The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. The cards annual fee is $0. Once the cap has been reached, cardholders will earn 1 percent cash back for the remainder of that quarter. Our team is made up of diverse individuals with a wide range of expertise and complementary backgrounds. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. The Bank of America Customized Cash Rewards credit card gives 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. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. 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. 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. Having the flexibility to earn a higher rewards rate on the purchases you make the most can help you rack up points faster than you probably would with a fixed bonus category card. Keep in mind that you dont have to change the choice category every month, or at all in fact. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Privacy Policy. Log in to enroll Don't have a Bank of America checking account yet? It is the category to choose from, and the choice is wide: gas and other kinds of fuel, shopping online, dining, medications, and home improvement. The balance transfer fee is 3%, not less than $10. Editorial and user-generated content is not provided, reviewed or endorsed by any company. The best Bank of America credit card with a $200 bonus offer is the Bank of America Customized Cash Rewards credit card. The regular APR is in the range of 16.99%-26.99%. The Bank of America Customized Cash Rewards Secured credit card gives access to the bank's rewards program that lets you earn cash back for making purchases. For further information about automated content on CreditCards.com, email Lance Davis, VP of Content, at lance.davis@bankrate.com. With tools like CardMatch and in-depth advice from our editors, we present you with digestible information so you can make informed financial decisions. 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. When she's not writing about personal finance and credit cards, she's immersing herself in the world of travel hacking. The offers that appear on this site are from companies from which CreditCards.com receives compensation. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. 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. Every day, we strive to bring you peace-of-mind as you work toward your financial goals. Copyright 2022 CreditCards.com a Red Ventures Company. Reasonable efforts are made Please review our list of best credit cards, or use our CardMatch tool to find cards matched to your needs. By providing my email address, I agree to CreditCards.coms 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. 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%. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. 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. 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. Is it possible to increase cash-back earned using Bank of America Customized Cash Rewards for Students? New accounts receive 18 billing cycles of interest-free financing on both new purchases and balance transfers (then 12.99% to 22.99% variable APR). The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. WalletHub Answers is a free service that helps consumers access financial information. *** (if qualified & enrolled): Earn 25%-75% more Cash Rewards. On the other hand, those who dont mind putting in a little extra work to maximize their earnings might be better off with a card that has a 5 percent cash back rate in rotating spending categories, like the Discover it Cash Back or the Chase Freedom Flex. The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Bank of America Customized Cash Rewards credit card. The cards annual fee is $0. Cash Rewards from Bank of America is a program in which you earn cash rewards when you make purchases with a Bank of America cash rewards card. 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. However, it is possible to earn 3% and 2% cash back only on the first $2,500; then, the ratio is reduced to 1%. 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. See the online credit card applications for details about the terms and conditions of an offer. to maintain accurate information. However, we may receive compensation when you click on links to products from our partners. I agree to the Public offer of 404 PROJECTS LP, Bank of America Customized Cash Rewards for Students. 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. 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. 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. The drug stores category includes purchases made at drug stores, pharmacies, drug proprietors and druggist sundries, such as CVS Caremark, RiteAid, Walgreens and Duane Reade. The easiest way you can redeem your Bank of America cash rewards is either online or through the mobile app. Privacy Policy. Superstores and smaller stores that sell groceries, such as drug stores and convenience stores, do not earn the bonus rate. Hire the best financial advisor for your needs. If youre not tied to Bank of America as an issuer, feel free to also check out some of. Message and data rates may apply. Information on WalletHub Answers is provided as is and should not be considered financial, legal or investment advice. Bank of America Customized Cash Rewards credit card offers $200 for spending $1,000 in the first 90 days. Interest Rates & Fees Rewards Additional Benefits Security & Features Connect one on one with a credit card specialist Schedule an appointment Mobile Banking. If you do, depending on your account balance, you could boost your earnings rates across all categories, including your 3 percent pick, by as much as 75 percent. You can redeem your cash rewards for statement credit, direct deposit to a BofA/Merrill Lynch account, or a personal check. Essential reads, delivered straight to your inbox. the "Apply Now" button, you can review the credit card terms and conditions on the issuer's web site. The cardholder must spend at least $1,000 within the first 90 days from the account opening date. Yes, if the cardholder has funds over $20,000, cash-back may grow even by 75% compared to the initial reward rate. These editors thoroughly edit and fact-check the content, ensuring that the information is accurate, authoritative and helpful to our audience. 