Bank of America Cash Rewards Credit Card Review

We may be compensated when you click on links from one or more of our advertising partners. Opinions and recommendations are ours alone. Terms apply to the offers. See our Advertising Disclosure for more information.

The no annual fee Cash Rewards card from Bank of America offers 3% cashback on a select category, 2% cash back at grocery stores and wholesale clubs, and 1% cash back everywhere else.

Deals Points Card Rating:
Bank of America Cash Rewards Credit Card

Cash Rewards Card Information

Application Link: Bank of America Cash Rewards Card.

Current Sign Up Bonus: $200 cash bonus plus 0% intro APR for 15 months on purchases and balance transfers.

Recommended Bonus: At least $200. 

Annual Fee: No Annual Fee. 

Earning Rewards:

  • 3% cashback on the category of your choice from the following: gas, online shopping, dining, travel, drug stores, or home improvement / furnishings 
  • 2% cashback on grocery and wholesale clubs (Costco, Sam’s Club, etc.)
  • 1% cashback everywhere else.
  • (The 3% and 2% categories are limited to $2,500 combined spending per quarter. Any amounts over $2,500 will earn 1% cashback).  

Extra Points with Preferred Rewards

Members of the Preferred Rewards program earn 25% to 75% more cashback on every purchase based on the amount of money in Bank of America banking and/or Merrill Investment accounts. 

Gold ($20,000 to $49,999) = 25% rewards boost, which equals 3.75% cashback on the select category, 2.5% cashback on grocery/wholesale, and 1.25% cashback everywhere else.

Platinum ($50,000 to $99,999) = 50% rewards boost, which equals 4.5% cashback on the select category, 3.0% cashback on grocery/wholesale, and 1.5% cashback everywhere else.

Platinum Honors ($100,000+) = 75% rewards boost, which equals 5.25% cashback on the select category, 3.5% cashback on grocery/wholesale, and 1.75% cashback everywhere else.

Cash Rewards Card Benefits

The Cash Rewards card does not offer many benefits. If you use the card outside the U.S., you will incur a 3% foreign transaction fee.

The Cash Rewards card does offer an additional year extended warranty on eligible items purchased with the card.