Credit Card Insider has partnered with CardRatings for our coverage of credit card products. Learn more in our Editorial Guidelines. Instead of earning 3% cash back, for example, you’d be earning 3.75%, 4.5%, or 5.25% cash back based on your membership tier. Considering how much you’ll make for a very small minimum spending requirement, this card has one of the best sign-up bonuses among cash back cards. Citi Double Cash: $60 cash back (2%) Bank of America Cash Rewards: $70 cash back (effective 2.3%) BankofAmerica.com Scenario #2: $6000 in Quarterly Spending. Click Apply Now below to go to Bank of America’s website to begin the application. But it’s interesting that Bank of America will use your location to find deals in your area, a feature that most other cards don’t offer. 1% unlimited cash back on all other purchases - automatically, 2% cash back: 1% when you buy plus 1% as you pay. Credit Card Insider receives compensation from some credit card issuers as advertisers. The amount of the reward will depend on your level, with higher levels providing larger rewards. This is unheard of for a secured credit card. Spend $250 Get $50 Gift Bank Of America Cash Back Deals Review Card; Spend $500 Get $100 Gift Bank Of America Cash Back Deals Review Card; Spend $750 Get $200 Gift Bank Of America Cash Back Deals Review Card; Spend $1,000 Get $300 Gift Bank Of America Cash Back Deals Review Card; Spend $2,000+ Get $600 Gift Bank Of America Cash Back Deals Review Card The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. The Ascent is reader-supported: we may earn a commission from offers on this page. Advertising partners do not edit or endorse our editorial content. He makes sure that Credit Card Insider is covering the most important credit topics transparently and precisely, and that we have up-to-date reviews of credit cards so you can find cards that are right for you. However, you’ll need to redeem your points for flights or certain gift cards if you want to get the best value for them. You’ll still be able to check one of your credit scores, but you won’t get as many shopping or travel protections. The default 3% category is gas, so it will be set to that unless you change it. Explore the best credit cards in every category as of April 2021. Using the Bank of America Cash Rewards credit card, you’ll receive $200 online cash rewards bonus after spending at least $1,000 in the first 90 days of having your account open. One important distinction between these cards is the introductory rate. The unlimited 1.5 points on all purchases extend to travel, while Bank of America® Cash Rewards credit card generally allows 1% cash back on travel, though you can select travel for the 3% cash back option. You can get more than that from the 3% categories with the Cash Rewards, but only if you have a lot of money in eligible bank accounts. The Cash Rewards is an interesting card that has become more rewarding thanks to this update, making it more useful in more situations. We give the Bank of America® Cash Rewards Credit Card 5 out of 5 Stars because it’s an easy way to earn cash back on gas and groceries, for no fee. After the intro APR offer ends, 13.99% - 23.99% Variable APR will apply. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Bank of America bank account holders have an extra incentive to get this card, with a cash back bonus of 25%–75% when redeeming into an eligible bank account. As a Bank of America Preferred Rewards member, you can earn an additional 25%, 50% or 75% more cash back on your purchases. After the intro APR offer ends, 16.24% – 26.24% Variable APR will apply. So it’s possible that if you have lower credit scores than what’s recommended, you may still get the card. 2% Cash Back at U.S. gas stations and at select U.S. department stores. This makes it a great option if you find yourself making credit card transactions almost every day, or if you want to have authorized users on the account as well. #1 Most Trusted Credit Card according to Investor’s Business Daily. You’ll get 15 billing cycles at 0% APR with this card, then it’ll be 13.99%–23.99% Variable. $200 intro bonus: To get this bonus, you must spend $1,000 within the first 90 days. After that, the variable APR will be 13.99% – 23.99%, based on your creditworthiness. There’s also the Entertainment Access perk and complimentary ShopRunner membership, giving you early access to tickets and free two-day shipping and returns at certain online merchants. BankAmeriDeals is Bank of America’s card-linked offer program, and it is a great way for cardholders to save money on purchases without having … When you click on any ‘Apply Now’ button, the most up-to-date terms and conditions, rates, and fee information will be presented by the issuer. This is quick and easy, and it will probably be the best method for anyone who doesn’t have a Bank of America bank account. Any opinions, analyses, reviews, or evaluations provided here are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by the Advertiser. These categories are subject to change quarterly, but for the most part we’ve seen them remain pretty consistent. Depending on the total of your Bank of America bank accounts balances and your Merrill investment accounts balances, you may qualify for three different membership tiers: Gold, Platinum, and Platinum Honors. You’ll earn 1% cash back when you make the purchase, and the other 1% once you pay it off (as long as you pay at least the minimum amount due). Note, people with higher scores can be declined and people with lower scores may be approved. On We suggest dividing by 11, to make sure it’s paid off in time. If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month. Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. The Blue Cash Everyday Card shares a 1% cash back rate on all other purchases with the Bank of America Cash Rewards Credit Card, but offers 2% back … Reasonable efforts are made to maintain accurate information, though all credit card information is presented without warranty. While the rewards are comparable with a few small differences in categories, there is no opportunity for a cash back boost with this card, so the maximum you can earn is 3% back. On Secure Website. If any of the following are true, then applying for the Bank of America® Cash Rewards credit card is a no-brainer: The sign-up bonus is both easy to qualify for and best-in-class, 3% back on a category of your choice is an excellent rate, and Bank of America’s customer bonuses can boost your cash back quite a bit. If you have a Bank of America bank account you can get at least 25% added to your cash back, as explained in the section below. There’s no minimum spending or maximum rewards. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. The benefits will be a bit stronger than the Bank of America card. Credit Card Insider receives compensation from some credit card issuers as advertisers. They currently have a Student Checking account that offers great cash back deals! Citi's This card can provide 1%–3% cash back, depending on what you buy and how you redeem your cash back. $150 cash bonus for spending $500 in the first 90 days after account opening. To take advantage of this benefit, link your Bank of America Cash Rewards credit card to the BankAmeriadeals mobile app, which displays active offers and deals. If you do have a 0% rate, remember that you’ll still need to make minimum payments at the very least. Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. BankAmeriDeals® allows you to easily earn cash back on the deals … To prevent gaming of the system, you need to … Credit Card Insider has not reviewed all available credit card offers in the marketplace. You won’t find as many retailers here as you would in some other credit card shopping portals, like those you get with the Amex EveryDay Preferred Card or Chase Sapphire Preferred® Card (Review). It’s certainly not the most competitive bonus out there, but it’s easy to earn and on par with other no-annual-fee credit card bonuses . Every four coins you earn will grant you an additional cash reward. That gives you a year to pay off purchases without accumulating extra interest charges. New to credit cards? You've used this deal and earned cash back. With their exclusive BankAmeriDeals, cardholders can earn cash back on both credit and debit cards.Cash back earned is automatically added to the account by the end of the month. A deciding factor here might be if you’re a BofA Preferred Rewards member, in which case you could earn up to 75% more cash back for your rewards with the BofA card. Looking for other credit cards to earn points or cash back? The BofA card’s intro rate is for purchases and balance transfers, while the U.S. Bank Cash+’s intro rate is only for balance transfers. The Ascent does not cover all offers on the market. But you may want to get a personal check if both of the following apply: If this is the case, you may want to get your cash back rather than just letting it sit in your account. Earn unlimited 1% cash back on all other purchases. After that, a variable APR currently 13.99% – 23.99%, Great Offer from U.S. Bank, a 2020 World’s Most Ethical Company® – Ethisphere Institute, February 2020. That’s true for drugstores and home improvement stores as well. 4 stars equals Excellent. Do you have a correction, tip, or suggestion for a new post? 2% cash back on your choice of one everyday category, like gas stations or grocery stores. Earn 15,000 Membership Reward® points after you use your new Card to make $1,000 in purchases within the first 3 months. When you click on any ‘Apply Now’ button, the most up-to-date terms and conditions, rates, and fee information will be presented by the issuer. Brendan has been writing about personal finance for over eight years, and is now taking on the challenge of bringing high quality credit education to the masses. BankAmeriDeals are cash-back offers on eligible Bank of America credit and debit cards. Go to Bank of America’s homepage to take advantage of this credit card referral bonus. Insider Advice: Getting the Most Out of Your Card. The Ascent is reader-supported: we may earn a commission from offers on this page. Citi is a Credit Card Insider advertiser. The Citi® Double Cash Card – 18 month BT offer (Review) is one of the most rewarding no annual fee cash back credit cards on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. There are more shopping and travel protections, too. ... 4.4/5 stars based on 8,949 customer reviews for Bank of America ® Cash Rewards. However, Credit Card Insider does not make any guarantees about the accuracy or completeness of the information provided. The Motley Fool owns shares of and recommends Visa. These will probably cover more situations than what you get with the Cash Rewards. Copyright © 2018 - 2021 The Ascent. Explore our picks of the best brokerage accounts for beginners for April 2021. How it handles earning is slightly different, however. Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits. Bank of America cash rewards (and related Preferred Rewards program bonuses) can be applied as statement credits or deposited directly into Bank of America checking and/or savings accounts. It’s a little less rewarding than the Bank of America card, but you can earn that same rate on everything you buy and don’t have to worry about selecting specific categories. One area where cash back cards historically fall flat (compared to points and miles earning cards) is with the sign-up bonus, but the Bank of America Premium Rewards holds its ground here. Advertiser relationships do not affect card evaluations. If you want to get 2% to 3% cash back rewards for grocery shopping, wholesale clubs, and other options of your choosing, you should look into the Cash Rewards … We have not reviewed all available products or offers. Additionally, you’ll earn 2% at supermarkets and wholesale clubs, and 1% everywhere else. You’ll earn 50,000 bonus points (worth $500) after spending $3,000 on purchases in the first 90 days of account opening. The tiers to that program are: You can see how each bonus would affect your cash-back rates in the table below. Gold tier begins at $20,000, Platinum at $50,000, and Platinum Honors begins at $100,000. Earn up to $550 cash back in the first year. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions. Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. Terms and limitations apply. Redeem cash back in any amount, any time. Cardholders can earn $200 online cash rewards for spending $1,000 in the first 90 days. Cardholders coveting gas rewards may be best suited for this card. The Author and/or The Motley Fool may have an interest in companies mentioned. You spend a lot of money in one of the bonus category options. The information here is sourced well and enriched with great visual photo and video illustrations. If you are looking for a way to earn a little extra cash or save some money on everyday purchases, it might be easier than you think. By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. Everything You Need to Know About Savings, Citi® Double Cash Card – 18 month BT offer, Apply for Bank of America® Cash Rewards credit card, Copyright, Trademark and Patent Information, $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 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. You’ll be able to choose a new category each month, or you can just set it once and leave it. Read this for help picking your first card and find out what to expect when you apply. Earn $200 back after you spend $1,000 in purchases on your new Card within the first 3 months. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. How to redeem cash back. Most people will get an instant decision, approved or denied. Good/Excellent Or you could add them all to your card just in case you happen to shop at one of the retailers. Credit scores are just one factor used to make a credit decision. Your Membership Rewards points will be worth 1 cent each at the most when redeemed for flights or gift cards at certain merchants. Falling within this credit range does not guarantee approval by the issuer. But there are many other options for grocery and gas spending as well. You might even see discount offers on your utility bills. Rewards never expire. Plus, the long intro APR offer makes this card a standout among its peers. Plus, earn unlimited 1% cash back on all other purchases - automatically. Bank of America deposits this extra cash back into your Bank of America account within 30 days of earning the reward. A 3% fee (min $10) applies to all balance transfers, 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, Bonus cash back in a category of your choice, 3% in your choice of one of six popular spending categories (gas, online shopping, dining, travel, drug stores, or home improvement/furnishings). How Do I Apply for the Bank of America Cash Rewards Card? You’ll earn 3% cash back in your choice of one of the following six categories: That online shopping category in particular is very valuable, because 3% cash back is probably the best rate you’ll find on a credit card for general online shopping. There are two redemption options to get your cash back: You can redeem your cash back as a statement credit to simply reduce your account balance. You can unsubscribe at any time. No annual fee. You have banking or investment accounts with Bank of America or Merrill. But if you’re not a Bank of America customer (or aren’t planning to become one), don’t spend heavily in any of those bonus categories, or are looking for more than just a sign-up bonus, we’d advise looking at the other top cash back cards. The offers you get will be based on your particular location, and they will change over time. That’s not a big deal, because if you’re planning to transfer credit card debt, you’d want to do that as soon as possible, anyway. The Bank of America® Cash Rewards credit card is no slacker in credit card bonuses, featuring high cash back rates in several spending categories and a great sign-up bonus. Credit Card Insider and CardRatings may receive a commission from card issuers. The Cash+ does have a higher earnings rate though, is more flexible, and has a wider selection of categories. After that, the variable APR will be 13.99% – 23.99%, based on your creditworthiness. There’s no annual fee to pay for this card, letting you earn cash back potentially for free. Learn the difference between networks like Visa and issuing banks like Capital One, which banks are biggest, and more. