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Boa cash rewards credit card review


boa cash rewards credit card review

The SoFi Credit Card earns you cash back, helps you pay down your debt, and helps you invest. By the way—applying won't hurt your credit score. NEW! Editorial Note: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed. Maximize your cash back in the category of your choice. Receive a $200 bonus after spending $1000 in the first 90 days.

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Bank of America Cash Rewards Credit Card Review: Best Cash Back Card?
boa cash rewards credit card review

Boa cash rewards credit card review -

Bank of America Cash Rewards Credit Card Review

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The Bank of America Cash Rewards credit card is one of the most popular cash back credit cards for everyday purchases like gas and groceries for a couple different reasons.

You get 3% cash back in category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement. Also, you earn 2% cash back at grocery stores and wholesale clubs. (These cash back rates apply up to the first $2,500 spending combined in these categories per quarter; 1% cash back thereafter.)

Plus, you get unlimited cash back of 1% on other purchases that you make with the card.

Preferred Rewards clients can increase the bonus to as much as 25% to 75%, resulting in quite a valuable bonus just for redeeming your cash back.

The Bank of America Cash Rewards card is designed for those who prefer earning cash back on regular, everyday purchases instead of on other types of purchases like hotel stays and flights that may not happen as frequently.

For a credit card you can use for all your day-to-day expenses, here’s how it stacks up.

Best Feature: Rack Up Cash Back

The best feature of the card is the ability to rack up cash back on day-to-day purchases.

Although there is a cap on the total amount of preferred category and grocery store/wholesale club purchases each quarter of $2,500, this is typically high enough to exceed many households’ regular spending in these categories.

Plus, once you reach the cap every three months, those purchases still earn an unlimited 1% cash back, just like the purchases in the “other” category.

Further, Bank of America customers automatically get a 10% bonus if you deposit your cash back into your Bank of America checking or savings account.

For instance, if you spend $2,500 in a quarter on just groceries, you earn cash back of $45.

This increases if you are a Preferred Rewards client with Bank of America, which is dependent on your Bank of America and Merrill Edge or Merrill Lynch investment account balances.

Introductory Offers and Account Fees

Sign-up cash back offer

As a new cardholder, you can get a cash bonus if you meet a minimum spending requirement within the first 90 days of opening the account.

This is a valuable bonus, especially if you already plan on using the card for a big purchase anyway.

APR and Introductory Offer

You get 12 billing cycles to pay down purchases or balance transfers made in the first 60 days at 0%.

If you need to make a large purchase right away or transfer a balance from a card with a higher APR, this offer can save you quite a bit of money in interest payments.

  • You can, however, continue to avoid paying interest on your purchases if you are diligent in paying your entire balance in full each month, rather than carrying a balance from month to month.
  • Get out of debt and pay down balances on other cards by transferring them and paying them down at 0% interest.

It also includes $0 fraud liability which protects you against fraudulent purchases made with your card, as well as overdraft protection when you have a Bank of America account, and digital wallet technology for using your card with your mobile device.

Other Bank of America Fees to Consider

There is no annual fee for the Bank of America Cash Rewards card, but besides the APR after the introductory period, there are other fees to keep in mind.

These include the following:

Bankof America Credit Card Fees

Type of credit card feeFee amount
Balance transfer fee$10 or 3%, whichever is greater
Cash advance fee$10 or 5%, whichever is greater
Late payment feeup to $39
Returned payment feeup to $28
Foreign transaction fee3% of foreign transactions

Final Verdict: Is the Bank of America Cash Rewards Card the Best Cash Back Card?

This card is especially ideal for anyone looking for a rewards card to earn cash back on everyday purchases like gas and groceries.

It provides a simple rewards program with a reasonable cap that allows you to rack up the cash back and thus, save on your purchases.

If you are a Bank of America customer or become one, these rewards can add up even faster when you redeem into your checking or savings account.

Plus:

The card usually offers a nice sign-up bonus and 0% introductory APR that result in even more savings for new cardmembers.

It isn’t the best card, however, if your gas and grocery store spending is much more than $2,500 per quarter.

If this is the case, you may earn more from a card with a lower rate and no limit on the amount you can earn at that rate.

This card is also not a good card if you travel outside of the U.S. or plan to use it for foreign transactions.

There is a foreign transaction fee of 3% on those purchases will cancel out any cash back you earn.

For everyone else, however, this card is a solid option for earning extra cash back when you shop at the grocery store or fill up at the gas station.

