Bank of america cash rewards credit card review – gas 91 octane


For cardholders on a budget, the Bank of America Cash Rewards card is a good value. It offers bonus points on everyday purchases, such as gas and groceries, so cardholders don’t have to go out of their way to earn a decent return on spending. It also makes earning bonus rewards a lot easier than similar cash back cards. Cardholders hoping to earn a substantial amount of cash back may be disappointed, though, by the card’s restrictions. This is a basic cash-back card for relatively modest spenders. Large bonus with a low threshold

The Bank of America Cash Rewards card offers a $150 online cash rewards bonus to new cardholders – currently one of the largest sign-up bonuses among cash back cards – and it comes with a very reasonable spending requirement. Cardholders only need to spend $500 in the card’s first 90 days – roughly $167 a month. This combined with the card’s generous bonus categories may make the Bank of America Cash Rewards card especially appealing card to rewards card users looking to maximize their cash back earnings. A relatively high rewards rate

If you regularly use your card to pay for gas and groceries, you should have no trouble racking up a significant amount of cash with this rewards credit card. Bank of America awards cardholders 3 percent cash back on gas, which can add up quickly if you spend a lot of time on the road. Cardholders also receive 2 percent cash back on groceries, including those purchased at wholesale clubs, which is a big draw for families with a lot of mouths to feed. (There is a $2,500 quarterly spending cap on the 2 and 3 percent bonuses combined — read the next section for more details.) Relatively low ceiling on bonus-awards spending

The biggest downside to the Bank of America Cash Rewards card is that it substantially limits how much money you can earn by capping bonus-awards spending at $2,500 per quarter – or roughly $833 a month. That means if you spend more than $2,500 in a quarter on gas or groceries, you’ll receive just 1 percent cash back on any excess spending. The $2,500 cap probably won’t bother families who don’t typically spend much more than that anyway. But if you’re a heavy spender looking to maximize your savings, you’re better off looking at a card that doesn’t impose a rewards limit. Hassle-free rewards structure

One of our favorite features of the Bank of America Cash Rewards card is its low maintenance rewards structure, which makes it an ideal card for consumers who don’t want to spend a lot of time thinking about their credit card. Rather than force cardholders to keep track of a rotating list of quarterly bonus categories, the Bank of America Cash Rewards card just sticks to the same two categories – gas and groceries – every quarter. Even better, the rewards don’t expire, so you don’t have to worry about missing out if you’re slow to redeem your earnings. Extra perks for Bank of America account holders

For consumers who already have an account with Bank of America, the Bank of America Cash Rewards card is an exceptionally good deal – especially if cardholders optimize their earnings by maxing out the total amount of bonuses they receive. Cardholders with a Bank of America checking or savings account get an additional 10 percent bonus any time they redeem cash through their account. Meanwhile, Preferred Rewards cardholders with a substantial bank balance are eligible to earn an even steeper bonus – in some cases as high as 25 to 75 percent. Why get the Bank of America Cash Rewards card?

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