The BankAmericard Cash Rewards Visa makes it easy to earn cash back on everyday purchases such as groceries and gas as well as most other expenditures. This card is a good choice for people who simply want to be rewarded for using their card often but don’t want to be limited by restrictive points-of-sale. The BankAmericard Cash Rewards Visa allows card members to earn 1% cash back on purchases made anywhere at any time. Cardholders also have the opportunity to earn 2% cash back at grocery stores and 3% back on gas. The only restriction on these purchases is a combined limit of $1,500 spent on groceries and gas per quarter. Any amount spent above $1,500 will earn card members 1% cash back until the next quarter begins.
Bank of America is offering new account holders the chance to earn a $100 cash rewards bonus by simply applying for the BankAmericard Cash Rewards Visa online. Once approved, you must make at least $500 in qualifying purchases on the card within the first 90 days of opening your account. Cardholders have the option of redeeming their cash back as a direct deposit into a Bank of America checking or savings account or receiving a check or statement credit. Another promotion for new card members is a 0% introductory annual percentage rate (APR) on purchases for the first twelve billing cycles on the card. This same offer applies to any qualifying balance transfers made within the first 60 days of opening an account.
The cash back rewards earned with the BankAmericard Cash Rewards Visa are automatically applied to your purchases and shown on your account statement each month. Plus, they never expire. If you are an existing Bank of America banking customer, you will also receive a 10% customer bonus each time you redeem rewards into your Bank of America checking or savings account. This allows cardholders to accumulate cash back rewards at an even faster rate.
This card has no annual fee which makes it stand out in the crowded rewards credit card industry. However, card members are charged a 3% foreign transaction fee on all purchases made outside of the U.S. If you frequently travel abroad, these fees can quickly add up.
Cardholders enjoy many of the benefits offered by Bank of America to its customers. These include:
- Mobile Banking
- Account Alerts
- SafePass Security
- Chip Technology
- $0 Liability Guarantee
Below we’ve broken down the specific details of the BankAmericard Cash Rewards Visa to help determine if it’s the right choice for you.
The Facts
The Good:
New account rewards bonus:
New card members who apply online and are approved have the opportunity to earn a $100 cash rewards bonus. To receive this bonus you must spend at least $500 on the card within the first 90 days of activation. The time period begins upon approval for the BankAmericard Cash Rewards Visa and all purchases must post to your account by the end of the 90-day period.
New account introductory APR:
New cardholders receive a 0% introductory annual percentage rate on all purchases made with the card for the first 12 billing cycles. This offer also applies to any balance transfers made within the first 60 days of account activation. If you are carrying a balance on a high-interest credit card, transferring it to this card and enjoying a 0% APR for twelve months may allow you to pay it off more quickly and with less interest charges.
No annual fee:
This card has no annual fee.
Generous cash back rewards on everyday purchases:
The BankAmericard Cash Rewards Visa gives card members the ability to earn rewards on most items people routinely buy. These include:
- 3% cash back on gas purchases
- 2% cash back on grocery purchases
- 1% cash back on all other purchases
There is a $1,500 limit on combined gas and grocery purchases each billing quarter. Purchases above the $1,500 amount will earn cash back rewards of 1% until the next quarter begins.
These rewards are automatic. Card members do not have to sign up to receive them or register their card in order to earn cash back rewards. The catagories do not change and the rewards never expire.
Cash back rewards can be directly deposited into a Bank of America checking or savings account or card members can receive a check or statement credit.
Bank of America benefits:
Card members also receive Bank of America services in addition to the cash back rewards. Some of these are:
- Mobile banking- Pay your credit card bill online, check balances, transfer funds. Available almost everywhere quickly and securely.
- Account alerts- Check balances and due dates. Receive alerts when you make purchases to better protect yourself from fraudulent use of your card.
- SafePass security- Another layer of security using a 6-digit, one time code along with your SiteKey image.
- Chip technology- Added security and protection now available. This system is already in widespread use throughout Europe and other international locations and will soon be the security standard in the U.S.
- 0% Liability Guarantee- Helps safeguard cardholders from fraudulent credit card transactions.
Cash back reward bonus for Bank of America customers:
If you are a Bank of America banking customer, you will receive an additional 10% cash rewards bonus each time you redeem your rewards directly into your Bank of America checking or savings account. This benefit can make your rewards grow even faster.
The Bad:
High penalty fees and APRs:
Cardholders can be charged up to $35 for a late payment. Returned payment fees can be charged up to $25 per item. Additionally, a penalty annual percentage rate of 29.99% can be applied to your account if you make one late payment. After the introductory APR for 12 months expires, the APR on purchases will be 12.99% to 22.99% depending on your creditworthiness. This is determined when you open your account. The same rate standard holds true for balance transfers made after the initial 60 day grace period.
Foreign transaction fees:
For any purchases made outside of the U.S., card members are charged a 3% foreign transaction fee on the total amount of each purchase. If you often travel internationally, these fees can accumulate quickly.
The Ugly:
Limits on spending:
There is a $1,500 limit on combined gas and groceries purchases per quarter at the 3% and 2% cash back rewards rate. Any amount spent on gas and groceries above that amount earns only 1% cash back for the remainder of the quarter. If your expenditures are normally higher than this over a three month period, you should take into account the diminished cash back returns when thinking about getting this card.
Benefits favor Bank of America customers:
If you aren’t a Bank of America banking customer, you lose out on the ability to earn a 10% cash back bonus every time you redeem your rewards. Over time, this could calculate to a significant amount of lost cash back rewards. You may want to consider if it’s worth it to switch your banking affiliation in order to qualify for the 10% bonus.