And, if you are a Bank of America customer, there’s really no other cash back that will award your everyday purchases as much as this card.

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Источник: https://www.mybanktracker.com
  • 3% Earn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases).
  • 2% Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases).
  • 1% Earn unlimited 1% on all other purchases.

$200

$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening

up to 29.99% APR

See Terms

13.99% - 23.99% Variable APR on purchases and balance transfers

0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A 3% fee (min. $10) applies.

13.99% - 23.99% Variable APR on purchases and balance transfers

0% Intro APR for 15 billing cycles for purchases

670-850

Excellent/Good

  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
  • Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases
  • 3% Earn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases).
  • 2% Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases).
  • 1% Earn unlimited 1% on all other purchases.

$200

$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening

up to 29.99% APR

See Terms

13.99% - 23.99% Variable APR on purchases and balance transfers

0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A 3% fee (min. $10) applies.

13.99% - 23.99% Variable APR on purchases and balance transfers

0% Intro APR for 15 billing cycles for purchases

670-850

Excellent/Good

  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
  • Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases
  • If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase. That means you could earn up to 5.25% cash back on purchases in your choice category.
  • No annual fee and no expiration on rewards
  • 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 13.99% - 23.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
  • Contactless Cards - The security of a chip card, with the convenience of a tap
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

The Bank of America Customized Cash Rewards card empowers the cardholder to choose their bonus category each quarter (to earn 3% cash back on up to $2,500 in combined purchases per quarter).

Bank of America Cash Rewards credit card review

  • Flexible earning structure (3% cash back in the category of your choice and 2% at grocery stores and wholesale clubs); up to $2,500 in combined purchases per quarter (then 1%)
  • No annual fee or expiration on rewards
  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
  • Maximum $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then 1%
  • 3% foreign transaction fee

The best candidate for this cash-back card would be someone who already owns a checking or savings account with Bank of America and want to apply for their first no-annual-fee cash-back credit card. That’s because the rewards add up even more if you’re eligible for the Bank of America Preferred Rewards program. You’ll qualify for the lowest level (Gold) if you have $20,000 to $49,999 in your Bank of America deposit accounts, which will get you a 25% points bonus on all your purchases. The highest tier in this program offers a whopping 75% more points than the current rates, meaning this card will provide tremendous value on your everyday purchases for Bank of America fans.

With a 3%/2%/1% rewards scheme, you get to pick where you spend the most each quarter from gas, online shopping, dining, travel, drug stores or home improvements and furnishing. Regardless of which category you pick, you can earn 3% cash back and furthermore, this credit card is a fantastic everyday card, thanks to its 2% rewards rate at grocery stores and wholesale clubs (3% and 2% applies to the first $2,500 in combined choice category/grocery/wholesale club purchases spent each quarter; then 1%).

  • With no annual fee, you’re only gaining from this lucrative card that lets you customize your bonus categories based on your lifestyle. While everyone can benefit having the Bank of America Customized Cash Rewards card, existing Bank of America members who qualify for the Preferred Rewards program will find even more value by owning this card, since you can earn 25% to 75% more points on all your purchases.

  • You can expect to receive your card within 10 days of application approval. Upon receiving your card, you will have to activate it on your Bank of America mobile banking app, on Bank of America’s credit card activation website or by calling the number on the back of the credit card.

Источник: https://thepointsguy.com/credit-cards/bank-of-america-cash-rewards/

Bank of America Customized Cash Rewards Credit Card 2021 Review

Earning Rewards

With 3% cash back in the eligible category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases, earning rewards with the Bank of America Customized Cash Rewards credit card provides decent earning options, but is capped beyond the, “everything else.”

The 3% cash-back category options are fairly broad. The selectable categories include gas, online shopping, dining, travel and drug stores, or both home improvement and furnishings. Your choice can be changed from month-to-month online or via mobile app and defaults to gas.

Bank of America Preferred Rewards members can earn 25% to 75% bonus points on all purchases. Note that you’ll need $20,000 in combined assets for a 25% bump, $50,000 for a 50% bump and $100,000 for a 75% bump.

An additional reward to weigh is the cash rewards welcome bonus which allows new cardholders to earn $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.

Redeeming Rewards

Redeeming rewards with the Bank of America Customized Cash Rewards credit card is straightforward and easy. You can select how you’d like to receive your rewards:

  • As a statement credit of any amount
  • As a direct deposit into an eligible Bank of America account
  • As a credit to an eligible account with Merrill of any amount
  • As a check, with minimum redemption of $25
  • As a contribution to a 529 account with Merrill, with minimum redemption of $25

You may also set up automatic redemptions to either a Bank of America or Merrill account, given that those redemptions are worth at least $25. No other redemption methods qualify for automation.

