Bank of America Accelerated Cash Rewards American Express Card

Bank of America Accelerated Cash Rewards American Express Card offers excellent cash back rewards, no annual fee, and a 0 % introductory APR for the first 7 or 10 months, depending on your credit history. “Accelerated cash rewards” sounds appealing, but what does it really mean? You can redeem your rewards in increments of $50, and you can get your cash back as a direct deposit into your Bank of America checking or savings account, as a credit to your card statement, or in a check. In addition to the benefits offered by Bank of America, you’ll also get many of the benefits associated with being an American Express CardMember. The cash rewards, and many ways you can redeem the rewards, make the card appealing, especially for people who already have accounts with Bank of America.

This is an actual credit card – not a charge card – which means you can carry a balance at one of two variable rate APRs, depending on your credit history. Two cards are available for a range of applicants with “good” to excellent” credit: one offers a 0 % APR for the first 7 months, while the other provides a 0% APR for the first 10 months. Additionally, after the introductory rate expires, you’ll get a variable APR between 12.99% up to 20.99 %. Cash advances after the introductory period carry a variable APR of 24.24%. This includes cash advances, direct deposits, and overdraft protection.

You’ll earn rewards at a rate of 1.25% on all purchases, balance transfers and direct deposits into your checking or savings account. You can begin redeeming rewards when you earn $50, making this comparable to many other rewards cards in that department.

You can pay your bills easily online through the Bank of America Online banking center and you can also use your card for overdraft protection on your Bank of America checking account.

There is a generous 25-day grace period on new purchases.