Cash Rewards Card from Bank of America: The Bank of America Cash Rewards card is an option for those who like cash rewards. Here’s how. A monthly maintenance fee is not charged its $0. Furthermore, customers can select a bonus category. It has a return of 3% (the market maximum), which isn’t the most favourable. However, the choice of categories compensates for this.
What could be the cons of this card? For earning 3% and 2% bonuses, the card has a spending limit. Your next purchase will not be refunded if you exceed that amount. Instead, it will be reduced to just 1%. Would you like to learn more? Wonderful! You can find all the information you need right here.
Bank of America Cash Rewards Card Features
It is a rebate card offered by Bank of America that offers a variety of rewards:
- Maintenance fees are $ 0 per year.
- A $ 200 bonus is paid after spending $1,000 during the first 90 days.
- See the table below for details:
|Bank of America Cash Rewards Card Rewards|
|1% refunds||After reaching the $ 2,500 quarterly limit / On all other purchases you make|
|2% refunds||For purchases at grocery stores and wholesalers (limit of $ 2,500 per quarter)|
|3% refunds||In the category you have selected|
Any of these categories will qualify for the first level of returns, which is 3%. While Bank of America offers the option to exchange one for another, you are restricted to choosing one. Only once per month is allowed.
- Could Combust
- Online Sales
- Of Furniture and/or Home Improvements
As long as you don’t change your preferred category, your 3% rebate will remain the same.
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One of its strongest points
Its introductory APR , which is 0% stands out among other features of the Bank of America Cash Rewards card. Purchases and balance transfers are eligible for this benefit during the first 12 billing cycles.
You can use this fantastic offer within 60 days of receiving the card, but there is one small catch: you can only use it on transactions made within that period. In addition, the standard APR, which ranges from 13.99% to 23.99%, will be charged after that.
|Bank of America Cash Rewards Card Overview|
|Annual maintenance fee||$0|
|Recommended credit score||690 to 850 points|
|Introductory APR||0% APR for the first year *|
|Credit card APR||Variable rate from 13.99% to 23.99%|
* After the credit card has been issued, purchases and balance transfers must be made within 60 days.
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Pros and Cons of the Bank of America Cash Rewards Card
We find the following benefits associated with the Bank of America Cash Rewards card:
- There will be several levels of reimbursement available to you.
- A cash bonus will be provided to you and it will be greatly appreciated.
- A maintenance fee or a fee for use will not be required.
- The introductory APR is 0%, which is good despite the limitations.
How does this credit card compare to others? You could find cards with better rewards if you spend more than the 3% refund limit and are willing to pay an annual maintenance fee, but it may not be the best offer for this deal.
Bank of America Cash Rewards card benefits
As a cardholder, you will qualify for the Preferred Rewards program when you hold a Bank of America Cash Rewards card. You can thus increase your rewards. However, that’s not the only benefit you reap.
Cash rewards cannot be redeemed for one time or a minimum amount with this card. Your outstanding balance on credit card balance can be refunded to your Bank of America account or used for the refund. Alternatively, you will have to redeem a minimum of $25 if you choose another payment method. In addition, you can redeem your Merrill bonds through a check, a direct deposit to a valid 529 account, automatic redemption, or contributions to a Merrill account.
It is important that you consider the spending limits associated with Bank of America Cash Rewards cards before choosing to apply for one. The limits can act as a barrier to you being able to earn different bonus levels. You may find another alternative if you spend more than $2,500 per quarter in the 2-3% categories.
Other benefits of the Bank of America Cash Rewards card include:
You can choose your own category for 3% rewards
Unless the cardholder chooses the category with the highest earning level, there are few cards that offer this feature. It is true that some of them might allow you to change your choices once a month, but none of them will do so. For people who like to feel in control, Cash Rewards is an appealing card.
Online shopping rewards are available at merchants such as Amazon, Walmart, Bestbuy, Macy’s, Target, and Walmart. But options don’t stop there. You can also get rewards for purchasing food at merchants such as:
- Coffee shops
- Cocktail lounges
- A la carte restaurants
- Fast-food restaurants
With the Bank of America Cash Rewards card, you can also use it at home or at the office. Find out how? Purchase furniture at Ace Hardware or pay for plumbing services.
Warning: You cannot receive a reward for each level of returns if the reward limit is $2,500. The 2% and 3% rewards are combined. Regardless of the nature of the expense, 1% will be deducted after reaching this limit.
You will have access to loyalty bonuses
I understand that some of the offers and rewards rates of the Bank of America Cash Rewards card may not be the best on the market, but the ability to participate in the Bank of America Preferred Rewards program makes everything else all the better.
You can earn anywhere from 25% to 75% more with the Preferred Rewards program than with the Cash Rewards card, which is quite a bit. Please keep in mind that you have to qualify for the program. If the combined balances of your Bank of America and Merrill accounts exceed a certain amount, it can be accessed.
You will need at least $100,000 in combined balance to enjoy the 75% profit. Do the reward tiers change as a result? Let’s find out! Your cash back will increase from 3% to 5.25% depending on the category you have selected. You will earn much more from this card than with any other rewards card.
|Cash Rewards card rewards with the Preferred Rewards Program|
|Combined balance required||Gold (25% increase)||Platinum (50% increase)||Platinum Honors (75% increase)|
|Reward on food purchases||2.50%||3%||3.50%|
|Reward in everything else||1.25%||1.5%||1.75%|
|Reward in the category of your choice||3.75%||4.50%||5.25%|
APR of 0% (introductory offer)
Within the first 60 days after receiving the card, Bank of America Cash Rewards users can take advantage of 0% introductory APR on purchases and balance transfers. That rate lasts for 12 billing cycles. Once that is done, you will have to pay the variable rate, which ranges from 13.99% to 23.99%.
