Moreover, these rewards never . Card Details Interest Rates & Fees Rewards Security & Features Connect one on one with a credit card specialist Schedule an appointment $0 Liability Guarantee. Editorial and user-generated content is not provided, reviewed or endorsed by any company. ADVERTISER DISCLOSURE CreditCards.com is an independent, advertising-supported comparison service. Check redemptions start at $25. Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases. For further information about automated content on CreditCards.com, email Lance Davis, VP of Content, at lance.davis@bankrate.com. From industry experts to data analysts and, of course, credit card users, were well-positioned to give you the best advice and up-to-date information about the credit card universe. That said, the card has its limitations, and youll probably want to steer clear if you want unfettered cash back earning potential or are looking for a more travel-oriented card. choose-your-own-adventure earnings structure, Bank of America Customized Cash Rewards credit card, Bank of America mobile app or online account, 3 percent cash back in the category of your choice: gas, online shopping, dining, travel, drugstores or home improvement/furnishings, 2 percent cash back at grocery stores and wholesale clubs, 1 percent cash back on all other purchases, Browse through the current promotions and activate the deals you like. The offers that appear on this site are from companies from which CreditCards.com receives compensation. There is a minimum redemption amount of $25 for contributions to a qualifying 529 account with Merrill Lynch or Merrill Edge or a for a check. The card's annual fee is $0. Many of the credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. Every day, we strive to bring you peace-of-mind as you work toward your financial goals. Reasonable efforts are made A good example would be the Bank of America Travel Rewards credit card, which offers 25,000 points for spending $1,000 in the first 90 days. If you simply max out the 3-percent bonus category each quarter for a year, you can potentially earn $300 cash back for that year. Members of Bank of America's Preferred Rewards for Business program earn 25% to 75% more cash back on every purchase made with the Business Advantage Unlimited Cash Rewards card, depending on their rewards tier - that means the unlimited 1.5% cash back earned on all purchases could go up to 2.62% cash back. Bank of America Customized Cash Rewards credit card, $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening, 17.74% - 27.74% Variable APR on purchases and balance transfers. Grocery store merchants and wholesale clubs include supermarkets, freezer or meat lockers, candy, nut or confection stores, dairy product stores and bakeries. Regardless of which category you pick, you can earn 3% cash back and furthermore, this credit card is a fantastic everyday card, thanks to its 2% rewards rate at grocery stores and wholesale clubs (3% and 2% applies to the first $2,500 in combined choice category/grocery/wholesale club purchases spent each quarter; then 1%). The easiest way you can redeem your Bank of America cash rewards is either online or through the mobile app. Heres more info about the cash rewards redemption options from Bank of America: You can redeem cash rewards from Bank of America through your online banking account, or by calling (800) 434-8313. You can expect to receive your card within 10 days of application approval. Cardholders must have a minimum of $25 in cash back earned in order to redeem, regardless of redemption method. Bank of America Cash Rewards Have the BofA Visa which they converted me to when they took over the Schwab Visa which gave 2% cash back on everything. Your credit cards journey is officially underway. A check that expires will be voided, and youll receive a statement credit for the check amount within two billing periods. Read on for what you need to know about the 3-percent bonus, including how to choose a category and what purchases qualify for the bonus. Whats more, you can switch out your chosen category once a month, allowing you to maximize your bonus earnings as your spending habits change over time. A good example would be the. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. Direct deposit to a checking or savings account: Will post to your requested account within five business days. Is the Bank of America Customized Cash Rewards credit card worth it? Guide to earning the 3-percent cash back bonus from the Bank of America Cash Rewards credit card, Bank of America Cash Rewards credit card, How to maximize the Bank of America Cash Rewards cards 3-percent bonus, Credit score needed for the BankAmericard. That said, theres one potential deal-breaker that big spenders, in particular, should be aware of: The 3 percent and 2 percent bonus rates have a combined $2,500 quarterly spending cap. Statement credits do not affect your minimum payment due each month. Bank of America created a convenient mobile app allowing you to control spending, earnings, cash-back redemption, and finances from anywhere. