BOK Financial Cash Rewards American Express® Card
Earn Up to 3% Cash Back on Gas Purchases
- Regular Purchase APR 13.99% to 22.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 13.99% to 22.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 23.99% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Good , Fair
- Intro Purchase APR 0% for 6 months from account opening date
- Processing Network American Express
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 13.99% to 22.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 6 months on transfers made within 6 months from account opening date
- Balance Transfer APR: 13.99% to 22.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 23.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: Up to 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $35
At a Glance
The BOK Financial Cash Rewards American Express® Card lets cardholders earn 3% cash back on gas purchases and 2% on groceries. Cardholders also earn 1% cash back on all other purchases, and there are no limits to how much cash back you can earn. This card features no annual fee, and new cardholders receive 6 months of 0% APR on purchases and balance transfers.
Ideal for Those Who:
- Want to earn more cash back on gas and grocery purchases
- Don’t want to pay an annual fee
- Would like to take advantage of 0% APR for 6 months on purchases
- Need to transfer a balance and plan to pay it off in 6 months
BOK Financial Cash Rewards American Express® Card Review
The Cash Rewards American Express® Card from BOK Financial offers cardholders a variety of unique perks that set it apart from other BOK cards. It is the only cash back credit card from this financial institution.
Cardholders can earn different percentages of cash back for different types of purchases, and there is no limit to the rewards you can earn. Cardholders also get a $25 cash back reward on their first purchase.
This is all on top of 0% interest for six months on purchases and balance transfers. Keep reading to learn more about this card’s features
Earn Cash Back Rewards on Your Purchases
The BOK Financial Cash Rewards American Express® Card lets cardholders earn cash back on almost all of their purchases. This is the only cash back credit card from BOK Financial, although you can convert points to cash rewards with the other cards.
The difference with this credit card is that you can redeem your cash back almost instantly. By contrast, it takes around seven business days to convert points to a statement credit or cash deposit with the other BOK rewards cards.
3% Cash Back on Gas
BOK Financial’s Cash Rewards American Express® Card features a tiered rewards system. That means that certain types of purchases will earn you more cash back than others.
Cardholders earn the highest cash back percentage (3%) on gas purchases. However, there is a limit to how much cash back you can earn at this rate.
Three percent cash back on gas purchases only applies to the first $6,000 you spend in a year on gasoline. You may shrink back when you see that a credit card has a spending limit when it comes to issuing rewards. However, $6,000 can buy quite a lot of gas in a year.
According to the US Energy Information Administration’s 2016 figures, Americans spent around $1,000 a year on gas. Having a $6,000 yearly spending limit on gas purchases means you can even fill up other people’s tanks to rack up 3% cash back.
2% Cash Back on Groceries
While there are spending limits on gas purchases, the BOK Financial Cash Rewards American Express® Card has no limits on other types of purchases. You can always earn 2% cash back on grocery purchases at pretty much any grocery store or supermarket.
Considering that groceries tend to be one of the biggest variable expenses for families, it’s great that this card gives some extra cash back for these purchases. According U.S. Bureau of Labor Statistics data, the average American family spent nearly $8,000 a year on groceries in 2018.
If you use your Cash Rewards Amex Card, those purchases will earn you approximately $160 in cash back. That can be enough to cover groceries for a week. In essence, you can earn a free week’s worth of groceries if you use your card consistently for a year.
1% Cash Back on Everything Else
With this credit card, you earn the most rewards when shopping for some of life’s essentials – gas and food. But what about shopping for those little things that make life pleasant? Well, the BOK Cash Rewards Amex gives you 1% cash back on all other purchases.
There are a few limits to the purchases that earn you rewards, though. You can’t earn cash back on financial transactions, like cash advances and balance transfers. However, this is a common feature of most rewards cards.
Additionally, you cannot earn cash back on gambling transactions. These include placing bets, buying casino chips or credits, and purchasing lotto tickets.
Redeeming Your Cash Back
As previously mentioned, the BOK Financial Cash Rewards American Express® Card lets you redeem your rewards much more quickly than if you were to convert points to cash with another BOK card. Once you earn cash back you don’t automatically get cash in your account.
You have to actually redeem your rewards and choose whether you want a statement credit or a cash deposit. Getting a statement credit is like getting some of your credit card balance taken off. If you redeem your rewards for a $50 credit, for instance, you reduce your balance by $50.
If you want to receive a cash deposit, you will need to have a BOK Financial checking account. You can’t receive a paper check for your cash back rewards.
There is no limit to how much cash back you earn. However, there is a limit to the time you have to redeem your cash back rewards. You have five years from the date that you earn your rewards to redeem them for cash back. If you wait too long, you basically forfeit any rewards that you’ve earned.
0% Introductory APR on Purchases
The BOK Financial Cash Rewards American Express® Card also offers cardholders a zero-interest promotional period when they first sign up for this card. For six months from the date of opening an account, you won’t have to pay any interest on your purchases.
A six-month 0% APR period isn’t that generous. In fact, many issuers offer 0% interest for at least 12 months. Even BOK Financial has a credit card that offers no interest on purchases for 18 months – the Visa® Platinum Card.
However, you won’t be earning cash back with the Platinum Card. If you spend strategically and plan to pay off your balance within six months, you’ll actually making a profit off of your purchases during this period.
No fee and cash back rewards on almost anything you buy means that this credit card is practically paying you to use this card for the first six months. Just remember to pay off your balance before the promotional period ends to take full advantage of this offer
0% Introductory APR on Balance Transfers
The BOK Financial Cash Rewards American Express® Card offers a similar introductory promotion for balance transfers. You can transfer a balance within 186 days (roughly six months) of opening an account and pay no interest for six months.
This promotion, however, isn’t as beneficial to cardholders as 0% interest on purchases. For starters, six months isn’t a lot of time to pay off a credit card balance, unless it’s a small balance. Secondly, you do have to pay a fee for each balance that you transfer.
If you have a $5,000 balance on another card, for instance, you’ll have $150 in fees. On top of that, you’ll need to make monthly payments of over $800 in order to avoid paying interest on this card when the promotional period expires.
This can place some financial stress, especially if you are trying to hang on to your cash each month. It actually may be better to let this offer pass if you sign up for this card.
Should You Apply for the BOK Financial Cash Rewards American Express® Card?
If you are looking for a cash back rewards card with no annual fee, this may be an ideal option for you. You don’t have to worry about converting points to cash back and waiting a week to receive your hard-earned rewards.
Additionally, the tiered rewards system earns you the most cash back on the purchases that average consumers spend the most money on – gas and groceries. In a year an average family can earn at least $200 in cash back just by spending as they normally would.
The 0% introductory APR feature on purchases for six months is an attractive add-on. If you use this feature wisely, you can pretty much turn a profit from using this card for your first 6 months.
The balance transfer feature, however, may not be so attractive. If you have a large balance on a high-interest credit card that you need to pay off, you are better off applying for a different balance transfer card.