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The Deal
- Earn 1% additional cashback when paying with a Bank of America Cash Rewards card.
Key Terms
- To be eligible, you first must activate this offer.
- Once activated, you will earn an additional 1% in cash rewards when you use your account to make purchase transactions (exclusive of any fees, returns and adjustments) from the date you activate the offer through June 30, 2021.
- This offer is only valid on the account identified within this communication and is non-transferrable.
- Allow up to 12 weeks after the promotion ends for the promotional cash rewards to be added to your rewards balance.
- The value of this reward may constitute taxable income to you. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) that reflects the value of such reward. Please consult your tax advisor, as neither we, nor our affiliates, provide tax advice.
- Limit $150 in additional cashback.
Tips & Ideas
The Bank of America Cash Rewards card allows you to select a category in which you’ll earn 3% cashback on the first $2,500 of spend each quarter, with categories including drugstores and online shopping.
This additional 1% cashback means you’ll earn a total of 4% cashback which is a great return for a no annual fee card. If you have Platinum Honors with Bank of America, that’ll become a 7% 6.25% card on that first $2,500 of spend this quarter (see Jay’s comment below which explains the math behind that).
“If you have Platinum Honors with Bank of America, that’ll become a 7% card on that first $2,500 of spend this quarter.”
Are you sure about that? I wasn’t targeted for this offer, but for all previous increased rewards offers that I got for this card, the additional rewards were separate, such that the Preferred Rewards multiplier applies only to the base rewards (analogous to hotel promos for bonus points). That would make it 3*1.75 + 1 = 6.25%, not 7%.
I didn’t realize that – I don’t have Platinum Honors myself and so haven’t ever been able to test that. Thanks for the heads up though – I’ll fix that in the post.