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.
Use our free credit card finder tool to start comparing credit cards now!
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Terrible customer service. Outsourced firm handles customer service–long hold times, poor attitude.
i recently signed up for the BofA cash rewards card. I received $100 bonus for charges in the first three months…very good. Since I desired my bonus transferred to my Bof A checking account, I received another $10. So far, so good. However, I initiated the transfer to my checking account on line over three weeks ago. So far, the $110 has not been credited to my checking account. I called customer service and was told that it took 16 business days for this to occur. Well, the 16 business days have passed and still no credit. Also, I get cash rewards on two Chase cards. i usually receive a check in the mail in a week to 10 days, two weeks a the most. Here Bof A cannot transfer the funds within their system in 16 days. The “benefits” I am to receive are no good if I don’t get them. Also, the rewards disappeared from my rewards balance within two days of my initial request.
Bank of America (BOA) Cash Reward is a Debit Card.
Recently, I applied and received a Bank of America (BOA) Cash Reward visa card on December 2011. At the time of application, BOA only disclosed to customers good features such as the 1% cash reward on any purchase and 3% on gas station purchases. However, most gas stations now are classified as convenience stores, and therefore customers only get 1% cash reward for filling gas at gas stations, same as any other purchase.
Then in May 2012, BOA sent a letter “YOUR BILLING RIGHTS” explaining “Your rights if you are dissatisfied with your credit card purchase”, which states:
To use these rights, all of the following must be true:
1. The purchase must have been made in your home state or within 100 miles of your current mailing address, and the price must have been more than $50.
2. You must have used your credit card for the purchase.
3. You must not yet have fully paid for the purchase.
I called the BOA Visa group twice, and they refused to clarify the meaning of item 1. The service representatives main reason is that they do not know of the content of the “YOUR BILLING RIGHTS” letter and thus refuse to comment on this.
Item 1 clearly excludes customers from being able to dispute any purchase s/he made on the internet or when traveling.
In other words, BOA cash award visa card is similar to a debit card. It does not offer any protection when dissatisfied with the purchase. The right of disputing the purchase is a fundamental distinction of credit cards vs debit cards. It protects the customer from bad purchases. BUYER BEWARE!
For me, I will not use this BOA cash award visa card. Instead I will continue to use the CitiBank Master card Platinum Select, which offers the same cash dividend (1% for any purchase and 3% for gasoline). And I can buy from any merchant anywhere including the Internet with full rights of disputing the purchase if dissatisfied.
Kirby