Updated: August 7, 2019

If you’re looking for a well-rounded cash back credit card, the Bank of America Cash Rewards credit card is worth considering, especially now that it just increased its cash rewards bonus to $200! Cardholders can earn this $200 bonus by spending $1,000 on purchases within 90 days of opening their account. That’s like getting 20% cash back on the first $1,000 you spend! As if the new intro bonus isn’t enough, the card is rounded out with customizable ongoing rewards, a 15-billing-cycle 0% intro APR on purchases as well as on balance transfers made within 60 days of opening your account (the balance transfer fee is 3% or $10, whichever is greater) and more. Best of all, these perks come with no annual fee. Keep reading and learn what the Bank of America Cash Rewards credit card can do for you.

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

In addition to the $200 cash rewards bonus and the 0% intro APR opportunity (both noted above), the Bank of America Cash Rewards credit card is available to those with good to excellent credit (usually a score of 700 or higher) and it offers cash back across a broad range of categories. The way cash back works is that cardholders earn 3% on a category of their choice — you can choose between (1) gas, (2) online shopping, (3) dining, (4) travel, (5) drug stores, and (6) home improvement and furnishings — along with 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). The best part about the choice categories is that cardholders can change categories once every month, which means you can customize your cash back as your spending habits change throughout the year. Cardholders also earn 1% cash back on all other purchases.

Although the Bank of America Cash Rewards credit card is available to all consumers, Bank of America customers get even more out of the card, as they can earn a bonus 25% to 75% on their cash rewards if they’re redeemed as an electronic deposit into their Bank of America account, depending on their account status. Platinum Honors customers earn a 75% bonus, Platinum customers earn a 50% bonus and Gold customers earn a 25% bonus. Cash back rewards can also be redeemed for a paper check or statement credit.

Are there any downsides?

The Bank of America Cash Rewards credit card offers a diverse set of features, the key one being its flexible 3% cash back across a wide range of categories. If the ability to freely change your cash back category matters to you, then you should stick with the card; however, if you’re willing to forgo this feature for a higher cash back rate, there are a number of cards that provide a bit more cash back. Discover it Cash Back, which is accessible to those with average to excellent credit (often considered a score of 670 or more), is one such example. This card offers a higher rate of 5% cash back on rotating categories each quarter (up to the quarterly maximum, currently $1,500, then it’s 1% back) as well as 1% on all other purchases. Cardholders must sign up for these categories every quarter, but Discover will remind you to do so when you log into your online account — you can also register for free automatic reminder emails. Discover it Cash Back’s categories tend to be very popular everyday spending categories. For example, categories for 2019 include groceries from January to March; gas stations, Uber and Lyft from April to June; restaurants and PayPal from July to September; as well as Amazon.com, Target and Walmart.com from October to December. As an added perk, the card also offers a 14-month 0% intro APR on both purchases and balance transfers (after the 0% intro APR expires, the go-to variable rate applies) — with a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms). On top of that, first-year Discover it Cash Back cardholder will receive a nice cash back bonus, as Discover will match your cash back earnings at the end of your first year. This is like getting 10% cash back on rotating category expenses (up to the quarterly maximum) and 2% cash back on everything else! Finally, the Discover it Cash Back card has no annual fee.

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

The Bank of America Cash Rewards credit card is perfect for everyday spending at places like grocery stores, online stores and gas stations. The ability to swap between categories as needed is a clever twist on the rotating categories feature offered by many cards and gives cardholders the freedom to earn rewards on what they want when they want. Plus, its new $200 cash back bonus, 0% intro APR as well as the customer bonus for existing Bank of America customers make it a very appealing card. 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.