spend the most in, rather than being stuck with static categories.

This card rewards you more for being a Bank of America bank account holder, starting at a 25% bonus. If you don’t already have a BofA account, the cash back boost alone probably isn’t a good reason to open a new card. But if you do have a BofA account you’ll have an extra incentive to get this card, especially if you have a lot of money in the bank.

The Bank of America Cash Rewards might be the right card to help you earn some cash back on the kinds of purchases you make every week. But there are many other options for grocery and gas spending as well. Check out some of those alternatives below.

How Do I Apply for the Bank of America Cash Rewards Card?

Click Apply Now to go to Bank of America’s website to begin the application. Bank of America will check one of your credit reports from one of the major credit bureaus.

Most people will get an instant decision, approved or denied. But in some cases it may take a bit longer, or Bank of America may request more information from you.

This card will come as a Mastercard by default. After being approved you can contact customer support to request a Visa card instead, if you prefer. There probably aren’t any strong reasons why you might need to do this, as Visa and Mastercard are quite similar in most ways. The only differences will be in some minor details of the benefits.

What Credit Scores Do I Need to Qualify?

The Bank of America Cash Rewards Card is designed for people with good credit.

If you’re within 670–739 for FICO or 700–749 for VantageScore, you’re considered to have good credit.

But approval relies on more than just credit scores. So it’s possible that if you have lower credit scores than what’s recommended, you may still get the card. Or, even if you have high credit scores, you might not.

Qualifications and Requirements

  • Must be 18 to apply
  • Personal information: SSN, email address, phone number
  • Financial information: Total annual income, source of income, monthly mortgage/rent payment

Bank of America® Cash Rewards Credit Card

Our rating
Min. credit levelGood
Details
Annual Fee$0
Regular APR16.24%–26.24% Variable
Apply Now

securely on the issuer's website

  • No annual fee
  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
  • NEW OFFER: Maximize your cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings
  • Now earn 3% cash back in your choice category and 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and unlimited 1% on all other purchases
  • You can update your choice category for future purchases once each calendar month using the Mobile Banking app or Online Banking, or do nothing and it stays the same
  • No expiration on rewards
  • 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.24% – 26.24% Variable APR will apply. A 3% fee (min $10) applies to balance transfers
  • If you’re a Preferred Rewards member, you can earn 25% – 75% more cash back on every purchase

Frequently Asked Questions

How does the Preferred Rewards program work?

Depending on the total of your Bank of America bank accounts balances and your Merrill investment accounts balances, you may qualify for three different membership tiers: Gold, Platinum, and Platinum Honors.

Gold tier begins at $20,000, Platinum at $50,000, and Platinum Honors begins at $100,000. Each tier provides better rewards than the last, including increased interest rates on your savings account and bonus reward earnings for your credit card: a 25% bonus, 50% bonus, and 75% bonus, respectively.

Instead of earning 3% cash back, for example, you’d be earning 3.75%, 4.5%, or 5.25% cash back based on your membership tier.

How do I redeem my cash back rewards?

You’ll have two redemption methods for your rewards: a statement credit, or they’ll mail you a personal check.

What are the reward categories I can choose from?

The six 3% cash back categories you can pick from are: gas, online shopping, dining, travel, drug stores, and home improvement/furnishing stores.

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Alternatives to the Bank of America Cash Rewards Card

Amex EveryDay® Preferred Credit Card

Our rating
Min. credit level Excellent
Details
Annual Fee $95
Regular APR 13.99%–23.99% Variable
Apply Now

securely on the issuer's website

Rather than offering a set reward for every purchase, the Amex EveryDay® Preferred Credit Card (Review) provides more points when you use the card more often.

This makes it a great option if you find yourself making credit card transactions almost every day, or if you want to have authorized users on the account as well. However, you’ll need to redeem your points for flights or certain gift cards if you want to get the best value for them.

The benefits will be a bit stronger than the Bank of America card. You’ll find particular value in Amex Offers, which features exclusive reward deals at a wide range of vendors, and maybe from the Lowest Hotel Rates Guarantee benefit. There are more shopping and travel protections, too.

Spending Rewards
  • 3X Membership Rewards points per dollar at U.S. supermarkets (up to $6,000 spent annually)
  • 2X Membership Rewards points per dollar at:
    • U.S. gas stations
    • American Express Travel
  • 1X Membership Rewards point per dollar for all other purchases
  • 50% point bonus: For making 30 or more purchases per month
Introductory Bonus Offer
  • 15,000 points if you spend $1,000 in the first 3 months

This card probably only makes sense if you’re going to use it at least 30 times per month to get the 50% bonus. Do that and you’ll be earning 4.5X points per dollar at U.S. supermarkets, and 3X points per dollar in the other bonus categories.

Your Membership Rewards points will be worth 1 cent each at the most when redeemed for flights or gift cards at certain merchants. If you redeem with other methods, like statement credits, you’ll get less per point. So this card is mainly designed for travelers, specifically people who will use their points to book flights or transfer to partner airlines or hotels.

