Bank of America® Cash Rewards credit card

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Recommended Credit Score

Good to Excellent (670 - 850)

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Annual Fee:
Purchase Intro APR:
0% Introductory APR on purchases for 15 billing cycles
Balance Transfer Intro APR:
0% Intro APR for 15 billing cycles for balance transfers made in the first 60 days
Regular APR:
13.99% - 23.99% Variable APR on purchases and balance transfers
Terms and Restrictions Apply

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Bank of America® Cash Rewards credit card last updated on 03.03.20

The information about the Bank of America Cash Rewards credit card has been collected independently by The card details have not been reviewed or approved by the card issuer.

Bank of America® Cash Rewards credit card: Details and benefits

Bank of America has a rewards structure that allows cardholders to decide how they want to earn rewards. This, paired with their modestly boosted sign-up bonus value, was enough reason to move this card from a “no thanks” to a “sure.” Plus, if you are a Preferred Rewards client with Bank of America, you can really boost the value of this card.

You’ll earn $200 in online cash rewards after you make just $1,000 in purchases during the first 90 days of account opening. That spending requirement is fairly low – even for a rewards card that carries no annual fee.

As of January of 2019, cardholders can choose from six different categories to earn 3 percent cash back from – travel, gas, online shopping, dining, drug stores and home improvement/furnishings on the first $2,500 in combined purchases each quarter, and an unlimited 1% cashback on every other purchase. If you’re enrolled in the Preferred Rewards program, the 25 to 75 percent bonus on purchases means your 3 percent category choice could be bumped up to 5.25 percent.

You’ll still receive 2 percent cash back at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and an unlimited 1 percent on everything else. Plus, you have the option to change your 3 percent cash back category once every month via Bank of America’s Mobile Banking app or Online Banking.

If you do much of your household’s grocery shopping, there’s a better card for you.


Get a $200 online cash rewards bonus after you spend at least $1,000 in the first 90 days of account opening.
Preferred Rewards clients get an increased bonus of 25% to 75%.


The 2% and 3% cash-back rates have a combined quarterly spend total of $2,500, which may be limiting for big grocery spenders.
The balance transfer fee is either $10, or 3% of the amount being transferred, whichever is greater. This could add pile on to your debt if you transfer a significant sum.
There’s a 3% foreign transaction fee for every purchase made outside the U.S.

Is it worth it for you?

This card is good for someone who wants an easy-to-follow cash-back card that rewards them for typical household spending. There are no rotating categories to keep track of and if you have a  Bank of America or Merrill account the rewards value starts to exponentially increase.

This card also may be good for anyone looking to make a big purchase who wants the flexibility to pay it off over time. Cash Rewards comes with an introductory APR offer for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days (15.49% – 25.49% variable APR applies afterward). A 3% fee (min $10) applies to all balance transfers

Get the most value from Bank of America Cash Rewards

Taking advantage of the competitive introductory offer can add value to this card. It offers an intro APR for 15 billing cycles on purchases, and for any balance transfers made in the first 60 days (15.49% – 25.49% variable APR thereafter). You’ll pay a 3% fee (minimum $10) on all balance transfers.

You should also make sure to evaluate your spending so you can choose the cash back categories that add the most value to your purchasing habits.

Preferred Rewards clients can really maximize value with this card. You get a bonus ranging from 25% to 75% depending on your Preferred Rewards status.

You have to maintain a combined balance of at least $20,000 with either Bank of America, or your Merrill account to get these increased rewards, but if you do, the cash-back rewards go from good to outstanding.

If you have the highest Preferred Rewards status of Platinum Honors with Bank of America, which comes with a hefty $100,000 minimum account balance requirement, you can earn a bonus on your cash-back rewards of up 75%.

How much are rewards worth?

If you have just the Bank of America Cash Rewards card and spend $1,000 in three months on gas (if gas is your chosen 3% category), you’ll earn $30 back. But if you can bump up your rewards by achieving highest Platinum Honors Preferred status, that additional 75% back means you get a total of $52.50 on the $1,000 spent at the pump.

How to redeem rewards

Cash-back rewards can be redeemed at any time in any amount as either a statement credit, deposited to your Bank of America bank account, or used to buy gift cards through Bank of America’s online shopping portal.