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. 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. 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. 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. 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. Your tier is based on your combined balances in your Bank of America deposit and/or Merrill investment accounts. will vary depending on how you redeem them and the card you have. However, card members can change the category one time each calendar month through online banking or using the mobile banking app. Heres what you need to know to decide whether this Bank of America card is a good fit for your wallet. 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. 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. We are committed to being fully transparent with our readers. 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. This site is protected by reCAPTCHA and the GooglePrivacy Policy and Terms of Service apply. Rewards are only redeemable for cash back, either in the form of a statement credit, direct deposit, or personal check. 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%. Tracy Kerscher-Brackman And if you have a large balance on another card and want some interest-free time to pay it off, the cards intro APR may be particularly appealing. Using your Bank of America cash rewards for a statement credit is one of the simplest options. 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. Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). This compensation may impact how and where products appear on this site, including, for example, the order in which they appear within listing categories. Alternative Bank of America Credit Card Bonuses. The offers that appear on this site are from companies from which CreditCards.com receives compensation. Bank of America Unlimited Cash Rewards credit card, Bank of America Customized Cash Rewards Credit Card for Students, 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 you choose to redeem your rewards using the personal check option, you should expect to wait at least 14 days for the check to arrive by mail. 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. The following post has been sponsored by our partner, Bank of America. Redeeming cash rewards for a statement credit will take around three business days. 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. Very few cards on the market have rewards based on a quarterly calendar. The Preferred Rewards program is our way of rewarding you for what you already do, whether it's banking with Bank of America or investing with Merrill. 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. The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. Checks are valid for 90 days from the date issued. The $0 Liability Guarantee covers fraudulent transactions made by others using your account. CreditCards.com credit ranges are derived from FICO Score 8, which is one of many different types of credit scores. Fuel dealers whose primary line of business is the sale of heating oil, propane, kerosene and other fuels are also included. Our team is made up of diverse individuals with a wide range of expertise and complementary backgrounds. CreditCards.com does not include the entire universe of available financial or credit offers.CCDC has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. You might also want to steer clear if youre looking to use your rewards for travel redemptions the Bank of America Customized Cash card comes with limited redemption options or if you think youll regularly spend more than $2,500 per quarter in the 2 percent and 3 percent bonus categories. How to get the most out of this flexible Bank of America card. Is there a cap for earning cash-back using Bank of America Customized Cash Rewards for Students? 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. A 3% fee (min. The Bank of America Customized Cash credit card offers a few other features worth mentioning. There is a maximum limit of $2,500 per quarter. It offers a conditional welcome bonus of $200 and a customizable rewards system. For example, McDonalds, Starbucks, The Cheesecake Factory, Dominos Pizza and Grubhub all fall under this category. When you click on This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. Earn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). If you request a check, it will be mailed within 14 business days. read full answer. in which you earn cash rewards when you make purchases with a Bank of America cash rewards card. A good example would be the. The card comes with a $0 annual fee and it requires excellent credit for approval. The BoA Cash Rewards card offers as a base: 3% cash back in the category of your choice -- gas, online shopping, travel, dining, drug stores, home improvements/furniture 2% cash back -- grocery stores & wholesale clubs 1% cash back on all other purchases The ability to change your 3% cash back on a month-to-month basis No annual fee Thats because the rewards add up even more if youre eligible for the Bank of America Preferred Rewards program. