Reviews BankAmericard Cash Rewards card review

BankAmericard Cash Rewards card review

Published: April 21, 2017
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Ratings Policy
Balance Transfer Rating:
3 rating
3 rating
3 / 5
Introductory Offer: 3.0
Net Value: 4.2
Features: 1.0

In a nutshell:

The BankAmericard Cash Rewards card offers new cardholders a modest balance transfer fee and attractive perks for everyday spending; however, its APR is high for cardholders with less-than-perfect credit and its interest-free balance transfer offer only lasts 12 months.

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0% Introductory Period
12 billing cycles

Transfer Fee
$10 or 3% (whichever is higher)

Introductory Purchase APR
0%

Regular APR
13.74-23.74% (variable)

Annual Fee
$0

Other Notable Features: Private online shopping through ShopSafe, fraud protection, overdraft protection, paperless statements, account alerts, mobile banking, text banking

Cash Back Rating:
3.4 rating
3.4 rating
3.4 / 5
Rewards Value: 3.1
Annual Percentage Rate: 3.1
Rewards Flexibility: 4.4
Features: 1.0

In a nutshell:

A good card to use for everyday errands, the BankAmericard Cash Rewards card offers a generous 3 percent spending bonus on gas purchases and a respectable 2 percent bonus on groceries; however, there is a strict $2,500 cap on combined purchases in these categories each quarter.

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Rewards Rate

  • 3% cash back on gas
  • 2% cash back on groceries and wholesale club purchases
  • 1% cash back on other purchases

Sign-Up Bonus
$100 if you spend $500 in first 90 days

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$276

APR
13.74-23.74% (variable)

Rewards Redemption
Pros

  • Cash back doesn’t expire
  • No rotating categories to keep track of
  • Minimum redemption amount is low ($25)
  • Redeem cash as deposit, statement credit and more
  • Set up automatic redemption into a Bank of America account

Cons

  • $2,500 limit on bonus rewards each quarter
  • No other rewards options besides cash back

Other Notable Features: Private online shopping through ShopSafe, fraud protection, overdraft protection, paperless statements, account alerts, mobile banking, text banking

No Annual Fee Rating:
3.7 rating
3.7 rating
3.7 / 5
Rewards Value: 3.6
Annual Percentage Rate: 2.9
Rewards Flexibility: 4.6
Features: 1.0

In a nutshell:

Thanks to the bonus earnings in two major categories – gas and groceries – the BankAmericard Cash rewards card offers a  high rewards rate for a no-annual-fee card, with the potential to earn a large amount of cash back if you can max out the $2,500 quarterly spending limit on its bonus categories.

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Rewards Rate

  • 3% cash back on gas
  • 2% cash back on groceries and wholesale club purchases
  • 1% cash back on other purchases

Sign-up Bonus
$100 if you spend $500 in first 90 days

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$276

APR
13.74-23.74% (variable)

Rewards Redemption
Pros

  • Cash back doesn’t expire
  • No rotating categories to keep track of
  • Minimum redemption amount is low ($25)
  • Redeem cash as deposit, statement credit and more
  • Set up automatic redemption into a Bank of America account

Cons

  • $2,500 limit on bonus rewards each quarter
  • No other rewards options besides cash back

Other Notable Features: Private online shopping through ShopSafe, fraud protection, overdraft protection, paperless statements, account alerts, mobile banking, text banking

Rewards Rating:
3.2 rating
3.2 rating
3.2 / 5
Rewards Value: 2.6
Annual Percentage Rate: 3.3
Rewards Flexibility: 4.6
Features: 1.0

In a nutshell:

The BankAmericard Cash Rewards card offers an exceptional rewards rate on gas purchases and a good rate on groceries — including wholesale clubs — but its $2,500 spending cap on rewards limits how much cardholders can earn.

