How To Change Bank Of America Cash Rewards Category

Bank Of America Customized Cash Rewards Credit Card For Students One

As mentioned, this card does offer a one-time offer. The bonus is currently worth $200 in cash back rewards. To qualify for the bonus, students must make $1,000 in purchases within the first 90 days of opening their account. That breaks down to around $333 and change for each of the first three months.;

At a glance, $1,000 doesn’t seem like a significant number to hit. But there are other student rewards cards that offer a comparable one-time offer, either in cash back or points, and only require a minimum of $500 in spending. Aside from that, charging $1,000 in purchases is something students should think through to make sure they can afford to pay it back, at least at the end of the introductory 0% APR period.

Bank Of America Cash Rewards

View Full Profile Cable/Utility/Phone Bill online Taxes paid online with service fee Government services online with no service fee School tuition paid online Insurances paid online rasheedOkay folks, we really need to start doing some data gathering on the Online Shopping category.Citi AT&T Access More card View Full ProfileAt first, the choice category will be set to gas purchases. As you plan for future purchases, you can update your choice category selection in our Mobile Banking app or in Online Banking.You can update your selection once each calendar month. If you don’t make a change, the choice category will remain the same.rove312For where to change the category, the site says:I’ve already changed it, and don’t know if I can fully replicate it, but on a desktop browser, when logging in, select the card, then Rewards, you get the six options, and click the one you want.For a while, I’ve only used the card for some automatically set up charges to charity, and when I made the selection today, I thought it said those were all in the Online Shopping category, but I don’t find it saying that as I check it again.View Full Profile

Other Ways To Earn Rewards

The Bank of America® Customized Cash Rewards credit card earns 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs , 1% cash back on all other purchases. You can choose one of the following categories to earn 3% on:

• Gas

• Uber
• Airbnb

Youll have the opportunity to change your 3% category each month. It defaults to gas until you change the category for the first time. Cash back earned with this card does not expire as long as the account remains active.

Finally, you can earn 25%-75% more cash back when using this card if you qualify for one of Bank of Americas three tiers in its Preferred Rewards program. Preferred Rewards is based on your qualifying combined balances in your Bank of America banking and/or Merrill investment accounts. The lowest tier starts at a $20,000 required balance. You can qualify for the second tier with $50,000 or more, and $100,000 or more can get you into the highest tier.

Also Check: Where Is The Closest Pnc Bank

How To Use Rewards From The Bank Of America Cash Rewards Credit Card

If your goal is earning cash back on all your spending, you’ll notice a few major advantages to the Bank of America® Customized Cash Rewards Credit Card. The biggest plus is that you get to pick your 3% back category out of several popular options, but it can also be very lucrative to earn 2% back at grocery stores and wholesale clubs. Just remember that you only earn 3% back and 2% back on your first $2,500 in spending each quarter, after which you’ll earn 1% back.

This means the absolute most you could earn in bonus rewards is $75 per quarter, and that’s if you maxed out the 3% category without using your card at grocery stores or wholesale clubs first.

However, if you’re a Bank of America Preferred Rewards member, the rewards you earn from the card can be worth 25% to 75% more, depending on how much you have on deposit with Bank of America and Merrill . If this applies to you, the Bank of America® Customized Cash Rewards Credit Card is much more enticing.

Plus, you won’t have to meet as high a minimum spending requirement to unlock the welcome bonus the Chase Freedom Flex comes with a $200 after spending $500 on purchases in the first three months from account opening.

Budget Spender $1000 Monthly Credit Card Spending:

To get these rewards earnings, I did the following math:;

• Dining x .03 = $12) * 12 =; $144
• Groceries x .02 = $8) * 12 = $96
• Other purchases x .01 = $12) * 12 = $144

Taking into consideration the $2,000 in monthly spending and the $200 sign-up cash reward bonus, your total earnings for the first year would be $584.00, and $384.00 each year after that.

Also Check: How To Move Money Between Bank Accounts

Bank Of America Preferred Rewards

Bank of America offers their Preferred Rewards program for customers who have an eligible Bank of America personal checking or Advantage Banking account, and maintain certain three-month average combined balances, along with a qualified Merrill Investment account.