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. The Bank of America Cash Rewards card offers a variety of ways to redeem your rewards. articles, ($2,500 travel spend x 3% cash back) + ($500 travel spend x 1%) =, ($2,500 travel spend x 3% cash back) x 4 quarters + $200 sign-up bonus =, $200 online cash rewards sign-up bonus when you spend $1,000 in first 90 days, Earn 3% cash back on gas, online shopping, dining, travel, drug stores or home improvement/furnishings, Earn 2% cash back at grocery stores and wholesale clubs, There is a $2,500 combined limit on 2% and 3% categories each quarter, then 1%, General purchases earn an unlimited 1% cash back, You can change the choice category one time each calendar month, or not at all, Bank of America provides a snapshot of your previous spend in each of the 6 choice categories to help inform your decision. Once you have at least $25 in cash rewards, you can directly apply your rewards as a statement credit and the amount will be subtracted from your current balance. Youll qualify for the lowest level (Gold) if you have $20,000 to $49,999 in your Bank of America deposit accounts, which will get you a 25% points bonus on all your purchases. Wallethub doesnt charge for this service. Bank of America allows you to redeem for cash Both cash back and points cards You'll can redeem your Bank of America allows cardholders to redeem their rewards in cash, whether they have a cash back or a points credit card. The gas category includes gas and fuel merchants whose primary line of business is the sale of automotive gasoline that can be purchased inside the service station or at the automated fuel pump as well as gasoline purchased at boat marinas. Accuracy, independence and authority remain as key principles of our editorial guidelines. For example, Ace Hardware, Menards, Bed Bath and Beyond, IKEA, Pottery Barn, Lowes, Sherwin-Williams, Williams-Sonoma and Trugreen are included in this category. One lesser-known Bank of America perk is the issuers Museums on Us program, wherein cardholders receive free general admission to hundreds of cultural institutions during the first weekend of every month. Very few cards on the market have rewards based on a quarterly calendar. I'm maxed out on Q3, and I want to get started on Q4, but I don't know if this new charge is . Racking up coins earns additional cash bonuses as you continue to redeem promotions. Rewards are only redeemable for cash back, either in the form of a statement credit, direct deposit, or personal check. Combine that with the $200 sign-up bonus after $1,000 spend in the first 90 days of account opening, and you can earn at least $450 cash back in the first year alone. Upon receiving your card, you will have to activate it on your Bank of America mobile banking app, on Bank of Americas credit card activation website or by calling the number on the back of the credit card. Bank of America Unlimited Cash Rewards Secured Feature Breakdown. 0% Intro APR for 18 billing cycles for any BTs made in the first 60 days. Our top goal is simple: We want to help you narrow down your search so you dont have to stress about finding your next credit card. The best Bank of America credit card with a $200 bonus offer is the Bank of America Customized Cash Rewards credit card. New customers have to provide the following information: Getting this reward is subject to a condition; however, it is easy to meet it. When you click on By providing my email address, I agree to CreditCards.coms Generally, the value of Bank of America rewards points will vary depending on how you redeem them and the card you have. Please view our advertising policy page for more information. to maintain accurate information. All other purchases earn unlimited 1 percent cash back. However, we may receive compensation when you click on links to products from our partners. Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Plus, you can earn 1 - 3% cash back on purchases. The online shopping category consists of online and mobile app purchases made at a variety of retailers, such as bookstores, department stores, specialty retailers and sporting goods stores. Open an account Editorial integrity is central to every article we publish. How can I redeem my Bank of America cash rewards? This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. For instance, big families with high grocery bills, couples who dine out frequently and consumers who do a lot of online shopping might find the Bank of America Customized Cash card especially lucrative. 