Updated: September 3, 2019

Bank of America® Cash Rewards credit cardUsing a rewards credit card to cover your everyday purchases can help you make the most of your hard-earned dollar, but what rewards card is best? The Bank of America Cash Rewards credit card is one of our top-rated cards that earns rewards on everyday purchases. What makes this card so special? Its $200 cash rewards bonus can be earned after spending $1,000 on purchases in the first 90 days  — that’s a 20% bonus! — definitely helps (note that you must apply for the card online to be eligible for this bonus). Add in its generous ongoing rewards, $0 annual fee and 15-billing 0% intro APR on purchases and any balance transfers made in the first 60 days (with a balance transfer fee of 3% or $10, whichever is greater), and it’s clear that this is one well-rounded credit card. The card’s rewards and perks don’t stop there! Keep reading to learn more about what the Bank of America Cash Rewards credit card has to offer.

What does the Bank of America Cash Rewards credit card offer?

Bank of America Cash Rewards credit card
  • Earn a $200 online cash rewards after spending $1,000 on purchases in the first 90 days (note that you must apply online to be eligible for this bonus).
  • Earn 3% cash back on the category of your choice (there are 6 to choose from) and 2% cash back at grocery stores and wholesale clubs (up to $2,500/quarter in combined choice category/grocery/wholesale club purchases, then it’s 1% back).
  • Earn 1% cash back on all other purchases.
  • Get a 15-billing cycle 0% intro APR on purchases and balance transfers made in the first 60 days (with a balance transfer fee of 3% or $10, whichever is greater).
  • Pay no annual fee.
  • Preferred Rewards clients receive a 25% to 75% customer bonus every time they redeem their cash back into an eligible Bank of America checking or savings account.

As noted above, the Bank of America Cash Rewards credit card, which is available to those with good to excellent credit (usually considered a credit score of 700 or higher), has a $200 intro bonus, no annual fee and a 0% intro APR opportunity. On top of that, it earns some solid cash back rewards on everyday purchases. Cardholders will earn 3% cash back on the category of your choice (the choices include gas, online shopping, dining, travel, drug stores as well as home improvement and furnishings) and 2% cash back at grocery stores and wholesale clubs (up to $2,500/quarter in combined choice category/grocery/wholesale club purchases, then it’s 1%). Earning rewards on the category of your choice is a perk that’s really appealing, as allows you to customize your rewards throughout the year, especially since you can change the category every month! All other purchases made with the card earn 1% cash back.

Rewards earned with the Bank of America Cash Rewards credit card can be redeemed as a statement credit, a check or electronic deposit into a Bank of America checking or savings account. Bank of America Preferred Rewards clients can earn a bonus of 25% to 75% when they redeem their rewards for an electronic deposit — Gold customers earn 25% back, Platinum customers earn 50% back and Platinum Honors customers earn 75% back!

On top of the cash rewards perks, the card has no annual fee and a 15-billing cycle 0% intro APR on purchases as well as any balance transfers made in the first 60 days. There’s a balance transfer fee of 3% or $10, whichever is greater, but this one-time fee is likely a lot lower than the interest you’re paying on your current credit card. Make sure you complete the transfer within the first 60 days to take advantage of the 0% intro APR on balance transfers.

Are there any downsides?

The Bank of America Cash Rewards credit card is truly one of a kind, as it’s one of the only cards we review that allows you to customize your rewards — some cards with rotating categories, like Chase Freedom and Discover it Cash Back, offer offer similar flexibility, but it’s not the same since you can’t pick the category. As such, if rewards flexibility (meaning you can choose what you earn cash back on) is really important to you, the Bank of America Cash Rewards credit card is the best option for you. If not, consider one of the following options.

Prefer to earn more on your grocery purchases? If so, the Blue Cash Preferred Card from American Express (a NextAdvisor advertiser) is likely for you. This card earns a whopping 6% cash back at U.S. supermarkets (up to $6,000/year in purchases, then it’s 1%), 6% cash back on select U.S. streaming services, 3% cash back at U.S. gas stations and transit (e.g., taxis/rideshares, parking, tolls, trains, buses and more), as well as 1% cash back on all other purchases. It also has a $250 intro bonus that you can earn after spending $1,000 on purchases in the first 3 months of account ownership. The Blue Cash Preferred Card from American Express does have a $95 annual fee, but the card might still make sense for you if you frequent the grocery store, as those rewards are hard to beat. Rounding out this card, which is available to those with good to excellent credit (usually considered a credit score of 700 or higher), is a 12-month 0% intro APR on purchases and balance transfers (with a balance transfer fee of 3% or $5, whichever is greater).

Spend more on entertainment and eating out? The Capital One SavorOne Cash Rewards Credit Card offers a 15-month 0% intro APR on purchases and balance transfers (with a 3% balance transfer fee). On top of that, the card earns 2% cash back at grocery stores and 3% cash back on dining out and entertainment. These 2% and 3% categories have no quarterly or annual spending limits, allowing you to maximize your rewards. All other purchases earn 1% cash back. On top of that, the Capital One SavorOne Cash Rewards Credit Card, available to those with good to excellent credit, has no annual fee and no foreign transaction fees. Cardholders who spend $500 on purchases in the first 3 months will also earn a $150 bonus.

Should I apply for the Bank of America Cash Rewards Cash Rewards credit card?

Bank of America® Cash Rewards credit cardThe Bank of America Cash Rewards credit card is perfect for the everyday shopper who wants a customized rewards experience, as offers solid ongoing cash back rewards, a $200 intro bonus, no annual fee and a 15-billing cycle 0% intro APR opportunity. Visit our Bank of America Cash Rewards credit card review to learn more about the card and apply online.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.