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.
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.
- 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.