Prospective clients of Bank of America will be glad to know that their Cash Rewards Credit Card allows them to earn a $150 bonus when they use their credit account. This bonus applies after the client purchases a minimum of $500 within the first 90 days of the account opening. Interested applicants are advised to keep in mind that this promotional offer applies for new cardholders only.
‘Even More Rewards’
Aside from the $150 bonus, new and old account holders can earn rewards in different ways, according to the Bank of America website. Clients can earn 3% cash backs for gas, online shopping, dining, travel, drug store, and home improvement purchases. Cash backs of 1% apply for groceries/wholesale clubs and other purchase, respectively.
The bank also offers Preferred Rewards that gives 25% to 95% bonuses on each purchase. However, these can be enjoyed by Preferred Rewards clients only.
Applying for the Card
Clients interested in getting Bank of America Cash Rewards Credit Card will need to provide several personal, financial and employment information. This includes their full legal name, contact number, residential address, employment status and income. They will also have to disclose their monthly housing payment and citizenship status.
Ownership of this card entails various payments such as interest rates, transaction fees and penalties. For the first 12 months, the introductory annual percentage rate (APR) for purchases, balance transfers and cash advances is 0%, whilst the proceeding months will have APRs ranging from 16.24% to 26.24% (for purchases and balance transfers) and 19.24% to 27.24% (for cash advances).
Customers are advised to make proper on-time payments as there are penalty fees for late and returned payments (up to $39 and $28, respectively).
The bank does not charge an annual fee for the use of this card.