Who This Card Is For
- People with good credit who want a rich cash-back rewards card
- People who prefer American Express over Visa and MasterCard
About the Accelerated Cash Rewards Credit Card
Pros
- High cash-back rewards (1.25 percent).
- $75 in bonus cash rewards are easily obtainable.
- No annual fee.
- No earnings limit.
Cons
- High redemption thresholds (minimum $50).
- High balance transfer fee (4 percent).
Rewards
- 1.25 percent cash-back rebate on spending.
- $50 statement credit if you spend $50 on the card within the first 60 days.
- $25 statement credit if you register your card with Amex and use it at Walmart, Home Depot, or T.G.I. Friday's within 60 days.
APRs
- Zero percent for first seven or 10 billing cycles, depending on your creditworthiness.
- 12.99 to 20.99 percent after introductory period.
Fees
- No annual fee.
- Balance transfer fee: 4 percent of balance.
- Late payment fee: $15 to $39.
- Returned payment fee: $35.
BofA Accelerated Cash Rewards American Express Card Review
The 1.25 percent cash-back spending rebate on this card is one of the richest in the industry. In addition, BofA and Amex make it easy to earn an additional $75 in statement credits.
To earn $50, you have to make $50 in purchases in the first 60 days after you open the account. That's about two tankfuls of gas. You can earn an additional $25 if you first register the card (at www.amexnetwork.com/get25) and then use it at Walmart, Home Depot or T.G.I. Friday's within 60 days. Since the average American shops in Walmart several times a week, how hard can that be?
The $50 redemption threshold is a lot higher than the $20 minimum at Discover Card or the Chase Freedom Card, but the higher rebate percentage makes up some of the difference. For example, you have to spend $4,000 to earn a $50 rebate on this card, but you'd have to spend at least $5,000 to earn the same reward at Chase or Discover.
Recommendation
The 1.25 percent rebate is attractive enough, but the $75 in statement credits make applying for this card a no-brainer. However, you'll probably need better than average credit to qualify for such a good deal.