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 earning potential has become a little better, starting from June 1st. Wholesale clubs are now included in the 2% category and the quarterly limit has been increased to $2,500 in combined grocery/wholesale club/gas purchases each quarter. Here’s the cash back rates:
- 1% cash back on purchases
- 2% cash back at grocery stores and wholesale clubs
- 3% cash back on gas
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. The bonus becomes better if you’re a Preferred Rewards member, which means that you have to have larger 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.
Here’s the earning rates including the bonuses:
|Gas||Grocery store/wholesale clubs||All Other|
|Redeem to Savings (10%)||3.3%||2.2%||1.1%|
|Platinum honors (75%)||5.25%||3.5%||1.75%|
If you have 100K in a BofA account then this card makes 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.