Earn more cash back for the things you buy most – gas and groceries. Enjoy a $200 welcome bonus and up to 75% in bonus rewards when you redeem into a Bank of America checking or savings account.

Annual Fee
$0
Extra Card Fee
$0
Card Type
Credit
Purchase
13.99%
Cash Advance
24.99%
Balance Transfer
13.99%
Purchase
0.00%
Purchase Term
12 months
Balance Transfer
0.00%
Transfer Term
12 months
Extended Warranty 2 years
Purchase Protection 120 days
Rental Car Theft & Damage Yes

Please review your insurance certificate for details, exclusions and limitations of your coverage.

If we find your match, we’ll give you up to $25 when you refer your friends.*

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Bank of America Cash Rewards credit card review

A cash back credit card from one of America's largest banks, the Bank Of America Cash Rewards credit card is one of many no fee choices available.

Here's what this card has to offer, and how it compares to others.

Earning Rewards with the Bank of America Cash Rewards credit card

The earn rates with this Bank Of America credit card have a unique twist to them.

You'll earn:

  • 3% cash back in a category of your choice,
  • 2% cash back at grocery stores and wholesale clubs, and
  • 1% cash back on all other purchases.

The 3% category is interesting. There's a number of categories you get to choose from, which are:

  • gas,
  • online shopping,
  • dining,
  • travel,
  • drugstores, or
  • home improvements/furnishings.

And, once you've chosen your category, you can change your category once per month if you so choose.

One point to note – you only earn 3% on your chosen category AND 2% on groceries on a combined spend of $2,500 per quarter, or $833 per month.

Bank of America Cash Rewards welcome bonus

There's also an easy to earn welcome bonus. Simply spend $1,000 in the first 3 months, and you'll earn $200 bonus cash back.

3 Bank of America Cash Rewards benefits

So what are the benefits of having this card? Here are 3 reasons to like it.

Choose your category to earn 3% cash back

We covered this above, but being able to choose what category you earn 3% in is a very unique feature. Most other credit cards that have this rotate through various categories, but not this one.

And, you can always change it should you find you're spending plenty in a different category.

0% APR on purchases and balance transfers for 12 months

Need to save on credit card interest? The Bank Of America Cash Rewards credit card offers 0% interest for 12 months on both new purchases and balance transfers made to the card.

Offers like these are a great way to save on debt and get your finances in order.

Earn up to 75% more rewards with Bank Of America Preferred Rewards

If you have a bank account with Bank Of America, you can qualify for Bank Of America Preferred Rewards.

Depending on your combined balances in your Bank Of America accounts and Merrill investments, you can earn up to 75% bonus rewards with your Bank Of America credit card.

You can learn more about how preferred rewards work here.

2 Bank of America Cash Rewards downsides

On the flip side, here are some things to also consider.

1. Not the greatest rewards

While it is unique in how you can earn rewards, as you'll see later it doesn't have the greatest rewards compared to other cash back credit cards.

Many cash back cards offer a base rate of 1.5% on all purchases, which typically will out-perform this card.

However, other than having to carry around another card, there's nothing stopping you from using this card for the bonus earn rates, and another for a high base rate on everything.

2. Standard foreign exchange fee

Many credit cards don't charge foreign exchange fees on purchases that aren't made in U.S. dollars. However, this Bank Of America credit card charges the standard 3% fee.

Comparison to other Bank Of America Cash Rewards credit cards

Bank Of America offers 4 other versions of this card. The basics of each card are the same:

  • earn rates,
  • annual fees,
  • other fees,
  • interest rates, and
  • welcome bonus.

The differences between lie in minor perks each of them offers. Here's the different cards, and the extra perks each of them offers.

Cash Rewards CardExtra Features
BOA makes donations to the Susan G. Komen foundation based on a percentage of your purchases
Show your MLB fandom with a card that sports your teams logo
BOA makes donations to the World Wildlife Fund based on a percentage of your purchases
Has a special U.S. pride design

Bank Of America also offers a secured and student version of this credit card.

Alternatives to the Bank Of America Cash Rewards credit card

So what are some alternatives to the Bank Of America Cash Rewards cards?

Here's a few of its other no annual fee competitors.

Credit Card Welcome Bonus Annual Fee Earn Rates
* Earn a $200 cash back bonus when you spend $1,000 in the first 3 months $0 * 3% cash back in a category of your choice,
* 2% cash back on groceries, and
* 1% cash back on all other purchases.
* Earn a $200 cash back bonus when you spend $500 in the first 3 months $0 * 5% cash back on travel purchased through Chase Ultimate Rewards,
* 3% cash back on restaurants and drugstores, and
* 1.5% cash back on all other purchases.
* $200 cash back bonus when you spend $500 in the first 3 months $0 * 3% cash back on dining and entertainment
* 2% cash back on groceries
* 1% cash back on all other purchases
None $0 * 1% unlimited cash back on all purchases
* Another 1% cash back when you pay your bill on time
None $0 * 2% unlimited cash back on all purchases
* 20,000 bonus points when you spend $1,000 in your first 3 months $0 * Earn 3 points per $1 spent on gas, transit, travel, and streaming services
* Earn 1 point per $1 spent on all other purchases

As stated earlier, the Bank Of America Cash Rewards credit card doesn't have the best overall earn rate among these cards.

Here's the average earn rate for them, based on a typical $2,000 monthly spend.

Comparing Bank of America Cas Rewards and Other Credit Cards Average Rate of Return

FAQ

What can you earn for rewards with the Bank Of America Cash Rewards credit card?

You can earn up to 3% cash back with the Bank Of America Cash Rewards credit card:

  • 3% cash back in a category of your choice,
  • 2% cash back at grocery stores and wholesale clubs, and
  • 1% cash back on all other purchases.

What is the foreign transaction fee of the Bank of America Cash Rewards credit card?

The Bank Of America Cash Rewards credit card has a standard foreign exchange fee of 3%.

Does Bank Of America Offer other cash back credit cards?

Yes, Bank Of America offers 4 other cash back credit cards that are almost identical to this one. The only differences between them are in some minor perks.

What are your thoughts?