Bank of America® Cash Rewards Credit Card review

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Advertiser Disclosure

Interest Rate: Purchases
16.24% ‐ 26.24% (0% for the first 12 months)
Balance Transfer
16.24% ‐ 26.24% (0% for the first 12 months)
Rewards
1 - 2% cashback
Signup Bonus
$200 after spending $1,000


8.6/10
Informr score
The Bank of America® Cash Rewards Credit Card currently has an Informr score of 8.6 out of 10. This score is based on our evaluation of 30 sources including reviews from users and the web's most trusted critics.

Am I eligible?


Bank of America® Cash Rewards Credit Card is typically available to those with good credit scores (650 or greater).
To get this card, you must also:
Yes Be a permanent or temporary resident of USA

Note: This information is only intended as a guide. The final decision is up to the bank and your application could still be rejected even if you can answer 'Yes' to all the minimum criteria above. Always consider your options and your financial situation before you apply for a credit card.

What the Critics Are Saying...


Compare Cards

If earning cash back is your goal, the Bank of America® Cash Rewards credit card is a good option for you. You can earn cash back on everything you buy and receive it in fast, easy, convenient ways and rewards do not expire. There are other features like overdraft protection, too, and the interest r...

- Compare Cards
The Points Guy

If you qualify for Preferred Rewards through Bank of America, the BoA Cash Rewards card has the potential to offer lucrative rewards for smaller budgets. Frequent travelers and those with larger budgets will probably get more out of one of Bank of America’s more premium cards. Also keep in mind that...

- Madison Blancaflor, The Points Guy
The Balance

A solid way to earn cash back on your grocery and wholesale club spending, and it lets you earn at an even higher rate on your choice of six popular spending categories. The fact that it also has no annual fee and comes with a very competitive sign-up bonus also work in its favor. But there are limi...

- Holly Johnson, The Balance
The Wirecutter

This card has the potential to be the highest-earning gas rewards credit card we reviewed (and you can earn high cash back in some other worthy categories too). But it’s best for existing Bank of America customers with some serious savings.

- Louis DeNicola, The Wirecutter
LendEDU

The Bank of America Cash Rewards card is a great option if you aren’t a huge spender but want flexibility when it comes to earning bonus cash back. The $0 annual fee and 0% APR on purchases and balance transfers for 12 months also add to the card’s overall appeal.

- Christy Rakoczy, LendEDU

Details


Interest Rates
Regular APR Interest Rate 16.24% ‐ 26.24% (0% for the first 12 months)

 This APR will vary with the market based on the Prime Rate.

Balance Transfer Interest Rate 16.24% ‐ 26.24% (0% for the first 12 months)
  • Intro rate applies on balances transferred within the first 60 days of account opening. 
  • This APR will vary with the market based on the Prime Rate.
Cash Advance Interest Rate 19.24% ‐ 27.24%

 This APR will vary with the market based on the Prime Rate.

Rates & Fees
Annual Fee $0.00
Balance Transfer Fee 3%

Minimum of $10

Cash Advance Fee 3%

For Direct Deposit and Check Cash Advances or $10 whichever is greater.


5%

for ATM, Over-the-Counter, Same-Day Online and Cash Equivalent Cash Advances or $10 whichever is greater.

Foreign Transaction Fee 3%

Of each transaction in U.S. dollars.

Over Limit Fee $0.00


Late Payment Fee $39.00

Maximum

Promotions
Sign up bonus $200 after spending $1,000

On purchases within the first 3 months.

Rewards
All Purchases 1% cash back
Restaurants No
Gas No
Groceries 2% cash back

On up to $2,500 of quarterly spending

Hotels No
Travel No
Pharmacy No
Bills No
Additional Details

Choose your 3% category (On up to $2,500 of quarterly spending)

- Gas

- Online Shopping

- Dining

- Travel

- Drug stores

- Home improvement/furnishings



Preferred Rewards clients get a 25% - 75% rewards bonus on every purchase.

Features & Benefits
Additional Card Holders Yes
Travel Accident Insurance No
Car Rental Insurance No
Car Rental Discount No
Extended Warranty No
Purchase Protection No
Zero Liability Yes
No Foreign Transaction Fees No
Emergency Assistance No
Concierge Service No
Price Protection No
Fraud Protection Yes
Free Credit Scores Yes
Wireless Payments Apple Pay, Samsung Pay, Android Pay
Additional Benefits
  • Online Shopping Security
  • Overdraft Protection
Eligibility
Minimum Security Deposit $0
Minimum Age 18
Minimum Personal Income
Temporary Residents No
More
Additional comments
Terms & Conditions Official Terms & Conditions
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Critic Reviews


Compare Cards

A good rewards card that offers a chance to earn fantastic cash rewards rates on your spending

Compare Cards

If earning cash back is your goal, the Bank of America® Cash Rewards credit card is a good option for you. You can earn cash back on everything you buy and receive it in fast, easy, convenient ways and rewards do not expire. There are other features like overdraft protection, too, and the interest rate is reasonable.

Read full review

If earning cash back is your goal, the Bank of America® Cash Rewards credit card is a good option for you. You can earn cash back on everything you buy and receive it in fast, easy, convenient ways and rewards do not expire. There are other features like overdraft protection, too, and the interest rate is reasonable.

