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Accelerated Cash Rewards™ Credit Card Review: Maximizing Your Cash Back
What Is the Accelerated Cash Rewards Credit Card?
The Accelerated Cash Rewards credit card is a cash back rewards credit card offered by Bank of America. This card is designed for consumers who want to earn cash back on their everyday purchases without the complexity of rotating bonus categories or tiered rewards structures. With a straightforward earning rate and no annual fee, it's positioned as a simple yet effective option for those seeking to maximize their credit card rewards.
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Accelerated Cash Rewards™ Credit Card Pros & Cons
Pros:
- Flat-rate cash back on all purchases
- No annual fee
- Potential for boosted rewards through Bank of America Preferred Rewards program
- Introductory APR offer for new cardholders
- No foreign transaction fees
Cons:
- No bonus categories for increased cash back
- No sign-up bonus (as of the last update)
- Requires good to excellent credit for approval
Who Is the Accelerated Cash Rewards™ Credit Card For?
The Accelerated Cash Rewards™ credit card is ideal for:
- Simplicity seekers: Those who prefer a straightforward rewards structure without tracking bonus categories.
- Everyday spenders: Consumers who make a variety of purchases and want to earn cash back on all of them.
- Bank of America customers: Particularly those enrolled in the Preferred Rewards program, who can boost their earnings.
- No-fee enthusiasts: People who want to avoid annual credit card fees while still earning rewards.
- Travelers: The lack of foreign transaction fees makes it suitable for international use.
Comparing Accelerated Cash Rewards with Other Credit Cards
When considering the Accelerated Cash Rewards, it's helpful to compare it with other popular options in the cash back credit card category:
- Annual fee: $0
- Sign-up bonus: Cash bonus after meeting spending requirements
- Key rewards: 5% on travel purchased through Chase Travel℠, 3% on dining and drugstores, 1.5% on all other purchases
- Standout feature: Flexible redemption options including cash back, travel, and gift cards
Capital One Savor Cash Rewards Credit Card (rates & fees):
- Annual fee: $0
- Sign-up bonus: Cash bonus after meeting spending requirements
- Key rewards: 3% on dining, entertainment, popular streaming services, and grocery stores
- Standout feature: No foreign transaction fees
Blue Cash Everyday® Card from American Express (rates & fees):
- Annual fee: $0
- Welcome offer: Cash bonus after meeting spending requirements
- Key rewards: 3% at U.S. supermarkets (up to $6,000 per year), 2% at U.S. gas stations and select U.S. department stores. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout
- Standout feature: This card offers a generous intro of APR on purchases and balance transfers
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.
Each card offers unique benefits tailored to different spending habits and preferences. Consider your personal financial goals when choosing the best card for you.
Key Takeaways:
- Accelerated Cash Rewards is designed for consumers who want to earn cash back on their everyday purchases without the complexity of rotating bonus categories or tiered rewards structures
- Chase Freedom Unlimited® offers diverse category bonuses
- Capital One Savor Cash Rewards Credit Card rewards dining and entertainment spending
- Blue Cash Everyday® Card from American Express provides strong rewards on everyday purchases
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Consider Using Kudos
While the Accelerated Cash Rewards card offers a solid cash back rate, savvy consumers looking to maximize their credit card rewards might want to consider using Kudos. Kudos is a free AI-powered browser extension that helps you get the most out of your credit cards when shopping online.
With Kudos, you can:
- Receive personalized credit card recommendations for each purchase
- Access rewards from over 15,000 stores
- Multiply your rewards up to 5X during exclusive "Flash Boost" events
- Discover new cards that align with your spending habits
If you're looking to get more out of your credit cards, Kudos is the best free shopping app to use when you shop online. They're currently offering $20 back after your first eligible purchase — just sign-up for free with code "GET20" and make a purchase at a Boost merchant.
Our Expert Takeaway
The Accelerated Cash Rewards credit card is a solid choice for those who value simplicity in their credit card rewards. Its flat-rate cash back structure eliminates the need to track bonus categories or adjust spending habits to maximize rewards. The lack of an annual fee and foreign transaction fees adds to its appeal, making it a versatile option for both domestic and international use.
However, the card's true potential shines for Bank of America customers, especially those enrolled in the Preferred Rewards program. The ability to boost cash back earnings through this program can significantly increase the card's value proposition.
For big spenders in specific categories like groceries, dining, or travel, other cards with bonus categories might provide more value. Additionally, the lack of a sign-up bonus may be a drawback for those looking for immediate rewards.
In conclusion, the Accelerated Cash Rewards™ card is an excellent choice for consumers seeking a no-fuss cash back card with no annual fee. It's particularly valuable for existing Bank of America customers who can leverage the Preferred Rewards program. However, to truly maximize your rewards across all your credit cards, consider pairing it with a tool like Kudos to ensure you're always using the best card for each purchase.
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Accelerated Cash Rewards™ Credit Card FAQ
Is there an annual fee for the Accelerated Cash Rewards™ credit card?
No, there is no annual fee for this card.
How does the cash back rewards program work?
The card offers a flat rate of cash back on all purchases, with no caps or expiration dates on rewards.
Can I boost my rewards with this card?
Yes, if you're enrolled in the Bank of America Preferred Rewards program, you can increase your cash back rate based on your tier.
Are there foreign transaction fees?
No, this card does not charge foreign transaction fees, making it suitable for international travel.
How can I redeem my cash rewards?
You can redeem your rewards for statement credits, deposits into eligible Bank of America accounts, or credit to eligible Merrill accounts.
Is there an introductory APR offer?
Yes, the card typically offers an introductory APR period for new purchases and balance transfers. Check the current offer for specific details.
What credit score do I need to qualify for this card?
Generally, you'll need a good to excellent credit score (typically 670 or higher) to be approved for this card.
Remember, while the Accelerated Cash Rewards™ card offers solid benefits, using a tool like Kudos can help you maximize rewards across all your credit cards, ensuring you're always getting the best return on your spending.
Supercharge Your Credit Cards
Experience smarter spending with Kudos and unlock more from your credit cards. Earn $20.00 when you sign up for Kudos with "GET20" and make an eligible Kudos Boost purchase.
Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
