Are Bank of America cash rewards taxable?
No, Bank of America credit card cash rewards are not taxable. The rewards are seen more like a discount than income in the eyes of the IRS.
$200
online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
$200
online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Excellent Credit
$0
$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 3.75%-5.25% cash back on purchases in your choice category.
No annual fee and no expiration on rewards.
0% intro APR for 15 billing cycles, 16.24% - 26.24% Variable APR after that
0% intro APR for 15 billing cycles for any balance transfers made in the first 60 days, 16.24% - 26.24% Variable APR after that
Balance Transfer Fee
$200 initial bonus (online exclusive)
Up to 3% cash back
No annual fee
Potential for a very high regular APR
3% foreign-transaction fee
cash advance fee | See Terms |
cash advance APR | See Terms |
foreign transaction fee | 3% |
smart chip | Yes, chip-and-PIN |
max late fee | See Terms |
max overlimit fee | $0 |
max penalty APR | 29.99% (V) |
grace period | See Terms |
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, 16.24% - 26.24% 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.
Can't find what you are looking for? Submit your question about Bank of America® Customized Cash Rewards credit card to our community. Editorial and user-generated content is not provided, reviewed or endorsed by the issuer of this card.
No, Bank of America credit card cash rewards are not taxable. The rewards are seen more like a discount than income in the eyes of the IRS.
You don't get “charged” anything. If you pay it back in the same billing cycle, you won't even have interest, or if you're still under 12 months since you opened the account.
Yes, you can do a Same-Day Online cash advance using your BankAmericard Cash Rewards™ Credit Card, which is basically a transfer of funds from your credit card account to your bank account.
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