Read full review

Less

The Points Guy

Offers a unique choose-your-category rewards structure

from The Points Guy

If you qualify for Preferred Rewards through Bank of America, the BoA Cash Rewards card has the potential to offer lucrative rewards for smaller budgets. Frequent travelers and those with larger budgets will probably get more out of one of Bank of America’s more premium cards. Also keep in min...More

If you qualify for Preferred Rewards through Bank of America, the BoA Cash Rewards card has the potential to offer lucrative rewards for smaller budgets. Frequent travelers and those with larger budgets will probably get more out of one of Bank of America’s more premium cards. Also keep in mind that Bank of America cards are best suited for those who use other Bank of America products like their savings and investments accounts. Those who bank elsewhere can find a higher cash back rate with cards offered by other issuers.

Read full review

Less

The Balance

Lucrative bonus categories, very competitive perks

from The Balance

A solid way to earn cash back on your grocery and wholesale club spending, and it lets you earn at an even higher rate on your choice of six popular spending categories. The fact that it also has no annual fee and comes with a very competitive sign-up bonus also work in its favor. But there are l...More

A solid way to earn cash back on your grocery and wholesale club spending, and it lets you earn at an even higher rate on your choice of six popular spending categories. The fact that it also has no annual fee and comes with a very competitive sign-up bonus also work in its favor. But there are limits that restrict the card’s value, especially if you’re not a Bank of America customer.

Read full review

Less

The Wirecutter

Shines for some Bank of America customers

from The Wirecutter

This card has the potential to be the highest-earning gas rewards credit card we reviewed (and you can earn high cash back in some other worthy categories too). But it’s best for existing Bank of America customers with some serious savings.

Read full review

This card has the potential to be the highest-earning gas rewards credit card we reviewed (and you can earn high cash back in some other worthy categories too). But it’s best for existing Bank of America customers with some serious savings.

Read full review

Less

LendEDU

Flexible rewards, promotional 0% APR

from LendEDU

The Bank of America Cash Rewards card is a great option if you aren’t a huge spender but want flexibility when it comes to earning bonus cash back. The $0 annual fee and 0% APR on purchases and balance transfers for 12 months also add to the card’s overall appeal.

Read full review

The Bank of America Cash Rewards card is a great option if you aren’t a huge spender but want flexibility when it comes to earning bonus cash back. The $0 annual fee and 0% APR on purchases and balance transfers for 12 months also add to the card’s overall appeal.

Read full review

Less

CreditCards.com

A basic cash-back card for relatively modest spenders

from CreditCards.com

The Bank of America Cash Rewards card offers an exceptional rewards rate on a category of the user’s choice, allowing increased flexibility. But a $2,500 spending cap on bonus category rewards limits how much cardholders can earn.

Read full review

The Bank of America Cash Rewards card offers an exceptional rewards rate on a category of the user’s choice, allowing increased flexibility. But a $2,500 spending cap on bonus category rewards limits how much cardholders can earn.

Read full review

Less

Cardcruncher

A decent rewards credit card

The Bank of America Cash Rewards credit card offers reasonable rewards earnings on gas, groceries and at wholesale clubs, without the need to sign up for rotating categories. The card's really designed to benefit Bank of America banking customers, though non-banking customers are welcome, too. ...More

The Bank of America Cash Rewards credit card offers reasonable rewards earnings on gas, groceries and at wholesale clubs, without the need to sign up for rotating categories. The card's really designed to benefit Bank of America banking customers, though non-banking customers are welcome, too.  You'll be eligible to earn 3% back on gas and 2% back on groceries and at wholesale clubs on a combined $2,500 each quarter with the Bank of America Cash Rewards card.

Read full review

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NerdWallet

Offers potentially valuable rewards for those who spend modestly

from NerdWallet

The option to choose your own 3% cash-back category makes this card appealing for frugal spenders, despite its complicated rewards program and spending caps. If you qualify for the Preferred Rewards program, it can be even more valuable.

Read full review

The option to choose your own 3% cash-back category makes this card appealing for frugal spenders, despite its complicated rewards program and spending caps. If you qualify for the Preferred Rewards program, it can be even more valuable.

Read full review

Less

SmartAsset

One of the best cash back cards with no annual fee

With a huge $150 cash back signup bonus and 0% APR for 12 billing cycles on purchases and balance transfers, this card is an incredible deal. Considering that the card has no annual fee, there is no harm in keeping it in your wallet for many years to come.

Read full review

With a huge $150 cash back signup bonus and 0% APR for 12 billing cycles on purchases and balance transfers, this card is an incredible deal. Considering that the card has no annual fee, there is no harm in keeping it in your wallet for many years to come.

Read full review

Less

The Wirecutter

Could net you hundreds of dollars per year

from The Wirecutter

If you want the very best cash-back rate on gas and you’re okay with tying up a lot of cash with Bank of America, consider the Bank of America Cash Rewards Credit Card. The Cash Rewards card is part of Bank of America’s Preferred Rewards program, which can lead to a higher reward rate depend...More

If you want the very best cash-back rate on gas and you’re okay with tying up a lot of cash with Bank of America, consider the Bank of America Cash Rewards Credit Card. The Cash Rewards card is part of Bank of America’s Preferred Rewards program, which can lead to a higher reward rate depending on how much money you have in your Bank of America/Merrill Lynch/Merrill Edge accounts.

Read full review

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User Reviews


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