Guide to the Bank of America® Cash Rewards Credit Card

Bank of America customers with a large balance can earn more than 2 percent cash back

Bank of America Cash Rewards card guide

If you are a fan of credit cards with simple cash back rewards programs, the Bank of America Rewards card should be on your radar. While cash back cards such as the Citi Double Cash card, Blue Cash Everyday and Chase Freedom Unlimited garner most of the attention, this gas and grocery card has much to offer to cardholders who simply want to earn a lot of cash back on their everyday purchases.

The card features 3 percent cash back on gas purchases and 2 percent back on grocery purchases, for up to $2,500 in combined purchases each quarter. Plus, it offers a relationship bonus to Bank of America customers that can push the rewards rate over the top if you have enough cash in the bank.

The Bank of America® Cash Rewards Credit Card

Bank of America Cash Rewards Credit Card

Why should you get it?

The Bank of America® Cash Rewards Credit Card offers 3% cash back on gas purchases – one of the highest rates on gas purchases for a no-annual-fee card. It also offers 2% cash back on grocery and wholesale club purchases, making it a good card for everyday purchases.

Learn more

More things to know:

  • No annual fee
  • $150 sign-up bonus if you spend $500 in first 90 days
  • 3% cash back on gas and 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined purchases every quarter (1% thereafter), and 1% on other purchases
  • No rotating categories to keep track of
  • 10% customer bonus when you redeem your cash back into a Bank of America® checking or savings account

Why get the Bank of America Cash Rewards card?

For a no-annual-fee credit card, the Bank of America Cash Rewards card offers some pretty generous terms, including one of the highest rewards rates on gas purchases. Here’s a summary of some of its best features:

Good rewards on gas and groceries with a high cap

The Bank of America Cash Rewards card isn’t the most generous gas and grocery card (that title goes to the Amex Blue Cash Preferred card), but it does offer one of the best rates on gas and groceries in the no-annual-fee category. And it has a high spending cap to boot. While most gas and grocery cards limit the bonus to $1,500 in purchases per quarter, the Bank of America Cash Rewards card gives you a $2,500 quarterly spending cap.

Large sign-up bonus

The card also comes with a pretty generous bonus for a no-annual-fee card – you get $150 for signing up and spending $500 on the card in the first 90 days.

Simplicity

The Bank of America Cash Rewards card makes it fairly easy to redeem your rewards. Once you’ve collected $25, you just log in to your account and redeem your cash for statement credits or route your cash to a checking or savings account. Since your rewards don’t expire, you can redeem your cash back at your leisure.

Relationship bonus

The feature that really sets the Bank America Cash Rewards card apart from other cash back cards is its relationship bonus for Bank of America customers. Cardholders are automatically eligible to earn a 10 percent bonus on any cash that they deposit into a Bank of America checking or savings account.

And, if you have $20,000 or more in a qualifying Bank of America, Merrill Edge or Merrill Lynch account, you can register for the Preferred Rewards program and boost your bonus even higher. With the 25 percent bonus that you get as a Gold customer, you can easily push your earning rate higher than 2 percent cash back just by using the card on all your purchases.

Bank of America Preferred Rewards tiers


 Bonus cash back Average cash back rate
No Bank of America Account None 1.7%
Gold customers ($20,000-$49,999 balance) 
25% 2.1%
 Platinum customers ($50,000-$99,999 balance) 50%
2.5%
 Platinum Honors customers ($100,000+ balance) 75%
3%

How to maximize the Bank of America Cash Rewards card

  • Use the card for all your gas, grocery store and wholesale store purchases, to earn bonus cash back.
  • Hit the gas station before you go to the grocery store. You can easily max out the $2,500 spending cap each quarter, so make sure you earn cash back on the most valuable category of spend first.
  • Use your card for all your gas station purchases. You don’t just earn 3 percent at the pump – the 3 percent bonus also applies to that bottle of Gatorade and bag of chips that you grab inside the station while you’re fueling up.
  • Rotate your card with a card that offers a bonus on other categories of purchases, such as travel or restaurants, or with a flat-rate card that offers more than 1 percent back on every purchase. For instance, you can use the Citi Double Cash card – which earns up to 2 percent cash back on every purchase (1 percent when you make a purchase and another 1 percent when you pay your statement on time) – to pay for items that don’t fall under the gas, grocery or wholesale store categories.
  • Redeem your rewards into a Bank of America account to earn bonus cash back (and make sure to enroll in the Preferred Rewards program if you qualify).
  • Visit the BankAmeriDeals website to earn additional cash back on your purchases. Note, you have to activate deals before you make your purchase, but Bank of America allows you to find and activate deals on the spot through its mobile app.
  • Stack your cash back with a grocery store rewards program or a gas rewards program such as the Fuel Rewards Network. You can earn points or extra cash back on your purchases on top of the cash back that you earn from the Bank of America Cash Rewards card.

Summary

Though the Bank of America Cash Rewards card doesn’t match the earning power of the Blue Cash Preferred card, it offers a very respectable amount of cash back for a no-annual-fee card. And, for loyal customers of Bank of America, the card can be especially rewarding. In fact, if you keep a large enough balance in your Bank of America account, you might consider making the Bank of America Cash Rewards card your go-to card for all your purchases, since it can beat out even the 2 percent cash back rate on the Citi Double Cash card. 

Related stories: Bank of America Cash Rewards vs. Blue Cash Preferred card from American Express, Shell Fuel Rewards program guide, How credit cards take a bite out of gas prices


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Updated: 07-18-2018