Would you like to have a credit card that earns you up to 3% in cash back on your purchases? And if you can choose the category of purchases, wouldn’t it even be better?
The Bank of America Cash Rewards credit card could be the card you’re looking for. It rewards you with cashback between 1% and 3% on your transactions and the cashback never expires.
We’ve looked online at the basic details of the card, summarized our findings, and have shared them below. Information on how to apply for the card can also be found here.
Bank of America Cash Rewards Credit Card Features
The Bank of America Cash Rewards credit card has no annual fee and gives you cashback on purchases in different categories. You’ll receive 3% cashback in the category of your choice.
You can choose between purchases for gas, online shopping, dining, travel, drug stores, or home improvement. You can change the category on your app or online. For purchases at grocery stores & wholesale clubs, you’ll receive a 2% cashback and on all other purchases, you’ll earn an unlimited 1%.
Pros and Cons of the Bank of America Cash Rewards Credit Card
The Cash Rewards card offers a reward bonus of $200 after spending $1000 or more in your first 90 days. Your cashback will never expire, no matter how long you accumulate them. This enables you to redeem it whenever you want.
You can redeem your cashback conveniently in the form of a check, statement credit, or a deposit into a Bank of America savings or checking account. As a MasterCard, it is accepted worldwide.
If you have a good credit history and are willing to pay an annual fee for your credit card, there are cards with better options – especially if you are a big spender.
For people who spend big amounts per month, the quarterly spending caps of the Cash Reward credit card can also be a problem. Flat-rate reward cards would be a better option.
Bank of America Cash Rewards Credit Card Fees
- Sign-up Fee: $0
- Annual Fee: $0
- Interest Rate: Variable. The due date for payment is 25 days after the close of each billing cycle. There is no interest on purchases if the outstanding balance is paid on time. If you are charged interest, the charge will be no less than $1.50.
- APR: 0% for your first 12 billing cycles for purchases and balance transfers made within 60 days of opening the account. After that, a variable APR that’s currently 13.99% to 22.99%.
- APR for Balance Transfer: 13.99% to 22.99%, based on your creditworthiness.
- APR for Cash Advances: 16.99% to 26.99%, for direct deposits and check cash advances, and 27.24% for bank cash advances.
- Penalty APR: Up to 29.99%, based on your creditworthiness.
- Foreign Transaction Fee: 3% of the U.S. dollar amount of each transaction.
- Balance Transfer Fee: $10 or 3% of the transaction a, whichever is greater.
- Cash Advance Fee: For direct deposit and check cash advances: $10 or 3% of the amount of each transaction, whichever is greater.
- Late Payment Fee: Up to $40.
- Returned Payment Fee: Up to $29
- For ATM, over-the-counter, same-day online and cash equivalent cash advances: $10 or 5% of the amount of each transaction, whichever is greater.
Credit Card Eligibility
You have to be 18 years or older and have a minimum credit score of 750+. Other factors that will be taken into consideration include your annual income, existing debt, and payment history.
How to Get a Bank of America Cash Rewards Credit Card
To apply for your Cash Rewards credit card visit its website and apply online. You can also phone the bank on 800.932.2775 to initiate the application process.
Bank of America Cash Rewards Credit Card Address and Contact
The Bank of America’s head office is situated in The Bank of America Corporate Center, 100 North Tryon Street, Charlotte, NC 2825. If you want to phone them, you can reach them on 00 1 315-724-4022.
Now that you know how to apply for the famous Bank of America Cash Rewards credit card, you can enjoy the limitless benefits it offers. Also, you can redeem the cashback on purchases of your preference.
Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult the Bank of America Travel Rewards credit card’s terms and conditions before agreeing on anything.