Now cash back credit cards from Bank of America
One of the largest banks in the United States, Bank of America, is now launching cash back rewards credit cards. Card holders with this card in their wallet can reap cash back rewards when they shop using this card at certain stores across the country.
While customers will surely get cash back rewards, the percentage of rewards is based on the amount the customers have shopped for and also the product they are buying. However, as a generic rule the cash back is at least 1% of the overall purchase made. The cash back rewards increases to 2% of the purchase if customers use the card to buy groceries. Using this card at gas stations will get customers 3% cash back rewards.
Susan Faulkner, the executive for Consumer Banking Products at the Bank of America says the tiered approach was designed based on consumer shopping behavior and trends. Most of the credit card transactions that this bank processes each month are for grocery shopping and for fuel purchase at gas stations. Though the percentage of cash back is high for grocery and gas purchases, there is a upper limit cap as well. The 3% cash back is applicable only for the first $1500 used every three months for grocery purchases and at fuel stations.
There are many perks of applying for this cash back card from Bank of America. Card holders who spend $100 within the first 60 days of availing the card are entitled to a bonus of $50. An extra 10% bonus will be rewarded to card holders who also have a savings or checking account with the bank.
The cash back reward credit card offers interest free period for the first 12 months. Once the introductory period elapses, the interest rate on the card will vary between 12.99% and 20.99% based on the credit history of the card holder. The bank will levy an interest rate of 24.99% for cash advances made using the card. Defaulting on the payment can attract an interest rate of 29.99%.
In addition to this cash back rewards credit card, Bank of America also has on offer a MasterCard that has a similar set of tiered rewards. The MasterCard offers 3% cash back for purchases made at gas stations, office supply stores and for computer related purchases. There is 2% cash back for using the card at hotels and restaurants and 1% cash back for all other purchases.
Similar Posts:
- One, two, three innings for San Francisco giants fans from Bank of America
- Trend in credit card cash back offers on the rise
- Cashback Credit Cards May Not be a Worthwhile Option
- Reward cards responsible for more spending and debt
- Best american express credit cards in every category customers can apply for
