Bank of America® Cash Rewards credit card Review

Best: For people who use their credit card to maximize rewards

For people who are meticulous with their spending and track every cent they spend, the Bank of America®  Cash Rewards is a great option for earning rewards. And with an introductory APR offer for qualified applicants, plus an introductory bonus cash offer, the Bank of America rewards card is designed with you in mind. 

The basics

  • APR: 0% intro APR on purchases for 15 months on purchases (and balance transfers made within the first 60 days of account opening), then a standard variable APR of 16.24% – 26.24% after that.
  • Annual Fee: $0
  • Reward Rates:  Earn 3% cash back in the category of your choosing and 2% cash back at grocery stores and wholesale clubs up to $2,500 in combined purchases every quarter, plus 1% unlimited rewards on all other purchases.
  • Intro Offer: $200 online cash rewards after spending $1,000 within first 90 days after account opening.

Standout features

  • Bonus category rewards: Earn 3% cash back in the category of your choice from: dining, drug stores, gas, home improvement/furnishings, online shopping or travel. You can change this reward category each month depending on your financial situation.
  • Reward redemption: Rewards can be issued in any amount at any time as a statement credit, a deposit to your Bank of America checking or savings account or for credit to an eligible Merrill Lynch® or Merrill Edge® account. Rewards do not expire. 
  • There’s a $0 liability guarantee: You are not responsible for fraudulent charges made by others against your account.
  • FICO score: You can opt-in to get a free credit score every month in your online account or mobile banking app.
  • Preferred rewards: Earn 25% to 75% more rewards by maintaining eligible balance and account requirements with Bank of America and Merrill investments. 

Best way to use this card

The Bank of America Rewards card is the perfect choice for people looking for some flexibility in their rewards categories. Because you can earn 3% in the category of your choice, and you can change that category each month at your convenience, the Bank of America Cash Rewards card offers an opportunity to maximize your earnings.

To get the most out of your Bank of America rewards card, choose a category in which you have a significant monthly expense and set that up on autopay with your credit card. Make sure to activate the rewards for that category each month, and then use the card for additional purchases at grocery stores and wholesale clubs, up to the $2,500 quarterly limit. Use the card for daily purchases when necessary to keep earning 1% unlimited rewards.

If you have other accounts with Bank of America or Merrill, you may be eligible for Preferred Rewards. If that’s the case, you’ll earn additional rewards in your bonus and standard categories depending on your account balances. That makes the card even more lucrative for current Bank of America customers. 

In a nutshell

With purchase protection, flexible bonus categories and two introductory offers, the Bank of America Cash Rewards card is designed for millennials who want the most rewards out of their financial products. Be sure to track spending since you can only earn in bonus categories on purchases up to $2,500 every quarter. 

While one of the best reward cards available, people who travel frequently may enjoy a credit card with more travel rewards. Try the Discover it® Miles, which earns 1.5 miles for every dollar spent with no annual fee. 

If you happen to be credit-challenged, a secured credit card may be a better option. A great secured card is the Capital One® Secured Mastercard®. Depending on your credit history, you may be approved for a reduced security deposit, making it one of the most cost effective secured cards on the market.

Miranda Birt

Personal finance writer and small business underwriter in the technology space.

Miranda lives in Austin, Texas with her dog, Violet. Her hobbies include camping, hiking, and creating art.