The Bank of America Cash Rewards credit card bonus is $200 for spending $1,000 within 90 days of opening the account. Cardholders get the $200 bonus as a statement credit within 12 weeks of qualifying for it. The Bank of America Cash Rewards credit card has ongoing cash back rewards bonuses too. It gives 3% spent in 1 self-chosen category: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. And it gives 2% cash back at grocery stores and wholesale clubs. The 3% and 2% tiers for cash back are limited to a combined $2,500 spent per quarter, while all other purchases give 1% cash back.
You can change your 3% category once per month, or do nothing and it will stay the same. The card also comes with an intro APR of 0% for 15 billing cycles on purchases , coupled with an introductory balance transfer APR offer of 0% for 15 billing cycles for any balance transfers made in the first 60 days and a balance transfer fee of 3% (min $10) annual fee. It’s an easy way to grab a couple hundred extra dollars if you have the excellent credit required to get approved for the card.
If you’re a Preferred Rewards member, you’ll supplement your regular cash back rewards with an extra 25%, 50% or 75%, depending on the tier you’ve qualified for. There is no fee to join the Preferred Rewards program, but members need to have an eligible bank of America checking account and a three-month combined daily average balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts. Those who meet these requirements can simply enroll into the program on Bank of America’s website.
Another Bank of America rewards bonus worth considering comes from the Bank of America® Premium Rewards® credit card: 50,000 bonus points for spending $3,000 in 90 days. That turns into $500 statement credit, which pays for 5 years of the card’s $95 annual fee. The Bank of America Premium Rewards credit card card is geared toward travelers, so cardholders get automatically reimbursed for up to $100 worth of incidental airline costs per year – purchases like seat upgrades, airport lounge fees, baggage fees, and in-flight services. The card also gives 2 points per $1 spent on travel and dining, and 1.5 points per $1 on all other purchases.