Earn $200 bonus cash back with the Bank of America® Cash Rewards card


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The holidays are finally getting started, and gift-buying
season is upon us once again. If you’re looking to earn more cash rewards and a
little extra pocket change while you buy presents, the Bank of America Cash
Rewards card offers one of the best sign-up bonuses around.

While most cash back rewards cards that don’t charge an
annual fee only offer around $100 as an intro bonus, the Bank of America Cash
Rewards card awards users $200 for spending $500 in the first 90 days. That is
a pretty low spend threshold to reach too, especially with higher spending
months looming ahead.

What is the Bank of America Cash Rewards card worth in the first year?

The rewards rate on the Bank of America Cash
Rewards card is a pretty good one, especially with bonus 2 percent and 3
percent cash back categories. Plus, you won’t have to pay any of the money you
earn as an annual fee. Here’s a quick breakdown of what you can expect to earn
in the first year.

Bank of America® Cash Rewards Card


Rewards rate

  • 3% cash back on gas
  • 2% cash back on groceries and wholesale club
  • $2,500 combined limit on 2% and 3% categories
    each quarter

Introductory bonus

  • $200
    online cash rewards if you spend $500 in first 90 days

Why use it?

With bonus categories for gas and groceries, the Bank of America Cash Rewards card offers an exceptional rewards rate. 

Read review

Annual Fee

Estimated earnings in first year ($1,325 monthly spend) 

Unfortunately, you are capped at $2,500 in purchases on the
high earning categories each quarter. But if you spend a bit more on gas and
groceries and can hit the full $2,500, you can earn significantly more rewards.

Recent changes to the Bank of America Cash Rewards Card

The sign-up bonus on the Bank of America Cash Rewards card
has remained the same for most of the card’s history. However, it did increase
earlier this year, offering cardholders an additional $50.

Bank of America Cash Rewards Card Recent Changes

Jul. 31, 2018

  • $200 online cash rewards if you spend $500 in first 90 days


  • $150 online cash rewards if you spend $500 in first 90 days


Who is eligible to earn the sign-up bonus?

To receive the
sign-up bonus for the Bank of America Cash Rewards card, you must first meet
the card’s application qualifications. You’ll want to have good to excellent
credit (above 670) in order to be considered.

Bank of America also
limits accountholders to one bonus cash rewards offer per new account. If you
are a previous accountholder, you may not be eligible for this offer. Current
accountholders who wish to convert an existing account to the Bank of America
Cash Rewards card won’t be able to receive the sign-up bonus.

Redemption options for the Bank of America Cash Rewards card

Once you’ve earned at least $25 cash back, you have a few
different redemption options with your Cash Rewards card. You can opt for the
traditional statement credit or check or even make a contribution to an
eligible Cash Management Account® with
Merrill Lynch Wealth Management®.

To get the most out
of your money, you’ll want to redeem your cash back rewards into an eligible
Bank of America, Merrill Edge or Merrill Lynch checking or savings account. If
you choose an electronic deposit into one of these, you’ll earn a 10 percent
customer bonus and increase your cash rewards.

If you have $20,000 or
more in a qualifying account, you can boost your rewards potential even further
by registering for the Preferred Rewards program. Each tier of the rewards
program provides an additional bonus for depositing your cash back, as shown

  Bonus cash back Average cash back rate Value of $200 sign-up bonus
No Bank of America Account None 1.7% $200
Bank of America account without Preferred Rewards 10% 1.9% $220
customers ($20,000-$49,999 balance) 
25% 2.1%  $250
customers ($50,000-$99,999 balance)
50% 2.5%  $300
Honors customers ($100,000+ balance)
75% 3%  $350

Should you apply for the Bank of America Cash Rewards card now?

The rewards on this card don’t shift very often, but if you
want to take advantage of the recent sign-up bonus increase to make a little
extra pocket change, now is a great time to sign up for the Cash Rewards card.
Plus, if you have a Bank of America checking or savings account, you can
improve your average cash back rate and make even more in rewards on your
holiday shopping.

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