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Your tier is based on your combined balances in your Bank of America deposit and/or Merrill investment accounts. Bank of America Cash Rewards Credit Card Review. This question is about the Bank of America Customized Cash Rewards credit card. Check the data at the top of this page and the bank's website for the most current information. WalletHub editorial content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any company. Do they go by the transaction date, or the post date. All Rights Reserved. The Bank of America Customized Cash Rewards for Students features a zero annual fee. 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. Kelli Pate If youre interested in getting a card with rotating bonus categories, you can find many of them among WalletHubs picks for the best 5% cash back credit cards. 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. Statement credits do not affect your minimum payment due each month. 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. 1. How can one get a $200 welcome bonus for new cardholders of Bank of America Customized Cash Rewards for Students? Accuracy, independence and authority remain as key principles of our editorial guidelines. (Partner offer). With tools like CardMatch and in-depth advice from our editors, we present you with digestible information so you can make informed financial decisions. Enterprise Rent-A-Car, Amtrak and Expedia are considered qualifying merchants. This card can be a better option for students who don't want to keep track of . No annual fee and no expiration on rewards. New customers have to provide the following information: Getting this reward is subject to a condition; however, it is easy to meet it. Card advice The application can be saved as a draft or filled out and filed later. If you apply for a credit card, the lender may use a different credit score when considering your application for credit. 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. You can redeem cash rewards from Bank of America through your. 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. Editorial integrity is central to every article we publish. If you apply for a credit card, the lender may use a different credit score when considering your application for credit. 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. 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%). If you select the travel category for one quarter, you can easily max out the $2,500 bonus earning cap and receive $80 cash back. CreditCards.com does not include the entire universe of available financial or credit offers.CCDC has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. If you redeem for a direct deposit to a bank account, it will take up to five business days. If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. Choosing the right choice category to optimize your rewards earnings throughout the year depends on your spending habits. A variety of purchases ranging from everyday travel expenses to vacations and getaways qualify for the travel category. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. This means that once you hit the quarterly limit of $2,500, your cash back will be limited to 1% until you hit the next quarter. 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. However, statement credits, checks and contributions into a 529 account do not qualify for automatic redemptions. If you spend $1,000 in the first 90 days, you earn $200 in online cash rewards. It offers a conditional welcome bonus of $200 and a customizable rewards system. 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. The BankAmericard comes with a new account bonus, a valuable promotional financing offer and one of this banks lowest interest rates. When you click on You earn Base Cash Rewards of 1% (equal to $0.01 for every $1) on all Net Purchases. Keep an eye on your inboxwell be sending over your first message soon. Is the Bank of America Travel Rewards credit card worth it? Cash-back categories come with different reward ratios. 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. Cash Rewards are calculated at each transaction. See the online credit card applications for details about the terms and conditions of an offer. Will post to your account within three days of redemption. Editorial Note: Opinions expressed here are the authors alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities. Heres how: A statement credit will be added to your account automatically within 30 days. Check will be payable only to the primary cardholder, not to joint or authorized users. By providing my email address, I agree to CreditCards.coms 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 card has zero liability if the bank suspects fraud. Standard message rates apply. Stay up-to-date on the latest credit card news from product reviews to credit advice with our newsletter in your inbox twice a week. Once the cap has been reached, cardholders will earn 1 percent cash back for the remainder of that quarter. 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. Learn more about our advertising policy. All Rights Reserved. The card's annual fee is $0. The information, including card rates and fees, presented in the review is accurate as of the date of the review. It has not been provided or commissioned by the credit card issuers. Essential reads, delivered straight to your inbox. Everyday 1% earnings would shoot up to 1.75% at the Platinum Honors level with the 75% bonus. EDITORIAL DISCLOSURE All reviews are prepared by CreditCards.com staff. 