There is no annual fee
Cash Rewards credit cards do not charge annual maintenance fees, so you can earn regardless of how much you spend. Having one in your hand will not cost you anything.
Disadvantages of the Bank of America Cash Rewards card
The card does not offer loyalty rewards, which is one of its major drawbacks. Cash-back rates may become less attractive for modest figures if you are not eligible for the Preferred Rewards program. You should also include the combined spending limits for the 3% and 2% categories.
Here’s the second downside on the list: the barrier of $2,500 for every quarter. It might be possible to save – or earn – more money for your money with another card if you spend thousands of dollars a month.
Do you have any better options than this? Consider these:
- For the purpose of removing the spending limit, it is recommended that you apply for a Citi Double Cash card, which has no annual maintenance fee and provides a 0% introductory APR offer for 18 months. You will earn 2% cash back on every purchase with this card. The first 1% will be paid when the transaction is completed, and the second 1% when the invoice is paid.
- To maximize your rewards, it is recommended you use the US Bank Cash Visa Signature card. Also, it does not charge annual maintenance fees. However, unlike our protagonist, it offers 5% cash back on your first $2,000 purchase. Additionally, you should add 2% returns in each of the following categories: fuel, phone providers, TV services, fast food, Internet, streaming, etc. Despite the fact that you won’t be able to change your preference categories as often as you would like, it compensates for this disadvantage with a high percentage.
Should I apply for the Bank of America Cash Rewards credit card?
The amount you spend depends on your needs. Cardholders who spend thousands each month with their credit cards will find the combined limit of $ 2,500 less attractive, especially for those who use their credit cards every month. You may want to consider it if you tend to make purchases below average and only shop occasionally.
It’s a great card for the right person, as long as it’s for the right person. Besides that, it offers you the option to change your rewards category every month without an annual fee.
With this card, you will also be able to win money with no limit. You will be able to receive 1% of rebates even after reaching the $2,500 rebate limit, and there is no maximum amount that capping the amount you can earn.
When it comes to credit card application, only consumers with good credit are eligible. Your application may not be approved if your score is less than 690 points.
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FAQ’S for the Bank of America Cash Rewards credit card
1. How can I earn rewards with the Bank of America Cash Rewards credit card?
Rewards will be earned based on eligible purchases made by the account holder or authorized user during a billing cycle, minus any credits or returns related to those purchases (“Net Purchases”). Purchases that do not qualify as eligible purchases include: use of access checks on your card, balance transfers, cash advances, interest and account fees, unauthorized charges, purchase of casino chips or other forms of gambling or any other transaction that we determine constitutes or is equivalent to a cash advance in our sole discretion.
For every dollar ($1.00) in Net Purchases, you’ll earn 1.5% Cash Rewards (equal to $0.015). One hundred dollars ($100) in Net Purchases can earn one dollar and fifty cents ($1.50) in Cash Rewards. Cash rewards are rounded up to the nearest cent. During a billing cycle, Rewards are calculated on each Net Purchase, not the sum of all Net Purchases.
2. How do I check the balance of my accumulated rewards?
In Mi Banco Online and on your account statement, you will see the Cash Rewards balance you earned. For rewards-related questions, you can also contact Popular’s credit card service centre at 787-758-0505.
3. What is the Bank of America Cash Rewards credit card redemption process?
Redeeming them can be done by crediting the account statement or by making a deposit into a Banco Popular checking or savings account. The minimum redemption amount is $10.00. You can redeem through Mi Banco or by calling the Popular credit card service centre at 787-758-0505. Credit may take up to 5 days to appear in your account. You must keep your account open until the cash reward is processed. Your statement will show the credit as a credit adjustment, not as a payment. In order to maintain the status of your account, you must make the minimum payment on or before the due date for each billing cycle. Your rewards cannot be reversed if you choose to redeem them through a statement credit and the redemption results in a credit balance on your account. If you request to have the balance in credit reimbursed, you will have to contact the Popular credit card service centre at 787-758-0505.
4. My Bank of America rewards are valid for how long?
If you keep your account open and in good standing, your cash rewards will not expire.
5. Is there any limit to how much I can earn with the Bank of America Cash Rewards credit card?
Unless your account is forfeited or suspended, there are no limits to the rewards you can earn from your purchases.
6. Bank of America Cash Rewards credit card has been suspended or lost.
If your account is open and in good standing, you can earn and redeem cash rewards. If you or we decide to close the account, you will have up to 30 days from the closing date to utilize your cash rewards balance. You can do this by calling Popular’s credit card service centre at 787-758-0505. If you do not redeem your Cash Rewards within this time, you will lose them. Your account will not be eligible for winning or redemption if it is past due; that is, if you do not make the minimum payment required when it is due. You cannot assign, transfer, or pledge your Cash Rewards balance. At any time, we may terminate your participation in the program.
7. Changes in the program:
We reserve the right to change, substitute or terminate the Cash Rewards terms at any time without notice and for any reason.
8. Information about the rewards available:
After a reward has been redeemed, it cannot be returned to your rewards account. Under no circumstances are rewards redeemed refundable, exchangeable, replaceable, reversible, or transferable for cash or credit. There can be no transfer, assignment, or assignment of rewards to third parties. The rewards you earn in your rewards account are not equivalent to cash. You do not own the rewards. Unlike inheritance, bankruptcy, or divorce, rewards cannot be transferred by law. Rewards earned on this account cannot be combined with rewards earned on another account with us.
Thank you for your interest in the Bank of America Cash Rewards Card Program and its advantages and disadvantages. Feel free to comment if you have any further questions.