Bank of America used to offer a credit card called the Bank of America Financial Rewards Credit Card. It was a simple, cash rebate credit card that gave you 1% cash back on all of your purchases. The bad news is that Bank of America has decided to discontinue this product and you can no longer apply for a Bank of America Financial Rewards Credit Card. However, there is good news, and the good news is that, while Bank of America no longer offers the Financial Rewards card, it does offer the Bank of America Cash Rewards Credit Card instead.
The Bank of America Cash Rewards Credit Card is almost the exact same program as the Financial Rewards card: you get 1% cash back on any purchases, and you can request a rebate check once you accumulate $25 in rewards. The only real difference is that there is a special offer that Bank of America is extending to potential applicants: if you open a Cash Rewards credit card now, you will receive 3% cash back on gas, grocery, and drugstore purchases for the first six months that your card is open. That’s actually even little better than the deal available with the Financial Rewards card.
Of course, there are many different cash rebate credit cards available to compare from Bank of America as well as many other different credit card companies. So, as you see, you still have options available to you. Use our free tool for comparing credit cards today!
The New Kid in Town
The Cash Rewards Visa is pretty standard as far as rates and fees are concerned. The rates and features are decent, but they’re not necessarily the best available. They are competitive, though. Here are the card’s financial essentials:
- 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
But the rewards are what most people actually care about. As mentioned above, you will get 3% back on grocery, gas, and drugstore purchases for the first six months. You will receive 1% back on other purchases. You can request a check once you have $25 in rewards available. While this isn’t the best cash rebate program on the market, it’s not the worst, either.
Just a Little Change
You may have been disappointed to hear that Bank of America has discontinued its Financial Rewards program, but, if you were, we hope that news of the BOA Cash Rewards program cheered you right up. Regardless of the name, we know that what you really want is to get that cash back. And you still can. Use our free credit card “Chaser” tool to start comparing credit cards now!
- Bank of America Cash Rewards Credit Card
- America First Federal Credit Union Visa Platinum Cash Back Credit Card
- Bank of America Elite Rewards MasterCard
- Schools Financial Credit Union Visa Platinum Rebate Credit Card
- Washington State Employees Credit Union Visa Gold Rebate Credit Card
- Hiway Federal Credit Union Visa VIP Rebate Credit Card
- AAA Cash Rewards MasterCard – from Bank of America