Bank of America Cash Rewards

This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CardRatings.com. This site does not include all financial companies or all available financial offers. For additional details, see our Advertiser Disclosure.

Card Details and Application Link
Bank of America Customized Cash Rewards
$200 Cash Back
$200 after $1000 spend in 90 days
Click Here to Apply (this is NOT an affiliate link)

No Annual Fee


Card Type: Visa Signature

Base
1%
Travel
3%
Dine
3%
Gas
3%
Grocery
2%
Shop
3%
Other
3%

Earning rate: 3% back on your choice of the following: gas, online shopping, dining, travel, drugstores, home improvement & furnishings (can choose a new category monthly). ⚬ 2% back at grocery stores & wholesale clubs ⚬ 1% back everywhere else. 2% and 3% rewards are capped at $2500 in combined purchases per quarter

Noteworthy perks: Up to 75% bonus for Preferred Rewards banking customers

Overview

The no-fee BankAmericard Cash Rewards Card offers 2% cash back at grocery stores and wholesale clubs and 3% cash back on gas up to the first $2,500 in combined grocery/wholesale club/gas purchases each quarter; and 1% cash back everywhere else.

On its own, this is a fairly poor cash back card considering that you can get a no fee 2% cash back card instead from Citibank or Fidelity. But, you can get up to a 75% bonus through your banking relationship with Bank of America and/or Merrill Edge. This makes it possible to earn up to: 3.5% at grocery stores and 5.25% on gas up to the first $2,500 in combined purchases each quarter; and 1.75% cash back everywhere else. If you have a very large banking relationship with Bank of America, this card is a great option for a limited amount of grocery, wholesale club, and gas spend.

Overall, this card offers a nice and easy signup bonus, but for long term use it is a good choice only for those with very large Bank of America / Merrill Edge banking relationships.

Application Tips

Bank of America Application Tips


  • 3/12 or 7/12 Rule: You won't be approved if you have opened 3 or more accounts, with any bank, in the past 12 months. For those with Bank of America deposit accounts, the rule changes to 7+ accounts.
  • 2/3/4 Rule: Max 2 consumer cards per rolling 2 months, 3 per rolling 12 months, and 4 per rolling 24 months.
  • 5 card limit: You will not get approved for a new consumer card if you already have 5 consumer BOA cards open
  • Get Same Card Again: With some BOA cards, must wait 24 months after either opening or cancelling, depending upon the card.
  • Hard inquiries are usually combined into 1 when initiated within 30 days but there have been reports of TransUnion not combining.

Click here to check your application status
If denied, call reconsideration here: 800-354-0401 (8am-7pm ET Mon-Fri); 866-695-6598 (business cards);

Related Cards (BOA cash back cards)

Card Offer

0 0 votes
Post Rating
Subscribe
Notify of
guest

This site uses Akismet to reduce spam. Learn how your comment data is processed.

6 Comments
Inline Feedbacks
View all comments

[…] grocery stores, and more. Some cards offer specific bonuses for online shopping. For example, the Bank of America Cash Rewards card allows you to select a 3%-back category and one of the options is online purchases. The […]

[…] to Merrill Edge (See: Retirement planning mistakes fixed by credit cards), we wanted to have a Bank of America Cash Rewards card in the long-term (for more on why, see: Bank of America Credit Cards: Awesome if you have […]

Question

Does Plastiq code as online shopping for this Bank of America Cash Back card? I may get the card based solely on that.

Question

Thank you. I will follow up.

[…] was still possible to product-change from the Alaska card to Bank of America’s no-annual-fee Cash Rewards Card (sometimes called the “3-2-1 card”). It was quick and easy to make that change (and I […]