BankAmericard Cash Rewards™ credit card is one of the best cash back credit cards in the US in my opinion. Provided by Bank of America, this no annual fee† card is for those with excellent credit and who want to earn cash back on their spending, as well as enjoy a special interest-free introductory period on both purchases and balance transfers.
This Visa card is one of the highest ranked Bank of America credit cards on GET.com since it has many additional benefits apart from earning cash back and offering you low introductory interest rates. In this review, I will share with you the main benefits of BankAmericard Cash Rewards™ credit card, and also tell you what you should be aware of.
Things We Like About This Card
No annual fee†. This card has no annual or monthly fees.
Receive $100 cash back when spending at least $500 within the first 90 days. You will receive this $100 cash back bonus after you make purchases totaling at least $500 within the first 90 days from account opening. This cash back offer is online-exclusive.
Enjoy 0% intro APR on purchases during the first 12 billing cycles. If you plan on making expensive purchases with this card, you will be able to pay them off interest-free during the first 12 months of card membership. After this introductory interest rate period, you’ll have a variable APR of 12.99% - 22.99% based on your creditworthiness.
Enjoy 0% intro APR for 12 billing cycles on balance transfers made within the first 60 days of account opening. When transferring a balance to this card within 60 days of opening your account, you will be able to enjoy 12 billing cycles of 0% intro APR on the amount you transfer. Any balance transferred to this card after the first 60 days will have 12.99% - 22.99% variable APR. Keep in mind that you'll still have to pay a 3% balance transfer fee (minimum $10).
Earn 3% cash back on gas purchases and 2% cash back at grocery stores on the first $1,500 spent between combined grocery store and gas purchases each quarter. If you spend a lot of money on grocery store and gas purchases, you will benefit the most from having this card. For spending that is more than $1,500 in combined grocery store and gas purchases, you will earn 1% cash back on the rest of the purchases.
Earn 1% cash back on everything else. All your other purchases that are not included in the grocery store and gas categories will earn 1% cash back.
Cash back enrollment not required to earn rewards. Unlike some other cards, you won’t have to enroll in any cash back program in advance to be eligible to earn rewards.
Cash back categories do not change. This card, unlike other cards, doesn't have changing categories that rotate each quarter.
Rewards don't expire. No matter how long you accumulate your cash back for, it won’t expire, so this gives you the convenience of being able to redeem it whenever you want.
Redeem your cash back in the form of a check, statement credit, or a deposit into a Bank of America® savings or checking account. If you choose a deposit, as a Bank of America customer you will get a 10% bonus if you redeem your cash back into a Bank of America checking or savings account. So for example, if you have $20 in cash rewards, you will get $22 in deposit.
Chip technology to help protect you from fraud at chip-enabled merchants. This feature also allows you to make purchases in other parts of the world where chip technology is widespread, such as in Europe. Do note that you have to select this option on the card application page.
$0 Liability Guarantee. If your card gets lost or stolen, you won’t be liable to pay for any fraudulent purchases.
Other benefits such as paperless statement options, account alerts, text and mobile banking are available to all cardholders.
Our Least Favorite Things About This Card
Cash back redeemed as checks will expire 90 days after being issued. This will not be a problem for you if you cash the check within 90 days from the date of issue. However, if the check expires and the account is still open, you will receive a statement credit.
BankAmericard Cash Rewards™ credit card is an excellent card for those of you who want to earn and accumulate cash back, especially if you spend a lot of money on grocery store and gas purchases each quarter.
I also recommend this card if you're planning on making a big-ticket purchase and then repaying it during the first year you have this card, as you will be able to do so with 0% interest during the first 12 billing cycles (12.99% - 22.99% variable purchase APR thereafter). This card is also a good choice if you're currently holding a card that charges a high interest on your balance since you will also get 0% intro APR for the first 12 billing cycles on any balances that you transfer to this card within 60 days of account opening (12.99% - 22.99% variable purchase APR after that).
To me, the most attractive feature of this card is that it offers a decent cash back program that doesn't require you to enroll in advance, plus this online-exclusive offer lets you earn $100 cash back bonus if you make at least $500 in purchases with your card within 90 days of account opening. One feature of this Bank of America credit card that makes it stand out among other credit cards in the US is that you can opt for a chip card, which provides additional security when used at chip-enabled merchant terminals. See Terms.