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The Bank of America® Unlimited Cash Rewards credit card is a no-nonsense card that offers 1.5% unlimited cash back on all purchases. Given that several banks offer credit cards earning 2% on all purchases or cards that earn 1.5% back on general purchases and additional cash back in bonus categories, there are certainly better options for consumers looking for an everyday credit card.
However, for customers who can hold more than $100,000 in deposits and investments in an eligible Bank of America or Merrill account, the card quickly moves from lackluster to best-in-class. For customers who qualify for Platinum Honors status in the Bank of America Preferred Rewards program, the card’s earnings increase to 2.62%.
Bank of America® Unlimited Cash Rewards credit card
Regular APR
16.24% – 26.24% Variable APR on purchases and balance transfers
Credit Score
Good, Excellent
Pros
- Simple cash back rewards
- No minimum cash back redemptions
- Cash back rewards do not expire
- Card can earn up to 2.62% cash back for Platinum Honors Preferred Rewards
- No Annual Fee
Cons
- Base cash back of 1.5% is market-lagging
- Cash back can not be credited to an account at another bank
Highlights
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- Earn unlimited 1.5% cash back on all purchases.
- If you’re a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 1.87%-2.62% cash back on every purchase with Preferred Rewards.
- No annual fee.
- No limit to the amount of cash back you can earn and cash rewards don’t expire.
- New longer intro period! 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.24% – 26.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
- Contactless Cards – The security of a chip card, with the convenience of a tap.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Introduction
The Bank of America® Unlimited Cash Rewards credit card is simple: The card earns 1.5% unlimited cash back on all purchases, redeemable as a credit card statement credit or a deposit into an eligible Bank of America account, with no minimum redemption amount, no limit on the amount of rewards and no annual fee.
In an age where several banks offer no-annual-fee cards that reward customers with 2% cash back on all purchases or cards offering 1.5% cash back on general purchases accompanied by bonus categories and generous consumer protection benefits, a basic credit card that earns 1.5% back isn’t terribly exciting.
However, this card starts to shine for customers who can achieve Platinum or Platinum Honors status in Bank of America’s Preferred Rewards Program. This program is meant to encourage customers to bring more of their banking business to Bank of America through offering parks like additional interest on deposit accounts, loan rate reductions and additional rewards on credit cards.
Customers who achieve Gold, Platinum or Platinum Honors status in the Bank of America Preferred Rewards program have their cash-back earnings boosted, making the Bank of America Unlimited Rewards card more than simply a 1.5% cash back card:
Achieving status in the Preferred Rewards program requires maintaining deposit balances in Bank of America checking or savings accounts or holding investment assets with Merrill. Gold status requires a minimum of $20,000 in assets, Platinum requires $50,000 and Platinum Honors requires $100,000. If it makes sense to hold some investments at Merrill or move some assets to Merrill, the Bank of America Unlimited Cash Rewards card can be a best-in-class everyday cash back card.
At a Glance
- No annual fee
- Earn 1.5% unlimited cash back on all purchases
- Cash-back redemptions as a statement credit, deposit into an eligible Bank of America deposit account or contribution to an eligible Merrill investment account
- Eligible for 25% to 75% rewards bonus for Bank of America Preferred Rewards members
Bank Of America Unlimited Cash Rewards Credit Card Rewards
Earning Rewards
The Bank of American Unlimited Cash Rewards credit card’s rewards earning is straightforward: The card earns 1.5% unlimited cash back on all purchases.
Customers that have an additional banking relationship with Bank of America and can qualify for Bank of America’s Preferred Rewards program earn increased rewards based on their tier in the Preferred Rewards program. Bank of America grants Gold, Platinum or Platinum Honors tiers to customers holding a minimum amount of assets across Bank of America deposit accounts and Merrill investing accounts.
Redeeming Rewards
Redeeming rewards is as straightforward as earning them. Card members can redeem their cash back for any amount, at any time for either statement credits or deposits into a Bank of America checking or savings account or for a credit into an eligible account with Merrill. Bank of America even offers an auto-redemption option that allows cash back to automatically be applied as a statement credit or bank deposit every month.
Rewards Potential
Using data from various government agencies, Forbes Advisor has developed estimates for how much a family in the 70th percentile of income spends annually in various categories. We base our assumptions on a sole proprietor in this income range. The 70th percentile of wage-earning households brings in $100,172 annually and has $26,410 in expenses that can be charged to credit cards. These figures are used to estimate the potential rewards from this credit card.
If our family charged all of their $26,410 of expenses to their Bank of America Unlimited Cash Rewards credit card, they would earn 1.5% cash back on them, which would equal $396.15 in cash back rewards annually.
