credit cards, these offers have become largely ignored and the targeted mailings always find their way into our trash can.
It all changed late last year when I received a targeted offer for the BankAmericard Cash Rewards Credit Card.
I guess it was just the right timing. Carlos and I were slowly getting indoctrinated into how credit cards fit into our financial household and honestly, we thought it was the easiest credit card to start with since we’ve been with Bank of America for so long.
The best part about the card is the rewards for regular everyday spends: 2% on groceries, 3% on gas, and 1% for everything else! (*up to $1,500 on gas and groceries per category/per quarter, unlimited on everything else) When you redeem the cash back rewards into a BofA checking or savings account, you get an additional 10% bonus reward – EXTRA SCORE for us!
On our first month of using the credit card, we racked up $25 of bonus cash rewards (since it’s just the two of us, we don’t really have a ton of spending in a month!) We deposited our cash rewards into our BofA savings and got an additional $2.50 – for a grand total of $27.50. Not bad for our first month!
If we only used this card for a whole year and our spending remains constant, we could theoretically rack up about $330 in cash rewards for the year. And the best part: this card doesn’t carry an annual fee! That means that if we pay off the card every month and don’t accrue any interest payments, we would get $330 just for changing how we pay for our purchases! That’s an extra $330 that we can keep in our savings for a rainy day (or an extra date night or two!)
If you currently have your checking or savings account with BofA, it might not be a bad idea to open up this credit card to take advantage of the extra 10% bonus for depositing your rewards back to a BofA account. Also, for not carrying an annual fee, this is a great cash rewards card to keep handy!
Carlos and I are not professional financial advisors. Please consult with a finance or tax professional before implementing any of our suggestions in this article.