This Visa-branded card pays a full 1% cash rebate on spending, plus an additional $50 bonus statement credit if you spend just $50 in the first two months. How good is that?
Who the Bank of America Cash Rewards Visa Card Is For
- People with fair to good credit who want a rich cash-back rewards card.
Credit Rating Required
- Fair to Excellent (660+)
About the Bank of America Cash Rewards Visa Card
Pros
- $50 cash back bonus if you spend $50 in first 60 days.
- No annual fee.
- No rebate limit.
- Automatic redemptions at $25 intervals.
- 25% cash-back bonus if you redeem $300 in bonuses at one time.
- Long 0% intro period.
Cons
- High balance transfer fee (4%).
Rewards
- 1% cash-back rebate on spending.
- 3% back on gas, grocery and drugstore purchases first six months.
APRs
- 0% on purchases and balance transfers for first seven or 10 billing cycles, depending on your creditworthiness.
- 12.99 to 20.99% after introductory period.
Fees
- No annual fee.
- Balance transfer fee: 4% of balance.
- Late payment fee: Up to $35.
- Returned payment fee: Up to $25.
Bank of America Cash Rewards Visa Card Review
This card sounds like and is similar to the Bank of America Accelerated Cash Rewards American Express Card. The main differences are 1) this is a Visa card, not Amex, so it's probably accepted at more places and 2) the rewards program isn't as rich. But it's still very good.
The Amex version pays a 1.25% cash-back rebate, which is one of the richest in the industry. The rebate on this card is slightly less, at 1.0%. However, you can earn 3% back on gas, groceries, and drug store purchases in the first six months.
Like the Amex version, this card also allows you to earn a whopping $50 statement credit if you make just $50 in purchases in the first 60 days after you open the account. That's about four tickets to the movies plus popcorn. That almost by itself makes this card worthwhile.
You can also earn a redemption bonus of 25% - equal to $75 - if you hold off on your redemptions until you reach $300. That works out to a 1.25% rebate rate.
You can have your rewards redeemed automatically by check, as a statement credit, an electronic deposit to your checking or savings account, or credited to your mortgage loan. The latter two can be sent to any bank - it doesn't have to be BofA.
Recommendation
I can't find anything wrong with this card. It may not be as attractive as the Amex version, but it's still an excellent value and one of the better cash-back rewards cards.