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BankAmericard Cash Rewards Review

This article was written by in Credit. 5 comments.


You may have seen a lot of commercials for a credit card offered by Bank of America called the BankAmericard Cash Rewards™. Although this card offers a solid rewards program with a good interest rate and no annual fee, it’s nothing new and it’s certainly not improved. In fact, there are other credit cards that offer exactly what this card offers with additional perks you won’t find from Bank of America. Here are the latest details for the BankAmericard Cash Rewards offer. From this, you can determine whether the card belongs in your wallet.

The big attraction for all potential Bank of America cardholders is a rewards program that offers the following:

  • 2 percent on groceries and 3 percent on gas for the first $1,500 in combined gas and grocery purchases each quarter
  • 1 percent cash back on other purchases.

In addition to the cash back percentages, the BankAmericard Cash Rewards offers a $100 cash rewards bonus if you make at least $500 in purchases in the first 90 days and a 0 percent introductory APR on purchases and balance transfers for 12 billing cycles. The balance transfer must be made within the first sixty days to qualify for the 0 percent APR. There is a balance transfer fee of 3 percent of each transaction; $10 minimum. Finally, this card carries no annual fee. When you look at all the benefits, it’s actually a pretty solid offer.

Despite the quality of this offer, there are cards that offer a better rewards program and a better introductory APR, but not together. The fact that the competing offers span two cards is irrelevant because cardholders of the BankAmericard Cash Rewards can’t effectively take advantage of both an introductory 0 percent APR for transfers and the cash back rewards. Either you use the card to reap the reward benefits or transfer a balance. If you do both, you’ll probably end up with more debt than you started with, making the situation even worse.

For borrowers looking for a 0 percent introductory APR on purchases and balance transfers, consider one of the Citi Credit Cards. Citi Simplicity® Card includes a 0 percent introductory APR for 18 months for both purchases and balance transfers. There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. Six extra months to pay your bills interest free can go a long way. Customers may qualify for this card easier than the BankAmericard Cash Rewards card. There’s no annual fee for the Citi card, so it’s clearly another option for introductory rate needs. However this card does not offer rewards.

Bank of America has put out a good card in the BankAmericard Cash Rewards™ but you may want to compare this offer to a few other offers to determine which one fits your needs the best. For more information such as terms and conditions, visit the BankAmericard Cash Rewards application.

Important Note! The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Please verify all terms and conditions of any credit card prior to applying.

Updated November 19, 2013 and originally published September 9, 2011. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow Luke Landes on Twitter. View all articles by .

{ 5 comments… read them below or add one }

avatar Briana @ Prairie EcoThrifter

Cash back rewards are always nice. It’s like getting paid to shop!

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avatar Mike

Visa is accepted in a lot of places. I would try to get a Visa card as a backup just in case your Amex card is not accepted.

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avatar Ceecee ♦796 (Dime)

All of these cards and the specifics make me dizzy. I wonder how long the rewards program will last—lots of banks are paring down the rewards at this point.

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avatar Sun

Minimum spend requirements to achieve fair cash back rates are often not disclosed. In my experience, many of the newer cards require a greater spend to receive you cash back. For example, one of my newer BofA CCs require $25,000 of spend before I can order a $250 rewards check. I can certainly order a check after $2,500 of spend, but it would only be for $12.50 or 0.5% cash back rate. Five or ten years ago, I would have only needed to spend $2,500 to order a $25 check. Higher minimums means you stupidly spend more than you should be spending, or it takes you a very long time to achieve fair cash back rate.

One might consider the PerkStreet 2% cash back debit rewards card instead.

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avatar David Hoenke

I’m trying to cash in my “cash rewards” but—- as usual BOA makes it difficult or impossible. I see why BOA is in trouble
you do your best to drive customers away. your web sites are just ads WHERE IS MY CASH BACK??????

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