Q: I do not see a review of the Bank of America Cash RewardsTM Credit Card. I was really interested in this card, as I was reading about it on their website. You get 1 percent on all qualifying purchases, 2 percent for groceries, and 3 percent on gas. This is great for me, since most of my monthly bill is gas and groceries. Just wanted to see what an impartial expert thought.
A: Bank of America attached an iconic brand name to its new line of cash back credit cards, hoping some retro cool will help it overcome challenges from Chase and American Express.
Walking past my neighborhood Bank of America branch the other day, I watched the staff install a massive window display celebrating the relaunch of BankAmericard. It's the brand name that introduced many Americans to the concept of a coast-to-coast credit card during the middle of the 20th century. And it's the brand that evolved into what we now know as Visa.
Bank of America's relying on that retro chic to get you to notice one of the best cash back credit card offers on the market right now. Note that the grocery and gas bonus rewards are on $1,500 in combined purchases each quarter, 1% cash back on every purchase, 2% at grocery stores and 3% on gas for the first $1,500 in combined grocery/gas purchases each quarter.
Despite all of BoA's bad press over its acquisition of a miserable mortgage company and its attempts to add bizarre service charges to its retail banking products, I've never had a bad experience with any of their associates. In fact, for some customers, the ability to resolve issues face-to-face at a branch could be the strongest selling point of the BankAmericard Cash RewardsTM Credit Card. Bank of America is bringing one of its biggest assets to bear with this offer their impressive branch managers and customer service teams.
As a rule, I avoid keeping my personal checking account and my credit cards with the same bank as a deterrent to identity theft. That way, if someone cracks my account at one institution, I can minimize disruption among my other accounts. Therefore, I probably wouldn't get to take advantage of the 10 percent customer bonus for redeeming cash back into a Bank of America® checking or savings account. It's still great to see a solid cash back credit card bearing a legendary name, and we'll watch Bank of America closely as they get deeper into the hunt for new customers.