If you forget to redeem your rewards, no problem: They don’t expire as long as your account is open.

Rewards Potential

To determine the rewards potential of the Bank of America Customized Cash Rewards credit card we have to look at the bonus categories and calculate what an American household might spend in those areas. Forbes Advisor uses data from various government agencies in order to determine both baseline income and spending averages across various categories. The 70th percentile of wage-earning households bring in $100,172 annually and we base spending on that number.

The Bank of America Customized Cash Rewards credit card has the following bonus categories:

  • Earn 3% cash back on a chosen category (we chose restaurants)
  • Earn 2% cash back on grocery stores
  • Earn 1% cash back on all other purchases

Forbes Advisor estimates that our example household spends $4,406 on dining, which results in $132.18 cash back annually. The $5,687 on grocery stores this household spends would translate to $113.74 cash back, and the remaining $16,317 that could reasonably be charged to a credit card would earn $136.17 cash back. This means that the card would earn a total of $409.09 in cash back per year in addition to the welcome bonus earned in the first year.

Источник: https://www.forbes.com/advisor/credit-cards/reviews/bank-of-america-cash-rewards/
1

For all Navy Federal Credit Cards: As of 12/03/2021, rates range from 5.99% APR to 18.00% APR, are based on product type and creditworthiness, and will vary with the market based on the U.S. Prime Rate. ATM cash advance fees: None if performed at a Navy Federal branch or ATM. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction. $49 annual fee for Visa Signature® Flagship Rewards.

2

Credit card value claim based on internal comparative analysis of the average advertised credit card industry APR and the average "as low as" APR for Navy Federal Credit Cards. The 2020 industry average was obtained from creditcards.com. Introductory rates are not included in the calculations.

3

As of 12/03/2021, rates range from 9.65% APR to 18.00% APR, are based on creditworthiness, and will vary with the market based on the U.S. Prime Rate. ATM cash advance fees: None, if performed at a Navy Federal branch or ATM. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction.

4

Claim based on the Nilson Report published February 2021, which ranks card issuers on balances outstanding as of year-end 2020.

5

The views expressed in the reviews are solely those of the individuals posting them. The testimonials are substantively the words of the individual reviewer, but may have undergone minor clerical revisions to ensure readability, add context, or protect private information. Any imagery displayed is for decorative purposes only and is not necessarily associated with the reviewer.

6

Navy Federal Credit Union received the highest CX Index™ score, the highest performance rating in customer service, clearcommunication, as well as the highest performance rating for providing transparent prices/rates/fees, and the highest customer recommendation score among multichannel banks in Forrester's proprietary 2021 CX Index™ survey. The ranking was based on responses from 13,443 US individuals measuring 18 brands in the industry.

The Navy Federal More Rewards American Express® Card is issued and administered by Navy Federal Credit Union. American Express is a federally registered service mark of American Express and is used by the issuer pursuant to a license.

Источник: https://www.navyfederal.org/loans-cards/credit-cards.html

What you’ll get at the gas station: During at least one quarter per year, cardholders will earn five percent cash back at the pump.

Other perks: Other quarterly reward bonuses include five percent cash back at grocery stores, Amazon, and restaurants, which are everyday spend categories for many Americans.

Learn more about the Discover It Cash Back credit card.

U.S. Bank Altitude Connect Visa Signature Card

This winner of a card is purpose-built for travelers and road trippers. The tradeoff is that U.S. Bank Altitude points do not have any airline or hotel program transfer partners, which means you can only redeem them for benefits like travel and gift cards at the rate of one penny per point. You can also opt for cash back, but consider how much you spend to see if it is worth it. The card has a $95 annual fee, but is waived for the first year.

What you’ll get at the gas station: You’ll earn four points per dollar (or four percent cash back) on travel and gas purchases all year long, not only during one quarter of the year like on some other cards. There is no limit on how much you can earn, either. That’s pretty generous.

Other perks: You’ll earn two percent back on eligible purchases at grocery stores (including delivery) and on dining or streaming services. There are also statement credits for streaming services like Netflix or expedited travel security programs like TSA PreCheck.

Learn more about the U.S. Bank Altitude Connect Visa Signature card.