Accounts that qualify for the rewards bonus multiplier granted by the Bank of America Preferred Rewards program would earn additional cash back, based on the rewards earning multiplier:
Introductory Rates
This card offers a 0% intro APR for 18 billing cycles on purchases and for any balance transfers made in the first 60 days of account opening, followed by a 16.24% – 26.24% variable APR. A 3% fee (min $10) applies to all balance transfers.
Bank Of America Unlimited Cash Rewards Credit Card Benefits
- Visa Signature Benefits: As a Visa Signature card you’ll get benefits including ID theft protection, access to the Visa Signature Hotel Collection and other discounts and perks.
- $0 Liability Guarantee: You are not liable for fraudulent transactions charged to your account.
- Online Access: Manage your account online through Bank of America’s website.
- Mobile Banking: Manage your account on the go through Bank of America’s mobile banking app.
- Overdraft Protection: If you link your Bank of America credit card to your Bank of America deposit account, Bank of America can automatically transfer funds from your credit card to cover overdrafts.
Fine Print
Interest Rates
- Regular APR: 16.24% – 26.24% Variable APR on purchases and balance transfers
- Purchase Intro APR: 0% Intro APR for 18 billing cycles for purchases
- Balance Transfer Intro APR: 0% intro APR for 18 billing cycles for any balance transfers made in the first 60 days
Fees
- Annual Fee: $0
- Balance Transfer Fee: Either $10 or 3% of the amount of each transaction, whichever is greater.
- Cash Advance: See Terms
- Foreign Purchase Transaction Fee: 3%
How The Bank Of America Unlimited Cash Rewards Credit Card Stacks Up
Bank of America® Unlimited Cash Rewards credit card vs. Citi® Double Cash Card
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.
Bank of America® Unlimited Cash Rewards credit card vs. Chase Freedom Unlimited®
Another option worth a look if you are wanting a no-annual-fee credit card earning generous cash back is the Chase Freedom Unlimited. The Freedom Unlimited matches the Bank of America Unlimited Cash Rewards card’s 1.5% cash back earnings, but then goes further with additional earnings in bonus categories.
In addition to earning 1.5% back on general purchases, the Freedom Unlimited awards 3% on purchases at drugstores and restaurants. Those card members booking travel through Chase Ultimate Rewards will be further rewarded with a generous 5% cash back on travel booked through Chase.
Finally the card includes several consumer protection benefits, including extended warranty protection, auto rental collision damage waiver and trip cancellation/interruption insurance.
If you spend heavily at restaurants, order takeout frequently, find 3% cash back at drugstores appealing or are intrigued by the addition of the consumer protection benefits, take a look at the Chase Freedom Unlimited card.
Bank of America® Unlimited Cash Rewards credit card vs. Bank of America® Premium Rewards® credit card
Prior to launching the Unlimited Cash Rewards card, Bank of America offered another credit card that earned at least 1.5 points per dollar on all purchases: The Bank of America® Premium Rewards® credit card. Points can be redeemed for cash back as a statement credit or deposit into a Bank of America account, making the Premium Rewards card effectively a card that earns at least 1.5% cash back. The Premium Rewards card carries a $95 annual fee.
Like the Unlimited Cash Rewards card, the Premium Rewards Card earns an effective 1.5% cash back everywhere, but it adds 2% earnings on travel and dining purchases.
The $95 annual fee of the Bank of America Premium Rewards card can be justified by a $100 annual airline incidental statement credit. Cardmembers enrolling in Global Entry or PreCheck can also receive a $100 credit toward Global Entry or TSA PreCheck enrollment fees every four years. The card also comes with travel insurance protections including trip cancellation/interruption insurance, baggage delay insurance and emergency evacuation and transportation assistance.
Preferred Rewards Gold, Platinum and Platinum Honors members receive bonus multipliers to the earnings on the Premium Rewards card, making the Premium Rewards card up to a 2.62% everywhere card. With the Preferred Rewards bonus multiplier, bonus categories earn up to 3.5% rewards.
If you can achieve Preferred Rewards Platinum or Platinum Honors status, spend enough in airline incidentals to cover the annual fee and can take advantage of the increased earnings on travel, dining and grocery stores, the Bank of America Premium Rewards card is worth a look.
Compare Bank of America® Unlimited Cash Rewards Credit Card With Other Cards
Is The Bank Of America Unlimited Cash Rewards Credit Card For You?