If you choose to transfer your points to Amex’s hotel and airline partners, you might be able to find a higher per point value. We recommend holding out till you can find a value of at least 2 cents, but anything over 1 cent will yield a greater cash back equivalent than normal redemption methods would.

Putting aside point transfers, you’ll be earning the equivalent of 3% cash back at supermarkets normally, but if you get that 50% point bonus, you’ll effectively be getting the equivalent of 4.5% cash back. The other categories will provide a 3% cash back equivalent, with a 1.5% equivalent for every other purchase.

  • Amex Offers: You’ll have access to extra points at a wide variety of merchants that changes now and then.
  • ShopRunner membership: ShopRunner provides free two-day shipping and returns at participating online retailers.
  • Lowest Hotel Rates Guarantee: If you book an eligible prepaid hotel room through Amex Travel and then find the same room being advertised online for a lower price, you can be refunded for the difference.
  • Entertainment Access: American Express offers an “Entertainment Access” benefit, which it claims provides exclusive access to pre-sale and member-only events in big cities around the world.
  • Shopping protections: Extended warranty, purchase protection, and return protection
  • Travel protections: Global Assist Hotline, travel accident insurance, roadside assistance hotline, car rental loss and damage insurance, baggage insurance plan
  • Purchase APR: 0% for 12 months, then 13.99%–23.99% Variable
  • Annual fee: $95
  • Earn 15,000 Membership Reward® points after you use your new Card to make $1,000 in purchases within the first 3 months.
  • Earn 50% more points: Make 30 or more purchases with your Card in a billing period and get 50% extra points on those purchases less returns and credits. Terms and limitations apply.
  • 3x points at US supermarkets on up to $6,000 per year in purchases (then 1x); 2x points at US gas stations; 1x points on other purchases. Terms and limitations apply.
  • You can use Membership Rewards® Pay with Points to pay for all or part of your flight, hotel booked and paid in advance, vacation or cruise booking through amextravel.com.
  • 0% intro APR on purchases for 12 months, then a rate of 13.99%–23.99% Variable, based on your creditworthiness and other factors.
  • Terms and limitations apply.
  • Visit our credit card partner’s site in order to learn more and securely apply for The Amex EveryDay® Preferred Credit Card from American Express

The information related to Amex EveryDay® Preferred Credit Card has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.

Blue Cash Everyday® Card from American Express

Our rating
Min. credit level Good
Details
(Rates & Fees)
Annual Fee $0
Regular APR 13.99–23.99% Variable
Apply Now

securely on the issuer's website

The Blue Cash Everyday® Card from American Express (Review) has a rewards program that’s similar in some ways to the Bank of America Cash Rewards, but it’s not as flexible.

While the rewards are comparable with a few small differences in categories, there is no opportunity for a cash back boost with this card, so the maximum you can earn is 3% back. You can get more than that from the 3% categories with the Cash Rewards, but only if you have a lot of money in eligible bank accounts.

But the Blue Cash Everyday wins when it comes to the extra benefits. You’ll get some basic shopping and travel protections, like purchase protection. These will probably cover more situations than what you get with the Cash Rewards.

You’ll gain entry to Amex Offers where you’ll get special reward bonuses at a wide variety of retailers, similar to the BankAmerideals service but with more merchants. You might even see discount offers on your utility bills.

There’s also the Entertainment Access perk and complimentary ShopRunner membership, giving you early access to tickets and free two-day shipping and returns at certain online merchants.

Spending Rewards
  • 3% cash back at:
    • U.S. supermarkets (up to $6,000 spent annually)
  • 2% cash back at:
    • U.S. gas stations
    • Select U.S. department stores
  • 1% cash back on all other purchases
Introductory Bonus Offer
  • $150 statement credit for spending $1,000 in the first 3 months after account opening
  • Amex Offers: You’ll have access to extra cash back at a wide variety of merchants that changes now and then.
  • Entertainment Access: This benefit, also called Membership Experiences, provides pre-sale tickets to a variety of sports, music, and cultural events, as well as access to certain exclusive experiences.
  • Lowest Hotel Rates Guarantee: If you book an eligible prepaid hotel room through Amex Travel and then find the same room being advertised online for a lower price, you can be refunded for the difference.
  • ShopRunner membership: ShopRunner provides free two-day shipping and returns at participating online retailers.
  • Shopping protections: Purchase protection
  • Travel protections: Global Assist Hotline and car rental loss and damage insurance
  • Purchase APR: 0% for 15 months, then 13.99–23.99% Variable
  • Annual fee: $0
  • Earn a $150 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
  • 3% Cash Back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%).
  • 2% Cash Back at U.S. gas stations and at select U.S. department stores.
  • 1% back on other purchases.
  • Low intro APR: 0% for 15 months on purchases from the date of account opening, then a variable rate, 13.99% to 23.99%.
  • Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee and no interest.
  • Cash back is received in the form of Reward Dollars that can be redeemed for statement credits.
  • No annual fee.
  • Terms Apply.
  • See Rates & Fees

American Express is a Credit Card Insider advertiser.

Citi® Double Cash Card - 18 month BT offer

Our rating
Min. credit level Excellent
Details
Annual Fee $0
Regular APR 13.99% – 23.99% (Variable)
Apply Now

securely on the issuer's website

The Citi® Double Cash Card – 18 month BT offer (Review) is one of the most rewarding no annual fee cash back credit cards on the market.

