A new version of the BankAmericard Cash Rewards™ card offers more cash back on gas and grocery purchases but a lower cash back redemption bonus.
The BankAmericard Cash Rewards™ card from Bank of America may have just become a very attractive cash back credit card.
With its new cash back structure, cardmembers can earn 3% cash back on gas, 2% on groceries, and 1% on everything else. The bonus cash back on gas and groceries is available on up to $2,500 per quarter.
The card will also award a 10% customer bonus on cash back balances redeemed into a Bank of America checking or savings account. New applicants who spend $100 within the first 60 days of account opening will receive a $50 in bonus cash rewards.
The previous version of the card offered 3% cash back on gas, grocery, and drugstore purchases for the first six months and 1% cash back on everything else. There was a 25% cash back redemption bonus when $300 more in cash back is redeemed at a time. The introductory bonus was the same as the new version.
Worth a Look
The current BankAmericard Cash Rewards™ card bears close resemblance to the popular Blue Cash Everyday cash back credit card from American Express, which offers 3% cash back at supermarkets on up to $6,000 per year in purchases (then 1%), 2% on gas and department stores, and 1% on everything else.
What makes the Cash Rewards card even more competitive is the 10% bonus when cash back is redeemed into a Bank of America checking or savings account – equivalent to 3.3% cash back on gas, 2.2% on groceries, and 1.1% on everything else.
With no annual fee, the BankAmericard Cash Rewards™ card joins the league of a lucrative market for cash back credit card users.
According to a BofA chat representative, new applicants who are eligible for a credit limit of $5,000 or greater will receive a Visa Signature card while less qualified applicants will get a regular Visa card.
If you are shopping for a new cash back credit card, the BankAmericard Cash Rewards™ card should be among your options.