This Visa-branded card pays a full 3% cash rebate on certain purchases, plus an additional $100 bonus statement credit if you spend just $500 in the first three 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
- $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.
- High balance transfer fee (4%).
- 1% cash-back rebate on spending.
- 3% back on gas, grocery and drugstore purchases first six months.
- 0% on purchases for first 12 billing cycles.
- 12.99 to 22.99% after introductory period.
- Cash advance APR: 22.99% or 24.99% depending on type of advance.
- Penalty APR: 29.99%
- No annual fee.
- Balance transfer fee: $10 or 3%.
- Cash advance fee: $10 or up to $5.
- Late payment fee: Up to $35.
- Foreign transaction fee: 3%.
- 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 only 1.25% cash-back rebate. This card pays 3% on gas, 2% on groceries, and 1% on everything else. However, the gas and groceries rewards rate is only paid on the first $1,500 in combined purchases each quarter.
This card also allows you to earn a whopping $100 statement credit if you make $500 in purchases in the first 90 days after you open the account.
You can also earn a redemption bonus of 10% if you have your rewards deposited into a Bank of America checking our savings account
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.
I can't find anything wrong with this card. It's one of the better cash-back rewards cards.