Credit card rewards programs are a great way to make the most of your spending power. Bank of America’s Cash Rewards program offers an enticing hook for new cardholders looking to earn cash back on their purchases. Let’s take a closer look at how the program works and what makes it a wise investment.
How Does Bank of America Cash Rewards Work?
Bank of America Cash Rewards is a credit card program that offers cash back on purchases. Cardholders can earn cash back on everyday purchases, including groceries, gas, and dining out. Additionally, users can earn bonus cash back for shopping through Bank of America’s online shopping portal.
The program offers cash back in three different tiers:
3% cash back on a category of the cardholder’s choice, including gas, online shopping, dining, travel, drug stores, or home improvement and furnishings
2% cash back on groceries and wholesale clubs
1% cash back on all other purchases
Cardholders can choose their 3% cash back category each month, and can change their selection at any time. The 3% and 2% cash back categories have a combined spending cap of $2,500 per quarter.
What is the Sign-Up Bonus and 0% APR Period?
One of the most enticing hooks of the Bank of America Cash Rewards credit card is its sign-up bonus. New cardholders can earn a $200 cash back bonus after making $1,000 in purchases within the first 90 days of account opening. Additionally, new cardholders can take advantage of a 0% APR introductory period for 12 billing cycles on purchases and balance transfers made within the first 60 days of account opening.
The sign-up bonus and 0% APR introductory period make the Bank of America Cash Rewards credit card a wise investment for those looking to earn cash back on their purchases and save on interest charges.
Why is Bank of America Cash Rewards a Wise Investment?
The Bank of America Cash Rewards credit card offers several benefits that make it a wise investment for consumers looking to maximize their spending power. Here are some reasons why:
Cash Back on Everyday Purchases: Cardholders can earn cash back on everyday purchases, including groceries, gas, and dining out. This allows them to make the most of their spending power and earn rewards for purchases they would make anyway.
Flexible Rewards: The program offers flexibility in rewards, allowing cardholders to choose their 3% cash back category each month and change their selection at any time. This means that cardholders can tailor their rewards to their spending habits and maximize their rewards potential.
Sign-Up Bonus: The $200 cash back bonus for new cardholders is an enticing hook that can help offset the cost of purchases made in the first few months.
0% APR Introductory Period: The 0% APR introductory period for purchases and balance transfers can help cardholders save on interest charges and pay down their balances faster.
No Annual Fee: The Bank of America Cash Rewards credit card has no annual fee, which means that cardholders can enjoy the benefits of the program without paying extra fees.
In conclusion, the Bank of America Cash Rewards credit card is a wise investment for consumers looking to earn cash back on their everyday purchases. The program offers flexible rewards, a sign-up bonus, and a 0% APR introductory period, making it a great option for those looking to maximize their spending power and save on interest charges.