Bank of America has an offer of a $100 cash back for their BankAmericard Cash Rewards Visa credit card. I received the offer by mail but it is also publicly available online. You will receive a $100 cash rewards bonus after making at least $500 in purchases in the first 90 days of your account opening. There is no annual fee.
The card comes with some OK cash back rates
- 1% cash back on purchases
- 2% cash back at grocery stores
- 3% cash back on gas
However these cash back rates become better if you’re a Preferred Rewards member, which means that you have to have large deposits at Bank of America. The highest tier of their rewards program, Platinum Honors, is available to those who have more than $100K 3-month average balance in total deposits. If you qualify then you receive a 75% rewards bonus. The Gold tier (20K+) offers 25% rewards bonus and the Platinum tier (50K+) offers 50% rewards bonus.
As a Bank of America customer, you also earn a 10% customer bonus every time you redeem your cash back into a Bank of America checking or savings account. So, if you’re in the Platinum Honors tier, and you redeem you cash back into a BofA account, then the above rates would look like this.
- 1.925% cash back on purchases
- 3.85% cash back at grocery stores
- 5.775% cash back on gas
The problem is that grocery store/gas bonus rewards rates are only on $1,500 in combined purchases each quarter. If you have 100K in a BofA account then this card might make sense for everyday purchases. If you’re thinking about signing up, Bank of America had a $175 bonus last year for this card, so you might want to wait for that deal. Personally I don’t have any money deposited at BofA and the sign up bonus is very low, so I’m passing on this one.