The Bank of America® Cash Rewards credit card ups its sign-up bonus to $200

The card's increased sign-up bonus is a great incentive to sign up for its customizable rewards program


Discover how the Bank of America Cash Rewards intro bonus can maximize your cash back.

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If you’re looking for a good card to rack up some cash rewards toward your summer travels, the Bank of America Cash Rewards card has a new offer that should peak your interest: New cardholders can now earn $200 for spending $1,000 in the first 90 days of card membership. With $200 in your pocket plus the option to earn 3 percent cash back on gas purchases, the card could potentially take a big chunk out of the cost of a road trip.

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
Bank of America Cash RewardsRewards rate

  • 3% cash back on a category of your choice: gas, online shopping, dining, travel, 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

  • $200 online cash rewards if you spend $1,000 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 for the card typically fluctuates between $150 and $200. With the recent offer change, the bonus is now at its peak:

Bank of America Cash Rewards credit card Recent Changes

April 10, 2019$200 online cash rewards if you spend $1,000 in first 90 days
Jan. 14, 2019$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
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 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 backAverage cash back rateValue of $200 sign-up bonus
No Bank of America AccountNone1.7%$200
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 card now?

If a choose your own bonus category card sounds appealing to you, now is a better time than ever to sign up for the Bank of America Cash Rewards card. The sign-up bonus is at its peak now and, if it follows trends, will likely decrease in the future. 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.

See relatedGuide to the Bank of America® Cash Rewards Credit Card, Bank of America Cash Rewards vs. Chase Freedom, Bank of America Cash Rewards vs. Blue Cash Preferred Card from American Express 

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Published: April 9, 2019

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