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Apply online for Bank of America® Cash Rewards Credit Card
About Our Ratings
Credit Needed
Excellent/Good

Bank of America® Cash Rewards Credit Card Review

Pros & Cons

  • 3 percent cash back on gas and 2 percent cash back on groceries and wholesale club purchases like those at Costco, Sam's Club and BJ's on up to $2,500 in combined gas, grocery and wholesale club purchases quarterly; 1 percent cash back on all other purchases.
  • Online-exclusive intro offer rewards cardholders with $150 online cash rewards bonus after spending $500 within the first 90 days of account opening
  • Earn bonus cash back when you redeem your rewards into a Bank of America checking or savings account; earn an even bigger bonus as a Preferred Rewards customer.

Top Features

Cashback on Gas
3% cash back on gas for the first $2,500 combined grocery/wholesale clubs/gas purchases each quarter
Cashback on groceries
2% at grocery stores and wholesale clubs for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter
Cashback on other
1% cash back on every purchase
Annual Fee
$0.00

Full Review

Curtis Arnold Editor-in-chief

Bank of America® Cash Rewards Credit Card Essentials  

With a shiny garnet color, the Bank of America® Cash Rewards Credit Card isn't just a pretty face. It's elegance represents its simplicity in a cash rewards program. The rewards rates are clearly outlined, there is no annual fee, and rewards points don't expire – which means cardholders don't have to keep track of much more than when the bill is due each month (such as the rotating bonus categories other card require you to sign up for each quarter).

The points for Bank of America® Cash Rewards Credit Card are earned in three tiers:

  • Gas purchases earn 3% cash back*
  • Grocery and wholesale club purchases earn 2% cash back*
  • All other purchases earn 1% cash back

*After $2,500 in combined gas, grocery and wholesale club purchases per quarter, the rewards rate for those categories is reduced to 1% cash back.

The Bank of America® Cash Rewards Credit Card offers an introductory APR for 12 billing cycles which applies to purchases and to balance transfers within the first 60 days (then, 13.99% - 23.99% Variable APR on purchases). If you’re looking to consolidate your credit card balances to a lower interest credit card this card might be worth checking out.

The real star power of the Bank of America® Cash Rewards Credit Card lies in its increased rewards rates for Bank of America and Merrill Lynch customers.  Customers of these financial institutions can earn a 10% customer bonus for redeeming cash back into an authorized checking or savings account and preferred rewards clients can increase their customer bonus up to 25%-75%.

For a little extra pizzazz, Bank of America® Cash Rewards Credit Card offers an online-exclusive intro perk: Cardholders can earn $150 online cash rewards bonus for spending $500 within the first 90 days of opening the card. The low spending total to qualify for intro offer is appealing; many cash rewards cards require at least $1,000 of purchases within the first three months to claim their intro offer.

What Our Editors Like Most

We love that cardholders have the opportunity to redeem their rewards directly into their Bank of America or Merrill Lynch savings or checking account.  Adding rewards points into a savings account where they can earn additional interest is a prime example of smart credit card use.

Bank of America® Cash Rewards Credit Card is a totally straightforward credit card. There is no annual fee, rewards points don’t expire, and the categories don’t rotate. The simplicity makes it easy to earn rewards and redeem them on your own terms.

For a credit card that doesn’t charge an annual fee the overall benefits are more substantial than you might think. Apart from the high rewards rates, and the intro APR for balance transfers and purchases, cardholders also have access to many of perks a Bank of America customer receive: Shop safe®, overdraft protection, access to Bank of America financial centers and ATMS, to name a few.

And while we don't recommend the use of cash advances except for real emergencies, your card does arrive ready to use with a PIN which allows you to take out cash from a ATMs worldwide. While this is something that can come handy in a crunch, keep in mind that ATM withdrawals are Bank Cash Advances and subject to a different APR than other types of transactions.

Potential Downsides

The cash back rewards cap each quarter at $2,500 for the highest reward categories. If you think you’ll spend above this rate on gas and groceries, and you have excellent credit, there are cash back cards with higher reward rates. 

After the intro APR expires, the Bank of America® Cash Rewards Credit Card assesses balance transfer fees,  foreign transaction fees and a high penalty APR, so cardholders who utilize their card outside the “fee-free zone” may quickly offset their rewards earnings.

How Bank of America® Cash Rewards Credit Card Compares to Other Cash Back Cards

Bank of America® Cash Rewards Credit Card vs. Chase Freedom®

These two cards showcase similar features: a cash reward for spending $500 within the first 90 days of account opening (although Chase Freedom® offers the chance to earn a $150 bonus, too, and both cards a $0 annual fee. The primary difference between these two cash back cards is the structure of categories. Chase Freedom® offers 5 cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. The differing quarterly caps and categories could make the decision between which card is best for each cardholder. Do you like a change in your cash back categories, or do you know that gas and groceries are the best for you?

Bank of America® Cash Rewards Credit Card vs. Discover it® - 18 Month Balance Transfer Offer.

