Wednesday, October 5, 2022

What Is The Bank Of America Cash Rewards Card

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What Is Bank Of America

Bank of America Customized Cash Rewards credit card (FULL REVIEW)

The Bank of America is a U.S.-based investment bank and financial holding company, currently the eighth largest in the world and the second largest in the U.S. It offers a full range of commercial and investment banking services as well as wealth management services. The company advertises a commitment to meeting the needs of all its clients, including individuals, small businesses and corporations.

No Interest For 15 Billing Cycles

Chasing rewards only makes sense if you can pay your credit card bills in full and avoid interest since the average credit card APR is more than 16 percent. The Customized Cash card has a variable APR ranging from 16.24 to 26.24 percent, but it gives new cardholders an intro 15 interest-free billing cycles on new purchases and balance transfers.

Thats six months shorter than the longest balance transfer offers on the market, but its still good. If youre planning to transfer a balance, note theres a transfer fee of 3 percent or $10 . Of course, aim to pay off the entire balance before interest starts accruing. Also note these transfers must be made within 60 days of opening the account to receive the introductory rate.

Here Are Some Of The Best Cash Rewards Credit Cards From Bank Of America:

How long does it take to redeem cash rewards from Bank of America?

Redeeming cash rewards from Bank of America takes up to 14 business days, depending on the redemption method. Redeeming cash rewards for a statement credit will take around three business days. If you redeem for a direct deposit to a bank account, it will take up to five business days. If you request a check, it will be mailed within 14 business days.read full answer

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. Rewards are only redeemable for cash back, either in the form of a statement credit, direct deposit, or personal check.

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How To Use The Bank Of America Customized Cash Rewards Card:

  • Spend at least $1,000 in the first 90 days to earn the sign-up bonus.
  • Enroll in the Preferred Rewards program if you qualify to receive a higher reward rate.
  • Use your card for all choice category and grocery purchases at least until you hit the spending limit for bonus category purchases.
  • Take a look at your spending each month to see if another 3 percent bonus category could earn more rewards.

Bank Of America Unlimited Cash Rewards Credit Card Vs Citi Double Cash Card

Bank of America Cash Rewards Credit Card Review

Since Citi launched its Double Cash card, 2% no-hassle cash-back rewards has been the standard by which all other cash-back cards are compared. Anyone looking for a simple cash-back card to use for everyday spending should seriously consider the Citi Double Cash.

The card has no annual fee and earns an effective 2% on all purchases, awarded as 1% when you make a purchase and 1% when you pay for it.

In addition to earning 2% cash back, holders of premium Citi credit cards can convert their cash back into ThankYou Points and transfer those points to participating airline and hotel partners for the opportunity to get outsized value in award redemptions.

Ultimately, if you are looking for a no-annual-fee credit card with simple rewards, the Citi Double Cash is going to provide more value for you if you are not a Bank of America Preferred Rewards Platinum or Platinum Honors client.

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Is A Bank Of America Credit Card Worth It

Generally, a Bank of America credit card is a dependable, reliable choice with a well-established and long-standing financial institution. The multiple types of credit cards on offer make it a good choice for a wide variety of consumers, since it is likely Bank of America will have a card to meet or closely match your specific needs. If youre attracted to Bank of Americas services and intend on banking with the company for a long time, a Bank of America-branded credit card will best augment your customership with the institution.

Bank Of America Travel Rewards: Best For Travel Credit Card Rookies

The Bank of America Travel Rewards charges no annual fee, earns a flat rate of points on all purchases and allows you to spend points on travel through its travel portal. What else could you ask for in a starter travel credit card?

The card defines travel broadly, meaning you can redeem your points on flights, hotels, vacation packages and more. Since you arent limited by any number of travel partners, your rewards hold the same value no matter what airline you fly on or hotel you stay at.

We recommend you use this card for most of your travel expenses to quickly earn points since the 1.5X points is comparatively lower than other travel cards. Another incentive to using the Travel Rewards card as your primary travel card is the fact that youll earn 3 points per dollar when you book through the Bank of America Travel Center. And of course, be sure to earn the 25,000 bonus points to maximize the cards worth.