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. Bank of America Customized Cash Rewards benefits guide, How to maximize your Bank of America Customized Cash Rewards credit card, Credit score required for the Bank of America Customized Cash Rewards card. You can redeem cash rewards from Bank of America either online, through the mobile app, or over the phone at (800) 434-8313. 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. Best Credit Card Rewards Programs of 2022. . To be covered, don't share personal or account information with anyone. Use your linked card to pay for your purchase. If youre looking for a balance transfer credit card with a long interest-free period, the BankAmericard could be the answer. 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. Generally, the value of Bank of America rewards points will vary depending on how you redeem them and the card you have. However, all credit card information is presented without warranty. Bank of America Customized Cash Rewards credit card review. Open an account The bonus categories cover most of the everyday spending needs of students. Lets face it theres a lot of jargon and high-level talk in the credit card industry. EDITORIAL DISCLOSURE All reviews are prepared by CreditCards.com staff. Some rewards credit cards come with what we call a choose-your-own-adventure earnings structure, which gives you more control over your top bonus category. 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. What credit score is needed for the Arvest Bank Purchasing Credit Card? CreditCards.com does not include the entire universe of available financial or credit offers.CCDC has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. The bonus categories cover most of the everyday spending needs of students. It has not been provided or commissioned by the credit card issuers. 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. Editorial integrity is central to every article we publish. 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. The Bank of America Cash Rewards also includes no annual fee and a . Earn Even More with Preferred Rewards - Members of Bank of America's Preferred Rewards program earn 25% to 75% more cash back on every purchase made with the Unlimited Cash Rewards card, depending on their rewards tier. is a former contributor to CreditCards.com and a freelance writer and copy editor living in Kansas City, though she's a Jersey girl at heart. WalletHub is not a financial advisor, law firm, lawyer referral service, or a substitute for a financial advisor, attorney, or law firm. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. Annual fee: $0; Balance transfer fee: 3% or $10 (whichever is greater) Cash advance fee: 5% or $10 (whichever is greater) Is the Bank of America Customized Cash Rewards credit card worth it? For starters, new cardholders can earn a modest sign-up bonus of $200 in online cash rewards when they spend a manageable $1,000 on purchases in their first 90 days of account opening. 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. After the intro APR offer ends, 17.74% - 27.74% Variable APR will apply. 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. In addition, with this card you can earn 1.5% cash back on all purchases. (Theres no limit to how many you can pick.). 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. The best candidate for this cash-back card would be someone who already owns a checking or savings account with Bank of America and want to apply for their first no-annual-fee cash-back credit card. A check that expires will be voided, and youll receive a statement credit for the check amount within two billing periods. . Link them to your Bank of America Customized Cash credit card. Plus, you can earn 1 - 3% cash back on purchases. 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. However, we may receive compensation when you click on links to products from our partners. 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. After that, youll earn just 1 percent cash back on purchases that fall within those categories. As of Jan. 14, 2019, cardholders can select whether they want to earn a 3-percent cash back bonus on gas, online shopping, dining, travel, drug stores or home improvement/furnishings. How can I redeem my Bank of America cash rewards? Leave a review and get 20 Fincoins to your account! Best Bank of America Credit Cards With a $200 Bonus in 2022 Apply for the Bank of America Cash Rewards Secured Credit Card and earn cash rewards while helping to establish, strengthen -or even rebuild your credit. The Bank of America Cash Rewards cards 3-percent bonus category, also referred to as the choice category, is automatically set to gas. Best Bank of America Credit Cards With a $200 Bonus in 2022, The Bank of America Customized Cash Rewards credit card offers $200 for spending $1,000 in the first 90 days. Lets face it theres a lot of jargon and high-level talk in the credit card industry. By providing my email address, I agree to CreditCards.coms 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. Bank of America Unlimited Cash Rewards Secured Feature Breakdown. What is the best Bank of America credit card with a $200 bonus offer? 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. Automatic redemptions, starting at $25, can be set up for eligible Bank of America, Merrill Lynch or Merrill Edge account. Keep an eye on your inboxwell be sending over your first message soon. How long does it take to redeem cash rewards from Bank of America? 