Earn $150 bonus cash back with the Bank of America® Cash Rewards credit card

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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 card awards users $150 for spending $500 in the first 90 days. That is a pretty low spend threshold to reach too, making it easy to earn some extra pocket change.

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

The rewards rate on the Bank of America Cash Rewards card is a pretty good one, especially with bonus 2 percent and 3 percent cash back categories. For added flexibility, cardholders get to choose from one of six categories to earn their 3 percent cash back. 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, online shopping, dining, travle, drug stores or home improvements and furnishings
  • 2% cash back on groceries and wholesale club purchases
  • $2,500 combined limit on 2% and 3% categories each quarter
  • 1% cash back on other purchases

Introductory bonus

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

Why use it?

The Bank of America Cash Rewards card offers an exceptional rewards rate on a category of the user's choice, allowing increased flexibility.

Read review

Annual fee


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

Unfortunately, you are capped at $2,500 in purchases on the high earning categories each quarter. But if you spend a bit more on your choice category 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 card has remained the same for most of the card’s history. Last year, the sign-up bonus was briefly raised to $200. Unfortunately, the bonus dropped to the standard $150 when new bonus categories were announced.

Bank of America Cash Rewards credit card Recent Changes

Jan. 14, 2018

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

Jul. 31, 2018

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


$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 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 card won’t be able to receive the sign-up bonus.

Redemption options for the Bank of America Cash Rewards 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 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 $150 sign-up bonus
No Bank of America Account None 1.7% $150
Gold customers ($20,000-$49,999 balance) 
25% 2.1%
Platinum customers ($50,000-$99,999 balance) 50%
2.5% $225
Platinum Honors customers ($100,000+ balance) 75%
3% $263

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

The intro bonus on this card don’t shift very often, and the recent addition of a choose your own bonus category feature make it a great time to sign up for the Cash Rewards card. Plus, if you have a Bank of America checking or savings account with at least $20,000, you can improve your average cash back rate to boost your rewards earning.

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Updated: 02-18-2019