Bank of America Cash Rewards Credit Card Review

The Bank of America Cash Rewards online shopping benefit is an offer for 3% cash back on select online and mobile app purchases. Online transactions with a merchant category code for bookstores, discount stores, electronics and sporting goods, among others, qualify for bonus cash back in the online shopping category.

Online shopping is one of the Bank of America Cash Rewards credit card's six 3% cash back categories, along with gas, dining, travel, drug stores, and home improvement / furnishings. You can choose one category from this group and earn bonus cash back on the first $2,500 spent each quarter. The quarterly limit covers combined purchases in your chosen category and at grocery stores and wholesale clubs, which offer 2% cash back.

Before you can earn bonus cash back on online shopping, you will need to change your chosen 3% cash back category to online shopping, either through your online account or on the Bank of America mobile app. Gas is the Bank of America Cash Rewards credit card's default bonus category, and it will remain there until you change it. You may keep online shopping as your chosen category, or you can select one of the other 3% cash back categories once every calendar month. You're limited to one 3% cash back category at a time.

Purchases in any of the bonus categories that exceed the $2,500 quarterly limit, along with non-qualifying purchases, will earn the card's base rate of 1% cash back. Online purchases related to doctors and hospitals, schools, insurance, utilities, government services, taxes, and other non-retail services are among the non-qualifying transactions.

The best Bank of America® Customized Cash Rewards credit card benefits are purchase security, extended warranty protection, and lost luggage reimbursement. Purchase security covers eligible items against theft or damage, while the extended warranty benefit adds up to 1 year to a purchased item's existing manufacturer's warranty. In addition, lost luggage reimbursement provides up to $3,000 per trip for baggage that's lost by a travel provider or stolen.

Bank of America Cash Rewards credit card Benefits

• Purchase Security
• Extended Warranty Protection
• Contactless Chip Technology
• Overdraft Protection
• Travel and Emergency Assistance Services
• Lost Luggage Reimbursement
• Roadside Dispatch
• Zero Liability Fraud Protection
• Account Activity Alerts
• Mobile Banking
• Paperless Statement Option
• Digital Wallet Technology

Along with these benefits, the Bank of America Cash Rewards credit card has a $0 annual fee and gives rewards on all purchases. As long as you have excellent credit, the Bank of America Cash Rewards credit card is certainly a card to consider adding to your wallet.

The Bank of America Cash Rewards credit card no longer offers rental car insurance. Bank of America discontinued the card's complimentary rental car Collision Damage Waiver benefit for all new claims starting February 1, 2021. Bank of America credit cards that still offer rental car insurance include the Bank of America Travel Rewards credit card and the Bank of America Premium Rewards credit card.

When it was available, the Bank of America Cash Rewards credit card rental car insurance covered cardholders against damage to a rented vehicle resulting from either a collision or theft. In order to be covered, a cardholder had to charge the entire cost of the rental to a Bank of America Cash Rewards credit card and decline the rental agency's insurance plan.

As long as you use them responsibly all credit cards help you build your credit in the same way so you should apply for the card that best meets your needs in terms of rewards and interest rates.

The Bank of America Cash Rewards card actually offers cash back, which means no conversions are necessary.

You earn 3% cash back in the 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.

It is also important to note that you'll get a 10% bonus if you redeem your earnings for a deposit into a Bank of America checking or savings account. With that being said, 2,500 points from one of Bank of America's travel rewards cards would be redeemable for a $25.00 statement credit or $15.00 cash back, just to name a couple of options.

You can learn more about how much Bank of America rewards are worth based on different redemption methods here.

Yes, you need to pay your Bank of America Cash Rewards credit card bill every month, but you don't need to pay it in full. You should make at least the minimum payment in order to avoid being classified as late.

Missing a credit card payment can start a chain reaction of negative events. You could be charged late fees, lose your grace period, and interest will start accruing immediately on both new purchases and your unpaid balance. Plus, if the credit card issuer reports a late payment to the credit bureaus after it's 30 days late, your credit score will take a hit.

So, it is important to avoid the cost of missed payments. You can find some useful tips that can help you improve your payment punctuality by reading this article.

Ultimately, please keep in mind that paying off your card's full balance on a monthly basis means you'll completely avoid the interest charges.

You can see your current balance using online banking. You can enroll into online banking here.

The Bank of America Cash Rewards credit card balance transfer fee is 3% (min $10). The balance transfer fee on the Bank of America Cash Rewards credit card is assessed when an eligible debt is moved to the card, and the fee amount will be automatically added to the balance.

This credit card is great for balance transfers, as it offers an introductory APR of 0% for 15 billing cycles for any balance transfers made in the first 60 days, which can help cardholders save money on interest. For reference, the average balance transfer card offers low interest for 13 months and charges a transfer fee of 3.05%. But keep in mind that a regular APR of 13.99% - 23.99% Variable will apply to the balance after the intro period ends.

There are very few credit cards without a balance transfer fee, so you shouldn't rule out a balance transfer card simply because of the fee. Instead, you should take all factors into consideration using WalletHub's Balance Transfer Calculator.