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions. 1 star equals Poor. Get 2% cash back at grocery stores and wholesale clubs. If you redeem with other methods, like statement credits, you’ll get less per point. This is a relatively easy spend threshold to reach too, only requiring about $334 a month. Includes a market-leading bonus in the no-annual fee category and a flexible cash rewards program that enables you to earn premium cash back in a category of your choice. On The Bank of America Cash Rewards Card provides a flexible earning experience, allowing you to choose from six different categories to earn 3% cash back in. On the plus side, the Bank of America Cash Rewards card offers one of the highest sign-up bonuses available on a card with no annual fee. With the Bank of America Cash Rewards credit card, you can redeem cash back through the Bank of America website in a number of ways: For no annual fee, the card has quite a lot to offer. You can redeem Bank of America travel rewards for a statement credit to cover travel purchases made in the past 12 months, for gift cards, or for cash back via paper check or a BofA deposit-account credit. This method takes the longest, and requires the most work from you. Credit Card Insider has not reviewed all available credit card offers in the marketplace. The Motley Fool has a Disclosure Policy. The information related to Amex EveryDay® Preferred Credit Card has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product. You could turn $150 cash back into $300. There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. Earn 50% more points: Make 30 or more purchases with your Card in a billing period and get 50% extra points on those purchases less returns and credits. You've already activated this deal and it's ready to use. Your 3% and 2% reward categories are limited to the first $2,500 in combined spending every quarter. The Bank of America Cash Rewards Credit Card has recently been updated with a more flexible rewards program, allowing cardholders to choose their own 3% cash back category every month. Here are the levels, along with how much cash back you’ll earn at each one: You won’t be able to earn a ton of extra cash back through the coin program, but it is a little extra incentive to use these BankAmerideals. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation. Hello, we provide concise yet detailed articles on "Review Choices: Bank Of America Cash Back Deals Review" topic. The Bank of America Cash Rewards credit card offers a modest $200 cash-back bonus after spending $1,000 on purchases within the first 90 days of account opening. Bank of America credit and debt card holders can earn up to 15% cash back by taking advantage of BankAmeriDeals. Note: Offer is only valid when you pay with your eligible Bank of America® card However, the card's ongoing APR is higher than we'd expect for a prime credit card." 3x points at US supermarkets on up to $6,000 per year in purchases (then 1x); 2x points at US gas stations; 1x points on other purchases. The online shopping category is particularly interesting here, because 3% cash back is one of the best rates you’ll find for online shopping in general. Bank of America will check one of your credit reports from one of the major credit bureaus. You may get some shopping and travel protections along with the benefits below. When you find the article helpful, feel free to share it with your friends or colleagues. This discount is in addition to whatever cash back you would typically earn on the purchase. You’ll get some basic shopping and travel protections, like purchase protection. Check this selection now and then to see if you could save on an upcoming purchase. 2 stars equals Fair. This credit card is a good fit for: Cardholders who want control over where they earn bonus cash back. You can redeem for travel or cash back once you've collected at least 2,500 points ($25 travel value or $15 in cash back). Use the Bank of America Mobile Banking app or Online Banking to see nearby cash back deals with BankAmeriDeals®. Bank of America bank account holders have an extra incentive to get this card, with a cash back bonus of 25%–75% when redeeming into an eligible bank account. However, the threshold to become a Preferred Rewards member is also high. If you choose to transfer your points to Amex’s hotel and airline partners, you might be able to find a higher per point value. Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. We’ll discuss this more below. Bonus cash back for Bank of America customers: What makes Bank of America different from other card issuers is the special bonuses it offers for clients who also have banking or investment accounts. You can change your categories 45 days from the start of the quarter, up until five days before. Every deal you use will provide one BankAmerideals coin. Bank of America’s most popular points rewards credit cards focus on … The six 3% cash back categories you can pick from are: gas, online shopping, dining, travel, drug stores, and home improvement/furnishing stores. Find out in our Bank of America® Cash Rewards credit card review. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. 5% cash back on your first $2,000 in combined eligible net purchases ($100 per quarter) on two categories you choose. 