Bank of America Cash Rewards credit card Review | CompareCredit

Bank of America® Cash Rewards credit card Review

By Thomas Donaldson, November 20, 2020

Perhaps the most flexible cash back card on the market, the Bank of America® Cash Rewards credit card let's you choose the spending category where you earn the most cash back. This card also comes with a big sign up bonus, 0% intro APR, and no annual fee.

best of the best

Bank of America® Cash Rewards credit card

(573 reviews)

CURRENT OFFER
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
  • 0% Introductory APR on purchases for 12 billing cycles
  • 0% Intro APR for 12 billing cycles for any balance transfers made in the first 60 days
  • 13.99% - 23.99% Variable APR on purchases and balance transfers
  • $0
  • Excellent, Good
Product Details
  • Click "APPLY NOW" to apply online
  • No annual fee
  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
  • Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases
  • 0% Introductory APR for 12 billing cycles for purchases. After the intro APR offer ends, 13.99% - 23.99% Variable APR will apply. 
  • No expiration on rewards
  • If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase
  • Contactless Cards - The security of a chip card, with the convenience of a tap

Our Expert Review

Why We Like It


Offer Rating

4.5/ 5

By Our Editorial Team

Key Benefit

Cash back on your terms – 3% cash back in the category of your choice

Editor

This one-of-a-kind cash back credit card gives you the power to choose what spending categories you earn bonus cash in. As a cardholder you earn 3% cash back in the category of your choice, 2% at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases, 1% on every purchase.

There's a wide selection of categories you can choose from for the 3% cash back, including gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. Not only that, but new cardholders also receive a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening and there is no annual fee with the Bank of America® Cash Rewards credit card.

In addition to the generous cash back rewards this card comes with 0% Introductory APR on purchases for 12 billing cycles and 0% Intro APR for 12 billing cycles for any balance transfers made in the first 60 days. After that, the ongoing APR is 13.99% - 23.99% Variable APR on purchases and balance transfers.

Pros & Cons

Pros

  • One-of-a-kind cash back program that allows you to choose your bonus category
  • Generous sign up bonus to kick start your cash back earning
  • No annual fee and a lengthy intro APR on purchases and balance transfers

Cons

  • There is a 3% foreign transaction fee
  • There is a balance transfer fee: Either $10 or 3% of the amount of each transaction, whichever is greater

pros explained

  • One-of-a-kind cash back program that allows you to choose your bonus category: Many credit cards offer bonus cash back in one or two special spending categories, but this is the only card we've found that let's you CHOOSE the category that best fits your lifestyle and spending habits.
  • Generous sign up bonus to kick start your cash back earning: The $200 online cash rewards bonus is above the industry average when compared to other no annual fee cash back credit cards.
  • No annual fee and a lengthy intro APR on purchases and balance transfers: On top of the cash rewards, these extra perks help you save money by avoiding fees and expensive interest charges.

cons explained

  • There is a 3% foreign transaction fee: If you use this card while traveling outside of the United States you will be charged a small fee for each transaction. Some credit cards offer no foreign transaction fees.
  • There is a balance transfer fee: Either $10 or 3% of the amount of each transaction, whichever is greater. This is normal for balance transfer card, but it's something to be aware of if you're planning on performing a balance transfer.

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