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Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer

Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer

 

Rated 4.5/5 stars by our editorial team

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3.8/5.0 from 444 Offer Ratings
Over the Past 60 Days!

(444 ) Over the Past 60 Days!

  • Regular Purchase APR 14.99% - 24.99% Variable APR
  • Intro Purchase APR 0% Introductory APR on purchases for 12 billing cycles
  • Intro BT APR 0% Intro APR for 12 billing cycles for balance transfers made in the first 60 days
  • Annual Fee $0
  • Credit Needed

    Excellent/Good

  • Card Brand Mastercard®

Highlights

Card Fees

Expert Review of the Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer

  • 4.5

    Regular APR

  • 4.5

    Intro APR

  • 4.5

    Fees

  • 4.5

    Benefits

  • star rating 4.5 /5

    Overall Rating

What customer is this card best for?

The Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer is a good option for frequent spenders at gas stations and supermarkets, as you’ll earn a higher cashback rate on purchases in those categories.

If you’re someone who has a balance on an existing card or plan on making a large purchase, there is a good 0% intro period for transfers and purchases — 0% Intro APR for 12 billing cycles for balance transfers made in the first 60 days and 0% Introductory APR on purchases for 12 billing cycles. The 0% intro period can save you a tidy sum compared with carrying debt on a high-interest card.

This card isn’t for people who don’t spend in the bonus categories, as you’ll earn a subpar rate on all other purchases. You would be better off with a flat-rate card that earns you a consistently high rate on all purchases like the Citi® Double Cash Card – $150 Cash Back Offer or a rewards card that is more aligned with your spending.

This card also isn’t for people who need a long time to pay off a balance. You can find other cards with 0% intro periods of 18 or 21 months.

Where this card stands out in its category

This card offers great redemption bonuses for cardholders with an active personal (nonbusiness) checking, savings or individual retirement account with Bank of America or who are a client of Merrill Edge®, Merrill Lynch, Pierce, Fenner & Smith Incorporated or U.S. Trust (excluding 401(k) or other employer sponsored plans and 529 plans): You receive a 10% customer bonus on every purchase when you redeem your cash back into a Bank of America® checking or savings account or an even larger bonus of 25-75% if you’re a Preferred Rewards client. This allows you to maximize your cashback earnings.

Where this card falls short in its category

This card falls short in the cap it has on bonus categories: 1% cash back on every purchase, 2% at grocery stores and wholesale clubs, and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter. Since the cap applies to spending across all bonus categories, very big spenders in these categories may not earn the best cashback rate and may benefit more from both a grocery card and gas card. However, the cap is higher than you’ll get with some other cards that cap bonus category spending at $1,500 a quarter.

Another drawback of this card is the relatively short intro period for purchases and balance transfers. You can find cards with longer intro periods that offer more time to pay off your debt.

Additional card benefits

The Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer offers several additional card benefits beyond its cash back program and 0% intro periods:

  • FICO® score for free: Any unauthorized charges on your account won’t be your responsibility.
  • ShopSafe®: This is a free service that generates a temporary credit card number that links directly to your real credit card account number when making purchases online. Your card number is not given to the merchant and remains private.
  • $0 liability guarantee: Unauthorized purchases made on your account are not at your expense.
  • Online chat: No need to call a representative. You can easily log on to online banking to chat about any questions you may have.
  • Digital wallet technology: Utilize the easy payment features of Apple Pay®, Microsoft™ Wallet, Android Pay™ or Samsung Pay to pay in-app, online or in-store.

How to use the card most effectively

To get the most value out of the Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer, be sure to use it for all of your gas, grocery, and wholesale club purchases. This will allow you to earn the higher cashback rate on these purchases (until you hit the cap).

For all other spending, it’s a good idea to use a flat-rate card like the Citi® Double Cash Card – $150 Cash Back Offer so you can earn a higher rate than if you only used the Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer. Also, make sure to spend the required amount in the given time period to earn the signup bonus.

If you plan on taking advantage of the 0% intro period for a large purchase, make sure you complete the purchase as soon as possible so you can take advantage of the majority of the intro period. For those who want to complete a balance transfer, be aware you have to transfer your balance within 60 days from account opening, and there is a transfer fee: Either $10 or 3% of the amount of each transaction, whichever is greater.

