BankAmericard Cash Rewards™ Credit Card Essentials
BankAmericard Cash Rewards™ Credit Card is a great choice if you like simplicity in a rewards program. The rewards rates are finely 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.
The points for BankAmericard Cash Rewards™ are earned in three tiers:
· Gas purchases earn 3% cash back*
· Grocery purchases earn 2% cash back*
· All other purchases earn 1% cash back
*After you’ve reached $1,500 cash back in combined gas and grocery purchases, the rewards rate will be reduced to 1% cash back.
BankAmericard Cash Rewards™ offers an introductory 0% APR for 12 billing cycles which applies to purchases and balance transfers. 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 BankAmericard 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 75%.
For a little extra pizzazz, BankAmericard Cash Rewards™ offers an online-exclusive intro perk: Cardholders can earn $100 cash back 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.
BankAmericard Cash Rewards™ 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 0% 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.
The cash back rewards cap each quarter at $1,500 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 BankAmericard Cash Rewards™ assesses 3% balance transfer fees (minimum of $10), 3% fee on foreign transactions and a high penalty APR, so cardholders who utilize their card outside the “fee-free zone” may quickly offset their rewards earnings.
How BankAmericard Cash Rewards™ Compares to Other Cash Back Cards
BankAmericard Cash Rewards™ 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's intro bonus is $50 greater), and both cards tout no annual fee. The primary difference between these two cash back cards is the structure of categories. Chase Freedom® offers 5% cash back for rotating categories (which cap at $1,500 then adjusts to 1%). With similar quarterly caps the decision between which card is best depends on the cardholder’s spending patterns. Do you like a change in your cash back categories, or do you know that gas, and groceries are the best for you?
BankAmericard Cash Rewards™ vs. Discover it®.
The intro offer for Discover it® has the potential to be far more substantial than the BankAmericard Cash Rewards™ program: Discover’s program doubles all the cash back new card holders have earned at the end of your first year, automatically. While the initial appeal of Discover it® is strong, the cardholder is again faced with the decision between rotating categories or not. Discover it offers 5% cash back on rotating categories which cap at $1,500 quarterly, before moving to 1% cash back.
BankAmericard Cash Rewards™ vs. American Express Blue Cash Preferred®.
While American Express Blue Cash Preferred® offers a higher rewards rate for grocery and gas purchases the Blue Cash Preferred® has a $75 annual fee, and BankAmericard™ does not. If you are a light credit card user you may not spend enough to offset the $75 annual fee assessed to the Blue Cash Preferred® giving the BankAmericard Cash Rewards™ 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.
This 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.