If you are looking for a single, no-annual-fee credit card to charge all of your purchases, the Bank of America Unlimited Cash Rewards isn’t your best option. The Citi Double Cash card earns a simple 2% back on every purchase and can unlock more value through the ThankYou Points program. The Chase Freedom Unlimited card offers 1.5% cash back on all purchases, plus additional bonus points on additional categories including dining, restaurants, drugstores, and travel booked through Chase. Both of these cards are likely better options.
However, if you can qualify for Bank of America Preferred Rewards at either the Platinum or Platinum Preferred levels, the Bank of America Unlimited Cash Rewards credit card becomes a best-in-class cash-back card. For Platinum Honors customers, the Bank of America Unlimited Cash Rewards credit card earns 2.62% back on every purchase.
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FAQs
How Does Bank of America cash rewards work?
Rewards: The Bank of America Cash Rewards Credit Card earns 3% cash back on an eligible category of the cardholder’s choosing and 2% cash back at grocery stores and wholesale clubs. The 3% and 2% earnings are capped at $2,500 in combined purchases each quarter, and all other purchases earn 1% cash back.
How do I get my $200 cash rewards from Bank of America?
Bank of America Customized Cash Rewards Credit Card Bonus New cardholders can earn $200 cash back after making $1,000 or more in purchases on their card within the first 90 days of opening an account. The bonus posts to the rewards balance in your account eight to 12 weeks after you qualify to receive it.
How do I redeem my Bank of America cash back rewards?
How to redeem cash rewards from Bank of America: Sign into your Online Banking account, select your Bank of America card, and click on the Rewards tab. If redeeming by phone, call (800) 434-8313. You will need to enter your account number and state that you’d like to redeem cash rewards.
Does Bank of America give cash rewards?
Earn cash back on all your purchases with a cash rewards credit card from Bank of America®. Earn cash back on everyday purchases, including grocery store and gas purchases. Plus, some cash back credit cards give you the option to help support a special cause in addition to earning cash back for every purchase.
Is it good to redeem cash rewards?
Another smart move is using cash rewards to pay off debt. If you need to pay down your credit card balance, redeem and apply cash back as soon as possible to head off interest. “It is always better to have the cash in your pocket than the bank’s,” Huffman says.
Is cash rewards a credit card?
A cash rewards credit card is similar in that it rewards you for making purchases, except that the rewards are in dollars, not points, and can be redeemed for cash back.
Do cash rewards expire Bank of America?
As long as your account remains in good standing, Cash Rewards do not expire. Forfeiture Cash Rewards are subject to forfeiture.
Is 7 credit cards too many?
There is no universal number of credit cards that is ?too many.? Your credit score won’t tank once you hit a certain number. In reality, ?too many? credit cards is the point at which you’re losing money on annual fees or having trouble keeping up with bills?and that varies from person to person.
What is the highest credit limit for Bank of America?
Highest ?Bank of America? Credit Limit: $95,000
Research indicates that the Bank of America® Customized Cash Rewards Credit Card offers the highest credit limit ? $95,000 ? among BOA cards.
How often should I redeem cash rewards?
The best way to put this into practice is to redeem your cash back every month as a statement credit towards your credit card bill. Or, if your credit card has a minimum redemption amount, redeem every time you reach that minimum.
Can you buy a car with a credit card?
In general, car dealerships accept credit cards. You might even be able to use a card to buy a vehicle. However, it’s more likely that the dealership will take a credit card for a down payment or a part of the down payment up to a certain amount. For you, using a credit card is a convenience or maybe a necessity.
What credit score do you need for Bank of America?
The Bank of America credit score requirement is 750 or higher for the best Bank of America credit card offers, though other options are available for people with lower scores. It is possible to get approved for a credit card from Bank of America with limited credit history or a bad credit score, for example.
Who qualifies for a black card?
Although Amex doesn’t publish requirements for the card?or its perks, for that matter?it typically extends black card invitations only to high earners who have spent and paid off between $350,000 and $500,000 across all of their American Express accounts in a calendar year.
Do car dealers prefer cash or finance?
In most cases, car dealerships that are focused on the sale of their offered vehicles are the ones that tend to prefer cash because it’s a quick way to close the deal. Sellers that prefer cash-based transactions usually offer discounts or other promotions that are not available to credit payments.
Is Bank of America cash rewards hard to get?
The Bank of America Customized Cash Rewards card is as easy to get as most other no annual fee cash back credit cards. You’ll just need to provide the typical personal information, Social Security number and total annual income through Bank of America’s online application or over the phone by calling (800) 932-2775.
