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MLB Cash Rewards from Bank of America Credit Card Review

MLB Cash Rewards from Bank of America Credit Card Review

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This article was last updated Jul 26, 2018. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

The MLB™ Cash Rewards Mastercard® from Bank of America not only lets you show the love to your favorite Major League Baseball team, but it also comes with solid rewards if you spend in certain categories. What’s best about this card is it offers pretty simple cashback rewards, and you don’t have to bend over backward to earn or redeem them.

You also have the chance to earn bonus points by being a Bank of America customer. Points per $1 spent on this card can be attractive if you focus on certain categories.

But if you’re looking for some popular travel and purchase benefits, this card doesn’t have them. There are, however, cashback rewards cards that offer more points per on $1 spent in the most popular credit card categories.

Where the MLB™ Cash Rewards Mastercard® from Bank of America stands out in its category

The new member sign-up bonus lets you earn $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening.

There’s a 0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account. purchase intro rate and a 0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account for transactions made within 60 days of opening your account. balance transfer intro rate (after, 15.49% - 25.49% Variable APR). If you go for a balance transfer, you’ll pay a balance transfer fee of Either $10 or 3% of the amount of each transaction, whichever is greater..

The card offers a basic 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs and unlimited 1% cash back on all other purchases (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter). You don’t have to worry about rotating categories or signing up to get higher cashback rewards each quarter.

You have the chance to earn more bonus points on the MLB™ Cash Rewards Mastercard® from Bank of America if you’re a Bank of America customer. Earn a 10% bonus whenever you redeem cash back into your checking or savings account. But if you join the Bank of America Preferred Rewards program, that bonus rises to between 25% and 75%, depending on whether you have gold, platinum or platinum honors status.

It’s pretty easy to redeem your points, too. After hitting a $25 rewards balance, redeem your cash rewards for a statement credit, a check, or electronic deposit into a Bank of America checking or savings account or contribute to an eligible Cash Management Account® with Merrill Lynch Wealth Management® or Merrill Edge®. Your cash rewards don’t expire as long as the card is active.

Finally, you can customize the MLB™ Cash Rewards Mastercard® from Bank of America for free, choosing from the colors and logos of 30 MLB teams.

Where the MLB™ Cash Rewards Mastercard® from Bank of America falls short in its category

Higher cashback rewards on the card are limited to the first $2,500 in combined spending on grocery/wholesale club/gas spending each quarter. Once you hit that limit, your cashback reward for the higher categories drops to 1%. You don’t want to use this card outside the U.S. because you’ll be charged a 3% foreign exchange fee.

The MLB™ Cash Rewards Mastercard® from Bank of America doesn’t come with any travel or purchase perks, though you do get your monthly FICO® score for free. There are other cashback rewards cards that offer higher bonuses, and higher points per $1 spent, plus many more travel and purchase perks.

Compare it with the Capital One® Quicksilver® Cash Rewards Credit Card

If you want a card that has rewards as simple as the MLB™ Cash Rewards Mastercard® from Bank of America, but also comes with more travel and purchase benefits, the Capital One® Quicksilver® Cash Rewards Credit Card is a good alternative to consider.

The card has a bonus similar to the MLB™ Cash Rewards Mastercard® from Bank of America — One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening. But it offers better purchase and balance transfer intro rates than the MLB™ Cash Rewards Mastercard® from Bank of America. It has a 0% intro on purchases for 15 months and 0% intro on balance transfers for 15 months (after, 15.49% - 25.49% (Variable) APR). You’ll pay a 3% balance transfer fee.

The rewards offered by the Capital One® Quicksilver® Cash Rewards Credit Card are even simpler: 1.5% Cash Back on every purchase, every day. Again, you don’t have to worry about categories, your rewards do not expire and there are no maximums on how many you can earn.

Once you earn your cash back, you can redeem it as a statement credit or a check. You can set up automatic redemption preferences, either at a set time every year or whenever you reach a specific dollar amount. Redeem them for credits for past purchases, gift cards, and more, all at capitalone.com or the Capital One Rewards Center.

But the big difference between the MLB™ Cash Rewards Mastercard® from Bank of America and the Capital One® Quicksilver® Cash Rewards Credit Card are the perks. The latter comes with the benefits you’d expect from the Visa Signature brand, including extended warranty, auto rental collision damage waiver, free upgrades and special savings at hotels, resorts and spas and access to the card’s concierge service.

This leaves you choosing between two cards that offer simple cashback rewards. One, the MLB™ Cash Rewards Mastercard® from Bank of America, gives you higher cash back in key categories, but with spending limits and no real perks. The other, the Capital One® Quicksilver® Cash Rewards Credit Card, gives you a flat rate for cash back, but offers more travel and purchase perks.

 

MLB™ Cash Rewards Mastercard® from Bank of America Capital One® Quicksilver® Cash Rewards Credit Card
Annual Fee $0 $0
Regular Purchase APR 15.49% - 25.49% Variable APR 15.49% - 25.49% (Variable)
Rewards 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs and unlimited 1% cash back on all other purchases (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter) 1.5% Cash Back on every purchase, every day
Sign-up Bonus $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
Foreign Transaction Fee 3% None

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