Save on interest charges with a 0% intro APR
Cash back may be this card's best feature, but it's not the only benefit. It also has one of the longer 0% intro APR offers, a popular way to avoid interest charges.
The 0% APR lasts for the first 15 billing cycles, and it applies to purchases, as well as any balance transfers you make within the first 60 days. The go-to 19.24% - 29.24% (Variable) APR applies after your card's intro period ends.
I always recommend using this type of benefit with caution. It can be perfect in certain situations -- for example, when you have big purchases to make that you can't pay off right away. In that case, you could put them on this Bank of America card, earn a nice chunk of cash back, and have 15 billing cycles to pay off your balance.
But this kind of offer can also encourage you to spend more, just because there are no interest charges for a limited time. Some people make purchases they don't need and even end up with long-term credit card debt. Only carry a balance on your card if necessary, even if it has a 0% APR offer.
Drawbacks to know about
This card is great for earning cash back, especially for Preferred Rewards members. But it has a few limitations that could affect how much you're able to get out of it.
The bonus caps put a limit on your cash back
You can earn a lot of cash back with this card, until you hit the quarterly spending cap. That's $2,500, combined, across all its bonus categories. That comes out to about $834 per month and $10,000 per year.
If you don't expect to spend more than that in bonus categories, then this is no problem. But if you're a big spender, and you could spend over $1,000 a month on online shopping, dining, or any of the other bonus categories, then this isn't the card for you.
There are plenty of cards that have bonus categories with no spending caps. Now, most of them don't let you choose your bonus categories. You can't quite have it all, at least not yet. But you could find a card with bonus categories you like, without any limits on them, by checking out more credit card reviews.
A foreign transaction fee makes this the wrong card to use abroad
This Bank of America card doesn't travel well. It's a Visa card, so you could use it wherever Visa is accepted, but you'll pay extra. There's a 3% foreign transaction fee on purchases outside the United States.
If you ever travel abroad, you're going to want a card with no foreign transaction fee. Otherwise, all those dinners, excursions, and souvenirs are going to cost extra.
RELATED: The Ascent's Travel Credit Cards Hub
Bank of America used to offer a solid list of complimentary protections on this card. Not anymore. It got rid of auto rental insurance, purchase protection, and lost luggage reimbursement.
Changes like these often go unnoticed. Let's be honest, most of us aren't choosing a credit card based on which one has the best lost luggage insurance.
They're still a negative, though, especially because there are other cards offering these protections. If you're planning to buy a new iPad, you might want to pay with a card that covers new purchases for damage or theft. This Bank of America card no longer fits the bill.