Bank of America ® Customized Cash Rewards credit card
Bank of America® Cash Back Rewards Credit Card with 3% Choice Category Sign inLog inLocationsEn españolShow/Hide Menu related links Info Layer TitleHelping our customers meet their financial needs is important to us. Before you leave, please take a moment to answer these 4 simple questions.1. What was your primary reason for visiting this website today? (Please select all that apply) Apply for a Bank of America® credit card Research Bank of America® credit cards Service my existing credit card account Other reason (please specify)Please enter a reason 2. Did this website provide the information you needed? Yes NoWhy were you unable to get the information you needed? (Please select all that apply) Could not find the information Information was confusing/unclear Difficult to navigate the site Other reason (please specify)Please enter a reason 3. Do you plan to apply for a Bank of America credit card in the near future? Yes NoCould you please tell us why you don’t plan to apply? (Please select all that apply) Couldn’t find a product to meet my needs The offer/promotion was not compelling Didn’t like the website experience I already have a Bank of America credit card Other reason (please specify)Please enter a reason 4. What, if anything, would you suggest Bank of America change about this website?Please be as specific as possible To protect your identity, please do not submit personal or account information. Note that we cannot reply to questions asked via this form. Please contact us directly if you have any account or service related issues. By submitting your feedback, you agree Bank of America, its affiliates and any authorized parties may use, commercialize or reproduce the feedback without restriction or any compensation to you.Privacy & Security CloseThank youYour responses will help us improve the Bank of America digital experience for all our customers.Close windowWe’re sorry, this page is temporarily unavailable. We apologize for the inconvenience.Visit our homepageWe’re sorry, this page is temporarily unavailable. We apologize for the inconvenience.Visit credit card homepageInterstitial Link: language-change | Placeholder – hiddenOne or more of the cards you chose to compare are not serviced in English.Continue in English Go back to SpanishEnter your ZIP codeZIP code Enter only 5 digits.This card is unavailableConnect one on one with a credit card specialistSchedule an appointment
Cash Back Credit Cards – Bank of America
Cash Back Credit Cards & Cash Rewards Credit CardsSkip to main contentInfo Layer TitleHelping our customers meet their financial needs is important to us. Before you leave, please take a moment to answer these 4 simple questions.Your responses will help us improve the Bank of America digital experience for all our customers.Close windowEarn cash back on all your purchases with a cash rewards credit card from Bank of America®.Earn cash back on everyday purchases, including grocery store and gas purchases. Plus, some cash back credit cards give you the option to help support a special cause in addition to earning cash back for every purchase. For details, explore the cash back cards on this page. Preferred Rewards makes your credit card even betterWhen you enroll in the Preferred Rewards program, you can get a 25% — 75% rewards bonus on all eligible Bank of America® credit cards.Plus, as a Preferred Rewards member, you enjoy real benefits and rewards on your everyday Bank of America® banking and Merrill investment accounts. And as your qualifying balances grow, so do your benefits.Learn more about Preferred RewardsSee if you’re pre-selected for card offersAnswer a few quick questions to see what offers are waiting for you.It will only take a minute and won’t impact your credit score.Check offersCheck offersUnderstanding credit is key to your financial healthSelecting a credit cardChoosing a credit card can be overwhelming. We’ve compiled some important considerations to help you pick the best credit card for you.Managing your credit cardGet the most out of your credit card. Find out how you can take advantage of all the opportunities that may be available to you as a cardholder.Paying down your debtBy following a few simple steps, you can help ensure you’re headed in the right direction when it comes to managing your credit card debt.Improving your creditBetter credit habits can lead to a better credit score. If you’re looking to improve your credit, check out some of our helpful tips.Connect one on one with a credit card specialist
Bank of America® Cash Rewards Credit Card Cash Back …
Bank of America® Cash Rewards Credit Card Cash Back Categories & ExclusionsChoose how you earn rewards3%cash backin the category of your choice2%cash backat grocery stores & wholesale clubs1%unlimited cash backon all other purchasesEarn 3% and 2% cash back on up to $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%.Maximize your cash back with categories that fit your needsEarn 3% cash back on your choice of one of the six categories shown below. To change your choice category for future purchases, you must go to Online Banking, or use the Mobile Banking App. You can change it once each calendar month, or make no change and it stays the same. Until you change your category for the first time, it will be set to Gas.Merchants are assigned a merchant category code (MCC) based on the kinds of products and services they sell. Bank of America does not determine which MCC a merchant chooses to classify itself, therefore some purchases may not fall into the category where you might