Bank of America Cash Rewards Credit Card is a great card that offers you ways of earning cashback on your grocery and wholesale club spending. Earning higher rates on your choice of six popular spending categories is also possible with this card. The good side to this card is that it has no annual fee but it comes with a very competitive sign-up bonus.Bank Of America Cash Rewards

Card Perks

Offers lucrative bonus categories with the top-earning category ongoing for 3%.

Rewards that adapt and allows you to choose categories that give you back 3% back with an option to change your category each month.

Comes with very competitive travel and shopping perks.

Travel accident insurance which is automatic when you purchase travel with a common carrier by sea, land, or air.


  • There are caps on the points you earn
  • There are limited ways to redeem your points.

Best For?

The Bank of America Cash Rewards Credit Card is best for those who spend a large portion of the budget they have on bonus categories. If you are not a Bank of America customer with a huge deposit in a Bank of America or Merrill account, you may consider a card that offers you a flat 2% cashback on all your purchases.

Sign Up Bonus

The card offers a signup bonus that is higher than some other cashback credit cards with no annual fee – $200 after spending $1,000 on your card in the first 90 days of account opening.

How To Redeem Rewards

Rewards earned, cannot be cashed in for travel either can you use them for gift cards or merchandise purchased through Bank of America.

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See other options for which it can be used for;

  • It can be redeemed for a deposit to your Bank of America checking or savings account, or an eligible Merrill Lynch or Merrill Edge account.
  • You can contribute your rewards to a qualifying 529 college savings account with Merrill Lynch or Merrill Edge in increments starting at $25.
  • Get your rewards cashed in for statement credits in any amount.

Note, automatic redemptions starting at $25 into an eligible Merrill Lynch, Merrill Edge, or Bank of America account.

How To Fully Utilize the Bank of America Cash Rewards Credit Card

Earnings on this card can be maximized if you join Bank of America’s Preferred Rewards program. But it is expected that you have at least $20,000 on deposit in a qualified account to qualify for bonus earnings.

To get $200 bonus cash right away, you’ll have to quickly spend $1000 on your card. Thereon, ensure that you put all your purchases from the bonus categories on this card, at least until you hit the $2,500 quarterly limit for bonus points.

Security Features

Bank of America gives standard security features for a credit card. It enables you to set up account alerts to stay updated about payments, due dates, etc. This can help you spot fraudulent charges.

After considering the pros and the cons if you think Bank of America Cash Rewards Credit Card is best for you to take a dip.