Last Reviewed: 8/1/2010
Note: The Bank of America Accelerated Cash Rewards Card is no longer being actively marketed or offered by Bank Of America. We recommend you skip this review and instead check out our review of the Bank of America Accelerated Rewards Card, which is probably most similar.
While the Bank of America Accelerated Cash Rewards card currently ranks 5th out of 32 cashback cards, as the table below shows, this card will earn you significantly less than the top-ranked Discover Escape and Blue Cash Preferred® Card from American Express. In short, GetDebit wouldn’t recommend this card for your portfolio unless you get rejected by higher ranked cards as presented by the GetDebit Ranking Engine.
|Rank||5 (out of 32 cashback cards tracked by GetDebit|
|Estimated net earnings*||$928|
|Estimated net earnings for top cash-back card* (Discover Escape)||$1,466|
*Based on GetDebit’s standard spending profile for 3 years of card usage. Includes impact of various fees, including annual fees and international fees. Assumes cardholder never carries a balance.
Bank of America Accelerated Cash Rewards
Here’s a quick table summarizing some of the key features of the card:
|Rewards||1.25% cashback on all purchases.|
|Redemption requirements||Rewards redeemable in $50 increments as statement credits, checks, or direct deposit.|
|Sign up bonus||$50 (after spending $50 within first 60 days of receiving the card|
|International Transaction Fee||1.0% of each transaction after conversion to USD|
|Available card network||American Express|
Follow this link to see the full and current list of terms and conditions as provided by Bank Of America.
Bank of America Accelerated Cash Rewards Expenses and Fees
This BofA card doesn’t carry an annual fee (like most cashback cards), and does boast a relatively low 1% foreign transaction fee (since it’s an American Express card). The 4% balance transfer fee is onerous, and a sign of the times.
Wrapping up: GetDebit’s Position on the Bank of America Accelerated Cash Rewards Credit Card
As mentioned above, this card is simple unremarkable. The 1.25% cashback does succeed in pulling the BofA Accelerated Cash Rewards card ahead of the 1% cashback pack, but not by a whole lot. The lack of special bonus categories also really hurts its prospects for greatness. It’s lack of an annual fee and low 1% foreign transaction fee are nice, but not enough to really move the needle on GetDebit’s recommendation to avoid this card unless you just can’t get a hotter date.