The Bank of America Cash Rewards Credit Card offer is a solid cash back credit card offer. Read through this review of the BOA Cash Rewards Card to decide if this is the best credit card for you.
Bank of America is the largest financial institution in the United States, so you know that they’ve got the power and resources to be able to put together some great credit card offers. And they’re committed to doing just that. They know that being an active credit issuer is a big part of maintaining a healthy financial institution, so they want to be sure to make their offers the best and the most attractive.
Whether or not they’ve succeeded in doing that with the BankAmericard Cash Rewards Visa Signature Card is really up to you. Here are some of the facts about the card so that you can compare it with other offers and decide for yourself which is the best card for you and your financial needs.
Bank of America Cash Rewards Visa Card Benefits
As far as rates and fees are concerned, the Cash Rewards Visa is pretty much run-of-the-mill. It offers some good rates and features, but they aren’t necessarily the best rates available today. But they certainly are competitive, at any rate. Here is a breakdown of the Bank of America Cash Rewards card’s rates:
- No annual fee
- 0% introductory APR for first seven to ten billing cycles, depending on your credit
- 12.99%-20.99% standard APR on purchases and balance transfers after the introductory period, depending on your credit.
- 24.24% APR on cash advances after the introductory period, depending on your credit.
- 4% fee on balance transfers and cash advances, with a minimum fee of $10
- 3% fee on foreign transactions
- 25-day grace period
- Late fees are $15 if your balance is $100 or less, $29 if your balance is $250 or less, and $39 if your balance is more than $250
- The fee for a returned payment is $35
Bank of America Cash Rewards Program
But most people are nowhere near as interested in the financial mumbo-jumbo as they are in the rewards. The rewards with the Cash Rewards Visa are decent. It’s true to its name: the rewards are cash.
For the first six months that the card is open, you will get 3% back on grocery, gas, and drugstore purchases. For all other purchases, you will receive 1% back. You can start redeeming your cash once you have $25 available to redeem.
This isn’t the best cash-to-purchase ratio available as the Costco American Express Card, Blue Cash from American Express, and the Discover More Card are much better just to name a few, but the Bank of America Visa Cash Rewards Credit Card offer is far from the worst.
A Solid Option
Another added benefit of opening any Bank of America credit card is that you can use your card for overdraft protection with a Bank of America checking account. But even if you look solely at the interest rates and rewards to compare them with other cards, then the BankAmericard Cash Rewards Visa Signature Card is a solid contender.
It may not be the best card overall, but it’s certainly a decent choice. But it’s always best to compare the card you’re looking at with others to make sure that you’re getting the best possible card for your financial needs.
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