Bank of America to Introduce New Cash Rewards Credit Card

Bank of America to Introduce New Cash Rewards Credit Card

October 21, 2019         Written By Bill Hardekopf

Bank of America will introduce a new Cash Rewards credit card. Beginning January 14, 2019, cardholders will be able to select a 3% cash back option from six spending categories.

The current Cash Rewards Credit Card features 3% cash back on gas, 2% cash back on grocery and wholesale club purchases, and 1% cash back on everything else.

With the new card, customers can choose where they want to earn 3% cash back. The categories include: online shopping, gas, drug stores, dining, travel, and home improvement/furnishings. The new Cash Rewards card will still carry 2% cash back for grocery purchases, and 1% cash back on all other purchases.

The 3% rewards will be automatically set for gas purchases, but cardholders can change that option once a month. The categories will be available on the Bank of America mobile app and online. The extra rewards are available for the first $2,500 worth of purchases each quarter. Then all transactions earn 1% cash back.

The rewards do not expire, and there is no annual fee for the card. Members of the Preferred Rewards program can earn an additional 25% to 75% cash back on every purchase, depending on which tier they are in. To qualify for Preferred Rewards membership, customers must have a Bank of America checking account and a three-month average balance of $20,000 in their Bank of America accounts or Merrill Lynch investment accounts.

The information contained within this article was accurate as of October 21, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.