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When Does Financial Institution Of America Fee Foreign Transaction Costs

The Financial institution of America cash incentives bank card foreign transaction charges apply if:

  • Your acquisition was made in foreign currency
  • You bought something from a merchant outside the USA
  • The deal is routed through a foreign financial institution even if the financial institution charged it in US dollars

Other Benefits On The Bank Of America Customized Cash Rewards Credit Card

Chase Freedom Unlimited (vs) Bank of America Cash Rewards credit card

The Bank of America Customized Cash Rewards card charges no annual fee and although it doesnt have many additional benefits, it does come with a few extras that can add value to the card, including an extended warranty for eligible purchases made entirely on your card, you can double the manufacturers warranty up to one extra year.

Unfortunately, the cards travel benefits are lacking, and it charges a 3 percent foreign transaction fee. If you are a frequent traveler, the Bank of America Cash card is probably not the best choice for you.

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Other Cards To Consider

While the Bank of America Customized Cash Rewards credit card is a good option among the Bank of America credit cards especially for 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. 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.

Read our full Chase Freedom Flex review.

Bank Of America Unlimited Cash Rewards Credit Card

If youre looking for a low-maintenance alternative to the Customized Cash Rewards card and maintain a sizeable balance across your eligible Bank of America checking and savings or Merrill investment accounts, the Bank of America Unlimited Cash Rewards card may be your most lucrative flat-rate cash back card option. Thanks to the Preferred Rewards program, if you keep an average of at least $50,000 across these accounts, you can boost your flat cash back rate to 2.25% back. That rate jumps to 2.62% back if you keep an average balance of at least $100,000 across these accounts easily the highest flat cash back rate available anywhere.

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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here’s an explanation for how we make money. The content on this page is accurate as of the posting date however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the authors alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Home Improvement & Furnishings

Bank of America BankAmericard Cash Rewards Benefits Overview

From hardware store supplies for a weekend project to furniture and accent pieces that match your style. This category also includes contractors like plumbers, electricians, landscapers and carpenters. Big or small, planned or unexpected, this category includes everything you need to make your place feel like home.

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The Bank Of America Customized Cash Rewards Card Is A Great Choice For Thrifty Shoppers

The Bank of America Customized Cash Rewards card is a perfect option for the frugal shopper whos interested in earning a reasonable amount of cash back on purchases but doesnt want to rack up high credit card balances. Its 0% introductory APR makes it a great option for those looking to transfer high-interest credit card balances over and pay the amount off quickly.

This credit card may not be the best option for big spenders, as there are relatively small caps placed on the categories that earn the highest rewards.

Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are authors alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

Benefits Of Bank Of America Unlimited Cash Rewards Card

If you want to earn a flat rate for each dollar you spend without worrying about rotating categories or earning caps, the Bank of America Unlimited Cash Rewards Credit Card could be a good choice. This is especially true if youre a Bank of America Preferred Rewards member, in which case you can earn up to 2.62% cash back on every purchase depending on your tier of membership.

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How To Earn Rewards With The Bank Of America Customized Cash Rewards Credit Card

The Bank of America® Customized Cash Rewards Credit Card has major appeal for folks looking to earn cash back on multiple spending categories. The biggest advantage is the 3% cash back on a spending category of your choosing.

Bank of America® Customized Cash Rewards Credit Card eligible 3% cash back categories are:

  • Gas
  • Drug stores
  • Home improvement/furnishings

You’ll also earn 2% cash back at grocery stores and wholesale clubs, and 1% back on all other purchases.

But keep in mind that the 3% and 2% rates only apply to the first $2,500 in combined spending each quarter . So if you typically spend more than that in these spending categories, you might consider a different no-annual-fee cash-back card with a higher limit.

That said, if you want your rewards to change when your expenses change, you’ll have to remember to manually shift your rewards category, unless you want it to remain earning in the previously selected category.

If you’re a Bank of America Preferred Rewards member, you can earn up to 75% more cash back on purchases. This means that the 3% cash back on your chosen category could increase up to 5.25%, and the 2% at grocery stores and wholesale clubs could go up to 3.5% .

