About BankAmericard Cash Rewards Card
The BankAmericard Cash Rewards credit card from Bank of America has hit the internet’s virtual shelves with an appealing 0% introductory APR on purchases and balance transfers, along with a $150 bonus for spending at least $500 within the first three months of owning the card.
This offer may have caught your eye as you were searching for Christmas presents online; after all, the 0% APR is quite appealing if you’re planning on making some big purchases in the next few months.
But is this card right for you? It’s a question you’re probably asking and it’s a question we would love to answer for you.
In the next few minutes, we’re going to take a look at the card’s current offer, along with its benefits and terms and conditions. Then we’ll close with our observations about the BankAmericard Cash Rewards card. We want you to be able to make a wise choice.
The BankAmericard Cash Rewards Card’s Perks
The BankAmericard Cash Rewards card has several up-front bonuses and rewards.
12 Months of Interest-Free Purchases and Balance Transfers
When you get your approval notice for the Cash Rewards card, any purchases you make 12 months after that happy moment will have a 0% APR, a.k.a. “zero interest”.
So, if the day after you get your card you splurge on, let’s say, that $159 Ninja Coffee Bar that Sofia Vergara has been begging you to try, you won’t have to pay any interest on it for 12 months.
That 0% APR also applies to any balance transfers made within 60 days.
The other main feature of the Cash Rewards card isn’t interest-based. Instead, it’s all about the money.
If you spend $500 within the first 90 days of owning your card, B of A will deposit (in about 8-12 weeks) $150 into your rewards account.
Cash Rewards on Purchases
Because the BankAmericard Cash Rewards is a cash-back card, you get specific cash bonuses based on the type of purchases you make.
The Wonderful World of Cash Back
Well, that world exists for BankAmericard Cash Rewards cardholders.
Every time you make a gas purchase, you get 3% of the purchase amount deposited into your Cash Rewards piggy bank. When you buy groceries, you get 2% back. All the other stuff you buy gets you 1% cash back.
And just to sweeten the pot, you’ll get an extra 10% bonus on your rewards cash if you deposit it into a B of A savings/checking account or a Merrill Lynch Cash Management Account.
So, for example, if you transfer $100 in rewards to your B of A checking account, you’ll actually get $110.
Bigger Cash Rewards for Big Spenders
The Cash Rewards program includes a nifty niche for the super-rich. And by super rich, we mean anyone who spends at least $20,000 per month on their card.
The program is called Preferred Rewards and has three tiers: Gold ($20K – $50K spent monthly), Platinum ($50k-$100K/mth) and Platinum Honors ($100K+/mth).
The main draw here is that each level gets a big bonus when their rewards go into a Bank of America or Merrill Lynch Cash Management account.
Gold-levelers get 25%, the Platinum people get 50% and the Platinum Honors honorees get 75% cash back.
So, if you buy that $200,000 Mercedes-Benz you’ve been eyeing and deposit your $2,000 reward into your account, you’ll actually receive $3,500.
Owning a BankAmericard Cash Rewards card entitles you to B of A’s host of consumer-focused security measures, on top of the benefits we listed above.
You get to use their cool ShopSafe feature, which generates a unique 16-digit account number, expiration date, and security code upon your request. You can use this data to make online purchases, meaning you never actually have to give your real credit card data!
Security chips come standard on your BankAmericard Cash Rewards card. You’ll also get overdraft protection, text alerts and several other helpful features.
The Fine Print
We’ve gathered the most important terms and conditions of the Cash Rewards card, but click here if you want to read the full BankAmericard Cash Rewards terms and conditions.
Annual Fee: There’s no annual fee for the BankAmericard Cash Rewards card.
Late, Transfer, and Cash Advance Fees: You’ll pay up to $38 for a late payment and up to $27 for a returned payment. Balance transfers carry a fee of 3% or $10, whichever is greater, while cash advance fees are 3%-5% or $10, whichever is greater.
APR: Your purchase APR will fall somewhere between 13.99% and 23.99% based on your credit score.
Penalty APR: If you make a late payment, your APR will jump to 29.99% and will remain that way for the entire time you own the card. You can avoid paying APR altogether by paying your credit card bill on-time, in-full every month.
Overdraft Protection: If you link your Cash Rewards card to a Bank of America checking or savings account and the account is overdrawn, B of A will automatically advance money from your card to the account for a fee of $12.
Why This Card Could Work for You
We like to end our credit card reviews with recommendations and observations. And when it comes to the BankAmericard Cash Rewards card, we have mixed feelings.
The card gives you a solid APR and the chance to get cash back at a 10% bonus if you have a Bank of America account. You also get tiers of rewards, with 3% on gas purchase topping the charts.
But that’s about it. There are other cards on the market that offer more dazzling rewards – 40,000 bonus miles, 50,000 points, etc. And if you love to travel, those cards are the way to go.
When compared to those points-based cards, the Cash Rewards card seems kind of boring.
But if you’re thinking about making a big purchase in the next few months, it may work to your advantage to get this card so your purchases will remain at 0% interest for 12 months.
Also, if you’ve got a family and a couple of cars, the gas and shopping cash-rewards aren’t a bad deal.
The Bureau of Labor Statistics says the average family spends about $6,700 a year on food and about $2,400 on gas. That ends up being about $205 in cash rewards each year, not including anything else you’d charge to the card.
If you want to make some big purchases in the coming months and need some time to pay them off interest-free, the BankAmericard Cash Rewards card could be a big help to your situation.
Also, if you spend considerable amounts of money on groceries and gas each month, this card’s cash rewards could be profitable for you.
We suggest you take a look at your monthly purchases and calculate how much you think you’ll spend over the course of the year in each of the rewards categories (gas, groceries, everything else). You might find you’ll earn more rewards than you think!
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Good luck getting bonus cash
Unlike Citibank or Chase, who's bonus cash works promptly, I am unclear if I will ever get my bonus from Bank of America. I spent the money and more in the allotted time. The fine print says I will get maybe in three months? No indication on my account that this will ever happen.
All others I have used gave the bonus as soon as you met the goals for the bonus offer.
I will get rid of this card and will be going back to others.
Bottom Line: No, I would not recommend this to a friend
1 out 1 people found this review helpful
Best card around
I have been a card holder for 16 years and have always received excellent service!
Bottom Line: Yes, I would recommend this to a friend