Bank of America Cash Rewards Mastercard Review

Generous Cash Back From Bank of America

Cash and credit cards
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The Bank of America Cash Rewards Mastercard offers a solid $200 online cash rewards bonus if you spend at least $1,000 in purchases in the first 90 days of opening your account. The bonus is only available to new card customers. There's no annual fee and a 0% introductory rate on purchases and balance transfers for the first 12 billing cycles.

Bank of America Cash Rewards Mastercard Details

Sign-up Bonus $200 cash if you spend $1,000 in your first three months
Rewards Rate 1%-3%
Intro Purchase APR 0% for 12 months
Ongoing APR 16.24%-26.24%
Balance Transfer APR 0% for 12 months, then 16.24%-26.24%
Balance Transfer Fee Either $10 or 3% of the amount of each transaction
Late Payment Fee Up to $39
Foreign Transaction Fee 3% of the U.S. dollar amount of each transaction
This card has no annual fee or recommended credit score

Pros & Cons of Bank of America Cash Rewards Mastercard

What We Like

  • Up to 3% cash back in a category you chose

  • $200 sign-up bonus

  • 0% intro APR for 12 months

What We Don't Like

  • $2,500 quarterly cap on the 3% bonus category

Bank of America Cash Rewards Mastercard Sign-up Bonus

New Bank of America Cash Rewards Mastercard cardholders can get $200 cash back if they spend $1,000 withing the first three months of opening a new account.

New cardholders also get 0% APR on purchases and balance transfers for 12 months, which can help with paying down old debt.

Earning Points & Rewards

The Bank of America Cash Rewards Mastercard has a tiered cash rewards program that pays higher rewards on certain purchases. You can maximize the rewards you earn by concentrating your spending in the categories that pay the most rewards.

You can earn 3% on one bonus category that you select (Gas, Online Shopping, Dining, Travel, Drug Stores, or Home Improvement/Furnishings), with gas set as the default, 2% on a second category you select, and 1% on all other purchases. Bonus categorizes are capped at $2,500 quarterly, after which purchases qualify for 1% back.

Redeeming Rewards

Points can be redeemed directly into a Bank of America savings, checking, or investment account.

Certain cash rewards are eligible for automatic redemption. Redemptions for an electronic deposit into a Bank of America checking or savings account, for credit to a qualifying Cash Management Account with Merrill Lynch Wealth Management or Merrill Edge, or for a statement credit do not have a minimum redemption amount. One-time redemptions for a contribution to a qualifying 529 account with Merrill Lynch, redemptions for a check or automatic redemptions for an electronic deposit into a Bank of America checking or savings account, for credit into a qualifying Cash Management Account with Merrill Lynch Wealth Management or Merrill Edge have a $25 minimum redemption amount.

Bank of America Cash Rewards Mastercard Additional Fees

Penalty APR Up to 29.99%
Returned Payment Fee Up to $28
Cash Advance APR 19.24%-27.24%, based on your creditworthiness
Cash Advance Fee Either $10 or 3% of the amount of each transaction
This card has no overlimit fee

Is This Card Right For You?

The Bank of America Rewards Mastercard offers generous rewards via a tiered system. Other rewards cards offer more, but what makes this card unique is the ability to choose which categories qualify for the 3% bonus category. That little extra flexibility and customization make this a card worth considering.

Next Steps

To apply for a card, go to the Bank of America website.