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. This card offers $200 for spending $1,000 in the first 90 days after opening the account. Please review our list of best credit cards, or use our CardMatch tool to find cards matched to your needs. Our experts have learned the ins and outs of credit card applications and policies so you dont have to. You can expect to receive your card within 10 days of application approval. Plus, you'll earn 1 percent back on all spending after you reach the limit, meaning you could earn even more in rewards. WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our. Card Rating is based on the opinion of TPG's editors and is not influenced by the card issuer. Bank of America created a convenient mobile app allowing you to control spending, earnings, cash-back redemption, and finances from anywhere. It will remain the same until you decide to update it. So instead of earning 3 percent cash back from the choice category, Preferred Rewards customers can earn 3.75 to 5.25 percent back. Not limited to Bank of America checking or savings accounts. Read on for what you need to know about the Bank of America Cash Rewards credit cards 3-percent bonus, including how to choose a category and what purchases qualify for the bonus. All other purchases earn unlimited 1 percent cash back. 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. The Bank of America Customized Cash credit card offers a few other features worth mentioning. Privacy Policy. 0% Intro APR for 18 billing cycles for any BTs made in the first 60 days. 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. To redeem your cash rewards for a direct deposit, you must have a Bank of America checking or savings account, or a Cash Management Account at Merrill Lynch. Wallethub doesnt charge for this service. The Bank of America Cash Rewards credit card recently introduced a new way for card members to earn rewards. Rewards are only redeemable for cash back, either in the form of a statement credit, direct deposit, or personal check. The Bank of America Customized Cash Rewards credit card does have other perks, though, such as 3% cash back in one choice category and 2% cash back at grocery stores and wholesale clubs. Every day, we strive to bring you peace-of-mind as you work toward your financial goals. Copyright 2022 CreditCards.com a Red Ventures Company. Bank of America Preferred Rewards program, Best credit cards with customizable rewards. For example, Delta Airlines, Airbnb, E-Zpass, Sunpass, Uber, Marriott. Editorial and user-generated content is not provided, reviewed or endorsed by any company. Like many great rewards credit cards, this card comes with a sign-up bonus for new cardholders. See related: How to maximize the Bank of America Cash Rewards cards 3-percent bonus. These editors thoroughly edit and fact-check the content, ensuring that the information is accurate, authoritative and helpful to our audience. Fees. Your credit cards journey is officially underway. Racking up coins earns additional cash bonuses as you continue to redeem promotions. Direct deposit to a checking or savings account: Will post to your requested account within five business days. 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. Its an even better match if youre a Bank of America or Merrill account holder and you qualify for the Preferred Rewards program. 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. To maximize your Bank of America Customized Cash Rewards, you must understand how you can take advantage of the various cash back options. A 3% fee (min $10) applies to all balance transfers. This card offers $200 for spending $1,000 in the first 90 days after opening the account. Enter your cell phone number and well send you a link to install the WalletHub app. That means you could earn 3.75%-5.25% cash back on purchases in your choice category. Introduction to the Bank of America Customized Cash Rewards Credit Card. @cdigiovanni20 05/04/21 This answer was first published on 05/04/21. Check out Bank of Americas rewards calculator to see how much cash back you can earn based on your spending. Intro APR offer on balance transfers The key benefits of the Bank of America Customized Cash Rewards for Students credit cards are the following: zero liability if the bank suspects fraudulent activity. Privacy Policy. Cardholders must have a minimum of $25 in cash back earned in order to redeem, regardless of redemption method. 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. 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. What is the Bank of America Cash Rewards online shopping benefit? Card Details Interest Rates & Fees Rewards Security & Features Connect one on one with a credit card specialist Schedule an appointment $0 Liability Guarantee. In addition, it is not any companys responsibility to ensure all questions are answered. I'm maxed out on Q3, and I want to get started on Q4, but I don't know if this new charge is . The Bank of America Customized Cash Rewards Credit Card for Students offers $200 for spending $1,000 in the first 90 days. However, all credit card information is presented without warranty. The Bank of America content was last updated on March8, 2021. 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. 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. **** 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 . Maximize your cash back with categories that fit your needs Earn 3% cash back on your choice of one of the six categories shown below. 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