Blue Cash Preferred Card from American Express

This card has a $95 annual fee (see rates and fees), but that is waived the first year. That small fee may seem like peanuts to drivers with long commutes, carpooling parents, and road trippers looking to accrue cash back year-round at the pump. If you spend heavily on transit, fuel, and groceries, this card also provides solid returns.

What you’ll get at the gas station: Unlike other cards that only award bonuses a few months a year, this AmEx card delivers three percent cash back on fuel purchases all year long. Even if you’re not the one driving, you’ll earn three percent cash back when using this card to pay for transit including rideshare services, taxis, buses, trains, and even tolls.

Other perks: It’s not just drivers that will see meaningful return. Cardholders will also earn six percent cash back at grocery stores and on certain U.S. streaming subscriptions. Everything else earns one percent cash back.

Learn more about the Blue Cash Preferred card from American Express.

Bank of America Customized Cash Rewards Credit Card

Why not choose which categories you want for bonus point earning? That’s what the no-fee Bank of America Customized Cash Rewards credit card lets you do. That flexibility means that you can customize your cash back earning to your own spending patterns. Still, the quarterly spending caps can stifle the returns if you spend more than $2,500 in that category every three months. Big spenders would be better off with another card.

If you're a Preferred Rewards member at Bank of America, though, you can multiply your earnings, with top-tier Platinum Honors members getting up to a 75 percent cash-back bonus.

What you’ll get at the gas station: Each quarter, you can select a category to earn three percent cash back. These include gas stations, but also dining, online shopping, and travel spending, which means you can coordinate your gas station–specific earnings and your road trip planning. You can even change your earning category once per month, but can only earn rewards on up to $2,500 in spending per quarter.

Other perks: Expect two percent cash back year-round on grocery and wholesale club purchases and one percent back on everything else, but only up to the $2,500 quarterly limit.

Learn more about the Bank of America Customized Cash Rewards credit card.

See rates and fees for theAmEx Blue Cash Preferred Card.

Condé Nast Traveler has partnered with CardRatings for our coverage of credit card products. Condé Nast Traveler and CardRatings may receive a commission from card issuers.

Источник: https://www.cntraveler.com/story/best-gas-credit-cards

Bank of America Cash Rewards Credit Card for Students: Review

The Bank of America Cash Rewards Credit Card for Students, which offers 3% cash back in the category of your choice with no annual fee, is a great option for students who are just beginning to establish their credit. With great customer service, easy online account management, and personalization features, the Bank of America Cash Rewards Credit Card for Students offers an easy way for students to build credit while also earning rewards. 

Bank of America Cash Rewards Credit Card for Students Rates and Fees

ANNUAL FEEINTRO APRREGULAR APRRECOMMENDED CREDIT SCORE
No annual feeFor the first 15 billing cycles, 0%13.99%–23.99% (variable)620–659

Overview of Rates and Fees 

The Bank of America Cash Rewards Credit Card for Students has no annual fee, which simplifies your path to good credit. For the first 15 statement-closing dates, Bank of America offers a 0% introductory APR for students. However, once those 15 statements have occurred, the APR will be set between 13.99% and 23.99%. 

The annual percentage rate (APR) is the annual cost of the loan, including fees, to the borrower. The interest rate, on the other hand, is the annual cost of just the loan amount to the borrower. The APR gives you more detailed information on what you’re paying. Students can avoid paying high interest rates on their credit card by paying their balance in full by the monthly due date. 

Important APR rates and other fees:

  • Balance Transfer Introductory APR: For the first 15 statements, there is a 0% balance transfer APR. Having an introductory balance transfer allows you to transfer any remaining debt from another credit card to your Bank of America Cash Rewards Credit Card for Students. 
  • Balance Transfer Fee: The balance fee is either $10 or 3% of the amount of each transaction, whichever is greater. 
  • Foreign Transaction Fee: You will have to pay 3% of the U.S. dollar amount spent in a foreign country or if the transaction is made or processed outside of the U.S. 

As with any credit card, the Bank of America Cash Rewards Credit Card for Students comes with a late payment penalty. You can avoid penalty fees by paying your statement in full or at least meeting the minimum payment each month.

If you do not make the minimum payment, you’ll incur a late payment fee of $29. If you rack up additional late payments within the next six billing cycles, your late payment fee will rise to $40. However, if your credit card statement is $100 or less, you will not be charged a late fee on the payment due date. 