Rewards breakdown

The Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer offers a good cashback rate for gas and grocery shoppers. Earn 1% cash back on every purchase, 2% at grocery stores and wholesale clubs, and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter. Although there is a quarterly cap on spending at the higher cashback rates, there are no changing categories and no expiration on rewards.

You’ll earn a 10% customer bonus at the time of redemption if you redeem your cash rewards into a Bank of America® checking or savings account or an eligible Cash Management Account® with Merrill Lynch Wealth Management® or Merrill Edge® ($25 redeemed in cash rewards = $27.50 deposit). The customer bonus is not earned on cash rewards redeemed for a statement credit or check. If you’re a Preferred Rewards client, you can possibly increase your bonus by 25-75%.

There is a signup bonus for this card that will earn you additional cash back so long as you complete your application online and meet the requirements: $200 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening.

Compare it with the Blue Cash Everyday® Card from American Express

The Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer and the Blue Cash Everyday® Card from American Express both offer higher rates for supermarket and gas purchases, however they differ in amount of cash back you earn and 0% intro period. If you are a big spender in gas the Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer may earn you more cash back due to its high rewards rate for gas spending, while the Blue Cash Everyday® Card from American Express is better for big grocery spenders.

When comparing 0% intro periods, the Blue Cash Everyday® Card from American Express has a longer balance transfer period and purchase period than the Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer. This allows you extra time to pay off your debt, and can save you more money in the long run. See below for a breakdown of the key terms of each card.

  Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer Blue Cash Everyday® Card from American Express
Annual Fee $0 $0
Purchase Intro Rate 0% Introductory APR on purchases for 12 billing cycles 0% for 15 months
Balance Transfer Intro Rate 0% Intro APR for 12 billing cycles for balance transfers made in the first 60 days 0% for 15 months
Balance Transfer Fee Either $10 or 3% of the amount of each transaction, whichever is greater. Either $5 or 3% of the amount of each transfer, whichever is greater.
Ongoing APR 14.99% - 24.99% Variable APR 14.74%-25.74% Variable
Rewards 1% cash back on every purchase, 2% at grocery stores and wholesale clubs, and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 2% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases.
Sign Up Bonus $200 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening $150 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
Foreign Transaction Fee 3% 2.7% of each transaction after conversion to US dollars.

Bottom line

The Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer offers a good cashback program for spenders at gas stations, supermarkets and wholesale clubs, as well as a decent 0% intro period that can provide you with the time needed to pay a balance. However, there are cards that can offer you longer 0% intro periods and better cashback programs.

Ongoing Information

Additional Card Details

Consumer Reviews

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Offer Rating

3.8/5.0

444 Total Ratings

5 Star
 
 
(71)
4 Star
 
 
(249)
3 Star
 
 
(92)
2 Star
 
 
(23)
1 Star
 
 
(9)

Your Rating

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+416 users submitted a rating without a full review

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91 Found this review helpful

By: | Oct 5, 2017

I don't know if I can add to the comments from the following 10-11 people. If there is a better choice or simpler, then I have not found it. The automatic deposit to my bank account each month together with the bonus for doing so is like getting a present each month! BOA is also the best bank that I have ever worked with and I do not agree with all of their policies but you will have that with any large firm.

62 Found this review helpful

By: | Aug 8, 2017

Rewards in all areas that we spend our money & we are all about our Savings account. I would open a BOA savings account w/that reward benefit, definitely!! I like the 'no strings' approach of this card, just the basics w/great rewards to 'boot'

146 Found this review helpful

By: | Jan 4, 2017

Great card has low interest rate and can be used anywhere I shop!

152 Found this review helpful

By: | Dec 17, 2016

Good credit card! This was my first credit card I owned. I had it for many years when I commuted a long distance to work to my entry level job. At that time gas was $4.00 per gallon in the San Francisco Bay area. It helped a lot. I cancelled the card when gas prices dropped and I got Discover It. Now that you can use it at Costco (With a minimum of 2% cash back) and they raised the quarterly max spend to $2500, I reapplied and was recently approved. I can't wait to start using this at Costco.

