Earn $200 bonus cash back with the Bank of America® Cash Rewards credit card

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The holidays are finally getting started, and gift-buying season is upon us once again. If you’re looking to earn more cash rewards and a little extra pocket change while you buy presents, the Bank of America Cash Rewards credit card offers one of the best sign-up bonuses around.

While most cash back rewards cards that don’t charge an annual fee only offer around $100 as an intro bonus, the Bank of America Cash Rewards credit card awards users $200 for spending $500 in the first 90 days. That is a pretty low spend threshold to reach too, especially with higher spending months looming ahead.

What is the Bank of America Cash Rewards credit card worth in the first year?

The rewards rate on the Bank of America Cash Rewards credit card is a pretty good one, especially with bonus 2 percent and 3 percent cash back categories. Plus, you won’t have to pay any of the money you earn as an annual fee. Here’s a quick breakdown of what you can expect to earn in the first year.

Bank of America® Cash Rewards credit card


 

Rewards rate

  • 3% cash back on gas
  • 2% cash back on groceries and wholesale club purchases
  • $2,500 combined limit on 2% and 3% categories each quarter

Introductory bonus

  • $200 online cash rewards if you spend $500 in first 90 days

Why use it?

With bonus categories for gas and groceries, the Bank of America Cash Rewards credit card offers an exceptional rewards rate. 

Read review

Annual fee

$0

Estimated earnings in first year ($1,325 monthly spend) 
$469

Unfortunately, you are capped at $2,500 in purchases on the high earning categories each quarter. But if you spend a bit more on gas and groceries and can hit the full $2,500, you can earn significantly more rewards.

Recent changes to the Bank of America Cash Rewards credit card

The sign-up bonus on the Bank of America Cash Rewards credit card has remained the same for most of the card’s history. However, it did increase earlier this year, offering cardholders an additional $50.

Bank of America Cash Rewards credit card Recent Changes

Jul. 31, 2018

  • $200 online cash rewards if you spend $500 in first 90 days

Previous

  • $150 online cash rewards if you spend $500 in first 90 days

 

Who is eligible to earn the sign-up bonus?

To receive the sign-up bonus for the Bank of America Cash Rewards credit card, you must first meet the card’s application qualifications. You’ll want to have good to excellent credit (above 670) in order to be considered.

Bank of America also limits accountholders to one bonus cash rewards offer per new account. If you are a previous accountholder, you may not be eligible for this offer. Current accountholders who wish to convert an existing account to the Bank of America Cash Rewards credit card won’t be able to receive the sign-up bonus.

Redemption options for the Bank of America Cash Rewards credit card

Once you’ve earned at least $25 cash back, you have a few different redemption options with your Cash Rewards card. You can opt for the traditional statement credit or check or even make a contribution to an eligible Cash Management Account® with Merrill Lynch Wealth Management®.

To get the most out of your money, you’ll want to redeem your cash back rewards into an eligible Bank of America, Merrill Edge or Merrill Lynch checking or savings account. If you choose an electronic deposit into one of these, you’ll earn a 10 percent customer bonus and increase your cash rewards.

If you have $20,000 or more in a qualifying account, you can boost your rewards potential even further by registering for the Preferred Rewards program. Each tier of the rewards program provides an additional bonus for depositing your cash back, as shown below. 

  Bonus cash back Average cash back rate Value of $200 sign-up bonus
No Bank of America Account None 1.7% $200
Bank of America account without Preferred Rewards 10% 1.9%
$220
Gold customers ($20,000-$49,999 balance) 
25% 2.1%
 $250
 Platinum customers ($50,000-$99,999 balance) 50%
2.5%  $300
 Platinum Honors customers ($100,000+ balance) 75%
3%  $350

Should you apply for the Bank of America Cash Rewards credit card now?

The rewards on this card don’t shift very often, but if you want to take advantage of the recent sign-up bonus increase to make a little extra pocket change, now is a great time to sign up for the Cash Rewards card. Plus, if you have a Bank of America checking or savings account, you can improve your average cash back rate and make even more in rewards on your holiday shopping.


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Updated: 12-15-2018