bank rates

Consider A Sensible Cash Back Credit Card

We think cash is the best reward for using your credit card, and the BankAmericard Cash Rewards Visa Signature Card seems to have one of the best deals on cash reward cards right now.

The rules are gratifyingly simple: You earn 1% on all purchases with no limit on how big that rebate can be.

You won’t have to deal with any of the aggravating terms that the holders of other cash back cards complain about, such as limits how much you can earn, minimum spending requirements and confusing bonus schemes.

The basics are all good, too.

There’s no annual fee and what passes for reasonable rates these days — prime plus 9.74% to 17.74%, depending on your credit.

New cardholders can enjoy some short-term perks as well:

  • An introductory rate of 0% on purchases and qualifying balance transfers for the first seven to 10 months, again depending on your credit.
  • A 3% rebate on gas, grocery and drug store purchases for the first six months.
  • A $50 credit if you spend $100 on retail purchases during the first 60 days

One final thing we like about this card.

Bank of America allows you to start claiming our rebate once it’s reached $25. But if you allow the balance to grow to $300 you qualify for a 25% bonus, or another $75.

You can choose to have the money credited to your credit card balance, deposited into a Bank of America checking or savings account, or put toward you house payment if you have a Bank of America mortgage.

Click here to compare these terms with those on cash back credit cards from Chase, Citi, Capital One, Discover and American Express.

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Comments (3)
1 Star2 Stars3 Stars4 Stars5 Stars (4 votes, average: 4.75 out of 5)
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3 Existing Comments
  1. allidaki1 said:
    on October 11th at 01:27 pm

    Don’t ber suckered by thisI was solicited by one of the local bank employees to get this card. What she didn’t make me understand was,. there is a $45.00 “one time fee” to transfer balances. When I called to complain, I was told (after talking to two different people) that it is clearly stated in their disclosures,( which arrived by mail later on). .In my opinion, do not transfer any balances and do not be lured by cash back…My response? Close my accounts, auto deposits and money market with checking. I will try to find a reputable institution. This “soon to be ex-customer” never gets mad, but demands that a bank act in an ethical manner This bank has been using my money for ten years…..if only I had known.

  2. Toots said:
    on October 11th at 03:39 pm

    Just looked online at the Terms and Conditions for this card and there’s nothing in there about a $45 one-time fee. It says 0% introductory rate for 7-10 closing dates, depending on your creditworthiness, for balance transfers.

  3. Mojave Jack said:
    on October 12th at 05:49 am

    I prefer my FIA 2% cash back card. 2% on all purchases. No minimum. No maximum. No fees. I’m surprized the BofA 1% card is getting such hype when there’s a much better alternative.