1 Reply

By: Robert Summers | Jul 31, 2017

Costco has a new Citi card, you will get 4% return on gas, 3% on rest & travel, 2% Costco purchase and 1% other.

146 Found this review helpful

By: | Oct 26, 2016

I like the fact that everyone accepts it. I like getting the rewards. It has the chip that is needed.

142 Found this review helpful

By: | Aug 27, 2016

I like the fact that when you redeem your points and put it in one of your accounts you get extra money.

1 Reply

By: Robert Summers | Jul 31, 2017

Yes it can be 25%, 50% or 75%!

152 Found this review helpful

By: | Aug 4, 2016

I like getting back 1.75% when I redeem back into a checking account. Due to rewards, we charge everything. We also pay off the card every month so not saddled with high interest rates.

157 Found this review helpful

By: | May 31, 2016

This is a card issued by a Major Bank with the Visa logo, and is accepted virtually anywhere. You do need to have some established credit to get the card, but it is worth it. The interest varies but that is with most credit cards, so look at that when you apply. The good thing is that with cash back rewards, you are not tied down to trying to book travel just so your points don't go to waste, or finding a reward you have no interest in. This find is the main benefit of having this card, and why I prefer it.

160 Found this review helpful

By: | Apr 29, 2016

YES THEY HAVE DIFFERENT CATEGORIES BUT THEY DON'T ROTATE BUT THE NICE THING IS IF YOU WANT TO TRY A LITTLE HARDER YOU CAN EARN MORE BUT YOU DON'T HAVE TO . ONE GREAT OVERLOOKED BENEFIT IS IF YOU GET OR HAVE A BANK OF AMERICA ACCT IF YOU PUT YOUR CASH BACK IN THERE YOU RECEIVE AN ADDITIONAL 10%

162 Found this review helpful

By: | Mar 3, 2015

Great card for everyday expenses. Get 1 to 3% cash back on purchases, groceries, and gas. I pay the full balance every month, that way I don't accrue any interest charges. You also get special deals every month or so for an additional 10% cash back for selected vendors. Customer service is good and prompt. I've had this card for over three years now, and am very happy with it.

146 Found this review helpful

By: | Feb 17, 2015

I have used this card for years and I can only say that they treat me great. I consider this card to be one of my better cards, 2nd only to Jet Blue and AM EX

130 Found this review helpful

By: | Jan 13, 2015

Very good card. Good Bank to work with. Always take care of the good paymasters

130 Found this review helpful

By: | Oct 27, 2014

Have had this card for more years than I can remember. Everything about it is great.

164 Found this review helpful

By: | Oct 8, 2014

This is the card I personally carry, it is great earning 2% on groceries and 3% on gas, it's great earning cash back on what you actually need

185 Found this review helpful

By: | Oct 8, 2014

I have the BankAmericard VISA card, and I think it is one of the best decisions I’ve made regarding a credit card choice. It has no annual fee, and 0% APR during the first 12 billing cycles. It also offers cash back rewards on all purchases. You have to activate that option each quarter, when you log into your online BankAmericard account. Most purchases you will get 1% cash back. The one time bonus of $100 for spending $500 can be done easily in 90 days. It seems like a lot of people don't like that the rewards back on gas and groceries cap at $1,500 every quarter, but for me that would probably be enough. You can also earn cash back rewards when you shop at select department stores, up to the quarterly maximum. It will not take long to earn enough points to redeem a $25 gift card, and they have almost 100 different gift card options available for you to choose from. It is very simple to manage your BankAmericard VISA online: check your current balance, check your available credit, see your payment due date and amount, pay your bill, check your rewards balance, transfer balances from other credit cards, see your current and past statements, and you can select paperless billing as well. You can also activate Free Alerts to receive personalized phone or e-mail updates regarding specified account activity and transactions on your credit card accounts. The BankAmericard Mobile App lets you pay bills, send money to another person, transfer money, check balances — and even deposit checks using BankAmericard. Just take a picture of the front and back of an endorsed check using the BankAmericard Mobile App. Point. Click. Deposit. It's that easy.

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