Earn Cash Back

Quite possibly, the biggest selling point of this card is its 3% cash back rewards. Bank of America assigns merchants a category code based on the types of products or services that they sell, and this category code helps students earn cash back on the purchases they’ve made. 

Cash back categories include: 

  • Gas
  • Online shopping 
  • Dining 
  • Travel
  • Drug stores
  • Home improvement and furnishings 

The card’s cash back settings are automatically set to “Gas” for the first payment cycle unless the student changes it. 

Bank of America also offers an easy-to-use mobile app, which students can use to change their cash back category for the month. This means that if you’re planning a road trip, you could change your cash back category to gas one month and then switch to dining the next month. 

Each cash back category comes with specific exemptions. Since Bank of America does not control how purchases are classified, some purchases may not fall within the category you expect them to. To help you better understand cash back categories, Bank of America provides a helpful guide.

What Do I Need to Qualify for This Credit Card? 

Bank of America designed the Cash Rewards Credit Card for Students to help students build credit for a successful financial future. They suggest that students wishing to establish their credit should consider this card. Established credit history can help you apply for a car loan or even an apartment. 

If you’re just starting out and do not yet have credit history, you can add a co-signer to your application. Adding a co-signer is a fairly simple process that can help tremendously with building your credit. A co-signer can be someone who you trust to vouch for your credit (such as a parent, relative, or significant other). Having a co-signer ensures the bank that someone will pay back your balance. If you miss payments, the bank can then go to your co-signer, making them responsible for paying the remaining balance. 

To start building credit, banks typically require some sort of credit history. Alternatively, you can open a checking account at the bank where you would like to open a credit card. For instance, if you’ve had a checking account for a few years and have a history of good business with the bank, they are more likely to trust you as a customer and may allow you to open a credit card.

Application Requirements 

The credit card application process is simple and can be completed online or in person. You can even schedule an appointment with a Bank of America specialist to explore your credit card options.

The credit card application will ask for your student status, year in school, employment status, annual income, and monthly housing payment. 

What Makes This Credit Card a Great Option for Students?

Bank of America offers a $200 cash rewards bonus if you make at least $1,000 in purchases during the first 90 days of having the card. In addition, Bank of America protects your account by blocking potential fraud and abnormal money spending. They also provide a $0 Liability Guarantee if fraudulent transactions do occur on the account. 

Bank of America Mobile App and Online Banking 

Bank of America’s mobile app makes managing finances easier by sending you instant alerts and helping you track your money habits. Fortified with Touch ID or Face ID, the mobile app ensures users can log in quickly and securely to monitor their finances. Within the application, students can set unusual activity alerts to make sure they are protected from fraudulent activity. 

In addition, Bank of America’s online banking helps students streamline and manage their personal finances. You can quickly pay credit card bills, check available credit, and transfer funds through the online banking system or mobile app. It’s reassuring to know you can stay up to date with your finances and pay off your credit card statement while away at university or visiting home. Having paperless statements also reduces paper consumption while giving you a higher level of account security. 

Online banking helps you to establish good banking and credit habits. On the mobile app, it’s easy to track your monthly spending and then compare your spending habits throughout the year. 

Bank of America also enables users to personalize their dashboard to fit their preferences. On the dashboard, students can add alerts, view their monthly expenses, reference their FICO score, and more. The “Spending & Budgeting” tab is an additional perk for students that allows them to track categorical spending and set budgets. 

Are There Any Downsides?

Depending on your credit history, the APR for this card could be quite high. Although your APR could be as low as 13.99%, on the high end, it could be 23.99%. To avoid high interest rates, make sure that you pay at least the minimum on the statement each month. 

This credit card also has a $2,500 quarterly spending limit on your category of choice. This will break down to 3% cash back on the category of your choice (online shopping, travel, dining, home improvement, drug stores, or gas) and 2% cash back on grocery stores and wholesale clubs, up until your total cash back reaches $2,500. Once you reach $2,500, you will then earn 1% cash back for the remainder of the quarter.

Bottom Line 

The Bank of America Cash Rewards Credit Card for Students is an excellent credit card option for students wishing to build their credit history. Bank of America offers online and in-person consultations so that students can talk to real professionals about establishing their credit wisely. 

This card is best for students who already have some credit history and want to earn cash rewards on everyday spending. Buying food and gas is an unavoidable expense for many students, but with the cash back rewards option, students can get some of that money back. 

Источник: https://collegefinance.com/student-credit-cards/bank-of-america-cash-rewards-credit-card-for-students-review
boa cash rewards credit card review

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