The Bank Of America Cash Rewards Credit Card is hands down leading the way as it relates to its new introductory bonus offer, that has a very low spending limit to earn it. The card also has very intriguing cash back rates in various spending categories based on the card holders’ options.
If Bank of America is normally your bank of choice and you have other accounts with them, such as investment or even banking accounts, this can assist you greatly with attaining larger cash back rates .
For starters, there is a 3 percent cash back on your choice of categories except for supermarkets and wholesale clubs or stores, as these two categories attract a 2 percent cash back rate. On all other purchases there is a cash back rate of 1 percent.
It would be pivotal to note that the 3 percent and 2 percent cash back rates are limited to the initial spend of a combined total of $2,500.00 in the selected card holder choices, grocery stores or supermarkets and the wholesale stores or clubs. This limit is per quarter.
Within the first 3 months, if the individual spends $500.00 or more, they will receive a credit to their statement for $150.00. Due to this introductory offer it is said that this card has one of the best sign-up bonuses among similar credit cards.
A zero percent APR is also on offer on all purchases and balance transfers for the first 12 months after opening the account, it should be noted that any balance transfer should occur within the first 60 days of opening the account in order to qualify for this zero percent. Along with this, there is also no annual fee on the Bank of America® Cash Rewards credit card.
Another way that the Bank of America® Cash Rewards credit card stands out is that the back offers special additional bonuses to individuals that are already customers of the bank in terms of those that have banking and investment accounts. Once the qualifying criteria of having combined balance minimums is met, then you will earn even larger bonuses as follows: Gold Reward is a combined balance minimum of $20,000.00 and the bonus increase is 25 percent of the 3 percent, 2 percent and 1 percent. Platinum Reward is a combined balance minimum of $50,000.00 and the bonus increase is 50 percent of the 3 percent, 2 percent and 1 percent. Platinum Honor Reward is a combined balance minimum of $100,000.00 and the bonus increase is 75 percent of the 3 percent, 2 percent and 1 percent.
With the bonus categories being capped, an individual that normally spends a considerable amount on groceries, gas and wholesale items, the $2,500.00 limit could be reached quite easily and then the 1 percent would take affect.
For those that travel regularly, there is a foreign transaction fee of 3 percent on all oversea purchases.
The recommended credit score for this card is generally 670 or above, however, it is prudent to note that this is simply one factor that is reviewed when applying, so persons with higher scores can be rejected and others with lower scores can be approved.
The Bank Of America Cash Rewards Credit Card was designed for individuals with banking or investment accounts with Bank of America, Merrill Lynch or Merrill Edge, or drive a lot and have to refill at gas stations often or if you are searching for a profitable introductory sign-up bonus that does not require a large cash spend to earn.