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Bank of America Hikes Bonuses on 2 No-Annual-Fee Cards

Oct. 1, 2018
Cash Back Credit Cards, Credit Cards, Promos, Travel, Travel Credit Cards
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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.

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