The Bank of America Cash Rewards card is a credit card for people with excellent credit or better that gives cardholders 3% back in a category of their choice, 2% cash back on groceries and wholesale club purchases, and 1% back on all other spending. The card also offers a $200 bonus for spending $1,000 in the first 90 days.
More generally, the Bank of America Cash Rewards credit card works like any other unsecured credit card, allowing cardholders to borrow money for purchases and pay off the balance later. As long as you avoid interest charges and fees, the rewards you earn from spending will help you save money.
The most unique thing about this card is the choice it gives you for your top bonus rewards category. The Bank of America Cash Rewards credit card 3% category options are:
- Online Shopping
- Drug Stores
- Home Improvement / Furnishings
In addition, customers with a lot of money in BofA bank accounts or Merrill investment accounts may be eligible for Preferred Rewards, which can boost your credit card cash back by up to 75%. Once you’ve built up your cash back on the Bank of America Cash Rewards credit card, you can redeem your rewards for a check, a statement credit, or a direct deposit to your bank account.
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