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BankAmericard Cash Rewards Credit Card Review – Up to 3% Cash Back?


There’s nothing like getting cash back for doing what you normally do. In the past Bank of America has never been a company on the top of the list as having valuable rewards credit cards. In 2012 they decided to turn that around and become a competitive choice in the credit card game. Enter the BankAmericard Cash Rewards Credit Card. Do you like rewards that don’t change and are easy to remember? Don’t keep track of what has a higher percentage of cash back during certain months in order to get the biggest bang for your buck? The card gives you the same percentage cash back on three categories all the time. They’re easy to remember, too: gas, groceries and everything else. If you find yourself constantly at the grocery store or the pump, you may want to consider this card.

Cash perks of the BankAmericard Cash Rewards Credit Card

The best part of a rewards card is the rewards. Make the most of them by earning as much cash back as possible. It’s like getting a discount on everything you use your card for.

  • While many other cards only give you 1% across the board, the Bank Americard gives you 1% on regular spending, but it earns you 2% on grocery purchases and 3% every time you get gas – up to $1,500, collectively, on gas and groceries each quarter.
  • Your cash back equals your rebate. $25 in cash back will get you a $25 rebate. You don’t need to reach a large redemption value before you can cash in for 100% of its value.
  • No need to enroll in bonus categories as with other credit cards. You will automatically gain rewards on every purchase.
  • Cash back never expires. Accumulate for as long as you wish and cash out when you want or need to.
  • Choose how to use your cash back. You can opt to get a check, a statement credit or direct deposit into a Bank of America checking or savings account. Direct deposit helps you save even more, because you will get a 10% bonus for the money you cash out. Redeem $25 in cash back to go directly into your BofA account and get $27.50. This makes your rewards even more valuable. (Checks must be cashed within 90 days of issue.)
  • Get a $100 bonus for charging $500 in purchases in the first three months of opening your account.

There are many good things about this card, which include a low redemption minimum. You only need $25 in your account to cash out. There also is no maximum, so you can rack up your points until you reach an amount comfortable to you. The BankAmericard Cash Rewards Credit Card has no annual or monthly fee, so any rewards you accrue are free and clear. No need to decide if the rewards outweigh the fees you pay to use the card.

BankAmericard Cash Rewards Credit Card details

  • 0% APR on the first 12 billing cycles. After that, depending on your credit score, it will be 12.99%-22.99% variable. If you want to make a large purchase, it makes sense to do it within this first year, so you don’t pay interest on it when you pay it off before your regular rates kick in.
  • 0% on balance transfers for first 12 billing cycles, as long as they are made within 60 days of opening your account. After that the rate is 3% (with a minimum of $10). If you have a card that has a larger interest rate, roll it over onto this card to save interest over the first year.

For the traveler, you can feel secure with $0 fraud protection and chip technology. If your card is lost or stolen, you aren’t liable for any charges incurred.  You can choose to include a chip in your credit card which allows you to easily make purchases all over Europe and the rest of the world, including ticketing machines that use the chip technology to prevent fraud. The BankAmericard Cash Rewards Credit Card includes rental car insurance and credit monitoring. Unfortunately, there is still a 3% foreign transaction fee on all purchases outside of the U.S., no travel insurance features or lost luggage coverage.

Purchases made on the BankAmericard Cash Rewards Credit Card are covered under Purchase Replacement. If the item is lost, stolen or damaged within 90 days of purchase, the item will either be repaired or replaced – up to $500 per claim – even if the item’s warranty is void or denied. Your purchases are also covered with Purchase Guard, which doubles the manufacturer’s original warranty period.

This BankAmericard Cash Rewards Credit Card may not be the perfect choice for large families, especially if you spend more than $500 on gas and groceries each month, as you would lose quite a bit of cash back on anything over $1,500 each quarter. After the first $1,500, your percentage drops down to 1% until the quarter runs out. You want to be sure the credit card you choose fits your lifestyle. For the average person who doesn’t get nearly as close to these totals, the BankAmericard Cash Rewards Credit Card is a better option.

Those who already have a Bank of America checking or savings account would benefit much more from this BankAmericard Cash Rewards Credit Card. If you don’t and think this card is good fit for you, it would be worth opening an account just for the extra perks. Of course, you may already have a card that offers similar or better rewards than this one, but for someone who doesn’t have a rewards card of any kind, average rewards are better than none. Who couldn’t use a little extra cash in their pocket?

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