0% Intro APR for 18 billing cycles for purchases, Apply for Bank of America Customized Cash Rewards credit card, for Bank of America Customized Cash Rewards credit card. The highest tier in this program offers a whopping 75% more points than the current rates, meaning this card will provide tremendous value on your everyday purchases for Bank of America fans. To enroll in Preferred Rewards, you must have an eligible Bank of America personal checking account and a three-month average of $20,000 or more in qualifying Bank of America banking accounts and/or Merrill Edge and Merrill Lynch investment accounts. Card Rating is based on the opinion of TPG's editors and is not influenced by the card issuer. Privacy Policy. Since 2004, CreditCards.com has worked to break down the barriers that stand between you and your perfect credit card. Privacy Policy. The cards annual fee is $0. WalletHub is not a financial advisor, law firm, lawyer referral service, or a substitute for a financial advisor, attorney, or law firm. The Bank of America Customized Cash Rewards for Students credit card is a great way to build a credit history and establish sound credit habits. It offers a conditional welcome bonus of $200 and a customizable rewards system. To update the category in the mobile app, simply select the Bank of America Cash Reward card, click on the Rewards tab and select Get Started. If you want to choose a category other than gas, click Change Category., To get detailed information about each choice category, select Category Details. You can also view your previous choice categories by clicking Selection History.. All Rights Reserved. You can redeem your cash back for statement credits, deposits made directly into your Bank of America checking or savings account or for credit to an eligible account with Merrill Lynch or Merrill Edge. Will post to your designated Bank of America or Merrill account at the end of each calendar month, provided your rewards balance meets or exceeds $25. (Partner offer). How can one get a $200 welcome bonus for new cardholders of Bank of America Customized Cash Rewards for Students? Best Credit Card Rewards Programs of 2022. EDITORIAL DISCLOSURE All reviews are prepared by CreditCards.com staff. However, we may receive compensation when you click on links to products from our partners. Bank of America Customized Cash Rewards credit card offers $200 for spending $1,000 in the first 90 days. The application can be saved as a draft or filled out and filed later. Merchants that provide non-retail services, such as doctors and hospitals, government services and taxes, insurance, membership organizations, schools and utilities are excluded from the category. The card supports contactless payment technology, digital wallets, and safe online and offline payments. Plus, you can earn 3% cash back in a category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 spent on these categories combined per quarter), and 1% on all other purchases. In addition, it is not any companys responsibility to ensure all questions are answered. If you also have a Preferred Rewards membership on an eligible card, youll be able to maximize your cash rewards with an extra bonus of 25%, 50% or 75% for the Gold, Platinum and Platinum Honors tiers, respectively. Rewards are only redeemable for cash back, either in the form of a statement credit, direct deposit, or personal check. Leave a review and get 20 Fincoins to your account! Other factors, such as our proprietary website's rules and the likelihood of applicants' credit approval also impact how and where products appear on the site. Accuracy, independence and authority remain as key principles of our editorial guidelines. This question is about the Bank of America Customized Cash Rewards credit card. Since you can select a new 3-percent bonus category each month, a little planning ahead can help maximize your earning potential throughout the year. Cardholders will also earn 2 percent cash back at grocery stores and wholesale clubs (on up to $2,500 in combined 2- and 3-percent categories each quarter) and unlimited 1 percent cash back on everything else. You can apply for the card directly. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Is there a cap for earning cash-back using Bank of America Customized Cash Rewards for Students? You can take advantage of this offer when you apply now. Like many great rewards credit cards, this card comes with a sign-up bonus for new cardholders. The regular APR is in the range of 16.99%-26.99%. You earn a total of 2% cash back (equal to $0.02 for every $1, consisting of 1% Bonus Cash Rewards and 1% Base Cash Rewards) on Net Purchases made at any eligible grocery store merchants and wholesale Every day, we strive to bring you peace-of-mind as you work toward your financial goals. The Bank of America content was last updated on October 3, 2022. Credit card rewards programs run the gamut from flat-rate cash back to rotating bonus categories to airline miles and everything in between. While Bank of America does not have control over how a merchant classifies itself, they do group similar MCCs into grocery store, wholes club and choice categories to help maximize your bonus. See related: How to maximize the Bank of America Cash Rewards cards 