BankAmericard Cash Rewards™ Credit Card Reward
The BankAmericard Cash Rewards™ Credit Card is an appealing cash back rewards card. The 3% cash back on gas purchases and 2% cash back on groceries allow your cash back to add up quickly, but be aware that this is limited to a combined $1,500 per quarter.
Diverse distribution options
One benefit of the BankAmericard is the ability to receive your cash back rewards through several different methods. Cash back rewards can be deposited directly into a savings or checking account, credited to the account, or sent via check to the cardholder. In addition, cash back rewards can be applied directly to your mortgage. If you have an account with Bank of America, cash back rewards deposited into your checking or savings account will receive an additional 10% bonus.
Bonus offer for initial purchases
Many of the top reward cards offer a bonus with initial purchases. The BankAmericard Cash Rewards™ Credit Card offers a $100 cash back bonus if you spend $500 in the first 90 days of card ownership. This may not seem like a very large bonus, but as far as top gas credit cards go, initial purchase bonuses are rare.
Competitive introductory rates
The BankAmericard Cash Rewards™ card offers attractive introductory rates. Several of the leading credit cards offer a 0% introductory APR, but it is offered on a relatively limited basis. With the BankAmericard Cash Rewards™ card, you will get an introductory 0% APR for the first 12 months of card ownership. A few extra months of no interest can be a tool to help you manage your credit balances.
Bank of America offers several features to help you stay on top of your account. You can configure your account to receive text or email alerts reminding you when a payment is due, or notifying you that a payment was received. You can control which types of alerts you want to receive, so you don’t have to worry about being bombarded with irrelevant texts and emails.
Tap and pay
The BankAmericard Cash Rewards™ card includes functionality that allows you to tap your credit card on the device reader to make payments. Not all retailers allow you to pay in this manner, and tap-and-pay technology is likely not a critical feature for most credit cards; however, having the option to utilize tap and pay is a bonus convenience worth noting.
Additional benefits are not as comprehensive
Some of the benefits that come with the BankAmericard Cash Rewards™ card include car rental insurance, fraud liability, extended warranty, and credit monitoring. These are all noteworthy benefits, but relative to competitor cards, benefits are lacking. Most notable are missing benefits associated with travel, like travel insurance, lost luggage insurance, flight insurance, and emergency insurance.
Cap placed on bonus rates
Although the BankAmericard Cash Rewards™ card offers a competitive 3% cash back on gas purchases and 2% cash back on groceries, the rewards are limited to $1,500 of combined net purchases per quarter. You will still be eligible for 1% cash back on these purchases after you reach this limit each quarter, but this cap is definitely a factor in the card selection process.
When you exceed your limit, the BankAmericard charges $10 for each transaction. Many similar competitor cards do not charge an over-limit fee. A $10 fee may not be particularly burdensome, but if you unknowingly made several over-limit charges, it wouldn’t take long to add up.
Rates and Fees
- Annual Fee: $0
- Cash Advance Fee: $10 or 3% per cash advance
- Cash Advance Rate (APR): 22.99% - 24.99%
- Foreign Currency Transaction Fee: 3% per transaction
- Introductory Rate (APR): 0% for 12 months
- Standard Rate (APR): 12.99% - 22.99%
- Default Penalty Rate (APR): 22.99%
- Late Payment Fee: Up to $35
- Minimum Interest Charge: $1.50
- Over-Limit Fee: $10 per transfer
- Returned Payment Fee: Up to $25
- Introductory Balance Transfer Rate (APR): 0% for 12 months
- Standard Balance Transfer Fee: $10 or 3% per transfer
- Standard Balance Transfer Rate (APR): 12.99% - 22.99%
- Additional Rewards for Dining: None
- Additional Rewards for Gas: 3% cash back ($1,500 in combined gas and grocery per quarter)
- Additional Rewards for Groceries: 2% cash back
- Additional Rewards for Shopping: None
- Additional Rewards for Travel: None
- Bonus Points Offered: None
- Rewards Earnings for All Purchases: 1% cash back
- Sign-Up Bonus: $100 cash back after spending $500 within first 90 days
- Type of Reward: Cash Back