Bank of America is now promoting the following offer for the BankAmericard Rewards Visa:

• Earn 1 point for every $1 in net retail purchases
• With an eligible banking relationship, you’ll also earn an additional .25 bonus points for every $1 in net retail purchases each month. Maintain this relationship, and your base points earned during the year will be matched by 25%
• 0% Introductory APR on Purchases, Balance Transfers and Cash Advance Checks for your first 6 billing cycles

What this means is that, when you factor in the annual 0.25% bonus, you’ll earn a total of 1.5 points per dollar spent on anything. The main requirement is that you will need to have an open and eligible deposit, loan (other than a credit card), or investment account with Bank of America in order to earn that rate.

Points can be redeemed for cash, gift cards, travel or merchandise. According to a representative I spoke with, the points redemption for cash is as follows: 2,500 pts = $12.50; 5,000 pts = $25; 10,000 pts = $80; 15,000 pts = $120; 25,000 pts = $250; 50,000 pts = $500.

As long as you redeem at least 25,000 points at a time, this turns the card into a 1.5% flat cash back card on anything with no caps.

You can apply online at this link.