June, 2013

BankAmericard Cash Rewards Review

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
  • Bank of America Cash Rewards3% 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 Good

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. 16711124_sThe 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. 11486816_sOnce 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.

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3 Replies

  • Deborah
    July 14, 2012 at 2:24 pm

    We currently have a BofA card and are dumping it. Their fraud protection is completely out of control — we cannot leave town for even a day without them putting a hold on the card for “suspicious activity”. We have stellar credit, our limit is so high we could buy a new car on the card, have NEVER had a fraudulent charge on the card, yet they harass us on average 2-3 times a month. Then it’s impossible to get them on the phone to clear things up because call volume is so high. Relatives with the card have the same problem. Steer clear of BofA.

  • Auntieannie
    February 10, 2013 at 5:40 pm

    I gave this card a try for the past several months. I think the rewards are pretty good but I found it impossible to set up auto pay. First I tried to set it up online and the process was tedious and unsuccessful. I next tried to set it up online with tech assistance and again, they could not do it. It seems there is a problem setting it up to autopay the ‘full amount due’ each month. Finally I sent in a written auto pay form requesting that the whole amount of my monthly credit card bill should be taken out of my (BofA) checking account. They set it up wrong, autopaying only the minimum amount due instead of the full amount. THEN I spent 95 minutes on the phone with four different agents in three different departments trying to get it straight, without success. Terrible. Based on my eperience, I would not recommend this card.

  • April 1, 2013 at 10:54 am

    I agree with Deborah – I have been a BofA card holder for over 15 years and the new VISA card is terrible. I am feed up with the fact that they keep changing my card WITHOUT NOTICE TO ME FIRST and we are signed up for alerts. I have a lot of auto payments which then have to be contacted – and of course the burden is on us. And when we are traveling we don’t know the card has been changed until we go to use it and find out it is disapproved. Makes you feel as if you are trying to cheat the vendor and everyone in line looks at you as if you are a criminal!!! Not to mention that we then have to use a new card and lose the extra rewards for gas, etc. which is why we signed up in the first place. We have had our card changed three times in the last six months and had to notify the auto pays of the new number. What a pain! Not to mention the lost cash back extra rewards.

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