3 Ways to Cash in on BankAmericard Rewards

3 Ways to Cash in on BankAmericard Rewards
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There's no denying that Bank of America® Cash Rewards credit card is one of the more powerful cash back cards on the market, but did you know there are ways to make it more rewarding? 

The main benefits of this card are as follows:

  • There is NO annual fee.
  • You'll get a $200 online cash rewards bonus when you spend $1,000 in purchases during your first 90 days of card membership.
  • You will earn at least 1% cash back on every purchase, 2% back at grocery stores and wholesale clubs, and 3% back on one category of your choosing for purchases on the first $2,500 you spend in these categories each quarter.

These perks alone make this card a slam dunk, but dig a little deeper, and you'll find a whole lot more to love. Here are our best ways to stretch your BankAmericard Cash Rewards.

Maximize to get even more cash back.

As I mentioned above, the bonus cash back categories max out at $2,500 in combined purchases each quarter. Because gas, online shopping, dining, travel, drug stores, or home improvement /furnishings (choose one) earn you the most cash back at 3%, the max amount you could hypothetically earn back every year is $300, and that's only if you spent $2,500 on gas every quarter. If that's a regular thing for you, make this your gas-only credit card and spend away, but the typical family will rack up most of their cash back in the 2% category at grocery stores and wholesale clubs.

Redeem rewards the right way.

There are three ways to redeem your cash back rewards: in a statement credit that will be applied to your credit card balance, in a direct deposit into a Bank of America Checking or Savings account or Merrill Lynch/Merrill Edge cash management account, or in a personal check.

Sign up for Preferred Rewards.

The Bank of America Preferred Rewards program can get you up to 75% more rewards. You’ll receive a 25% bonus for a combined balance of $20,000-$49,999 in your Bank of America checking/savings accounts and Merrill stock managed accounts, a 50% bonus for $50,000-$99,999, or a 75% bonus for $100,000 or more in these accounts.

What does that mean in actual cash back dollars? If you max out this benefit at the 75% bonus level, you'll be earning 5.25% cash back on gas and 3.5% cash back on groceries up to the first $2,500 in combined purchases each quarter. That means you could make up to a maximum of $525 per year if, again, you spend $2,500 a quarter on gas.

Do you think the Bank of America® Cash Rewards credit card is right for you? Apply today!