The intro offer for Discover it® - 18 Month Balance Transfer Offer has the potential to be far more substantial than the Bank of America® Cash Rewards Credit Card program: Discover’s program  matches all the cash back new card holders have earned at the end of your first year, automatically.  While the initial appeal of the Discover it® - 18 Month Balance Transfer Offer is strong, the cardholder is again faced with the decision between rotating categories or not; the card offers 5 percent cash back on rotating categories each quarter you sign up, which cap at $1,500 quarterly, before moving to 1 percent cash back.

Bank of America® Cash Rewards Credit Card vs. Blue Cash Preferred® Card from American Express.

The Blue Cash Preferred® Card from American Express (American Express is a CardRatings advertiser) offers a higher rewards rate for grocery and gas purchases. The rewards break down to 6 percent on U.S. supermarket purchases (up to $6,000 spent annually, then 1 percent), 3 percent back at U.S. gas stations and select U.S. department stores and 1 percent back on all other purchases. But the Blue Cash Preferred® has a $95 annual fee and the Bank of America® Cash Rewards Credit Card does not have an annual fee. If you are a light credit card user you may not spend enough to offset the annual fee assessed to the Blue Cash Preferred® giving the Bank of America® Cash Rewards Credit Card card a leg up.

Who Should get This Card?

This card is great for cardholders with good to excellent credit who spend often on groceries and gas, but not exorbitantly.

Bank of America® Cash Rewards Credit Card is also a sweet deal for Bank of America and Merrill Lynch customers who can earn additional bonuses for redeeming their rewards points into an authorized checking or savings account. 

And as you're mulling it over, consider the fact that this year marks the ninth consecutive time Bank of America has been recognized for its fraud prevention, detection and resolution with a Best Overall Identity, Safety in Banking Award from Javelin Strategy and Research.

This page was last updated on August 02, 2017

This card compared to other cash back cards

Cashback on Gas
3% cash back on gas for the first $2,500 combined grocery/wholesale clubs/gas purchases each quarter
1-5%
Unlimited 1.5% cash back
Cashback on Groceries
2% at grocery stores and wholesale clubs for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter
1-5%
Unlimited 1.5% cash back
Cashback on other
1% cash back on every purchase
5% cash back in rotating categories each quarter like gas stations, restaurants, Amazon.com, wholesale clubs and more, up to the quarterly maximum each time you activate. Plus, 1% cash back on all other purchases.
Unlimited 1.5% cash back
Purchase Intro
APR:
0% Introductory APR on purchases
Period:
12 billing cycles
APR:
0%
Period:
14 months
APR:
0% Intro APR on Purchases
Period:
for 15 months
Purchase APR
13.99% - 23.99% Variable APR on purchases
11.99% - 23.99% Variable 
15.99%-24.74% Variable 
Rates and Fees
CardRatings.com Editorial Staff

Bank of America® Cash Rewards Credit Card details

Points or Miles
N/A
Bonus Points or Miles
$150 online cash rewards bonus
after you spend at least $500 on purchases in the first 90 days of account opening
Purchase Intro
APR:
0% Introductory APR on purchases
Period:
12 billing cycles
Purchase APR
13.99% - 23.99% Variable APR on purchases
Annual Fee
$0.00

What Bank of America says about this card

  • No annual fee
  • $150 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening
  • Earn 1% cash back on every purchase, 2% at grocery stores and wholesale clubs, and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter
  • No changing categories and no expiration on rewards
  • 0% Introductory APR for 12 billing cycles for purchases AND for any balance transfers made in the first 60 days, then, 13.99% - 23.99% Variable APR. 3% fee (min $10) applies to balance transfers
  • Get a 10% customer bonus every time you redeem your cash back into a Bank of America® checking or savings account
  • If you're a Preferred Rewards client, you can increase that bonus to 25% - 75%

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Special offers
Currently available on the Bank of America® Cash Rewards Credit Card
$150 online cash rewards bonus
After you spend at least $500 on purchases in the first 90 days of account opening

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Apply online for Discover it® - Cashback Match™

Discover it® - Cashback Match™

  • New! We'll monitor your Social Security Number. Get an alert if we find your Social Security Number on any of thousands of risky websites.* Activate for FREE.
  • You could turn $150 into $300 with Cashback MatchTM. Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
  • Earn 5% cash back in rotating categories each quarter like gas stations, Amazon.com, restaurants, wholesale clubs and more, up to the quarterly maximum each time you activate. Plus, 1% cash back on all other purchases.
  • Redeem your cash back for any amount, any time. Cash rewards never expire.
  • 100% U.S. based customer service.
  • Get your FICO® Credit Score for free on monthly statements, on mobile and online.
  • No annual fee.
  • Click "APPLY NOW" to see rates, rewards, FICO® Credit Score terms, Cashback Match™ details & other information.
Credit Needed:
Excellent, Good
Apply online for Chase Freedom Unlimitedâ„ 

Chase Freedom Unlimited℠

  • Unlimited 1.5% cash back on every purchase - it's automatic
  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 15.99%-24.74%. Balance transfer fee is 5% of the amount transferred, $5 minimum
  • Redeem for cash - any amount, anytime
  • Cash Back rewards do not expire as long as your account is open
  • No annual fee
Credit Needed:
Excellent/Good