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Bank Americard Cash Reward Credit Card Review (2019 Update)

Bank Americard Cash Reward Credit Card Review (2019 Update)

The Bank Americard Cash Reward credit card is a cash back credit card offered by Bank of America. This is one of the best cash back credit cards on the market as it offers a high cash back rate, as well as many other benefits and perks. This review will tell you everything you need to know about this credit card, which includes telling you negative sides to this credit card too.

As you will see, things have changed since 2016 when we last updated this credit card’s information, so I have struck through (like this) the old information and added in new information that is more up to date.


Our Favorite Things About The Bank Americard Cash Rewards Credit Card


Earn up to 3% cash back – You will earn 3% cash back on gas purchases, 2% cash back on on grocery store purchases up to the first $1500 $2500 in combined purchases each quarter. You will also earn 1% cash back on all other purchases. If you are one to make frequent purchase on gas and groceries then you will really benefit from this card.

$100 $200 cash rewards bonus – You will receive a $200 online cash rewards bonus after you spend the first $500 on purchases in the first 3 months of card opening.

0% introductory offer – You will enjoy a 0% introductory APR on all purchases and balance transfers for the first 12 billing cycles (12 months). This applies for balance transfers made in the first 60 days. Keep in mind this card has a balance transfers fee of 3% or $10 whichever is greater. After the intro period, a variable APR ranging from 13% to 23% 15.49% to 25.49% applies.

No annual fee – You will not have to pay an annual fee for this card, which is great considering it offers a solid cash-back rate.

Rewards do not expire – Your cash back will not expire, allowing you to accumulate as many points as you want without having to worry about cashing them in by a certain date.

Cash back categories do not change – You do not have to worry about revolving cash back categories with this card. Also you do not have to worry about opting in to be eligible for the cash back categories. This is not true of credit cards such as Chase Freedom and Discover IT as they ask you to opt in to rewards systems, and they have rotating categories for what is and isn’t eligible for cash back.

Flexible cash back redemption – You will be able to redeem your cash back in the form of a check, a credit on your next statement, or deposited directly into your Bank of American checking or savings account.

Qualify with good credit – You do not need excellent credit to qualify for this card. There a many cards that offer a good reward system like this card that require you to have excellent credit.

Receive a redemption bonus – If you have a checking or savings account with Bank of America, you will receive a nice 10% bonus every time you redeem your cash back into your Bank of America checking or savings account. Furthermore, if your balances in your Bank of America and/or Merril Lynch investment accounts are between:
20k to 50k – Receive a 25% redemption bonus
50k to 100k – Receive a 50% redemption bonus
100k+ – Receive a 75% redemption bonus

Below is an image example showing you their cash-back tool on their website. I have entered a few numbers to help you see how much cash back you may be able to earn.

Bank of america credit card cash back calculator


Things We Do Not Like About The Bank Americard Cash Rewards Credit Card


Foreign transaction fee – Since this is not a travel rewards card, this card charges a 3% foreign transaction fee if you use your card in foreign countries, or if you pay for something in a foreign currency, however this is a common fee for regular cash back credit cards.

Cash advance fee – You will be charged a cash advanced fee of $10 or 3%, whichever is greater. This means if you use the card to withdraw money from an A.T.M. you will either pay $10 or 3% of the transaction. Try to avoid using this card at an A.T.M. to avoid these hefty fees.

Problem resolution is difficult – This is a fine card to have until you run into problem, and then you have a fight on your hands. The customer support is not built to deal with problems, which means if you are overcharged by a merchant, or a credit goes wrong, or a mistake is made on your part, then you are going to have a hard time dealing with their customer service department in order to get your problem fixed.

They have a habit of siding with merchants – If a merchant is really messing you around, maybe the merchant sent the wrong item and will not allow you to swap or return your item, then your Bank Of America credit card will ask for a bunch of information and then keep you waiting. If they decide to ignore your case or decide not to help you, then there is nothing you can do.

Their marketing is unfair – There are plenty of Bank Americard email adverts that promise things that the card doesn’t deliver. A common trick is to say you are pre-approved for a bunch of things such as a good APR rate, balance transfers, a high credit limit, etc., and then have you apply where you discover you are entitled to far less than you were promised.

 


Bank Of America Cash Back Credit Card Fees


Annual Percentage Rate for Purchases (APR)
0% Introductory APR for the first 12 Statements
APR of 15.49% to 25.49%, and may rise to 29.99%

APR for Balance Transfers
0% Introductory APR for the first 12 Statements
APR of 15.49% to 25.49%, and may rise to 29.99%

APR for Cash Advances
18.49% to 27.49% for Direct Deposit and Check Cash Advances
27.49% for Bank Cash Advances.

Penalty APR
Up to 29.99%

Minimum Interest Charge
If you have a balance on your card, you will be charged interest of at least $1.50.

