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Bank of America Cash Rewards Card Benefits – NO Annual Fee and Lots of Cash Back in Your Wallet

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Bank of America Cash Rewards Card Benefits – NO Annual Fee and Lots of Cash Back in Your Wallet

Max ProsperiBank of America Cash Rewards Card Benefits – NO Annual Fee and Lots of Cash Back in Your WalletMillion Mile Secrets Team

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INSIDER SECRET: With the choose-your-own 3% cash back category, you can change your category each calendar month. So select the best category for your expected spending habits!

When you sign-up for the Bank of America® Cash Rewards credit card, you’ll earn a $200 cash bonus after meeting the minimum spending requirements.

Cash back bonus aside, does this card have the benefits and perks to stay in your wallet? If you’re looking for a no annual fee cash back card and not a big spender, then yes. The Bank of America Cash Rewards card benefits, perks and earning potential make it worth keeping.

You can apply for the Bank of America Cash Rewards credit card here.

The Bank of America Cash Rewards card benefits are lucrative for a card with no annual fee. (Photo by New Africa/Shutterstock)

I’ll show you why the Bank of America Cash Rewards Card benefits and perks make the no annual fee card more attractive.

Bank of America Cash Rewards Card Benefits and Perks

Apply Here: Bank of America® Cash Rewards credit card

Read our review of the Bank of America Cash Rewards credit card

 

With the Bank of America Cash Rewards card, you’ll earn a $200 cash bonus after you spend $1,000 in purchases in the first 90 days of account opening.

Plus, the card has no annual fee, so it’s free to keep indefinitely. While that’s a nice benefit on its own, you’ll also get a few other perks that can come in handy should you need them.

Here are the standout benefits of the card.

1. Pick Your Own 3% Category

My favorite benefit of the Bank of America Cash Rewards card is the ability to pick where you earn your 3% cash back each month. Though the card earns a minimum 1% cash back, you can earn 2% cash back at grocery stores and wholesale clubs.

The 3% and 2% cash back categories are capped at a combined $2,500 in purchases each quarter. Capping how much cash back you earn isn’t great, but the 3% and 2% category spending cap resets every quarter as opposed to every year like with many other cash back cards.

The flexibility of choosing where you earn 3% cash back each month is a big plus. For example, during the summer months, you set your category as travel but during the winter, you set it as entertainment. You’re not ever locked into a single category.

Here’s what you can select as your 3% cash back category:

  • Gas stations 
  • Online shopping 
  • Dining
  • Travel 
  • Drug stores
  • Home improvement and furnishings 
If you’re going to use your card to pay for a trip, make sure to set your 3% cash back category to travel that month to maximize the cash back you earn. (Photo by haveseen/Shutterstock)

Again, you’ll be limited to cash back on the first $2,500 purchases each quarter. That’s for both the 2% and 3% cash back category. So plan your purchases accordingly!

2. Extended Warranty

When you pay for an eligible item with the Bank of America Cash Rewards card, it’s possible to extend the manufacturer’s warranty by an additional 12 months. This is a fantastic benefit if you’re a fan of retail therapy like myself.

Don’t lose your cool when new devices start acting up. The Bank of America Cash Rewards card offers extended warranty coverage. (Photo by fizkes/Shutterstock)

There are several excluded purchases. Unfortunately, Bank of America only provides the full terms and conditions of any benefits associated with a credit card once you receive your card in the mail. So be sure to read through the terms and conditions before assuming you’re covered!

3. Shop Online With ShopSafe

A fantastic benefit for those of us who love online shopping, the Bank of America Cash Rewards Card offers additional protection for when you shop online.

The Bank of America Cash Rewards card’s ShopSafe benefit comes with the card and there’s no registration or fees. When you use ShopSafe, the service will generate a temporary credit card number that links directly to your Cash Rewards card. And you won’t lose your original credit card number.

When you’re ready to use the benefit, head to Bank of America’s website. Once you’ve reached your account dashboard, head to the “Information & Services” tab, then navigate to the “Features” option. Finally, click “ShopSafe.” When you’re ready to shop, you can generate a temporary card number that’s valid for up to one year.