Learn more about this card

Rewards Rate

  • 3% cash back on gas
  • 2% cash back on groceries and wholesale club purchases
  • 1% cash back on other purchases

Sign-up Bonus
$100 if you spend $500 in first 90 days

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$276

APR
13.74-23.74% (variable)

Rewards Redemption
Pros

  • Cash back doesn’t expire
  • No rotating categories to keep track of
  • Minimum redemption amount is low ($25)
  • Redeem cash as deposit, statement credit and more
  • Set up automatic redemption into a Bank of America account

Cons

  • $2,500 limit on bonus rewards each quarter
  • No other rewards options besides cash back

Other Notable Features: Private online shopping through ShopSafe, fraud protection, overdraft protection, paperless statements, account alerts, mobile banking, text banking

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For cardholders on a budget, the BankAmericard Cash Rewards card is a good value. It offers bonus points on everyday purchases, such as gas and groceries, so cardholders don’t have to go out of their way to earn a decent return on spending. It also makes earning bonus rewards a lot easier than similar cash-back cards. Cardholders hoping to earn a substantial amount of cash back may be disappointed, though, by the card’s restrictions. This is a basic cash-back card for relatively modest spenders.

Low bonus threshold

Unlike many rewards card bonuses, you don’t need to spend much to cash in on the BankAmericard Cash Rewards card’s sign-up bonus. Cardholders only need to spend $500 in the card’s first 90 days  roughly $167 a month – to earn $100 back. The $100 bonus isn’t the most generous sign-up bonus on the market; however, its low threshold for earning the one-time cash infusion makes it a good choice for cardholders who don’t have a lot of money to spend.

A relatively high rewards rate 

If you regularly use your card to pay for gas and groceries, you should have no trouble racking up a significant amount of cash with this rewards credit card. Bank of America awards cardholders 3 percent cash back on gas, which can add up quickly if you spend a lot of time on the road. Cardholders also receive 2 percent cash back on groceries, including those purchased at warehouse clubs, which is a big draw for families with a lot of mouths to feed.

Relatively low ceiling on bonus-awards spending

The biggest downside to the BankAmericard Cash Rewards card is that it substantially limits how much money you can earn by capping bonus-awards spending at $2,500 per quarter – or roughly $833 a month. That means if you spend more than $2,500 in a quarter on gas or groceries, you’ll receive just 1 percent cash back on any excess spending. The $2,500 cap probably won’t bother families who don’t typically spend much more than that anyway. But if you’re a heavy spender looking to maximize your savings, you’re better off looking at a card that doesn’t impose a rewards limit.

Hassle-free rewards structure 

One of our favorite features of the BankAmericard Cash Rewards card is its low maintenance rewards structure, which makes it an ideal card for consumers who don’t want to spend a lot of time thinking about their credit card. Rather than force cardholders to keep track of a rotating list of quarterly bonus categories, the BankAmericard Cash Rewards card just sticks to the same two categories – gas and groceries – every quarter. Even better, the rewards don’t expire, so you don’t have to worry about missing out if you’re slow to redeem your earnings.

Extra perks for Bank of America account holders

For consumers who already have an account with Bank of America, the BankAmericard Cash Rewards card is an exceptionally good deal – especially if cardholders optimize their earnings by maxing out the total amount of bonuses they receive. Cardholders with a Bank of America checking or savings account get an additional 10 percent bonus any time they redeem cash through their account. Meanwhile, Preferred Rewards cardholders with a substantial bank balance are eligible to earn an even steeper bonus – in some cases as high as 25 to 75 percent.

Reasons to sign up for it:

  • You already have a Bank of America checking or savings account.
  • You spend a moderate amount on gas and groceries and want a good return on your purchases.
  • You want rewards without spending money on an annual fee.
  • You prefer cash back instead of rewards points or miles.
  • You want a simple rewards card with minimum hassle.

How to use it:

  • Use this as your primary card for the first three months so you earn the $100 sign-up bonus.
  • Use your card for all gas and grocery purchases – at least until you hit the spending limit for bonus category purchases.
  • If you haven’t already, consider signing up for a Bank of America checking or savings account so you can cash in the card’s 10 percent loyalty bonus.

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