The program is offered in three tiers:;

• Gold Combined balances of at least $20,000 25% rewards enhancement.
• Platinum Combined balances of at least $50,000 50% rewards enhancement.
• Platinum Honors Combined balances of at least $100,000 75% rewards enhancement.

Our Thoughts On The Discover It Cash Back

The Discover it® Cash Back is a rotating category cash back card that provides 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate, 1% unlimited cash back on all other purchases – automatically. Although the $1,500 is lower than the $2,500 limit on the Bank of America® Cash Rewards Credit Card, the higher rewards rate means you still get $75 worth of cash back in a quarter if you manage to spend $1,500 in the category. This means trading flexibility for a higher rewards rate. For 2021, the categories include grocery stores, Walgreens and CVS , gas stations, select streaming services and wholesale clubs , restaurants and PayPal , Amazon.com, Target.com and Walmart.com . The signup bonus is unique for the Discover it® Cash Backthe bonus doubles any cash back you earned at the end of your first year.

The Bank of America® Cash Rewards Credit Card is the better choice if you want the flexibility to choose your category every month. This flexibility may be better for you over the course of the year because the rotating categories chosen for you may not fit your spending habits, resulting in the lack of rewards for the card.

Interested in other types of rewards credit cards? Read Best Rewards Credit Cards for Savvy Cardholders.

Recommended Reading: Can I Transfer My Heloc To Another Bank

Bank Of America Cash Rewards For Students

Good For: Students

Students can build credit and earn cash rewards with this card. It offers the same tiered cash back structure as the general Cash Rewards card with the ability to choose the top-earning category that best aligns with your spending habits.

How Much Can You Earn

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. Once the cap has been reached, cardholders will earn 1 percent cash back for the remainder of that quarter. All other purchases earn unlimited 1 percent cash back.

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. 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.

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. 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.

Check out Bank of Americas rewards calculator to see how much cash back you can earn based on your spending.

Also Check: What Bank Is Cash App Card

Other Cards To Consider

While the Bank of America Cash Rewards Credit Card is a good option for many especially Bank of America customers it might not be the best choice for your wallet. Luckily, there are a number of great from which you can choose that check similar boxes.

The Chase Freedom Flex is another $0-annual-fee credit card. New cardmembers can earn $200 cash back after spending $500 on purchases in the first 3 months, plus earn 5% cash back on grocery store purchases . With this card, youre also able to make the most out of a variety of spending categories each year, thanks to its 5% on Lyft rides ; 5% on rotating quarterly categories and travel purchased through the Chase Ultimate Rewards portal; 3% at restaurants and drugstores; and 1% on all other purchases.;

Another $0-annual-fee credit card you may want to consider is the U.S. Bank Cash+ Visa Signature Card. It offers a bonus of Earn $150 cash back after spending $500 in the first 90 days, and there is no limit to the rewards you can earn. As with the Bank of America Cash Rewards Card, this card allows you to choose your rewards rate but not just in one category. You will get 5% cash back on two chosen categories , 2% cash back on one chosen everyday category, and 1% cash back on all other eligible purchases. This cards introductory 0% APR offer is for balance transfers only, though, so keep that in mind if youre getting a card to pay off a big purchase over time.

Choose Your Cashback Category

How Can You Use Your Sign

This card earns cash back, not travel miles or rewards points, so redemption options are somewhat limited. However, you do have a few choices:

• Theres no minimum amount required if you want to redeem your cash rewards for statement credits, deposits made directly into a Bank of America checking or savings account, or for credit to an eligible account with Merrill.
• However, if you want to redeem your cash rewards as a contribution to a qualifying 529 account with Merrill, that has to be done in increments of $25.

You can also set up automatic redemptions into an eligible Bank of America and Merrill account. Automatic redemptions start at $25. However, statement credits, checks and contributions into a qualifying 529 account are not eligible for automatic redemption.

