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Bank of America® Cash Rewards credit card

Bank of America® Cash Rewards credit card
Bank of America® Cash Rewards credit card

Bank of America® Cash Rewards credit card

Editor's Rating: 4.0/5.0
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Editor's Rating

{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

4.0/5.0

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author's alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

The Bank of America® Cash Rewards credit card is a great cash back card which offers high cash back rewards rates across a variety of categories, including grocery stores and wholesale clubs. Below, we also discuss a few other comparable cards that may be better suited for a particular kind of customer.

Review: Good Cash Rewards Card for Bank of America Customers

The best thing about the Bank of America® Cash Rewards credit card is that it allows users to choose a category in which they will earn 3% cash back. Currently, the categories are as follow:

  • Gas
  • Online Shopping
  • Dining
  • Travel
  • Drug Stores
  • Home Improvement/Furnishings

There's not many cards out on the market that allow users this type of flexibility. On top of this, the card allows users to earn 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. To be clear, the 3% and 2% cash back rates are capped to the first $2,500 in combined purchases each quarter. However, even if you exceed the threshold, you'll be earning a decent 1% cash back on all purchases. Overall, this is a solid card if most of your purchases can be attributed to one of the categories where the card is able to garner a 3% cash back rate.

Bank of America® Cash Rewards credit card Benefits & Features

Bank of America® Cash Rewards credit card

$150 cash rewards bonus after making at least $500 in purchases in the first 90 days of your account opening
  • No annual fee
  • $150 online cash rewards bonus after you spend at least $500 on 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 all balance transfers
  • If you're a Preferred Rewards client, you can get a 25% - 75% rewards bonus on every purchase
  • No annual fee
  • $150 online cash rewards bonus after you spend at least $500 on 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 all balance transfers
  • If you're a Preferred Rewards client, you can get a 25% - 75% rewards bonus on every purchase
Annual Fee
$0
APR
16.24% - 26.24% Variable APR on purchases
Credit Needed
Excellent/Good
Editor's Rating
{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

Credit Card Comparisons

If you're unsure whether the Bank of America® Cash Rewards credit card is a good card for you, read how it stacks up against competing cash back credit cards, below.

Bank of America® Cash Rewards credit card vs. the Blue Cash Preferred® Card from American Express

The Blue Cash Preferred® Card from American Express offers 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). It also offers 3% cash back at U.S. gas stations and 1% back on other purchases. However, unlike the Bank of America® Cash Rewards credit card, the Blue Cash Preferred® Card from American Express comes with a $95 annual fee (See Rates & Fees).

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

Bank of America® Cash Rewards credit card vs. Fidelity American Express

One drawback of the Bank of America® Cash Rewards credit 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 one of the highest flat cash back rates 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.

Bank of America® Cash Rewards credit card vs. Capital One® Quicksilver® Cash Rewards Credit Card

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 Capital One® Quicksilver® Cash Rewards Credit Card, 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

Opinions, analyses, reviews, or recommendations expressed here are the author's alone, and have not been reviewed or endorsed by the issuer. We may be compensated through the issuer's Affiliate Program. For a full list of our advertisers see our disclosure page

* See the online credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the "Apply Now" button, you can review the credit card terms and conditions on the issuer's website.

Info about the following cards: Premier Rewards Gold Card from American Express, Hilton Honors Surpass® Credit Card, American Express® Blue Sky, American Express® Green Card, The Amex EveryDay® Preferred Credit Card from American Express, The Amex EveryDay® Credit Card from American Express, The Plenti® Credit Card from Amex, Blue from American Express®, Platinum Card® from American Express Exclusively for Mercedes-Benz, Bluebird, Centurion® Card from American Express, Hilton Honors American Express Aspire Card, Starwood Preferred Guest® American Express Luxury Card, Amazon Business American Express Card, and Marriott Bonvoy Brilliant™ American Express® Card has been collected independently by ValuePenguin. The issuer did not provide the details, nor is it responsible for their accuracy.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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 are ValuePenguin's alone and for illustrative purposes only. The estimates are not a guarantee, agreement, or commitment to redemption amounts and may not have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred® Card points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).

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