No-annual-fee credit cards with sign-up bonuses worth $200 or more used to be rare — but not these days. Bank of America®, Wells Fargo, Capital One and American Express all offer such bonuses on no-fee credit cards. Now, Bank of America® is upping the ante again.
On July 31, 2018, Bank of America® increased the sign-up bonuses on two of its no-annual-fee credit cards. The new bonuses:
- Bank of America® Cash Rewards credit card: $200 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening. (Previously, it offered a $150 online cash rewards bonus after you spent at least $500 on purchases in the first 90 days of account opening.)
- Bank of America® Travel Rewards credit card: 25,000 online bonus points if you make at least $1,000 in purchases in the first 90 days of account opening – that can be a $250 statement credit toward travel purchases. (Previously, it offered 20,000 online bonus points if you made at least $1,000 in purchases in the first 90 days of account opening.)
For folks in the market for a new no-fee credit card, these changes are welcome news. And the updates are even more welcome for those who bank with Bank of America®.
That’s because both cards offer a 10% rewards bonus for Bank of America® customers who meet certain requirements. On the Bank of America® Cash Rewards credit card, you get the bonus when redeeming. For example, a $200 cash-back bonus would be worth $220 if deposited in a qualifying Bank of America® account.
With the Bank of America® Travel Rewards credit card, you get the bonus when earning points. This means you would earn 10% more in points on each purchase if you have an active Bank of America® checking or savings account.
For people who keep a significant amount of money with Bank of America®, Merrill Edge® or Merrill Lynch®, those bonuses get even bigger, from 25% to 75%. To qualify, enroll in the Bank of America® Preferred Rewards program and meet the eligibility requirements.
Aside from big sign-up bonuses, these cards also offer robust ongoing rewards. Here’s what you need to know.
Bank of America® Cash Rewards credit card
Sign-up bonus: $200 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening.
Annual fee: $0.
Ongoing rewards:
- 3% on gas and 2% at grocery stores and wholesale clubs (for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter).
- 1% cash back on all other purchases.
Foreign transaction fees: 3%.
Bank of America® Travel Rewards credit card
Sign-up bonus: 25,000 online bonus points if you make at least $1,000 in purchases in the first 90 days of account opening – that can be a $250 statement credit toward travel purchases.
Annual fee: $0.
Ongoing rewards:
- 1.5 points for every dollar spent on all purchases.
Foreign transaction fees: None.