expect them to appear. We do group similar MCC’s into grocery store, wholesale club, and choice categories to help you earn cash back on purchases made at specific merchants. Please see the category details for examples and exceptions.GasFor your road trip, your everyday commuting and beyond, cash back on gas can add up when you’re on the go. Earn your cash back at the pump, service stations, marinas, and fuel dealers.Qualifying merchant categories*The Gas category includes purchases in a wide variety of merchant categories* including:Automated Fuel Dispensers | Fuel Dealers for Coal, Fuel Oil, Liquefied Petroleum and Wood | Marinas and Marine Service and Supplies | Service Stations, with or without Ancillary Services(Wholesale clubs that offer pay at pump locations could also appear in this category.)Merchant Examples**BPChevronExxon MobileShellSUNOCO*While this list can be a helpful guide, please remember that purchases and transactions are submitted and categorized by the merchant. Bank of America does not control how the purchases are classified, so some purchases may not fall into the category where you might expect them to appear.**Entities listed here are examples of the type of companies/merchants that frequently appear as transactions at Bank of America within this category; this is not a comprehensive list. Listing an entity does not imply affiliation or endorsement.Online ShoppingMake Online shopping more rewarding. From books and music, to fashion, electronics, toys and more – whether you’re shopping online or on your mobile device, you could be earning more cash back.Qualifying merchant categories*The Online Shopping category includes online and mobile app purchases in a wide variety of merchant categories* including, but not limited to:Bookstores | Clothing and Apparel | Department Stores | Discount Stores | Electronics | Specialty Retail Stores | Sporting GoodsMerchant Examples**Amazon.comApple.com (Includes iTunes & Store)Bestbuy.comDick’ssportinggoods.comEtsy.comGroupon.comKohls.comMacys.comMicrosoftxboxlive.comNike.comNordstrom.comTarget.comTicketmaster.comWalmart.comWish.comSome classes of merchants are excluded from the Online Shopping category as detailed below such as Doctors and Hospitals, Government Services and Taxes, Insurance, Membership Organizations, Schools, Utilities and other non-retail services.InsuranceDirect Marketing of Insurance ServicesInsurance Sales, Underwriting and PremiumsUtilitiesCable, Satellite and Other Pay Television and Radio ServicesTelecommunications Equipment including Telephone SalesTelecommunications Services/Credit Card ActivatedUtilities – Electric, Gas, Sanitary, WaterColleges, Universities, ProfessionalBusiness and Secretarial SchoolsColleges, Universities, Professional Schools and Junior CollegesCorrespondence SchoolsElementary and Secondary SchoolsSchools and Educations Services (not elsewhere classified)Trade and Vocational SchoolsMembership organizationsAssociations, Civic, Social and FraternalClubs, Country Clubs, Membership (Athletic, Recreation, Sports)Private Golf CoursesPolitical OrganizationsReligious OrganizationsDoctors and hospitalsAmbulance ServicesChiropractorsDentists and OrthodontistsDoctors and Physicians (not elsewhere classified)HospitalsMedical…
Bank of America Customized Cash Rewards Review
Bank of America Customized Cash Rewards Review: Choose Your Own Bonus CategoryUnlike other cards, the $0-annual-fee card lets you choose your own 3% bonus category from a list of options and change that selection up to once a month. It’s an especially good deal for those who can boost their rewards rates by keeping large balances with Bank of America® or Merrill.The main downside: The card comes with bonus category spending caps, so it’s not a good pick for big spenders.Key features of the Bank of America® Customized Cash Rewards credit cardAnnual fee: $0.Sign-up bonus: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.Ongoing rewards:While the Bank of America® Customized Cash Rewards credit card offers potentially valuable rewards for those who spend modestly, its rewards structure is fairly involved.3% back on a category of your choice (options listed below) and 2% back on grocery stores and wholesale clubs for the first $2,500 of combined bonus category/ grocery store/ wholesale club spending per quarter; after hitting that threshold, you’ll earn 1% back on these purchases.1% back on all other purchases.When selecting a 3% back bonus category, you can choose one of the following six options:Gas.Online shopping.Dining.Travel.Drugstores.Home improvement and furnishings.You can change this category up to once a month. If you don’t make a selection, the default 3% cash-back category will be set to gas, according to the issuer. Your selected category will remain the same from month to month, unless you change it.APR: 0% intro APR on Purchases for 18 billing cycles and 0% intro APR on Balance Transfers for 18 billing cycles for any balance transfers made in the first 60 days, and then the ongoing APR of 16.24%-26.24% Variable APR.Other benefits:With this card, there’s no minimum redemption requirement when doing a one-time redemption of cash rewards into your Bank of America® account or statement credit, but there’s still a $25 minimum redemption requirement for other redemption options. Cash back can be redeemed for statement credit, a check, a direct deposit into a Bank of America® checking or savings account, an eligible 529 account or a contribution to an eligible Merrill account. You can also opt to register for automatic redemption.Before pouncing on this offer, pay