3-percent bonus. Merchants that qualify for the home improvement/furnishings category include hardware stores, contractors, air conditioning and refrigeration repair shops, antique shops, carpet and upholstery cleaning services, lawn and garden supply stores, paint stores, household appliance stores, miscellaneous house furnishings specialty shops and more. Introduction to the Bank of America Customized Cash Rewards Credit Card. In addition, a promotional 0% APR is applied to the first 18 billing cycles. The Bank of America Unlimited Cash Rewards Credit Card for Students skips over the bonus categories in favor of a flat 1.5% cash back for everything you buy. Once the cap has been reached, cardholders will earn 1 percent cash back for the remainder of that quarter. WalletHub Answers is a free service that helps consumers access financial information. The helpfulness of a financial advisor's answer is not indicative of future advisor performance. You can redeem your cash rewards for statement credit, direct deposit to a BofA/Merrill Lynch account, or a personal check. Fees. Taking advantage of the sign-up bonus. That means you could earn 3.75%-5.25% cash back on purchases in your choice category. With tools like CardMatch and in-depth advice from our editors, we present you with digestible information so you can make informed financial decisions. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear within listing categories. Privacy Policy. By providing my email address, I agree to CreditCards.coms The Better Balance Rewards card from Bank of America offers $25 per quarter when you pay more than the minimum of your balance or pay it down completely each month. Cash Rewards cardholders will earn a 2-percent bonus on grocery store and wholesale club purchases, and a 3-percent bonus on choice categories on up to $2,500 in combined purchases each quarter. 3% and 2% cash back only on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, and then it will be 1%. So, on a $100 purchase that earns you 3% cash back ($3) youll actually earn $3.75, $4.50 or $5.25 depending on your Preferred Rewards tier. This site is protected by reCAPTCHA and the GooglePrivacy Policy and Terms of Service apply. CreditCards.com credit ranges are derived from FICO Score 8, which is one of many different types of credit scores. Our team is made up of diverse individuals with a wide range of expertise and complementary backgrounds. For example, Amazon.com, Bestbuy.com, Ticketmaster.com, QVC.com, Americanairlines.com, Starbucks.com and Uber.com are included in this category. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. So, for example, if you travel frequently and spend around $250 each week on hotel stays and rental cars, youll likely benefit most from the travel category. $0 Liability Guarantee. There are some drawbacks of the Bank of America Customized Cash Rewards for Students: quarterly spending cap puts a limit on earning cash-back; balance transfer fee is applied (3% or $10); groceries cash-back category excludes some supermarkets. Learn more about our advertising policy. Bank of America Travel Rewards credit card. With a 3%/2%/1% rewards scheme, you get to pick where you spend the most each quarter from gas, online shopping, dining, travel, drug stores or home improvements and furnishing. Check out our suggestions of which categories to choose each month to help boost your bonus earnings in 2019. How to add an authorized user to a Bank of America credit card, Guide to Bank of America Preferred Rewards, How to request a credit limit increase with Bank of America. The Bank of America Customized Cash credit card might be a good fit if you prefer a mostly hands-off approach to earning rewards and want to avoid an annual fee. Flexible earning structure (3% cash back in the category of your choice and 2% at grocery stores and wholesale clubs); up to $2,500 in combined purchases per quarter (then 1%), Maximum $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then 1%. The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. The Bank of America Customized Cash credit card offers a few other features worth mentioning. When she's not writing about personal finance and credit cards, she's immersing herself in the world of travel hacking. Editorial and user-generated content is not provided, reviewed or endorsed by any company. 