Bank Cash – How to Apply
For simple cash back on every purchase, the Bank of America® Customized Cash Rewards card—aka “Bank Cash”—is a solid choice.
Here’s a complete guide on how the Bank Cash card works and how it can fit into your financial routine.
Bank Cash
No annual fee Cashback drops to 1% after the limitHow does the Bank Cash card work?
The Bank Cash credit card is built for consumers who want meaningful rewards without having to jump through hoops.
Unlike many cards with rotating or fixed categories, this one lets you choose where you earn the most cash back—offering a level of control that sets it apart from other options.
Once approved, cardholders earn:
- 3% cash back in a category of your choice (gas, online shopping, dining, travel, drug stores, or home improvement/furnishings)
- 2% cash back at grocery stores and wholesale clubs
- 1% cash back on all other purchases
The 3% and 2% categories apply to the first $2,500 in combined purchases each quarter; after that, they earn 1%.
This makes the card especially useful for people who spend heavily in one area, such as online shopping or gas.
You can change your 3% category once per month, giving you the flexibility to shift your rewards based on changing priorities or seasonal needs.
The card also comes with a $200 online cash rewards bonus if you spend $1,000 within the first 90 days of account opening—adding immediate value from the start.
Main benefits of the Bank Cash card
The primary benefit of the Bank Cash card is customizable cash back. Unlike traditional fixed-category rewards cards, this one lets you adjust where you earn the most, allowing for smarter, more intentional spending.
Another significant advantage is its no annual fee. You get access to robust rewards and a welcome bonus without having to worry about offsetting a yearly cost, which is perfect for budget-conscious cardholders.
If you’re a Bank of America Preferred Rewards member, your rewards get even better.
You can receive a bonus of 25% to 75% more cash back on every purchase, depending on your tier.
That means your 3% category could earn up to 5.25%, making this card one of the most rewarding options available—especially for loyal customers.
Additional perks include:
- 0% APR for 15 billing cycles on purchases and balance transfers made in the first 60 days
- Security and fraud protection features, including $0 liability for unauthorized charges
- Contactless payments for fast, secure checkout
You can also manage your account easily through the Bank of America mobile app, which offers tools for budgeting, payment tracking, and account alerts.
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Cons of the Bank Cash card
While the Bank Cash credit card offers flexibility and rewards, it’s not without a few downsides.
The quarterly cap on 3% and 2% cash back (limited to $2,500 in combined purchases) may feel restrictive for big spenders. Once you hit the cap, your earnings drop to 1%, which isn’t particularly competitive.
Another potential drawback is the requirement to actively manage your 3% category. Although it’s optional, if you forget to switch to the most rewarding category for your current spending habits, you might miss out on maximizing rewards.
Lastly, while Preferred Rewards members can earn significantly more, those without Bank of America deposit accounts won’t be eligible for the bonus multiplier. This may make the card less appealing if you’re not already banking with BofA.
APR and Fees
The Bank Cash card offers competitive terms, especially for new users and Bank of America customers. Here are the key numbers to consider:
- Intro APR: 0% for 15 billing cycles on purchases and balance transfers (transfers must be made within the first 60 days)
- Regular APR: 19.24% to 29.24% variable, based on your creditworthiness
- Balance Transfer Fee: 3% of each transaction (minimum $10)
- Annual Fee: $0
- Penalty APR: None
- Late Payment Fee: Up to $40
- Foreign Transaction Fee: 3%
How to apply for the Bank Cash card
Applying for the Bank Cash credit card is quick and easy. You can start the process by visiting the Bank of America official website, where you’ll find the application page.
To apply, you’ll need:
A good to excellent credit score (typically 670+)
To be at least 18 years old
A valid Social Security number
A stable source of income
