Bank of America has been pushing its BankAmericard Cash Rewards Visa Signature card across television screens everywhere lately. This Cash Rewards card can offers up to 1.25% cash back on purchases and other perks for those looking to earn a little while they spend.

Most of the popular cash back credit cards offer a bonus cash back rate on specific categories in addition to the standard 1% cash back on all other purchases.

Bank of America’s BankAmericard Cash Rewards Visa Signature does not deal with rotating categories or cash back tiers. It is touted as a straightforward cash back credit card.

BankAmericard Cash Rewards Visa Signature Card Details

  • Get a $50 statement credit after making $50 in purchase with the first 60 days.
  • 0% Introductory APR for purchases in the first 12 months.
  • Variable APR of 12.99% to 20.99% after intro period.
  • Earn 3% cash back on gas, grocery and drugstore purchases for the first 6 months.
  • Earn 1% cash back on all other purchases.
  • No annual fee.

You can earn unlimited rewards, do not expire, and may begin redeeming cash rewards at $25. Cash rewards are issued in the form of statement credit, check, direct deposit to any checking or savings account, or a payment towards a mortgage loan.

When $300 or more in cash back is issued under a single redemption, you will receive a redemption bonus equal to 25% of the amount redeemed.

Card Analysis

From a general overview, the BankAmericard Cash Rewards Visa Signature card falls very much in line with the other cash back credit cards on the market. After a 3% introductory cash back period, there is a flat 1% cash back on all purchases, which may disappoint consumers who compare the card to other popular cash back credit cards that offer bonus cash back on certain categories.

The Cash Rewards card almost an exact duplicate of the BankAmericard Power Rewards Visa Signature card, except that the Cash Rewards card only offers cash back while the Power Rewards card offers points for cash, gift cards, experiences, merchandise, and travel.

Arguably to most notable perk of the Cash Rewards card is the 25% cash back redemption bonus. Whenever you make a single redemption of $300 or more in cash back, Bank of America will award an extra 25%. It is very enticing but it will require a lot of spending. Not taking the introductory cash back period into the calculation, it would require $30,000 in purchases to earn $375, which is the equivalent to a 1.25% cash back rate.

The BankAmericard Cash Rewards Visa Signature card is great as a general cash back credit card for customers who pay off their balances every month and can resist redeeming cash back until they reach the $300 cash back bonus threshold.

If you think the BankAmericard Cash Rewards Visa Signature card is right for you, take advantage of the current $50 statement credit offer (also available for the Power Rewards card).

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Simon Zhen

Simon is a research analyst for MyBankTracker. He is an expert on consumer banking products, bank innovations and financial technology.
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  • Marfet2

    Has anyone redeemed your rewards for a trip

  • Cameron

    Poor purchase protection. Bought a tv from an online retailer and was charged the wrong amount. Made many attempts to contact the retailer but didn’t receive answers to my messages. After 9 days I sent an email to cancel the order. All of a sudden I get a confirmation number for shipping and half a dozen calls from the online retailer. By this point I was done and just wanted to cancel it but they said I would still be responsible for over $300 for shipping and insurance. I called BoA to dispute this charge and the guy i talked to [Jeremy] seemed to be doing a lot of things and having me hold and then comes back and says everything was all fine and done and he has put in the dispute for the difference in what they charged me. I said whoa. I don’t want to deal with this company so I want to dispute the whole thing, I haven’t received the tv, correspondence to my queries, nor a shipping confirmation [until after I canceled]. I explained that it wasn’t the price we agreed on and I no longer trusted the retailer so I just want to cancel the order. BoA follows the policies of the online retailers and according to the retailer’s policy the consumer would be responsible for shipping charges if the product was refused or returned. I obviously didn’t have a product to return and the online retailer sent me the shipping confirmation the day after I sent an email to them to cancel the order. According to BoA it doesn’t matter if I cancelled the order since I originally agreed to some of the charges. The BoA rep suggested the retailer doesn’t have to cancel my order, and chose instead to ignore it. BoA said they didn’t see a problem with that because I agreed to the original order, despite the original order being a much lower cost than what was charged to my card. I said I have all the documentation with the order confirmation and all the emails I sent. BoA said great, we can go ahead and dispute the difference in the charge, just return the tv if you no longer want it and they will just add the shipping charges per their policy for returned items. I asked him what protection does BoA provide to me against retailers that were fraudulently charging me the wrong amount. Jeremy paused and said, ‘well it’s in their policy that you will be charged for shipping so that’s what we have to do”. I replied, “so BoA thinks it is perfectly fine for a retailer to ignore a customer cancellation and still charge whatever they feel like. Jeremy’s meek response was, ‘that’s not what I’m saying’. So what are you saying? ‘That we have to go by the retailer’s policies so when you return the tv they will be able to charge you for the shipping. I asked, ‘do you see anything inherently wrong with this?’. He didn’t. I hung up and am planning to reach out to corporate to determine why their policies support the retailers and not the consumers from whom they are making their money in interest paid on purchases. I would NEVER recommend BoA. Their business model serves the interests of the retailers, not the consumers. RUN from this card as fast as you can!

  • Snowharp

    Something that is not mentioned in these reviews is the fact there is also a cap on the rewards accumulation each quarter. At least that is my understanding. After $1500.00 is spent each quarter, no more rewards until a new quarter begins. That is rigging the game a bit don’t you think?

  • Snowharp

    Here is a text excerpt from the conditions section:

    for the first $1,500 of combined net purchases made during each calendar quarter in the Bonus Categories. Eligible merchants and the associated merchant category codes (“MCC”) for the Bonus Categories are the following: (a) Grocery (MCC 5411-Grocery Stores/Supermarkets, 5422-Freezer/Meat Lockers, 5441-Candy/Nut/Confection Stores, 5451-Dairy Product Stores, 5462-Bakeries, and 5499-Misc. Food Stores– please note that this list does not include codes for “Discount Stores” or “Wholesale Clubs”); and (b) Gas (MCC 5541-Service Stations and 5542-Automated Fuel Dispensers). Purchases made at a merchant that does not process transactions under these codes will not qualify and you will not receive the bonus cash rewards. You will earn base cash rewards of 1% for net purchases in excess of $1,500 in each quarter in the Bonus Categories. Balance Transfers, Cash Advances, including purchases of money orders or other cash equivalents, fees, interest charges, fraudulent transactions and certain other charges do not earn cash rewards.