Bank of America® Accelerated Cash Rewards American Express® Card

The Bank of America Accelerated Cash Rewards American Express Card offers 25% more cash rewards than many competing cards, and a 0% APR balance transfer feature for the first 12 billing cycles.

Credit Card Rates and Fees

• Purchase APR: 12.99% to 20.99% variable
• Transfer APR: 0% for 7 to 10 billing cycles
• Transfer Fee: 3% per transfer
• Grace Period: 25 days
• Annual Fee: $0
• Rewards: Earn 1.25% cash rewards per $1 in net retail transactions on every purchase, every time.

The Bank of American Accelerated Cash Rewards American Express Card is for those with excellent credit looking for either a balance transfer offer or cash back rewards. The card offers both, and with terms that place the Accelerated Cash Rewards card at the top in both of these categories. As with any credit card offer, it’s important to understand the terms and conditions that apply to these offers.

Accelerated Cash Rewards Balance Transfer Offer

The balance transfer introductory rate applies for 7 to 10 billing cycles, depending on the applicant’s creditworthiness. In addition, you can obtain the balance transfer as a direct deposit into your Bank of American bank account, a feature not available with many transfer offers. There is a 3% balance transfer fee (minimum $10), which should be considered for those planning to use this option. In addition, the introductory rate will terminate early if a cardholder exceeds the credit limit or is late with a payment.

Payments made on the card will be applied to lower rate balances first. If a cardholder has a 0% APR balance transfer balance on the card, along with balances at higher rates resulting form purchases, principal payments will be allocated to the balance transfer balance until it is paid in full. Only then will payments go to reduce the purchase balance. As a result, those that intend to take advantage of the balance transfer feature should consider not using the card for any other purpose until the balance transfer is paid off or the introductory rate expires.

When the introductory rate expres, any balance still remaining will be subject to an interest rate ranging from 8.99% to 18.99%, depending on creditworthiness.

Accelerated Cash Rewards Cash Back Offer

The cash rebate feature allows cardholders to earn 1.25% cash rewards per $1 in net retail transactions. BofA defines “net retail purchases as qualifying purchases less credits, returns, and adjustments, charged to the card each month. Balance transfers, cash advances, including purchases of money orders or other cash equivalents, out-of-network payments made through the Bill Pay Choice® service, purchases made by or for a business or for a business purpose, fees, finance charges, unauthorized/fraudulent transactions and certain other charges do not earn cash rewards.

Upon a cardholder’s request, cash rewards are payable in checks, statement credits, or direct deposit into a checking or savings account in increments of $50. Each time a cardholder earns a $50 cash rebate, they can go online to bankofamerica.com/onlinebanking or call the number printed on the back of your credit card to request a check or statement credit. Cardholders must go online to bankofamerica.com/onlinebanking to request a direct deposit. Cash rewards must be redeemed withn 5 years from the date the reward was earned. There is no limit to the amount of cash back rewards a cardholder can earn.

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Last updated: October 3, 2009