As someone who shops online and books airline tickets for others, I like having the peace of mind that my card won’t be compromised if someone gets a hold of my temporary card number.

4. BankAmeriDeals

BankAmeriDeals is linked to your Cash Rewards card and allows you to earn up to 15% cash back!

The way BankAmeriDeals works is simple. It’s a separate program offered by Bank of America that works with most Bank of America credit cards. When you enroll in BankAmeriDeals, you’ll be able to see a list of ongoing promotions offered at certain retailers, restaurants, gas stations, etc. Simply add deals that appeal to your shopping habits and use your card.

As noted, you might even be able to earn up to 15% cash back with certain partners!

5. Travel Coverage

When you pay for travel with your Bank of America Cash Rewards Card, you’re covered if the unthinkable happens. To qualify for these benefits, you’ll need to pay for the full amount of your common carrier fare (planes, trains, cruises, ferries) with your Cash Rewards card.

When you use your Bank of America Cash Rewards card to purchase the full amount of a fare offered by a common carrier, you may be eligible for travel coverage. (Photo by Sam Bateman/Shutterstock)

These benefits are only supplementary, so if the common carrier or other primary insurance reimburses you for anything, this benefit will only kick in for the things they don’t cover.

Travel Accident Insurance

You may be eligible for travel accident coverage through the Bank of America Cash Rewards Card. However, this is not one of those benefits that you’ll ever want to use.

Like most travel insurance policies, the Cash Rewards card covers things like dismemberment or death. When primary insurance or a common carrier does not cover damages, the coverage offered by the Cash Rewards card will kick in for eligible damages.

As always, be sure to read through the full terms and conditions upon receiving your card to determine what is and isn’t covered with the Cash Rewards card.

Car Rental Insurance

Cruising down the Pacific Coast Highway in Southern California is fun until you’re rear-ended by a distracted driver. Don’t stress out over a damaged rental car. The Bank of America Cash Rewards Card offers rental car coverage.

The coverage offered by the Cash Rewards Card is considered secondary or supplementary. This benefit will only kick in when your primary insurance won’t cover damages or loss.

The Bank of America Cash Rewards Card might not have an annual fee, but the card still offers valuable benefits like secondary car rental coverage. (Photo by Piyawat Nandeenopparit/Shutterstock)

You can also check out our guide to credit cards that offer rental car insurance for more information about coverage and other cards that offer it.

Bottom Line

The Bank of America Cash Rewards card offers benefits without a hefty annual fee. These perks, and the ability to earn a lot of cash back, make it a card you’ll want to keep long-term.

Two of my favorite benefits are directly tied to earning cash back. The first is the ability to chose your 3% cash back category every month. The second benefit is BankAmeriDeals which even allows you to earn up to 15% cash back at certain merchants.

I recommend at least trying out the Cash Rewards card as there’s no annual fee. Plus, the card offers a $200 cash bonus after you meet the spending requirements.

You can apply for the Bank of America Cash Rewards credit card here.

To learn more about Bank of America cash back cards and benefits, check out these posts:

For the latest tips and tricks on traveling big without spending a fortune, please subscribe to the Million Mile Secrets daily email newsletter.

Bank of America® Cash Rewards credit card

Bank of America® Cash Rewards credit card

  • No annual fee
  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
  • Earn 3% cash back on gas or your choice of one of five other popular categories, 2% at grocery stores and wholesale clubs and unlimited 1% on all other purchases (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
  • 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.24% - 26.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
  • No expiration on rewards
  • If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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Some cards say they are secondary insurance. What happens if the renter doesn’t have car insurance since they don’t own a car? Does the card become primary or is the renter required to have insurance already?

The card would not become primary. The fine print for most of the terms and conditions usually states that it is secondary to your existing coverage.

Without existing coverage, you’d essentially be uninsured and you probably wouldn’t be able to rent the car without paying for the rental agency’s car insurance.

Wow, thank you for clarifying. For us NYers without cars, which card still provides primary coverage? Is my only option to pay the Amex $29.95 opt-in insurance?