The Bank of America Cash Rewards Credit Card offers flexible rewards and straightforward benefits tailored to your spending needs.
This article breaks down everything you need to know, including its features, application process, and essential details like rates and terms.
You'll learn how to maximize rewards and navigate the simple online application step by step. This guide covers everything from everyday cash back to a card with no annual fee.
Benefits of the Card
This card is designed to offer value through cash-back rewards, no annual fee, and flexible options for redeeming earned rewards. It also includes a special introductory offer, making it appealing for new applicants.
Earn Cash Back Easily
You can earn 3% cash back in a category you choose, like gas, online shopping, or dining. There's 2% cash back on groceries and wholesale club purchases and 1% on everything else.
Rewards are automatically tracked, making it simple to accumulate and redeem them. These options let you benefit from everyday purchases.
No Annual Fee
This card has no annual fee, which helps keep costs low. It’s an excellent option if you’re looking to enjoy benefits without ongoing fees.
The lack of an annual fee makes it a good fit for occasional or frequent card use. You can focus on earning rewards without worrying about additional expenses.
Special Introductory Offer
New cardholders get 0% intro APR on purchases and balance transfers made in the first 60 days for the first 15 billing cycles. After that, a variable APR of 18.74% to 28.74% applies.
The balance transfer fee is 3% for the first 60 days, increasing to 4% afterward. This offer is ideal for managing purchases or consolidating balances early on.
Flexible Rewards Redemption
Your rewards can be redeemed in multiple ways to fit your needs. Options include statement credits, direct deposits, or purchases.
This flexibility ensures your rewards work how you want them to. You'll find a way to benefit whether you save, spend, or reduce your balance.
Key Features of the Card
This card offers valuable features, including flexible APR rates, straightforward eligibility criteria, and valuable perks for everyday use. These features provide clarity and benefits tailored to cardholder needs.
APR and Interest Rates
The card has a flexible APR structure for purchases, balance transfers, and cash advances. Understanding these rates helps you manage your card effectively.
Regular APR Range
The card's regular APR ranges between 18.74% to 28.74%, depending on your creditworthiness. This rate applies once any promotional periods have ended.
Cash advances often have a higher APR, so they should be used cautiously. Monitoring rates ensure you're aware of the costs of unpaid balances.
Introductory APR Offer
New cardholders enjoy 0% APR on purchases and balance transfers for the first 15 billing cycles. After this period, the regular variable APR applies. This is ideal for managing large purchases or initially consolidating existing balances.
Balance Transfer Fees
Balance transfers made within the first 60 days of account opening are subject to a 3% fee. After this period, the fee increases to 4% of each transfer amount. Therefore, planning balance transfers early is important to take advantage of the reduced fee.
Credit Limit and Eligibility Requirements
This card provides a flexible credit limit based on your financial profile. Eligibility requirements ensure applicants meet minimum approval criteria.
Minimum Credit Score Needed
A good credit score, typically 670 or higher, is recommended. A higher score increases the likelihood of approval and better terms. Regularly checking your score before applying can help.
Other Eligibility Factors
Applicants must meet additional requirements to qualify:
- Stable income for repayment capability.
- Valid identification for verification.
- U.S. residency status, as required by the issuing bank.
Additional Perks
The card offers several benefits, making account management and usage more convenient. These perks enhance the overall user experience.
Access to Digital Tools for Managing Your Account
You can easily track spending, set up alerts, and pay bills through the mobile app or online portal. Tools include customizable budgeting features and spending summaries.
These tools are designed to simplify your financial management. Staying organized is seamless with these digital options.
Fraud Protection Features
The card includes zero liability for unauthorized charges, ensuring your account is secure. Real-time monitoring detects unusual transactions.
You’ll also receive instant alerts for suspicious activity. These features provide peace of mind for every transaction.
No Foreign Transaction Fees
You can make international purchases without incurring foreign transaction fees, saving you additional costs while traveling abroad. This is a practical feature for those making global transactions.
How to Apply for the Card Online?
The online application process is straightforward and can be completed in minutes. Following these steps ensures accuracy and a smooth experience.
Visit the Official Website
Navigate to the official website using a secure browser. Ensure you're on the correct page for the application. This step provides access to all the details about the card.
Create or Log Into Your Account
Set up an account if you're a new user, or log in if you already have one. A valid email address is required during the registration process. A secure login ensures that your application details are saved safely.
Select the Card
Find the Cash Rewards Credit Card among the available options. Click on it to proceed to the application page. Review the card’s terms before continuing.
Provide Personal and Financial Information
Enter your name, address, and financial details as required. Double-check all fields for accuracy before moving forward. Providing correct information helps avoid unnecessary delays.
Review and Submit the Application
Check the summary page for errors or missing details. Once confirmed, submit your application securely. You’ll receive a confirmation email or message once it's processed.
Required Documents for the Application
The online application requires essential documents for verification. Ensure these are ready to speed up the process:
- Proof of identity (e.g., driver's license or passport).
- Income verification (e.g., pay stubs or tax documents).
- Credit history check authorization.
Instant Decision or Wait for a Response
In some cases, decisions are instant based on your credit profile. If additional review is needed, the process may take a few days. You’ll be notified of the outcome and next steps via email or online portal.
Customer Support
For assistance, contact customer support at 1-800-8-631-8000. The service center is located in New York, New York, United States, and representatives are available to help with account-related questions.
Reach out during their operating hours for quick solutions to any concerns.
Disclaimer: Information provided here may change over time. Visit the official bank website for the most accurate and updated details.
Final Thoughts on the Card
The Bank of America Cash Rewards Credit Card offers flexible rewards, no annual fee, and an easy online application process. With introductory APR offers and various redemption options, it’s tailored for everyday spending and savings.
The straightforward application ensures quick access to these benefits, provided eligibility requirements are met. Always verify information directly through the bank’s official website for the most accurate details.
