Ben Todd | Apr 16, 2017 | 3
BankAmericard Cash Reward Credit Card Review (Updated 2016)
The Bank Americard Cash Rewards 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.
Our Favourite 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 in combined gas/grocery 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 cash rewards bonus: You will receive a $100 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 A.P.R. 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 A.P.R. ranging from 13% to 23% 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 Don’t 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.
- 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.
- 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
- 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.
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.
Who The Bank Americard Cash Rewards Card Best Suits
- Those who spend a lot on gas and grocery purchases.
- Those looking for a card that has 0% introductory period on purchases and balance transfers.
How The Bank Americard Cash Rewards Card Compares With Similar Cards
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 A.P.R. on all purchases and balance transfers until November 2016. This includes the same balance transfer fee as the Bank Americard, at 3% of the amount transferred. After the intro period a variable A.P.R. ranging from 13% to 23% applies. This card also has no annual fee, also unlike the Bank Americard, this card does not feature a foreign transaction fee which a nice feature if you will use this card while travelling. 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 steady 1.5% cash back 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 statement credit. This has you spend $500 more then the Bank Americard in order to get the same $100 bonus.This card has a similar cash back rate, as you will earn 3% cash back on U.S. supermarket purchases(up to $6000 per year, then 1%), 2% cash back on gas purchases, and 1 % on all other purchases. This card has an 0% intro A.P.R. on all purchases and balance transfers for the first 15 months. A 13% to 23% variable A.P.R. applies after the intro period. Both cards do not have an annual fee, and both do have a foreign transaction fee. The main difference between the cards is the cash back rate on gas and groceries is flipped. With the Bank Americard it awards 3% cash back on gas, and 2% on groceries, while with this card it offers 3% cash back on groceries, and 2% on gas purchases.
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. 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 A.P.R. 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 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.
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% A.P.R. 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 would prefer a flat rate on all purchases, then the Citi Double Cash would be the better choice, as you would make a total of 2% cash back, 1% when you make a purchase, then another 1% when you pay for that purchase. However 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.