This is a generous cash-back card, particularly if you bank at Bank of America.
The BankAmericard Cash Rewards Credit Card is a premium cash-back credit card from Bank of America for people with excellent credit that offers solid cash-back rewards.
- $100 cash-back bonus. Cardholders earn $100 cash back after they spend $500 on purchases in the first three months.
- Earn cash back on every purchase. Cardholders earn 3 percent cash back on gas and 2 percent cash back at grocery stores for the first $1,500 in combined grocery store and gas purchases each quarter. The card offers 1 percent cash back on all other purchases.
- Earn more cash back for using Bank of America. Customers earn a 10 percent customer bonus when they redeem cash back into a Bank of America checking or savings account.
- 0 percent APR introductory period. The card offers a 0 percent APR introductory period of 12 months on both purchases and balance transfers. Balance transfers have to be made in the first 60 days of having the card. A variable APR of 12.99 percent to 22.99 percent applies after the introductory period.
- No annual fee. There’s no annual fee to use the card.
- Low limits on higher cash-back tiers. Offering 2 percent and 3 percent cash back on groceries and gas, respectively, is awfully generous, but it only applies to the first $1,500 of purchases in these categories, combined. The American Express Blue Cash Preferred and Blue Cash Everyday cards offer higher limits on more cash back for gas and groceries.
- Foreign transaction fee. The card charges a foreign transaction fee of 3 percent, so it’s not the best choice of card for those who frequently travel internationally.
- Balance transfer fee. The card charges a balance transfer fee of 3 percent (a minimum of $10) of the balance being transferred.
Get it if: You have excellent credit, and use Bank of America for your checking or savings account. The extra 10 percent cash back by redeeming the cash back into your B of A account can make this card worthwhile.
Forget it if: You have poor credit, or if you don’t use Bank of America for your banking. There are other more generous cash-back credit cards available.
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