Bank of America Cash Back Credit Card Review
Posted on October 29th, 2010
There have been quite a few commercials for Bank of America cash back credit cards lately, so I thought I’d do a quick review.
The “BankAmericard Cash Rewards™ Visa Signature® Card” has no annual fee and 0% APR for the first seven or 10 billing cycles on purchases and any balance transfer made within 60 days of opening the account.
There is a 4% balance transfer fee if you choose to transfer a balance, which is pretty much right in the middle of the industry standard 3-5%.
But obviously the biggest draw tied to this credit card is the cash back rewards program.
During the first six months following the opening of your account, you will earn 3% cash back on purchase transactions made at eligible gas, grocery and drug store merchants.
After that promotional period, you will earn 1% cash back on such purchases.
1% Cash Back Rewards, No Limit
On all other purchases, you will earn 1% cash back, which is their simple approach to cash rewards.
There is no limit to the amount of cash rewards you can earn, and you can redeem them when you’ve earned as little as $25.
Additionally, you will receive a 25% bonus when you redeem $300 or more in cash rewards, which is an incentive to wait.
You can also earn a $50 statement credit if you make any combination of purchases totaling at least $50 within the first 60 days the account is opened.
The cash back rewards can be credited to a checking or savings account, or mailed to you in the form of a check.
So if you spend $1000 a month on the card, or $12,000 annually, you’d earn $120 cash back plus a $50 bonus if applicable.
And potentially more if you used the credit card as gas stations, supermarkets and drugstores during the first three months.
It’s actually a pretty good deal if you aren’t a big spender, and if you hold out for the 25% bonus after earning at least $300.
But I still think the Blue Cash from American Express is the best cash back credit card for those who spend a bit more monthly, as it offers 1.25% cash back on all purchases and 5% cash back on gas/groceries/drugstores once you surpass $6,500 in spending annually.
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Tags: Back Credit, Back Credit Card, Credit Card, Review
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