A credit card is one of the most reliable modes of payment. Plus, I find them very convenient as they allow mobile and online banking and contactless transactions. Individuals looking for an everyday companion should shop around for the right credit card.
One of the best types of cards is those that offer rewards. The Bank of America Cash Rewards Credit Card is a great choice because of its worthwhile cashback program that covers different types of spending categories.
Want to know more about this option? This article can help you understand why this credit card can be your best bet.
- Know More About the Bank of America Cash Rewards Credit Card
- Benefits of the Bank of America Cash Rewards Credit Card
- Applying for the Bank of America Cash Rewards Credit Card
- Bank of America Cash Rewards Credit Card Fees and Rates
- Tips for Managing the Bank of America Cash Rewards Credit Card
Know More About the Bank of America Cash Rewards Credit Card
The Bank of America Cash Rewards Credit Card offers a lot of rewarding features, the most important of which is the rewards program which gives a percentage of the transaction amount back every time I spend. This covers different spending categories.
Cashback can be redeemed through a variety of different methods. I can use my cash rewards for any amount to be spent on statement credits, deposits, checking or savings, or credit for Merrill with a minimum of $25.
I can easily go to any Bank of America branch to set up automatic redemptions for an account. The same is true for those with Merrill accounts. Those that qualify for Preferred Rewards can enjoy a lot of exclusive gifts and perks.
There are different Preferred Rewards tiers. The Platinum Honors tier offers the highest amount of savings with the best combination of perks, followed by the Platinum tier, then the Gold tier. To enroll, I need to have a Bank of America checking account and a daily balance of $20,000 or more.
How the Cashback Program Works
For a category of my choice, I can get 3% cashback. There are several categories I can choose from including online shopping, gas, travel, dining, home improvement or furnishings, and drug stores. Meanwhile, I can get 2% cash backs for grocery and wholesale club spending. All other purchases are entitled to 1% cashback.
It is important to note that I can earn 3% and 2% for purchases falling under the chosen category, as well as groceries and wholesale clubs amounting to $25,000 per quarter. Once I reach this amount, I only get to earn 1% for all purchases.
Benefits of the Bank of America Cash Rewards Credit Card
While cashback and redemptions are the best offerings of this credit card, it also carries a lot of other features such as bonus offers. I can get a $200 cash reward as a bonus when I make a minimum of $1,000 in purchases within 90 days from my card activation.
It also has a great welcome rate of 0% APR within the first billing cycles whenever I make purchases. The same introductory rate also applies for balance transfers made within 60 days of the account openings. Plus, the card does not have an annual fee for even more savings.
Safety and Security
Those who are concerned about safety and security will be glad to know that Bank of America uses different measures to ensure the peace of mind of customers. It utilizes contactless chip technology for easy yet secure payments.
It also offers online and mobile banking options with Digital Wallet technology. I can also use these methods to access my FICO scores.
Applying for the Bank of America Cash Rewards Credit Card
Getting the Bank of America Cash Rewards Credit Card is relatively convenient as everything can be done online. To apply, I just need to complete the application form and submit any required documentation on their website. The good news is that the process is easy.
Existing Bank of America customers can save time by logging into their accounts. However, those like me who are yet to be a customer can apply for the card by entering their name, contact details, and financial information such as their regular income and expenses.
Aside from the online form, another means to apply for this offering is to drop by a nearby Bank of America branch and ask for an application form. I suggest giving the bank a call before going to get an idea about what documents to bring for a smoother experience.
It is important to note that most credit card issuers look at the applicant’s creditworthiness including financial and credit background. The best way to ensure that I am eligible for this card is to have the bank check my credit score.
Eligibility and Requirements
Whenever I apply for a card, I make it a point to bring essential documents that can help my application move along. Some of the most basic ones include proof of identity, residence, and income. These come in the form of a government-issued ID, utility bills, and recent payslips.
Banks also take a good look at income, especially as it can indicate the cardholder’s ability to pay their balance. Aside from payslips, I also bring my latest bank statement as proof of my capability to pay. Do not forget that a good credit score is also an essential factor.
Bank of America Cash Rewards Credit Card Fees and Rates
It is vital to remember that all credit cards come with respective sets of rates and charges. These are applied in certain situations. For example, withdrawing cash from an automated teller machine results in a cash advance fee.
This is why I always emphasize the importance of knowing the fees and rates of a card even before considering ordering it. Doing so allows me to get an idea of how much I would need to pay in case I make certain types of transactions.
Individuals interested in applying for a Bank of America Cash Rewards Credit Card should take note of the most essential fees and rates below.
- Annual Fee – $0
- Annual Percentage Rate (APR) for Purchases – 14.24% to 24.24%, variable
- APR for Balance Transfers – 14.24% to 24.24%
- APR for Cash Advances – 17.24% to 27.24%
- Penalty APR – up to 29.99% depending on creditworthiness
- Purchase Fee – $5 of the amount or a minimum of $10
- Balance Transfer Fee – 3% of the amount or a minimum of $10
- Cash Advance Fee – 3% of the amount or a minimum of $10
- Foreign Transaction Fee – 3% of the USD amount of the transaction or the amount in USD made outside of the United States
- Late Payment Penalty Fee – up to $40
Reminders About the Fees and Rates
Credit cardholders should know that such credit offers come not only with fees and rates, but also penalties. Individuals who fail to pay their dues on time will need to pay a penalty. In the same way, a penalty APR applies to individuals who make late payments.
My advice is to always pay your dues on time to avoid paying penalties. Members can also avoid paying interest just by paying the remaining balance before the due date. For this credit card, the due date is always 25 days after the billing cycle closes.
Tips for Managing the Bank of America Cash Rewards Credit Card
Using this card daily can be a source of confusion, especially for those who do numerous transactions per day using their credit card. In my opinion, the best way to keep track of expenses for the Bank of America Cash Rewards Credit Card is to use online banking or download the Mobile Banking application.
These options let cardholders stay on top of their account activities. With these, I can set up notifications for suspicious activities, so I can take immediate action in case of fraud. I can also use it to make transactions, even recurring ones.
Those who receive checks can deposit them through online means, along with confirmation using the Mobile Banking app. Other worthwhile features include setting up customized alerts, reinforcing security, signing in using fingerprints, ordering card replacements, redeeming rewards, locking and unlocking cards, and many more.
Contacting the Bank
Any concerns about credit cards can be coursed through the phone by dialing 800-732-9194. Those who want to know more about the Bank of America Cash Rewards Credit Card and other card types can send mail to Bank of America, PO Box 53132, Phoenix, AZ 85027-3132
Those who already applied can get application status updates through Bank of America, PO Box 2493, Norfolk, VA 23501-2493.
The Bank of America Cash Rewards Credit Card is one of the best cards for cashback. With this option, I can make the most out of my purchases and even get rewards and perks. Overall, this is a great rewards card that offers users favorable perks.
Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult the bank’s terms and conditions page before agreeing to anything.