Review: BankAmericard Cash Rewards Credit Card

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This is a generous cash-back card, particularly if you bank at Bank of America.

This post comes from Logan Abbott, editor of the credit cards section of MyRatePlan.com.

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.

Advantages

  • $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.

Disadvantages

  • 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.

Bottom line

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.

Follow Logan Abbott on Google+ 

Note: While we attempt to be completely objective when reporting on credit cards, this site may be compensated by issuers when a reader applies for a credit card through the links within credit card stories or on our credit card search page. Also note that any terms, rates or other features described in this article can change without notice. Always double-check everything with the issuer before applying for any credit card.

Stacy Johnson

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