Using the Bank of America Cash Rewards credit card, you’ll receive $200 online cash rewards bonus after spending at least $1,000 in the first 90 days of having your account open. Compare this to other top card bonus offers here.
If you want to get 2% to 3% cash back rewards for grocery shopping, wholesale clubs, and other options of your choosing, you should look into the Cash Rewards Card from Bank of America.
This card would be worth more if you’re already a Preferred Rewards customer. In other words, if you;re a loyal customer then you will get better appealing relationship bonus offers.
The platform that these banks compete on is always contending for your business with their bonus offers. Using credit cards would be a good way to gain bonuses with these banks. You can also gain bonuses with checking and savings accounts.
| Bonus Available | Get online $200 cash rewards bonus once you spend a minimum of $1,000 in the first 90 days of opening your account. |
| Bonus Value | $200 |
| Travel Credit | No travel credit |
| Ongoing Rewards/Benefits | Receive 3% cash back in the category of you choose such as: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings
Earn 2% cash back at grocery stores and wholesale clubs Get 1% cash back on all other purchases Gain 2% to 3% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1% |
| Foreign Transaction Fees? | 3% |
| Airport Lounge Access | N/A |
| Annual Fee | $0 |
Recommended Free Credit Score (Get Free Score)
690 – 850 (Good – Excellent)
*Cash Rewards is issued by Bank of America. Compare this card to other credit card offers.*
Pros
- $200 bonus
- No annual fee to justify
- 0% intro APR for 15 billing cycles
- Bank of America Preferred Rewards bonus of 25% – 75%
Cons
- $2,500 spending cap on bonus rewards
- There are cards with higher rewards if you’re a big spender and willing to pay the annual fee
Editor’s Alternate Pick
 The Chase Freedom FlexSM offers a $150 bonus after you spend $500 on purchases in your first 3 months from account opening. 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.24% - 27.99%. You'll earn: • Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter! • 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more • 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service • Unlimited 1% cash back on all other purchases You cash back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back. This card has no annual fee. |
Bank of America Cash Rewards $200 Bonus
You must make at least $1,00o in expenses in the first 90 days of opening your account to be able to qualify for the $200 cash rewards bonus offer.
This is a decent offer for $200 and for a card with no annual fees attached.
Here are some ideas on meeting the spending requirement:
How Much Cash Back Can You Earn?
With the Bank of America Cash Rewards credit card, they will give you good rewards for meager spenders. However, their rewards setup is a little difficult to comprehend.
Their largest rewards rate of 3% cash back will be in the option of your choosing. When you pick a 3% cash back option, you’ll be presented with 6 choices such as:
- Gas
- Online shopping
- Dining
- Travel
- Drugstores
- Home improvement and furnishings
If you choose not to pick a category, it will go into the default set to gas. If you tend to spend lots of money on Amazon then you should consider picking online shopping to use your rewards to its full potential.
With this you will be able to gain 2% back for grocery stores and wholesale clubs, with an unlimited 1% back for other qualifying expenses.
But, the 2% to 3% rates will be capped and will only be applicable towards $2,500 for a combined option listed above for quarterly expenses. Past that, you will be able to gain unlimited 1% back for other expenses.
When your spending habits change, you’ll be able to update the category you picked to fit your future expenses once every month with the mobile banking app or online banking.
You’ll be able to redeem your cash rewards at anytime or amount for statement credit, which can be deposited straight into a Bank of America checking or savings account. You even get to deposit for credit for a qualifying account with Merrill Lynch or Merrill Edge.
Your redemptions will contribute towards any eligible 529 account with Merrill Lynch or Merrill Edge, or for a check start at $25.
With this you can even set up an immediate redemption towards a qualifying Bank of America, Merrill Lynch, or Merrill Edge account. Automatic redemption will normally start at $25. Statement credit, checks, and contributions towards an eligible 529 account won’t qualify for an automatic redemption enrollment.
Bank of America Cash Rewards Card Top Features
With this credit card, you will gain a 0% APR rate for expenses in the first 15 billing cycles. It would give you a lot of time and flexibility for your bigger purchases to be paid off. Once the introductory 0% APR period is over, your APR will change back to the Bank of America standard rate.
