BankAmericard Cash Rewards Credit Card Review

Bankamericard Cash Rewards Credit Card Review

BankAmericard Cash Rewards™ Credit Card Overview

BankAmericard Cash Rewards™ Credit Card Analysis

CreditShout Rating:

Annual Fee: $0

Credit Needed: Excellent

Rewards Program and Signup Bonuses*:

  • $100 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 now at wholesale clubs, and 3% on gas up to 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, 13.24% - 23.24% 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%. 

Intro APR

0% for 12 Billing Cycles

Intro Balance Transfer

0% for 12 Billing Cycles + 3% BT Fee

Regular APR

13.24% - 23.24% Variable

For most consumers, The BankAmericard Cash Rewards Visa offers decent, but not outstanding, cash-back rewards. This is even after taking into account  the $100 signup bonus, the inclusion of warehouse clubs (Costco and Sam's Club) in the 2% bonus category, and 10% cash bonus for depositing rewards into a Bank of America checking or savings account. However, Bank of America Preferred Rewards customers should consider this card, as your extra 25% to 75% cash rewards bonus make this card far more attractive.

The BankAmericard Cash Rewards Program

Program Basics

The BankAmericard Cash Rewards card is a good choice if you want a simple credit card that rewards you for the spending you already do. This card has no rotating categories to worry about or expiration dates.

Along with earning 1% cash back rewards on all spending, you will get a boosted rewards rate for common everyday spending categories. The bonus categories are 2% back at grocery stores - which now also includes warehouse clubs like Costco and Sam's Club -and 3% back at gas stations on the first $2,500 in combined gas and grocery spending every quarter.

While most consumers spend money on gas and groceries during the year, the combination of the miserly rewards boost and the $2,500 per calendar quarter cap keep a damper on the total rewards than can be earned with this card. Luckily, Bank of America does make other bonuses available that can make this card more appealing.

Signup Bonus

Right now, you can receive a $100 cash bonus once you spend at least $500 during your first 90 days.

You can also take advantage of a 0% introductory APR offer on balance transfers and purchases for your first 12 billing cycles. Just remember that balances transfers are subject to a transfer fee of the greater of 3% or $10. And balance transfer applications must be made within 60 days of card opening.

Preferred Rewards and Other Bonus Opportunities

As mentioned earlier, if you have a checking or savings account at Bank of America, you receive an extra 10% cash back by redeeming your rewards into your account.

And Gold, Platinum and Platinum Honors Bank of America customers receive even more of a bonus, ranging from 25% to 75%​. You become a Preferred Rewards member by maintaining the following account balances:

  • ​Gold: $20,000 - $50,000 3-month combined average -> earn 25% bonus rewards
  • Platinum: $50,000 - $100,000 3-month combined average -> earn 50% bonus rewards
  • Platinum Honors: $100,000+ 3-month combined average -> earn 75% bonus rewards

Redeeming Your Rewards

You can redeem your cash back once you have at least $25 for a check, direct deposit, or statement credit. You also have the option of applying your cash back rewards to your Bank of America mortgage.

Of course, Bank of America account holders will want to take advantage of the opportunities to earn 10% to 75% cash bonuses by redeeming into the savings or checking account at Bank of America. 

Other Key Features and Benefits

The BankAmericard Cash Rewards card also comes with some other noteworthy perks like:

  • Chip and signature technology.

  • Complimentary concierge service.
  • Luxury hotel benefits.
  • Receive complimentary upgrades at more than 800 luxury hotels, which may include valet parking, free continental breakfast, VIP guest status, food and beverage vouchers, or free in-room internet.
  • You will also be granted the best rate possible as well as automatic room upgrades when available.
  • Travel protection, including Travel & Emergency Assistance and Accidental Death and Dismemberment insurance.
  • Travel discounts on car rentals, cruise credits, and vacation packages through Visa's website.
  • Entertainment deals.
  • Auto rental collision damage waiver benefits.
  • Lost, stolen, and damaged card protection.

How it Compares

Most consumers will find that BankAmericard Cash Rewards Visa card offers a slightly below average cash rewards program and only standard other perks for a card requiring excellent credit. Additionally, the foreign transaction fee makes this card unattractive for foreign travel.

You can see how this card stacks up to the competition based on different spending levels by reviewing the tables in our Guide to Cash Back Rewards Cards.​ Or, if you are looking for bonus points for gas and grocery spending, we recommend you check out the Blue Cash Preferred American Express card.

Of course, Preferred Rewards customers will need to do some calculations of their own, as our Guide is based on earning only a 10% cash bonus for being a BofA account holder.​

Our Verdict

There are better options than the BankAmericard Cash Rewards™ Visa® Card if you are looking for either a cash rewards card or a card offering bonus points for spending on gas or groceries - and this is even after taking into account the signup bonus offer and 10% account holder bonus.

Our opinion changes for Bank of America Preferred Rewards ​customers. Your cash bonuses of 25% to 75% drastically improve the cash rewards offered by this card. Plus, your investment in the B of A ecosystem help boost the utility of this card.

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