close attention to the spending caps on the bonus categories. If you spend far more than $2,500 per quarter on this card’s 3% and 2% categories, you might earn more rewards with a different card that doesn’t impose such caps.Benefits of the Bank of America® Customized Cash Rewards credit cardAbility to choose your own 3% categoryThere aren’t many rewards credit cards that allow you to choose your own bonus categories. And of those that exist, none of them lets you change your selection up to once a month, as the Bank of America® Customized Cash Rewards credit card does. That makes the card valuable for cardholders who want choice — especially because the card defines its rewards categories quite generously.Consider the online shopping category, for example. This category includes purchases made with the following retailers, among others:Amazon.com.Bestbuy.com.Groupon.com.Target.com.Apple.com.Macys.com.Walmart.com.The dining category is similarly wide-ranging. This bonus category isn’t just limited to sit-down restaurants; it also includes other…
BoA Customized Cash Rewards Credit Card Review – Forbes
Bank of America Customized Cash Rewards Credit Card 2022 Review Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations. The Bank of America® Customized Cash Rewards credit card fits nicely in the wallet of Bank of America or Merrill customers. Cardholders can earn 3% cash back in the eligible category of your choice, 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. With Bank of America’s Preferred Rewards program, those earning rates can be increased by as much as 75% by keeping a significant chunk of cash in eligible accounts. Without Preferred Rewards, other cards may offer better return for your spending. Bank of America® Customized Cash Rewards credit card Regular APR 16.24% – 26.24% Variable APR on purchases and balance transfers Credit Score Good, Excellent Pros Bank of America Preferred Rewards clients earn 25% to 75% more cash back Good rewards earning potential Option to change 3% bonus category monthly Cons Bonus rewards have quarterly caps High balance transfer fee Foreign transaction fee Highlights $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. 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. If you’re a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category. No annual fee and no expiration on rewards. New longer intro period! 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.24% – 26.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers. Contactless Cards – The security of a chip card, with the convenience of a tap. This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now. Introduction A card that might appeal to those solely interested in cash-back rewards, the Bank of America® Customized Cash Rewards credit card offers no complex points system or luxurious travel rewards. Though the cash-back system has its limitations, this simplicity makes it an option worth looking at for those who don’t need a whole lot of extras. The card offers 3% cash back in the eligible category of your choice, 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. One nice touch of the select-your-category offering: Bank of America offers a decent variety of selectable categories. It defaults to gas, but a cardholder may also choose among online shopping, dining,…
Bank of America® Unlimited Cash Rewards credit card – Forbes
Bank Of America Unlimited Cash Rewards Credit Card 2022 Review Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations. The Bank of America® Unlimited Cash Rewards credit card is a no-nonsense card that offers 1.5% unlimited cash back on all purchases. Given that several banks offer credit cards earning 2% on all purchases or cards that earn 1.5% back on general purchases and additional cash back in bonus categories, there are certainly better options for consumers looking for an everyday credit card. However, for customers who can hold more than $100,000 in deposits and investments in an eligible Bank of America or Merrill account, the card quickly moves from lackluster to best-in-class. For customers who qualify for Platinum Honors status in the Bank of America Preferred Rewards program, the card’s earnings increase to 2.62%. Bank of America® Unlimited Cash Rewards credit card Regular APR 16.24% – 26.24% Variable APR on purchases and balance transfers Credit Score Good, Excellent Pros Simple cash back rewards No minimum cash back redemptions Cash back rewards do not expire Card can earn up to 2.62% cash back for Platinum Honors Preferred Rewards No Annual Fee Cons Base cash back of 1.5% is market-lagging Cash back can not be credited to an account at another bank Highlights $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. Earn unlimited 1.5% cash back on all purchases. If you’re a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 1.87%-2.62% cash back on every purchase with Preferred Rewards. No annual fee. No limit to the amount of cash back you can earn and cash rewards don’t expire. New longer intro period! 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.24% – 26.