Credit Card Reviews

BankAmericard Cash Rewards Review: Should I Get This Card?

EPF Last Update: June 4, 2020

If you have a Bank of America bank account and you want a rewards card that allows you to get up to 3% cash back on purchases, then the BankAmericard Cash Rewards Visa is for you.


  • You pay the full balance every month.
  • You spend around $500 a month on combined groceries and gas.
  • You have a Bank of America bank account and are a Preferred Rewards member.

If you don’t do these things, it doesn’t mean that this card isn’t right for you! Cash back is something everyone loves, and you will surely love it too.

People have this to say about the BankAmericard Cash Rewards card:

“Getting rewards back every time I use it is a big bonus that makes me feel better when I shop.” Alan B, NerdWallet.

Some Excellent Features of The Cash Rewards Card Include

  • A $100 cash rewards bonus after spending your first $500 within 90 days. This is a nice little bonus, and can help you buy a gift for someone, or possibly something nice for yourself.
  • 1% Cash Rewards on all purchases. That means for every $1000 you spend, you’ll get $10 back. If you pay off your card monthly, it’s like getting paid for getting what you want. This reward has no limit, so the more you spend, the more you earn!
  • 2% Cash Rewards on Groceries and 3% Cash Rewards on gas for the first $1500 spent on groceries and gas combined, each quarter. You can get $45 cash back, every three months, again for getting what you want. Free money adds up over time, and you could end up with the equivalent of a FREE month of groceries.
  • An added 10% customer bonus if you add your BankAmericard Cash Rewards to your Bank of America account. More free money, what more could you want?
  • With a Preferred Rewards account, you could increase that customer bonus up to 75%! This will nearly DOUBLE the amount of money you earn from your cash back card. With a total of 1.75% cash back off of all purchases, the reward is greater than nearly any card out there!
  • Rewards NEVER expire. Your BankAmericard Cash Rewards will always be in your account, and they’ll never disappear. No rush to spend them!
  • No Annual Fee. Pay only what you pay for, and not just to use the card.
  • 0% Introductory APR. For 12 months, pay no interest on purchases. No need to worry about interest for 12 months!
  • 0% APR on balance transfers for first 60 days. Safely transfer your existing balance to your BankAmericard Cash Rewards card without any interest fees!
  • Low APR after. APR is variable starting at 12.99% on all purchases and bank transfers. No need to worry if you can’t pay your balance in full: your finance charges will be minimal.
  • Includes chip technology for chip-enabled machines. This ensures security and prevents people from being able to skim your card.
  • With this card, you’ll earn many rewards with every dollar you spend on purchases and you can redeem your points for any travel purchase.

How Does it Compare to Other Cash Back Cards?

  • CapitalOne Quicksilver Cash Back Rewards Card

Offered by CapitalOne, this card is a very popular choice for those who desire cash back rewards. It’s very similar to the Bank Americard Cash Rewards card, but it has some differences.

  • No annual fee.
  • Same $100 bonus on first $500 of purchases within first 90 days.
  • No rotating categories, all category bonuses stay the same year round.
  • Unlimited 1.5% cash back on all purchases, compared to Bank Americard 1%.
  • No gas or grocery bonuses, compared to 2% on grocery and 3% on gas.
  • No foreign transaction fee.

The CapitalOne Quicksilver Cash Back Rewards Card gives a larger bonus on purchases, with no limits. No foreign transaction fee makes travelling easier on the mind. And, just like the BankAmericard Cash Rewards card, there are no rotating categories, meaning that all category bonuses remain the same year-round and there’s no reason to change your purchase habits to get cash back.

However, you miss out on the extra rewards you get for spending on essentials, like gas and groceries.

This card might be better for you if you put a large amount of spend on your card every month and pay it off monthly. If you spend less on essentials than you do on other purchases, then this card will give you more cash back.

We will do an in depth review of this card. Join our e-mail list to stay tuned!

  • Chase Freedom Cash Back Rewards Card

Offered by Chase Bank, this is card is yet another popular choice for cash back cards. How does it stack up compared to the Bank Americard?

  • Same $100 bonus on first $500 of purchases within first 90 days.
  • No annual fee.
  • 1% cash back.
  • Total 5% cash back on bonus categories each quarter (up to $1500 in spend).

The main difference is the extra rewards that the Chase Freedom Cash Back Rewards card gives. Whereas the Bank Americard Cash Rewards card gives 2% on groceries and 3% on gas (essential purchases), the Chase Freedom Cash Back Rewards card gives 5% on different categories every quarter.

This allows you to get extra cash back from certain places, but might not reflect actual purchase behavior. You might be encouraged to spend money on things you do not need.

If you want or need items from those categories, however, the extra cash back can add up!

We will do an in-depth review of this card. Join our e-mail list to stay tuned!

Should I Get The Bank Americard Cash Back Card?

If you:

  • Want unlimited cash back on all your purchases;
  • Spend around $500 a month on gas and groceries;
  • Want no annual fee;
  • Have a Bank of America bank account;
  • Are a Preferred Rewards member.

…then this card is perfect for you!

In summary, this card is one of the best cash back cards on the market today, with no annual fee, a low APR, and bonuses for buying what you are already buying.

Recommended Articles


How to Get The Best Personal Loan for Bad Credit Score Today in 2020 [Explained!]

EPF October 15, 2020

  Watch Our Latest Video on Bad Credit Loans on Youtube and Please Like us! I’m Angus from ElitePersonalFinance. Today I’m gonna talk to you about how to get a loan if you are unfortunate enough to have a bad...


Over 70% of The People with Payday Loans Could Qualify for Refinance

EPF September 29, 2020

You are with relatively low credit. You don’t have enough money. You’ve heard that you can’t get a personal loan. And you go and get a payday loan. A common scenario… You are not the only one who do this...

Recent posts