Annual Fee
$0.00 There is no annual fee

Purchase using a wire transfer from a non-financial institution
5% of the amount of each transaction or $10

Balance Transfer Fee
$10 or 3% of the amount of each transaction

Cash Advance Fee
Direct Deposit and check cash advances are 3% of the amount of each transaction or $10

ATM Advance Fee, Over-the-Counter Cash Advance Fee
5% of the amount of each transaction or $10

Same-Day Online Cash Advance Fee, Cash Equivalent Cash Advance Fee
5% of the amount of each transaction or $10

Overdraft Protection For Cash Advance
$12 for each transaction (Don’t enroll for overdraft protection if given the option)

Foreign Transaction Fees
3% of the US dollar amount of each transaction

Late Payment Fee
As much as $38

Returned Payment Fee
As much as $27


Who The Bank Americard Cash Rewards Card Best Suits


  • People who spend a lot on gas and grocery purchases.
  • People looking for a card that has 0% introductory period on purchases and balance transfers.

BankAmericard credit card review


How The Bank Americard Cash Rewards Card Compares With Similar Cards


Chase Freedom Credit Card

This cash back credit card involves revolving cash back categories that is beneficial to compare to the Bank Americard Cash Rewards card. You will earn 5% cash back on quarterly revolving categories such as, gas, groceries, and dining purchases. A 1% cash back rate applies to all the purchases you make outside of the 5% offer. This card features a $150 bonus after you spend $500 in purchases in the first 3 months, which is $50 more then the Bank Americard. This card also has a 0% intro period of all purchases and balance transfers for 15 months, which is 3 months longer then the Bank Americard. After the intro period a variable APR ranging from 14% to 23% applies. This card also does not have an annual fee, but it does have a foreign transaction fee. Like the Bank Americard, the cash back bonus does not expire. Its all about your preference when it comes to this card vs the Bank Americard, if you think you will benefit more from the 5% categories then this card should be your choice, however you really can’t go wrong with either card.

Capital One Quicksilver One Cash Rewards Credit Card

This is a popular cash back card that is a no gimmicks flat rate cash back card. With this card you will earn an unlimited 1.5% cash back on every purchase. Like the Bank Americard, there are no revolving categories or opting into categories to worry about. This card also has the same bonus offer, as you will receive $100 after you spend your first $500 in the first three months of card opening. This card features a 0% introductory APR on all purchases and balance transfers until November 2016. This card has the same balance transfer fee as the Bank Americard, at 3% of the amount transferred. After the intro period a variable APR ranging from 13% to 23% applies. The QuickSilverOne card also has no annual fee. The APR rate you receive ranges from between 22.97% and 26.97%, which seems high, but you do not need a good credit score to get this credit card. The annual fee is $39. Unlike the Bank Americard, this card does not feature a foreign transaction fee, which a nice feature if you will use this card while traveling. Overall this card will earn you a higher rate of cash back over all purchases, so the card of choice all depends on your spending habits. If you feel you spend a lot on gas and grocery purchases then go with the Bank Americard Cash Rewards card, or if you think you’ll benefit more from the 1.5% unlimited rate of cash back, then go with this card.

Blue Cash Everyday Card From American Express

This cash back card offered by American Express is very similar to the Bank Americard Cash Rewards card. This card has a bonus offer, which has you spend $1000 dollars in the first 3 months of card opening in order to receive a $100 $200 statement credit. This card has a similar cash back rate, as you will earn 3% cash back on US supermarket purchases (up to $6000 per year, then 1%). You get 2% cash back on gas purchases and in selected stores. Earn 1% cash back on all other purchases. This card has a 0% intro APR on all purchases and balance transfers for the first 15 months. A variable 13% to 23% 15.24% to 26.24% APR applies after the intro period. This card does not have an annual fee, and it does have a foreign transaction fee. With the Bank Americard it awards 3% cash back on gas, and 2% on groceries, while the Blue Cash Everyday Card offers 3% cash back on groceries, and 2% on gas purchases.


Should You, Or Shouldn’t You, Our Final Verdict


Overall this is a great cash back credit card to accumulate cash back, especially if you spend a lot on gas and groceries. This is a versatile card as you can also use it for a balance transfer, or a big purchase as it has a 0% APR on all purchases and balance transfers for the first 12 billing cycles. You can pay down your balances without having to pay any interest. If you are currently paying a high amount of interest on your current card, then it would be beneficial for you to switch to a card with a 0% balance transfer period like this card.

As far as rewards go, this card offers a good rate especially if you will make frequent purchases on gas and groceries. If you have a Bank of America checking or savings account, it would definitely be beneficial to get this card, especially if your total balances are 20k and above as you will receive a 25% to 75% redemption bonus every time you redeem your cash back to your Bank of America account. This is a fantastic feature as you are basically getting free money if you have a Bank of America account.

About The Author

Ben Todd

Ben was a seriously broke graduate student with bad credit who after finding himself rejected for any sort of credit card or loan for most of his adult life, finally decided to get his financial life in order. 'He spent several years reading as many financial advice books and blogs as he could.And suprisingly, Ben found he actually LIKED the topic of personal finance; after fixing his own finances, starting his own successful work at home website business, and using his earnings to get out of debt, created echeck.org to help others do likewise!

1 Comment

  1. MS. WILLIE JEWEL LAMBERT-WEBSTER

    i’m with bank of america

    Reply

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