Card brief: Bank of America Corp (NYSE:BAC) last week unveiled the new version of its popular cash back credit card, BankAmericard Cash Rewards.
According to a recently issued release and correspondence with a bank PR rep, Bank of America’s refreshed card comes in two versions, “BankAmericard Cash Rewards(TM) and Cash Rewards for Business MasterCard(R) credit cards” which reward customers with “up to 3 per cent cash back on certain purchases.”
The new BankAmericard Cash Rewards credit card includes:
— 1% cash back on all purchases.
— 2% cash back on grocery store purchases.
— 3% cash back on gas station purchases.
— Customers get the 2% and 3% cash back on gas and grocery purchases up to the first $1,500 per quarter. After that, customers earn the standard 1% on purchases.
The new Cash Rewards for Business MasterCard credit card offers:
— 1% on all purchases.
— 2% on all restaurant purchases.
— 3% on office supply store, gas station and computer network service purchases.
— There is “no cap on purchase categories.”
Outlaw‘s Verdict: These refreshed versions of BankAmericard Cash Rewards are certainly an improvement over the prior version, which offered a flat 1% cash back on all purchases. If you’re already a Bank of America customer and are looking for a simple cash back card to add to the mix, this one makes a lot of sense. Although I definitely dislike the fact that the gas and grocery purchases at the improved cash back rate are capped at $1,500 per quarter, and feel that if you have solid income and an excellent credit history, you can likely find something more exciting to put in your wallet.
Compare with Capital One’s new Cash Rewards MasterCard and American Express Blue Cash Everyday.
— provided by Outlaw; browse and compare more deals in our card offers portal.
Disclosures: We’re a credit card offers site, so obviously we maintain financial relationships with numerous banks and financial institutions, including AmEx. No relationship or position on Bank of America or Capital One at time of publication.
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