If you are looking for a credit card with several benefits and no annual fee, you are in the right place! We did some deep research and found the Bank America Visa card with no annual fee and welcome bonus, cashback and rewards. Keep reading to find out more.
Bank of America Visa Credit Card Benefits
- Choose a 3% cash back from this category: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings
- Get 2% cash back at grocery stores and wholesale clubs
- 1% cash back on all other purchases
- Earn a sign-up bonus of $200
- Introductory 0% APR on purchases and balance transfers
- $0 annual fee
Bank America Rewards with this credit card
Here are the core features you need to know about the Bank of America Card Rewards Visa.
Bank of America Visa: $200 welcome bonus
Once you apply for your Bank America Visa card and get approved, in the first 90 days after opening your account, you’ll earn a $200 online cash rewards bonus after spending at least $1,000 on purchases.
This promotion is a great benefit, since you will receive 20% of the amount you spend in the first 90 days ($1000), and you will not have to pay an annuity
Choose a category and earn 3% cash back
A 3-2-1 rewards structure is incorporated into the card. With a short list of bonus categories, you can choose your 3% bonus category. You’ll also get 2% cash back at grocery stores and wholesale clubs. One downside, however, is that you can only earn 1% cash back on all other purchases if you spend $2,500 in total across the 3% and 2% categories each quarter. As said before, you can choose from the following 3% categories:
- Gas
- Online shopping
- Dining
- Travel
- Drugstores
- Home improvement and furnishings
If you want, you can change your category whenever you want each month, offering greater flexibility of your Bank America Visa credit card.
Cash back can be redeemed at any time and for any amount. Here are some options:
- Credit on statement;
- A deposit into a checking or savings account at Bank of America;
- Merrill Lynch credit to an eligible account;
- Contributions (with a minimum of $25) to a Merrill Lynch 529 account;
Some redemption options can even be set up automatically, such as an electronic deposit into a Bank of America checking or savings account. You must have at least $25 before you can redeem your cash back if you choose automatic redemption or want to contribute your cash back to a qualifying 529 account.
Introductory APR offer
For the first 18 billing cycles from your account opening, you’ll be eligible for an introductory 0% APR on both purchases and balance transfers. After that, the regular APR is 17.74% – 27.74%.
Know that to qualify for the intro APR on balance transfers, you have to transfer the balance within the first 60 days after opening the account, and you’ll have to pay a 3% balance transfer fee (minimum $10). If you need to finance a large purchase, this introductory APR could save you a lot of money.
You may have interest: Merrill Edge: Earn Up To $1,000 Brokerage Bonus
Is the Bank America Visa a good credit card?
Bank of America Customized Cash Rewards credit card is a good choice if you spend a lot in one of the card’s 3% bonus categories, or if you spend a lot at grocery stores and wholesale clubs, where you’ll receive 2% back on your purchases.
In general, it is a good card for those who do not want to pay an annuity and receive cashback. If you spend $1000, you can receive $10 every month (with the standard 1% cashback) easily, saving you money.
If you are interested, you can apply for the Bank of America Visa card by clicking here.