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers. Contactless Cards – The security of a chip card, with the convenience of a tap. This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now. Introduction The Bank of America® Unlimited Cash Rewards credit card is simple: The card earns 1.5% unlimited cash back on all purchases, redeemable as a credit card statement credit or a deposit into an eligible Bank of America account, with no minimum redemption amount, no limit on the amount of rewards and no annual fee. In an age where several banks offer no-annual-fee cards that reward customers with 2% cash back on all purchases or cards offering 1.5% cash back on general purchases accompanied by bonus categories and generous consumer protection benefits, a basic credit card that earns 1.5% back isn’t terribly exciting. However, this card starts to shine for customers who can achieve Platinum or Platinum Honors status in Bank of America’s Preferred Rewards Program. This program is meant to encourage customers to bring more of their banking business to Bank of America through offering parks like additional interest on deposit accounts, loan rate reductions and additional rewards on credit cards. Customers who achieve Gold, Platinum or Platinum Honors status in the Bank of America Preferred Rewards program have their cash-back earnings boosted, making the Bank of America Unlimited Rewards card more than simply a 1.5% cash back card: Achieving status in the Preferred Rewards program requires maintaining deposit balances in Bank of America checking or savings accounts or holding investment assets with Merrill. Gold status requires a minimum…
Bank of America® Customized Cash Rewards Credit Card
Bank of America Customized Cash Rewards Credit Card Review Full Review of Bank of America Customized Cash Rewards Credit Card Pros Generous cash back rewards Easily earned bonus offer for new cardholders No annual fee Fairly generous introductory 0% APR offer Substantial bank or investment-account balances allow for extra cash back bonuses Cons Spending caps on premium rewards earnings Limited redemption options Purchases at multiple-category stores do not qualify for grocery rewards Pros Explained Generous cash back rewards: This card offers 3% cash-back on a bonus category of your choice; the options are gas (a category that includes heating oil and marine fuel), online shopping, dining, travel, drug stores, or home improvement/furnishings. The category can be changed if you wish, although you must stay with each one for at least a month. The card pays 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. Easily earned bonus offer for new cardholders: The bonus is among the easiest introductory cash offers to earn. Charging just $1,000 in your first 90 days with the card brings a $200 reward. And that’s in addition to what you’d earn in cash back on those purchases.No annual fee: The Bank of America Rewards offers above-average rewards for a card that has no annual fee. Unlike cards that merely waive the fee for the first year, then, you won’t face a decision on whether to pay a fee to renew the card in subsequent years.Fairly generous introductory 0% APR offer: This card has attractive terms if you’re seeking to carry debt transferred from another card interest-free or to make major purchases without incurring interest charges. There’s a 0% introductory period for the first 15 billing cycles on new purchases and balances transferred within the first 60 days of account opening. There is, however, a balance transfer fee of 3% of the sum transferred or $10, whichever is greater. After the introductory period, the APR varies within 16.24% to 26.24% variable.Substantial bank- or investment-account balances allow for extra cash back bonuses: The card’s cash-back bonuses become more generous still if you have at least $20,000 in a Bank of America bank account or Merrill investment account. Under the bank’s Preferred Rewards program, a three-month average balance of $20,000 will earn you an additional 25% in cash back. The bonus rises to 50% if you maintain a $50,000 balance and 75% if you have $100,000-plus in an account. B of A customers with substantial holdings will be hard-pressed to earn better rewards with any other card. Cons Explained Spending caps on premium rewards: Cardholders earn 3% on categories and 2% on grocery stores and wholesale clubs on the first $2,500 in combined purchases per quarter. That’s a higher figure than most cards with caps and should suffice for a typical household. However, if you’re an especially big spender in categories featured by the card, you may want to consider a card that has both high rewards and no caps. There’s no cap on the rewards you can earn at the standard 1% cash back rate.Limited redemption options: As with almost all cards, rewards can simply be redeemed for a statement credit at any time for any amount. But where most cards allow a range of other ways for any customer to redeem cash back, including as gift cards that sometimes come with bonuses, this card’s other options cater exclusively to Bank of America and Merrill customers. Rewards can be deposited directly into a Bank of America checking or savings account or be credited to a Merrill Lynch or Merrill Edge account, including being automatically invested in a 529 educational plan. Purchases at multiple-category stores do not qualify for grocery rewards: As with many cards, the definition of grocery stores used by Bank of America exempts superstores that sell groceries, such as Walmart and Target, as well as convenience stores. That means you’lll earn only the regular 1% cash back rate on groceries bought at those stores,…
Bank of America Cash Rewards: Read this First – The Points Guy
