How does the BankAmericard cash rewards process work?


Quick Answer

As of 2015, a BankAmericard cardholder receives cash back rewards on all purchases and additional rewards on grocery and gasoline purchases of up to $1,500 per quarter. He has the option of crediting the cash reward towards future purchases or into a Bank Of America checking or savings account, states Bank of America.

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Full Answer

There is a 1 percent cash back on all purchases. The reward on grocery store purchases is 2 percent and gasoline purchases is 3 percent up to a combined total of $1,500 every quarter. The rewards have no expiry date. If the cardholder makes purchases for at least $500 during the first 90 days of opening the account, he receives an online-exclusive $100 cash rewards bonus, according to Bank of America.

When the cardholder receives the rewards into a Bank of America checking or savings account, he receives at least a 10 percent bonus. If he is a preferred rewards client, he can increase the bonus up to 75 percent. There are three tiers of preferred rewards based on the three-month average combined balances in his banking, Merrill Edge and Merrill Lynch accounts. The gold tier requires a balance of $20,000 to $50,000 and provides a 25 percent rewards bonus, the platinum tier requires $50,000 to $100,000 and provides a 50 percent bonus, and the platinum honors tier requires over $100,000 and has a 75 percent, explains Bank of America.

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