Bank Of America Cash Rewards Credit Card Review – 18 Points

This card is good choice if you are frugal shopper and want to choose your own 3 % bonus category and you keep lot of money in bank of America or Merrill lynch.

Pros:

Cons:

No annual fee

$2,500 quarterly cap on the 3% bonus category

3% back on gas or a category of your choice

Foreign Transaction fee

Big bonus offer

 

0% intro apr on purchase and balance transfer

 

Bonus cash back for bank of america customers

 

1. Rewards Rate:

3% cash back on a category of choice
2% cash back on groceries and wholesale club purchases
$2,500 combined limit on 2% and 3% categories each quarter
1% cash back on other purchases

2. Intro Bonus:

$200 online cash back after you spend $1,000 in purchases in the first 90 days of account opening.

3. Purchase Intro APR:

0% for 12 billing cycles

4. Transfer Intro APR:

0% for 12 billing cycles for balance transfers made in the first 60 days

5. Annual Fee:

$0

6. Regular Apr:

16.24% – 26.24% Variable APR on purchases and balance transfers

7. Balance Transfer Fee:

3% (min $10)

8. Foreign Transaction Fee:

3%

9. Other Benefit:

Extended warranty
Car rental insurance
Temporary card numbers through ShopSafe
No expiration on rewards
If you’re a Preferred Rewards member, you can earn 25% – 75% more cash back on every purchase

10. Credit Needed:

Good to excellent credit

 

11. Late Payment Fee:

Up to $39

12. Max Penalty Apr:

29.99% (V)

13. Go for Bank of America Cash Reward Credit Card:

If you don’t want to pay annual fee and still want decent sign up bonus and reward rate.
If you want flexible reward program that shift with your spending habit.
If you can qualify for prefer reward boost and have lot of money with bank of America checking or saving account.
If you spend a lot of money on gas.

14. Bonus cash back for Bank of America customers:

Gold — $20,000 combined balance minimum, 25% bonus
Platinum — $50,000 combined balance minimum, 50% bonus
Platinum honors — $100,000 combined balance minimum, 75% bonus

Spending

Standard Cash-back Rate

Preferred Rewards Gold

Preferred Rewards Platinum

Preferred Rewards Platinum honors

Gas or Your Choice

3%

3.75%

4.5%

5.25%

Grocery Stores and Wholesale Clubs

2%

2.5%

3%

3.5%

All Other Spending

1%

1.25%

1.5%

1.75%

15. Customer Service:

Google Play Store rating:
4.5 out of 5
Apple App Store:
4.6 out of 5
It offer online chat feature.
it doesn’t include 24/7 customer service.

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