The majority of Bank of America’s cards have no annual fee, and straightforward rewards offerings with flexible redemption options.
As one of the largest consumer banks in the U.S., Bank of America also offers boosted rewards as incentive for eligible customers who already have a banking relationship with the issuer.
Before opening any new credit card, it’s important to make sure you have existing healthy credit habits like paying your full balance on time each month.
Any new credit card can lead to high interest debt if you’re not careful, so make sure you pay off any existing high interest debt before applying.
Earn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases).
Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). Earn unlimited 1% on all other purchases.
Intro bonus: $200
Annual fee: $0
Regular APR: 13.99% – 23.99% Variable APR on purchases and balance transfers
Recommended credit score: 670-850 (Good to Excellent)
The Bank of America Cash Rewards credit card offers cash back rewards across a few different categories.
You’ll get 3% on a category of your choice from the following: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, and 2% cash back at grocery stores and wholesale clubs.
These rewards apply to the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then drop to 1% cash back. Plus, earn 1% cash back on all other purchases.
You can get a $200 cash rewards bonus after making $1,000 in purchases in the first 90 days of account opening, and an introductory 0% APR on purchases and balance transfers for the first 12 billing cycles.
You’ll need to make balance transfers within 60 days of account opening and pay a 3% fee ($10 minimum).
After the introductory period, you’ll have a variable 13.99% to 23.99% APR. There’s no annual fee.
The Bank of America Cash Rewards credit card is most valuable for its broad range of rewards categories.
Plus, you can change your chosen 3% category every month to keep up with your spending habits, or make no change and allow last month’s category to roll over.
Going on a road trip? Change that 3% category to gas rewards. Planning a home project? Switch to the home improvement/furnishings category.
This card offers even more value for certain existing Bank of America customers and the bank’s Preferred Rewards members, with 25%-75% more cash back on every purchase.
For the 3% earning category, that means you could earn up to 5.25% cash back.
You’ll need a Bank of America checking account and a three-month combined daily balance of $20,000 or more in deposit or investment accounts to enroll in Preferred Rewards.
So, lets request your credit card?