The Best Bank Promotions

Bank of America has become the latest of the big banking institutions to offer a credit card promotion with a cash back bonus that rises, provided you use it for certain purchases.

Card holders who obtain a BankAmericard Cash Rewards Visa card earn money back on all spending, but the percentage escalates depending on what they’re purchasing. For most transactions, the reward is 1 percent of the price.

For grocery store purchases, the reward escalates to 2%, and for using the card to purchase fuel, it’s 3 percent.

A spokesperson for BOA reports that the tiered incentives were contrived to reflect customer behavior. About on third of all the credit card transactions that Bank of America handles are for groceries and fuel.

Unfortunately there is a limit on those higher percentages. They apply only to the first $1,500 in groceries and fuel spending every 90 days.

Individuals who use the account for at least $100 in purchases in the first two months the account is open will receive an extra $50 bonus.

Cardholders  who have their bonuses deposited into a BOA checking or savings account will get an extra 10% bonus.

The small print

The credit card offers an introductory interest rate of zero percent for the first twelve statements, after which the interest will alternate to a variable rate based on the prime rate between 12.99 percent and 20.99 percent, dependent on your credit rating.

Cash advances from bank tellers or ATM machines will carry a 24.99 percent interest rate. Late payments can activate a rate of up to 29.99 percent.

Bank of America Credit Cards For Business With Cash Back Rewards

BOA is offering a MasterCard with a similar tiered incentive plan, offering 1% cash back on all purchases , 2% on restaurant purchases and 3 percent on office supplies, gas station and computer network service purchases.

There is no limit on the purchases categories for the credit card for business, but there is also no benefit for depositing profits into savings or checking accounts.

Apply for this credit card promotion here.

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