Bank of America BankAmericard Cash Rewards

Today I received an offer in the mail from Bank of America saying I am pre-approved for a new credit card! It is the new BankAmericard Cash Rewards credit card that they just launched. They offered me a $50 one time bonus after spending $500 in the first 3 months of opening. It was definitely not as good as Chase Freedom's 30,000 point bonus (equivalent to $300), but it did have some perks.

It had 3% cash back on gas stations, 2% cash back on grocery stores, and unlimited 1% cash back on all other purchases. The differences between Chase Freedom and this, is that the cash back percentage is locked in, and does not rotate category like Chase. However, like Chase Freedom, there is also a cap of $1,500 maximum of combined gas and grocery purchases per quarter for the 3% and 2% cash back, respectively.

Even though I just opened a Chase Freedom account the other week, I knew there is no chance for them to decline me because I was already pre-approved. So, I went online and filled out the application and got another instant approval!

Details
Bank: Bank of America
Type: Cash Rewards Visa Signature
Credit limit: $5000
APR: %0 for 6 months; 20.99% thereafter
Annual fee: none
Benefits
   •   One time $50 bonus
   •   3% cash back on gas stations
   •   2% cash back on grocery stores
   •   Unlimited 1% cash back on all other purchases
   •   Chip Card technology