|"Great spending rewards for existing BofA customers with $50k+ in savings"|
The BankAmericard Cash Rewards™ Credit Card is a decent cash back card with reward bonuses for groceries, wholesale club and gas spending. It's best for a Bank of America customer looking for a cash back card who buys a moderate amount of groceries and gas, since there's a nice 10% relationship bonus that can make it worthwhile. Otherwise, read more about other comparable cards and the Cash Rewards card's pros and cons in our review.
If you're a Bank of America accountholder with moderate spending at grocery stores, wholesale clubs and gas stations, then this can be a great card for you. It'll deliver up to 3.3% cash back on gas and 2.2% on groceries for bank clients, but only on the first $2,500 in combined spending each quarter - a bit better than similar no-annual-fee cash back credit cards such as the Blue Cash Everyday® Card from American Express. This should be good news for many people; Bank of America is the second largest bank in America, after all!
Spending more than $2,500 in Groceries and Gas each quarter?
If you spend more than $833 a month at grocery stores, wholesale clubs and gas stations, there are more rewarding cards for you. All other spending, including groceries and gas above $2,500 in the quarter, only earn 1% (or 1.1% for banking clients) back on the BankAmericard Cash Rewards™ Credit Card, which is lower than what you could be earning elsewhere.
Unless you value the convenience of having all of your banking and financial needs at the same institution, consider applying for the Blue Cash Preferred® Card from American Express, the Fidelity American Express, or the Capital One® Quicksilver® Cash Rewards Credit Card. They're cards that have higher cash back rates on the bonus categories, or just attractive and above-average flat rates on all net spending (more in our comparisons below).
|Annual Fee||No Annual Fee|
|Purchase APR||12.99% - 22.99% Variable|
The customer loyalty bonus sets the BankAmericard Cash Rewards™ Credit Card ahead of other similar credit cards, which is why we recommend the card specifically for Bank of America accountholders. In order to get the 10% rewards bonus, simply transfer any rewards earned on the credit card to a linked checking or savings account at Bank of America.
So the BankAmericard Cash Rewards™ Credit Card is a good card to consider if you're ok with depositing your rewards into a Bank of America account and you don't spend too much on groceries and gas. Otherwise, here are some other credit cards that might make better sense for you.
The Blue Cash Preferred® Card from American Express has higher cash back percentage rates and an additional bonus category, and is better for someone who has a higher level of spending. The card lets you earn FOUR extra percentage points on the first $6,000 in U.S. supermarket spending alone in the year and one extra percentage point on gas: this surplus above the BankAmericard more than pays for the annual fee of $95.
One drawback of the Cash Rewards card is the $2,500 quarterly limit on its bonus categories, but there are no such limits with the Fidelity Amex. The Fidelity Investment Rewards card lets you earn the highest flat cash back rate of 2% on all net spending, which can raise your overall level of cash rewards earned. However, in order to get the 2% rate, you'd have to open an eligible Fidelity cash management or trading account.
Would you rather have limited category bonuses that might maximize your rewards up to a certain point, or just earn an easy and above-average 1.5% cash back on everything? With the Quicksilver®, you will get convenience and a no-hassle card, but at the expense of limited category bonuses that might potentially earn great cash back for the right kind of budget.
Comments and Questions
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How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.