It looks like Bank of America has been playing around with this card in the last few months. First, they decided to let cardholders chose what they would be earning for their 3% back categories (gas, online shopping, dining, travel, drug stores, or home improvement), and now, it looks like they are increasing the sign up bonus for a limited time.
The typical offer on this card is $150 for spending $500 within the first three months of opening the account. If you sign up for the Cash Reward card right now, you have the opportunity to earn $250 for spending $1,000 within the first three months.
Quick Recap of the Cash Rewards Card
The Cash Rewards card is a card that earns in the 3-2-1 scheme. As of recent, Bank of America will let you decide what will earn 3% based on a few categories which include: gas, online shopping, dining, travel, drug stores, or home improvement. The Cash Reward card also earns 2% at grocery stores and wholesale clubs, and finally 1% everywhere else.
The card also comes with a 0% APR offer for the first year, which includes any balance transfer made within the first 60 days. It also as no annual fee.
What makes this card interesting is the Bank of America program for its Preferred Rewards. Depending on how much money you have with either Bank of America of Myrill Lynch, you can earn multipliers on these earning rates, up to a 75% bonus. This means the 3% category actually becomes a 5.25% category!
While an additional $50 in sign up bonus may not sound particularly incredible, it’s been a long time since we’ve seen an increased sign up bonus on this card. Even though the spending requirement has increased, I still think $1,000 within 3 months is pretty reasonable for most people. Even at that point, the return you’re looking at is 25%.
For those of you that are Preferred Reward members, why haven’t you gotten this card already? But now would be a perfect time for most people that are either looking to increase their cash back cards, or to start building a relationship with Bank of America.
What do you think about this offer? Let us know below!