Bank of America Cash Rewards Mastercard Review
Generous Cash Back From Bank of America
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|
|Intro Purchase APR||0% for 12 months|
|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|
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.
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|
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.
To apply for a card, go to the Bank of America website.