Remember, the intro 0% APR will also apply towards balance transfers that have been made in the first 60 days. But, there is a 3% (min $10) balance transfer fee included.
Signup for the Bank of America Preferred Rewards with a minimum of $20,000 for your accounts together and you will benefit from the 25% to 75% rewards increase for each purchase.
With the Bank of America Cash Rewards credit card Preferred Rewards bonus, you can use it for all of the base and bonus cash rewards for expenses.
Hypothetically speaking, with $100 for a purchase that would gain you 3% ($3) will really get you $3.75, $4.50, or $5.25 depending on your tier.
To qualify for the Preferred Rewards Program, you would have to own an active Bank of America personal checking or Advantage Banking account and keep it up for an average of 3 months. This will be with your Bank of America accounts combined or your Merrill Edge and Merrill Lynch investment accounts.
| Tier | Qualifying Combined Balance |
| Gold | $20,000 |
| Platinum | $50,000 |
| Platinum Honors | $100,000 |
If you don’t have a checking account with Bank of America, then there is a guide for current Bank of America Checking Account Bonuses. This will assist you on debating if you want to sign up for this rewards bonus or not.
Customers who’ve already signed up will be able to get a Preferred Rewards bonus listed above depending on their tiers.
Like, instead of getting the normal 3% cash back for your category option, you will be able to get up to 5.25% back for that option.
| Qualifying Balance | Bonus Category Rewards Rate | Grocery store/wholesale club reward rate | Rewards rate on everything else |
| $20,000 (Gold) | 3.75% | 2.5% | 1.25% |
| $50,000 (Platinum) | 4.5% | 3% | 1.5% |
| $100,000 (Platinum Honors) | 5.25% | 3.5% | 1.75% |
Bottom Line
This $200 bonus is a good option for a cash back card that doesn’t have any annual fees attached.
There is only a handful of cash back credit cards that will let you pick your own 3% bonus option each month like the Bank of America Cash Rewards credit card. Their variety of options like online shopping, would make it simple for you to use your rewards to its full potential with your category option.
But, there are some small ceiling for the rewards that let you gain a rate of 3%. Since this card has some limitations placed on its category bonuses, it wouldn’t be good for large spenders. But, if you don’t spend much money, then you could increase your rewards rate from the standard of 3% to 5.25%. Only if you hold your bigger balances with Bank of America, Merrill Lynch, and other eligible accounts for the Preferred Rewards Program.
This Bank of America Cash Rewards credit card is an excellent card to have if you want to use it as a multi-card spender. Since there aren’t any annual fees attached and their rewards have no expiration date, you’ll always get the best value. The Chase Freedom/Chase Freedom Unlimited, Chase Sapphire Preferred Card and Chase Sapphire Reserve are pretty popular with their multi-card spending loopholes. This card would be worth your time.
(Visit Bank of America for more information)
What’s the Competition?
There are some of Bank of America Cash Rewards credit card’s top competitors listed below.
 The Capital One Quicksilver Cash Rewards Card offers $200 Cash Back after spending $500 on purchases within 3 months from account opening. 0% intro APR on purchases and balance transfers for 15 months; 19.74% - 29.74% variable APR after that; balance transfer fee applies You'll earn: • 1.5% Cash Back on every purchase, every day with no rotating categories or sign-ups needed to earn cash rewards. • Unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply. This card comes with no annual fee and no foreign transaction fees which makes this card a viable option for your go-to everyday card. |
The Chase Freedom FlexSM offers a $150 bonus after you spend $500 on purchases in your first 3 months from account opening. 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.24% - 27.99%. You'll earn: • Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter! • 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more • 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service • Unlimited 1% cash back on all other purchases You cash back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back. This card has no annual fee. |
 The Chase Freedom Unlimited® Card offers: INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back! Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.74% - 28.49%. In addition, you can earn: • 6.5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more • 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service • 3% on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase TravelSM, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases. There is no minimum to redeem for cash back & your cash back rewards do not expire as long as your account is open. This card comes with no annual fee and you'll get a free credit score that is updated weekly with Credit JourneySM. Member FDIC |
