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.
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.
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