How it handles earning is slightly different, however. Rather than earning the flat 2% rate upfront, you’ll get 1% when you make the purchase and the other 1% when you pay it off. It’s a little less rewarding than the Bank of America card, but you can earn that same rate on everything you buy and don’t have to worry about selecting specific categories.

You’ll still be able to check one of your credit scores, but you won’t get as many shopping or travel protections.

Spending Rewards
  • 2% cash back for every purchase you make
    • 1% back when you make a purchase
    • 1% back when you pay for that purchase
  • Free FICO credit score: See your Equifax-based FICO Bankcard Score 8 on statements, online, and by mobile app.
  • Citi Concierge: Get restaurant suggestions, reservations, travel arrangements, shopping research, and more.
  • Citi Entertainment: Get preferred access and pre-sale tickets to events and experiences, from music to movies.
  • Purchase APR: 13.99% – 23.99% (Variable)
  • Balance Transfer APR: 0% for 18 months on Balance Transfers, then 13.99% – 23.99% (Variable)
  • Annual fee: $0
  • Earn cash back twice. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
  • To earn cash back, pay at least the minimum due on time.
  • Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.99% – 23.99%, based on your creditworthiness.
  • Balance Transfers do not earn cash back.
  • If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
  • The standard variable APR for Citi Flex Plan is 13.99% – 23.99% based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.

Citi is a Credit Card Insider advertiser.

AARP® Credit Card From Chase

Our rating
Min. credit level Good
Details
Annual Fee $0
Regular APR 17.74%–24.49% Variable
Apply Now

securely on the issuer's website

The AARP® Credit Card From Chase offers rewards for gas and dining. You don’t need to be an AARP member to qualify.

While it doesn’t provide the flexibility of choosing your bonus categories, like the Bank of America card does, it still provides a decent amount of cash back. And, there’s no limit to what you can earn. It’s less complicated and can be pretty rewarding, if the bulk of your spending is on gas or at restaurants.

If you spend an above-average amount on gas, or if you want to sign up authorized users, the AARP is a good option to earn unlimited rewards on that spending.

The benefits will most likely be on par with the BofA card, provided you’re issued the Visa Signature version of the card. Otherwise, they might be slightly less impressive.

Spending Rewards
  • 3% cash back at:
    • Restaurants
    • Gas stations
  • 1% cash back for all other purchases
Introductory Bonus Offer
  • $100 cash back when you spend $500 in the first 3 months

In addition, for every purchase you make at a restaurant with this card, Chase will donate 10 cents to the Drive to End Hunger. They’ve pledged to donate up to $1 million annually in this way, and have already donated over $8.7 million since 2011.

The card is issued as either a Visa Signature or Visa Platinum, and some of the benefits will be different depending on which card tier you’re approved for. Outlined below are some of the benefits you might receive.

  • Visa Signature Concierge: Call for non-emergency assistance with a variety of tasks, like making reservations or finding good tickets.
  • Luxury Hotel Collection: Special perks at over 900 hotels around the world
  • Fine Wine & Food: Complimentary tastings and discounts at wineries in Sonoma County, California
  • Shopping discounts: Get special offers and discounts at participating retailers, like Lenovo, Pier 1 Imports, and Travelocity.
  • Travel and shopping protections: Purchase protection, lost luggage reimbursement, roadside dispatch, and more
  • Purchase and Balance Transfer APR: 17.74%–24.49% Variable
  • Annual fee: $0
  • Earn 3% cash back at restaurants and gas stations
  • Earn 1% cash back on all other purchases
  • $100 cash back after spending $500 within 3 months of opening account
  • There is no limit to the amount of rewards you can earn
  • Rewards never expire

Bank of America® Cash Rewards Credit Card

Our rating
Min. credit levelGood
Details
Annual Fee$0
Regular APR16.24%–26.24% Variable
Apply Now

securely on the issuer's website

  • No annual fee
  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
  • NEW OFFER: Maximize your cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings
  • Now earn 3% cash back in your choice category and 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and unlimited 1% on all other purchases
  • You can update your choice category for future purchases once each calendar month using the Mobile Banking app or Online Banking, or do nothing and it stays the same
  • No expiration on rewards
  • 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.24% – 26.24% Variable APR will apply. A 3% fee (min $10) applies to balance transfers
  • If you’re a Preferred Rewards member, you can earn 25% – 75% more cash back on every purchase

Do you use this card? How do you like it? Leave a comment about the Bank of America Cash Rewards Card below.

Looking for other credit cards to earn points or cash back? Check out our picks for the Best Reward Credit Cards.

For rates and fees of the Blue Cash Everyday® Card from American Express, please click here.

At a glance

The Bank of America Cash Rewards Card provides a flexible earning experience, allowing you to choose from six different categories to earn 3% cash back in. Additionally, you’ll earn 2% at supermarkets and wholesale clubs, and 1% everywhere else. You’ll also be able to check one of your credit scores, and will gain a few shopping and travel protections.

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