BankAmericard® vs. Bank of America® Cash Rewards
Bank of America is one of the largest retail banks in the United States and a major issuer of credit cards. Like other card issuers, it offers a wide range of products including those that feature cash rewards, travel rewards, and others with competitive interest rates.
Two of its most popular cards are the BankAmericard® Credit Card with its promotional balance transfer offer, and the Bank of America® Cash Rewards Credit Card which features cash back on all purchases. Let’s take a look at these two cards and see which one is right for you.
Cardholder benefits include online banking, account alerts, and optional overdraft protection that helps prevent declined purchases, returned checks or other overdrafts when you link an eligible Bank of America checking account to your credit card, although transfer fees may apply.
Which card is right for you?
Approximately half of all American credit card users will regularly carry a balance throughout the year on at least one of their cards. These cardholders should be focused on minimizing their interest costs by finding a card with the lowest possible interest rate, and possibly a promotional financing offer. The BankAmericard® Credit Card is an ideal card for these users as it features a strong 18 billing cycles of promotional financing on balance transfers, and a low standard interest rate.
On the other hand, those who are always able to avoid interest charges by paying each month’s statement balance in full and on-time could earn generous cash rewards from using the Bank of America® Cash Rewards Credit Card , while still receiving 12 billing cycles of interest-free financing on both new purchases and balance transfers. In addition, the sign-up bonus of $200 is also a strong incentive to consider this card. And Bank of America® Cash Rewards customers receive a 10% relationship bonus on cash back earned if they redeem the cash back rewards into a Bank of America checking or savings account.
Ultimately, your choice comes down to how you will be using the card. If you use your credit card as a method of financing purchases, you will likely want the BankAmericard® credit card. But if your credit card is simply a method of payment, you should be earning rewards with a card like the Bank of America® Cash Rewards Credit Card.