$200 Bonus On The BankAmericard Cash Rewards Mastercard

Via Reddit, There is currently an offer on the Bank of America Cash Rewards Mastercard for $200 bonus after spending $500 in 90 days after card opening.  You can even pick your favorite baseball team as your design cover.  The normal bonus offer is $100 after $500 spend.  This may not seem like a great offer, but it may be useful to some.

BankAmericard Cash Rewards Mastercard highlights:

• No annual fee
• Earn 1% cash back everywhere
• Earn a total of 2% at grocery stores and 3% on gas for the first $1,500 in combined purchases in those categories each quarter
• Redeem for cash back starting at $25. Plus get a 10% customer bonus when you redeem into a Bank of America^® checking or savings account.

Keep in mind that this is a Mastercard.  Bank of America also has an identical Visa version that offers the same benefits.

Both the Mastercard and Visa are “Cash Rewards” cards and are eligible for significant bonuses if you are part of the Bank of America Preferred Rewards Program.

With the Preferred Rewards program, if you maintain the following balances with Bank of America or Merrill Lynch, you will receive the following bonuses:

$20K – $50K  – Gold level – 25% bonus on your spending which makes the earnings

• 1.25% on everything
• 2.5% at grocery store
• 3.75% on gas

$50K-$100K – Platinum level – 50% bonus on the credit card which makes the earnings

• 1.5% on everything
• 3% at grocery store
• 4.5% on gas

> $100K – Platinum Honors – 75% bonus bonus on the credit card which makes the earnings

• 1.75% on everything
• 3.5% at grocery store
• 5.25% on gas

The most interesting to me are the 3.5% at the grocery store and 5.25% on gas all the time if you have Platinum Honors status.  Even at the lower Platinum level, 3% at the grocery store and 4.5% on gas are pretty good.

Since there is a Mastercard and a Visa version, you could technically get both, and have justification for having both.  You would essentially double your quarterly spend to $3k a quarter or $12k for the year.

So, if you have Platinum Honors status with Bank of America, these no annual fee cash rewards cards and also the BankAmericard Travel Rewards look pretty good.