Bank of America has revamped their efforts on the credit card market recently, and with the BankAmericard Cash Rewards, they jump into the deep end of cash back cards, a marketplace that is already flooded with similarly offered cards. If you are a Bank of America bank user, the extra perks for being a member could make this a card for you.
Before you jump into applying for BankAmericard Cash Rewards, you obviously need to know a little more about how it works and what it will cost you to use it. That is what this review is all about. Check out the BankAmericard Cash Rewards review below to see if this card is right for you.
BankAmericard Cash Rewards Card Features
Here are some of the key features of the BankAmericard Cash Rewards Card:
- Online-exclusive $100 cash back if you spend $500 or more in the first 3 months
- 3% cash back on gas*
- 2% cash back on groceries*
- 1% cash back on everything else
- No annual fee
- 0% APR for 12 months
- 12.99% – 22.99% APR after that
- 10% bonus cash back if you deposit rewards to a savings account
*For the first $1,500 in combined gas and grocery purchases.
The best part about BankAmericard Cash Rewards is that it does provide you with a way to earn rewards no matter what. As long as you spend money on the card, you will be able to get something out of using it. The online-exclusive $100 bonus cash back should be easy to come by, even if all you do is make a couple car payments with the card. Take advantage of the 0% introductory APR, and use the card as much as possible.
While the idea of paying 22.99% APR may be a little overwhelming, the fact is that you will probably get something more along the lines of 10.99%. the BankAmericard Cash card requires excellent credit to apply, so most successful applicants qualify for a low interest rate. Since you don’t have to worry about an annual fee, all you have to do is make sure you pay your bills on time. If so, this card can be quite rewarding.
The Not So Good
The problem with this cash rewards program is that you can only get the high rewards for $1,500. Once you buy more than that in gas or groceries, you’re only going to get 1% of your money back. That’s not terrible, but it limits your ability to really earn what you want out of this card. You may be better off with the revolving 5% cash back for cards like Citi Dividend Platinum Select or Discover It.
Another downside to this card is the fact that you have to have excellent credit to qualify for it. Most of us are still trying to recover from the economic downturn of 2008, so our credit isn’t back up where it should be. If you are lucky enough to have a good credit score, by all means apply for a card. Otherwise, you’ll be better off looking for something else.
The Bottom Line
The BankAmericard Cash Rewards Card isn’t the worst cash rewards card on the market, but it isn’t the best either. If your specific situation puts you in line for great rewards with this card, you can apply now and start racking up the benefits. For those of you who wouldn’t get much from this card, there are other cash back credit cards to choose from. Compare the fees for each card with our CompareWallet Fee Engine, and you’ll be able to find the perfect one for you.
Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.
*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.