You May Like: What Does Pending Mean In Banking

Best Cards To Pair The Customized Cash Card With

A one-size-fits-all card like the Bank of America® Premium Rewards® credit card is great for picking up purchases that arent covered by the Customized Cash Rewards cards categories or when its categories are maxed out. Plus, the Premium Rewards cards reward rates can also be boosted if youre a Preferred Rewards member. Similarly, the Bank of America Unlimited Cash is an excellent choice for raking in boosted rewards beyond the Customized Cash cards spending limits and any retailers that arent covered by typical bonus categorieslike Walmart, Target and other grocery-carrying superstores, for example.

Otherwise, a flat-rate cash back card or a rewards card from another issuer that covers any of your major spending categories that the Customized Cash Rewards card misses could be a solid play.

Review: Bank Of America Customized Cash Rewards Credit Card For Students

Now that most students are starting to return to in-person school, many young adults and their parents are once again looking for the right credit card. Having a credit card offers students a secure and convenient method of payment. It also helps students build credit and even earn some rewards. The Bank of America® Customized Cash Rewards Credit Card for Students excels at all of these tasks.

Read Also: How To Activate Bank Of America Debit Card

What Credit Score Do You Need For The Bank Of America Cash Rewards Credit Card

To get approved for the;Bank of America Cash Rewards Credit Card, you will likely need a good credit score or an excellent credit score. A good FICO score falls within the 670-739 range, and a good VantageScore falls within the 661-780.

If you believe your application has been denied in error, call the Bank of America reconsideration line and speak to a representative who may be able to resolve the issue.

Should You Sign Up For The Bank Of America Customized Cash Rewards Credit Card

Bank of America® Customized Cash Rewards rates high on our list as an outstanding all-around rewards credit card. The 3% enhanced rewards on a category of your choice is one of the most generous offers in the industry. Its made even sweeter by the 2% cash back on grocery stores and wholesale clubs, as well as unlimited 1% cash back on all other purchases.

But the rewards youll earn with the card will get a powerful boost if you are also a Bank of America or Merrill client, and qualify under one of the three Preferred Rewards categories. That will give you a jump in your cash rewards of between 25% and 75%, making this one of the most generous rewards cards available anywhere.;

And if the rewards arent enough, the card comes with a 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. Also, dont forget this card comes witha $0 annual fee.;

If the Bank of America® Customized Cash Rewards credit card has a weakness its the sign-up bonus. Though its easy to qualify for, with just $1,000 in purchases within the first 90 days of account opening, the bonus is just $200.;

But if you can overlook that very small chink in this cards armor, the Bank of America® Customized Cash Rewards credit card will be an excellent addition to your credit card lineup.

Read Also: How Do Credit Unions Differ From Banks

Introductory 0% Apr Period And No Annual Fee

With the Bank of America®;Customized;Cash Rewards credit card, you can come out ahead on rewards no matter how;little you spend. That’s because the annual fee is;$0.;The card also comes with an introductory 0% APR offer:;0% intro APR for 15 billing cycles on purchases and balance transfers, and then the ongoing APR of 13.99% – 23.99% Variable APR. That gives you plenty of breathing room to pay down a large purchase.

How This Card Compares To Other Cash Back Cards

The Bank of America Customized Cash Rewards card stands out among no annual fee credit cards for its versatile rewards program, but the cards $2,500 quarterly spending cap in 2 and 3 percent rewards categories and sparse benefits may hinder your reward goals.

Perhaps the closest in cash back structure is the U.S. Bank Cash+ Visa Signature® Card* with its 5 percent back on two choice categories and 2 percent on either gas station, grocery store or restaurant purchases. However, the U.S. Bank card can only swap categories once per quarter and you only get one 2 percent category.

If you dont mind paying a $95 annual fee , the Blue Cash Preferred® Card from American Express is one of the best options for cash back on everyday expenses. But if youd like to avoid an annual fee, the Chase Freedom Unlimited card is a prime choice for its unlimited cash back in several categories on top of its 1.5 percent base cash back rate for all purchases and platter of valuable perks. For starters, youll rake in an extra 5 percent cash back on Chase Ultimate Rewards travel and Lyft rides and 3 percent on dining and drug store purchases. These rewards can then be redeemed for up to 50 percent more value toward travel when paired with an eligible Ultimate Rewards credit card.

Read Also: How To Use Paypal Money Without Bank Account