If you want rewards without the homework, this no-annual-fee Visa might be worth a look.
The quick take
The card pays flat cash back, comes with an intro 0% APR period, and charges no annual fee.
It's built for people who don't want to track bonus categories.
How much cash back can you earn?
The base rate is 1.5% on every purchase, with no categories to juggle.
Some current offers also list 2% back on purchases during the first year, then 1.5% afterward.
Yahoo Finance estimates that everyday spending could earn over $423 a year, based on Bureau of Labor Statistics spending data.
The welcome bonus: check the fine print
Yahoo Finance reports a $250 bonus after you spend $1,000 in the first 90 days.
Several other card listings show a $200 bonus for the same $1,000 spend.
Offers change often, so confirm the current bonus on Bank of America's site before you apply.
Either way, the spending target works out to roughly $333 a month for three months.
The 0% intro APR
Here's what the introductory offer includes:
- 0% APR for 15 billing cycles on new purchases
- The same 0% on balance transfers made within the first 60 days
- A 3% fee on transfers in that window, rising to 5% afterward
Once the intro period ends, the variable APR is listed at 17.74% to 27.74%.
Other sources list a slightly lower range of 17.49% to 27.49%, so rates are worth double-checking too.
Boost your rewards with BofA Rewards
Customers with qualifying Bank of America deposit and Merrill investment balances can earn bonus cash back.
Yahoo Finance lists these tiers:
- Member: 10% bonus, no minimum balance
- Preferred Plus: 25% bonus, $30,000 combined balances
- Preferred Honors: 50% bonus, $100,000 combined balances
- Premier: 75% bonus, $1 million combined balances
At the top tier, the 1.5% rate climbs to 2.62%.
Other reviewers describe the boost as 25% to 75% more cash back, which works out to roughly 1.87% to 2.62%.
Tier names and thresholds differ between sources, so check the program terms for your own balance.
Cashing in your rewards
There's no minimum to redeem.
Your options include:
- A statement credit
- A deposit into your Bank of America checking or savings account
- Payments through PayPal or at Amazon checkout
Rewards don't expire as long as your account stays open.
Who should consider it?
It suits credit card beginners with strong credit who want simple rewards.
It also works for someone planning a big purchase who wants a long interest-free window.
And it can fill the gaps if you already carry a card with bonus categories.
The upsides and downsides
Pros
- No annual fee
- Simple, unlimited flat-rate cash back
Cons
- No bonus categories for things like groceries or gas
- Some flat-rate cards pay 2%
- Good credit is recommended
Heads up for travelers
This is a Visa card, so it works anywhere Visa is accepted.
But it charges a 3% foreign transaction fee on purchases made outside the U.S.
If you travel abroad often, a card without that fee may serve you better.
Cards to compare
Yahoo Finance points to these alternatives:
- Capital One Quicksilver: 1.5% cash back, $0 annual fee, 15-month 0% intro APR, no foreign transaction fees
- Chase Freedom Unlimited: 1.5% base rate, plus 3% on dining and drugstores and 5% on travel booked through Chase
- Bank of America Travel Rewards: 1.5x points on every purchase, with no foreign transaction fees
Getting help
Card customer service is available 24/7 at 800-732-9194.
You can pay online, by phone, by mail, or at a branch.
Bottom line
It's a no-fuss card with a competitive intro APR and a decent welcome bonus.
Because the bonus, first-year rate, and APR vary by source, confirm the latest terms with Bank of America before you apply.
This article is for information only and is not financial advice.
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