2.5% (25% bonus) 3% (50% bonus) 3.5% (75% bonus) Platinum Honors members with $100,000+ deposited in eligible BoA accounts would see the Cash Rewards card bonus earnings top out at about $130 a quarter with the 75% bonus. If you find that other cash-back cards dont exactly match your lifestyle and spending habits, youll like the flexibility of the Bank of America Customized Cash Rewards credit card. It is worth noting that there are Bank of America credit cards with a bonus valued at $200 or more, but they offer points rather than cash back. If youre not tied to Bank of America as an issuer, feel free to also check out some of the best cash back credit cards on the market to weigh your options. Annual fee: $0; Balance transfer fee: 3% or $10 (whichever is greater) Cash advance fee: 5% or $10 (whichever is greater) For example, November and December are great months to select the online shopping category and earn a 3-percent bonus on Black Friday and Cyber Monday shopping. For further information about automated content on CreditCards.com, email Lance Davis, VP of Content, at lance.davis@bankrate.com. Essential reads, delivered straight to your inbox. When I log in, they have an offer for Cash Rewards card, $200 cash rewards bonus for $500 spend in first 90 days. See the online credit card applications for details about the terms and conditions of an offer. Merchants include, but are not limited to, parking lots and garages, tolls, taxis and rideshares, commuter passenger travel, tourist attractions and exhibits, airlines, amusement parks, cruise lines, hotels and car rentals. Card advice Content published under this author byline is generated using automation technology. Plus, you can earn 3% cash back in a category of your choice and 2% back at grocery stores and wholesale clubs (up to $2,500 spent quarterly), plus unlimited 1% cash back on all other purchases. How to get the most out of this flexible Bank of America card. The dining category includes eating places, restaurants, fast food restaurants, bars, cocktail lounges, discotheques, nightclubs, taverns and drinking places. The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. In this case, you can earn cash back in three different tiers: This type of rewards card can be a great option for those whose everyday purchases align with one or more of these categories. If youre looking to earn more rewards while doing less, this could be the card for you, especially if youre an existing Bank of America customers who can take advantage of boosted earning rates. This answer was first published on 05/04/21. New longer intro period! To qualify, youll need a credit score of 670 or higher. Privacy Policy. 1. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. Once the cap has been reached, cardholders will earn 1 percent cash back for the remainder of that quarter. Note, however, that youll have to pay either a $10 or 3 percent balance transfer fee, whichever is greater, and request the transfer within the first 60 days. Alternatively, you can do it over the phone, by calling customer service at (800) 434-8313. Redeeming cash rewards from Bank of America takes up to 14 business days, depending on the redemption method. The Bank of America Customized Cash Rewards card empowers the cardholder to choose their bonus category each quarter (to earn 3% cash back on up to $2,500 in combined purchases per quarter). Hire the best financial advisor for your needs. Every purchase you make using your card is categorized using a merchant category code (MCC). The Bank of America Customized Cash card is whats called a tiered bonus category card, which means it offers boosted rewards rates on specific types of purchases. 1% unlimited cash back on all other purchases Earn 3% and 2% cash back on up to $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. Automatic redemptions, starting at $25, can be set up for eligible Bank of America, Merrill Lynch or Merrill Edge account. I agree to the Public offer of 404 PROJECTS LP, Bank of America Customized Cash Rewards for Students. Bank of America Cash Rewards Credit Card Review. The card has zero liability if the bank suspects fraud. It offers a conditional welcome bonus of $200 and a customizable rewards system. Earn unlimited 1% on all other purchases. Your tier is based on your combined balances in your Bank of America deposit and/or Merrill investment accounts. If you request a check, it will be mailed within 14 business days. Youll also have access to BankAmeriDeals, a card-linked offer program that can help you earn extra cash back in some cases up to 15 percent on eligible purchases at select restaurants and other retailers, without having to use a promo code or coupon. 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. Bank of America Customized Cash Rewards credit card. The good news is that, as a Visa Signature card, you do get some purchase protections, including extended warranty coverage, which doubles the manufacturers warranty for up to an extra year. Cash Rewards are calculated at each transaction. Plus, you can earn 3% cash back in a category of your choice and 2% back at grocery stores and wholesale clubs (up to $2,500 spent quarterly), plus unlimited 1% cash back on all other purchases. read full answer. Alternative Bank of America Credit Card Bonuses. **** Cash Rewards or statement credit redemptions; $25 minimum for 529 contributions and check redemptions Automatic Redemption $25 minimum Expiration As long as your account is open and has active charging privileges, Cash Rewards . 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