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  1. #1

    BankAmericard Cash Rewards Just Got Better

    The BankAmericard Cash Rewards credit card just got a whole lot better!

    First, Bank of America increased the maximum spending allowed to earn bonus rewards to $2,500 per calendar quarter (from $1,500).

    Second, 2% bonus rewards for grocery stores now also includes wholesale clubs like Costco and Sam's Club.

    Personally, I think raising the spending levels where you can earn the bonus rewards is more significant. But allowing 2% at Costco is an attempt not to lose customers to the new Costco Anywhere card.

    New to this card?

    If you are new to the BankAmericard Cash Rewards Card, here is how it works:

    • $100 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening
    • Earn 1% cash back on every purchase, 2% at grocery stores and now at wholesale clubs, and 3% on gas up to the first $2,500 in combined grocery/wholesale club/gas purchases each quarter.
    • 0% Introductory APR for 12 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 13.24% - 23.24% Variable APR. 3% fee (min $10) applies to balance transfers.
      Get a 10% customer bonus every time you redeem your cash back into a Bank of America® checking or savings account
    • If you're a Preferred Rewards client, you can increase that bonus to 25%-75%. Click "Apply Now" to learn more about Preferred Rewards.
    • No annual fee


    I think for most people, the cash rewards will be okay. But if you are a Bank of America customer, that 10% customer bonus (even bigger for larger account holders) is a nice bonus.

    Combined with the more generous rewards now being offered, Bank of America is finally offering a more interesting cash rewards card.

    Need a Card to Build/Rebuild Your Credit With? Read This >> Best Credit Cards For Building Your Credit

  2. BankAmericard Cash Rewards Just Got Better
  3. #2
    Registered User Semi Pro Member
    Posts
    414
    Bank of America is our bank, and we once had the card. The low caps made it useless. (We spend a lot on gas.) Nice to see that Bank of America is reacting to a more competitive landscape. I think we can thank Costco for this.

  4. #3
    Registered User Junior Member
    Posts
    34
    Costco always changes things for the better! I can't wait to start using my new Costco card.

  5. #4
    Registered User Semi Pro Member
    Posts
    270
    This card sounds like a good deal for BOA customer; but you probably still need a 1.5% or 2% rewards card to complement it, with the limited rewards categories and quarterly caps.

  6. #5
    Registered User Senior Member
    Posts
    124
    It seems reasonable that BofA is trying not to lose customers to the new Costco card. But if I had only one card, I would go for a flat 1.5% or 2% cash back card. If I had two cards, the second card would be the Costco Anywhere card, even if I was a BofA account holder. More opportunities for bonus rewards with fewer caps/restrictions.

  7. #6
    Registered User Senior Member
    Posts
    101
    FrugalMom, I just read your post on the national debt. I'm not ready to contemplate taking out a new card, let alone giving Bank of America another chance.

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