Bank of America Cash Rewards: Read this First – The Points Guy Best customizable cash-back card If you find that other cash-back cards don’t exactly match your lifestyle and spending habits, you’ll like the flexibility of the Bank of America® Customized Cash Rewards credit card. You have the power to pick your bonus category each month, which can appeal to those who don’t have traditional spending habits. (Partner offer) At a glance Rewards Rates 3% Earn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). 2% Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). 1% Earn unlimited 1% on all other purchases. Intro Offer $200 $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening Ongoing Penalty APR Up to 29.99% APR Ongoing Cash Advance APR See Terms Ongoing Balance Transfer APR 16.24% – 26.24% Variable APR on purchases and balance transfers Introductory Balance Transfer APR 0% Intro APR for 18 billing cycles for any BTs made in the first 60 days. A 3% fee (min. $10) applies. Ongoing Purchases APR 16.24% – 26.24% Variable APR on purchases and balance transfers Introductory Purchases APR 0% Intro APR for 18 billing cycles for purchases Recommended Credit 670-850 Excellent/Good More details $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. 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. At a glance Rewards Rates 3% Earn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). 2% Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). 1% Earn unlimited 1% on all other purchases. Intro Offer $200 $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening Ongoing Penalty APR Up to 29.99% APR Ongoing Cash Advance APR See Terms Ongoing Balance Transfer APR 16.24% – 26.24% Variable APR on purchases and balance transfers Introductory Balance Transfer APR 0% Intro APR for 18 billing cycles for any BTs made in the first 60 days. A 3% fee (min. $10) applies. Ongoing Purchases APR 16.24% – 26.24% Variable APR on purchases and balance transfers Introductory Purchases APR 0% Intro APR for 18 billing cycles for purchases Recommended Credit 670-850 Excellent/Good More details $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. 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. If you’re a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category. No annual fee and no expiration on rewards. New longer intro period! 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.24% – 26.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers. Contactless Cards – The security of a chip card, with the convenience of a tap. This online only offer may not…
Bank of America® Customized Cash Rewards Credit Card …
Bank of America® Customized Cash Rewards Credit Card Review | BankrateYou know your spending habits the best, so this card lets you choose your top earning category Snapshot 4.6 Bankrate rating star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bottom line Choice category cash back cards seem to be picking up steam, and the Bank of America Customized Cash card is one of the most flexible and rewarding, especially for Bank of America Preferred Rewards members. That said, the shared bonus categories’ quarterly spending limit could be a bit low for many cardholders. BEST FOR WHOLESALE CLUBS Regular APR 16.24% – 26.24% Variable APR on purchases and balance transfers Recommended Credit Score Good to Excellent (670 – 850) Bank of America® Customized Cash Rewards credit card overviewIf you want a higher reward rate than what is offered by the standard 1.5 percent flat-rate cash back card, but need more consistency month-to-month than a 5 percent rotating category card, you’re in luck.The Bank of America Customized Cash Rewards credit card is one of a few of the best cash back credit cards on the market that allows you to not only pick one of six 3 percent cash back bonus categories, but also swap out your choice once per month. This feature can be incredibly helpful for both big purchases on the horizon and a range of everyday expenses—especially once you consider the card’s ongoing 2 percent cash back rate at grocery stores and wholesale clubs.However, there’s a catch that could be a deal-breaker for big spenders. Your 3 percent and 2 percent categories share a $2,500 spending limit on combined purchases per quarter, after which your rewards rate drops to just to 1 percent cash back. Read on to see if the Bank of America Customized Cash Rewards card’s benefits outweigh this drawback.What are the advantages and disadvantages? Pros Cardholders can swap 3 percent categories once per month, adding to the power you have to match your spending to your earning. Bank of America Preferred Rewards members can earn up to 75 percent more cash back on all purchases Generous intro APR periods on purchases and balance transfers Cons The 3 percent and 2 percent categories share a combined $2,500 spending limit per quarter Sign-up bonus spending requirement is double that of rival cards Few major perks outside the rewards program A deeper look into the current card offerQuick highlights Rewards rate: 3 percent cash back on category purchases of choice, including gas, online shopping, dining, travel, drugstore or home improvement; 2 percent cash back at grocery stores and wholesale clubs (up to $2,500 of combined 3 and 2 percent category purchases each quarter, then 1 percent), plus 1 percent on all other purchases Welcome offer: $200 online cash rewards after spending $1,000 within the first 90 days of account opening Annual fee: $0 Purchase intro APR: 0 percent intro APR for 18 billing cycles Balance transfer intro APR: 0 percent intro APR for 18 billing cycles on balance transfers made in the first 60 days. A 3 percent fee (min. $10) applies. Regular APR: 16.24 percent to 26.24 percent Variable APR Current welcome offerYou can earn $200 online bonus cash back by spending at least $1,000 in combined purchases during your first 90 days.That’s a solid payday and the spending requirement should be easy…