Which Purchases Qualify For Cash Back

Bank of America Cash Rewards Secured Credit Card Review | BEST Credit Building Card?

Whenever you make a purchase with a particular merchant, your purchase is assigned a Merchant Category Code . The type of MCC that a merchant receives is dependent on the type of products or services that they offer. Whether or not a purchase you make will qualify for the category you choose depends on the MCC, Bank of America has no control over how a merchant classifies itself.

That said, Bank of America does group similar types of merchants together. This means there is a greater chance that your purchases will qualify for the 3 percent cash back categoriesgas, dining, travel, online shopping, drug stores and home improvementand be classified as intended.

For example, the dining category includes purchases made at restaurants, fast-food chains, bars, cocktail lounges, discotheques, nightclubs and more. Some merchant examples include Chipotle, Olive Garden, Starbucks and Grubhub.

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Bank Of America Customized Cash: Best For Everyday Spending

Sometimes its difficult to predict which category you spend more in, but the Bank of America Customized Cash Rewards card offers the flexibility to maximize your future spending with up to six swappable 3% cash back categories. It also has the major advantage of allowing you to switch categories once per month.

The card is most attractive to cardholders who want to earn bonus cash back in online shopping or gas. The 2% cash back at grocery stores and wholesale clubs is nothing to scoff at either, making it ideal for families who spend a lot on gas and food items. However, remember that the rewards in the 3% and 2% categories are capped at $2,500 per quarter .

Heres More Info About The Cash Rewards Redemption Options From Bank Of America:

  • Redeem for a statement credit: Will post to your account within three days of redemption. Statement credits will normally be applied to an existing balance with the highest APR. Statement credits do not affect your minimum payment due each month.
  • Direct deposit to a checking or savings account: Will post to your requested account within five business days. Not limited to Bank of America checking or savings accounts. If your bank rejects the direct deposit, rewards will be returned to your account. Bank of America will notify you within 15 days of any rejected deposits.
  • Request a personal check: Will be mailed First Class to the billing address on your account within 14 business days. Check redemptions start at $25. Multiple checks, if requested, will be mailed separately. Check will be payable only to the primary cardholder, not to joint or authorized users. Checks are valid for 90 days from the date issued. A check that expires will be voided, and youll receive a statement credit for the check amount within two billing periods.
  • Automatic redemption: 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 online banking account, or by calling .

How does the Bank of America Cash Rewards card work?

However, the most unique thing about this card is the choice it gives you for your top bonus rewards category.

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How To Choose Your Bank Of America Cash Rewards Category

Here are the steps you should follow to choose or change the 3 percent category for your Bank of America Cash Rewards card:

  • Step 1:Analyze your spending habits. Before choosing a category, you should first review your spending patterns. For example, if you eat out frequently, you might want to choose the dining category, and if you make a lot of online purchases, you might want to choose the online shopping category.
  • Step 2:Log in to your account and select your card. After logging in to your Bank of America account through online banking or the mobile app, select your Bank of America Cash Rewards card.
  • Step 3:Manage your rewards. Next, select your cards rewards tab. You should see a list of your 3 percent category choices. Choose Get Started to change your category.
  • Step 4:Choose your category. If this is the first time youre changing your category, youll see that your 3 percent category is set to gas. If you already know which category you want to earn cash back in, select Change Category and choose from the list of options. If you want to learn more about your options before choosing a category, you can select Category Details. This will provide you with examples of qualifying merchants and purchases. Once you change your category, your choice will go into effect for all future purchases.

Bank Of America Customized Cash Rewards Credit Card Compared To Other Cash Back Cards

Bank of America Cash Rewards Credit Card Review

Disclaimer: The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.

This content is not provided by any company mentioned in this article. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any such company. CardRatings.com does not review every company or every offer available on the market.

Our editors rate credit cards objectively based on the features the credit card offers consumers, the fees and interest rates, and how a credit card compares with other cards in its category. Ratings vary by category, and the same card may receive a certain number of stars in one category and a higher or lower number in another.

The ratings are the expert opinion of our editors, and not influenced by any remuneration this site may receive from card issuers.

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