3 stars equals Good. Citi Flex Plan offers are made available at Citi’s discretion. It is not the bank advertisers' responsibility to ensure all posts are accurate and/or questions are answered. Instead of redeeming these rewards for cash back, you can choose your reward — including travel deals, credit, gift cards, or even cash back. Secure Website. Check out some of those alternatives below. You can earn even more cash back. Putting aside point transfers, you’ll be earning the equivalent of 3% cash back at supermarkets normally, but if you get that 50% point bonus, you’ll effectively be getting the equivalent of 4.5% cash back. Good/Excellent You’ll have two redemption methods for your rewards: a statement credit, or they’ll mail you a personal check. You’ll find particular value in Amex Offers, which features exclusive reward deals at a wide range of vendors, and maybe from the Lowest Hotel Rates Guarantee benefit. Discover's The Bank of America mobile app is available for both Apple (4.8 stars, 2.3 million reviews as of July 1, 2020) and Android (4.7 stars, 721,981 reviews as of July 1, 2020) devices You’ll also get 2% cash back at grocery stores and wholesale clubs. Bank of America Premium Rewards Card: 1.5%-2% cash back, with a signup bonus of 50,000 points for spending $3,000 in the first three months ($95 annual fee). 1% cash back on all other eligible net purchases. Credit Card Insider and CardRatings may receive a commission from card issuers. There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. Rather than earning the flat 2% rate upfront, you’ll get 1% when you make the purchase and the other 1% when you pay it off. That will be good for you (and your credit) in several ways: That’s why we recommend always paying your balance in full if you don’t have a 0% intro rate. We recommend holding out till you can find a value of at least 2 cents, but anything over 1 cent will yield a greater cash back equivalent than normal redemption methods would. How do you like it? You’ll start at Level 1 in the coin program, which provides a $5 reward for earning four coins. Advertiser relationships do not affect card ratings or our Best Card Picks. A list of these issuers can be found on our Editorial Guidelines. That adds up to $400 cash back! Cash back credit cards from Bank of America allow you to earn cash rewards on all of your purchases. This card rewards you more for being a Bank of America bank account holder, starting at a 25% bonus. Look for cash back deals: Bank of America has BankAmeriDeals that can earn you extra cash back at stores, restaurants, and hotels. At that point, you’ll only earn an unspectacular 1% back. The 3% and 2% cash back might not seem like a whole lot, but over the years it can add up to a hefty sum. Our ratings are based on a 5 star scale. After your 0% intro rate runs out you can still avoid interest charges by paying off your balance in full each billing period. You may find that it includes a majority of restaurants. It’s how we make money. The program is similar to Chase Offers and Amex Offers in that you select offers online or through the bank’s mobile app, use your eligible card at the specified merchant and then receive rewards. ADVERTISER DISCLOSURE: Credit Card Insider is an independent, advertising supported website. So this card is mainly designed for travelers, specifically people who will use their points to book flights or transfer to partner airlines or hotels. To earn cash back, pay at least the minimum due on time. This card probably only makes sense if you’re going to use it at least 30 times per month to get the 50% bonus. Low intro APR: 0% for 15 months on purchases from the date of account opening, then a variable rate, 13.99% to 23.99%. Up to 3% cash back: You’ll earn the following cash back rates with the card: The 2% and 3% cash back rates are for your first $2,500 in spending combined at grocery stores, wholesale clubs, and in your choice category each quarter. The card’s rewards rates are impressive, and you’ll get the flexibility to choose one of your bonus categories. The Bank of America Cash Rewards Card is designed for people with good credit. And there’s an excellent $200 cash rewards introductory bonus for spending $1,000 in the first 90 days. There’s no annual fee to worry about paying, and cardholders get 12 months at 0% APR for both purchases and balance transfers before the regular rate of 13.99%–23.99% Variable kicks in. We want your money to work harder for you. Read on to learn if you should be using it to earn a bit of cash back on your weekly spending. 5 stars equals Best. Or, even if you have high credit scores, you might not. After that you’ll earn 1% back in those categories. Discover is accepted nationwide by 99% of the places that take credit cards. Discover will automatically match all the cash back you’ve earned at the end of your first year! The Blue Cash Everyday® Card from American Express (Review) has a rewards program that’s similar in some ways to the Bank of America Cash Rewards, but it’s not as flexible. It’s a pretty simple card. If you don’t already have a BofA account, the cash back boost alone probably isn’t a good reason to open a new card. Just divide that balance by 12, and it will give you how much you’ll need to pay each month to eliminate the debt before the intro period ends. The U.S. Bank Cash+™ Visa Signature® Card is another card that gives you the power to choose your own rewards, and from a generous selection of categories.
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