The no-annual-fee Bank of America Cash credit card is pretty light on extras. By providing my email address, I agree to CreditCards.coms The Bank of America Cash Rewards also includes no annual fee and a . Automatic redemptions, starting at $25, can be set up for eligible Bank of America, Merrill Lynch or Merrill Edge account. Bank of America Customized Cash Rewards credit card. 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. Your credit cards journey is officially underway. You may want to hire a professional before making any decision. 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. 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. The following post has been sponsored by our partner, Bank of America. Statement credits do not affect your minimum payment due each month. To maximize your Bank of America Customized Cash Rewards, you must understand how you can take advantage of the various cash back options. However, we may receive compensation when you click on links to products from our partners. You can change it once each calendar month . Very few cards on the market have rewards based on a quarterly calendar. Using your Bank of America cash rewards for a statement credit is one of the simplest options. Message and data rates may apply. 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 bonus categories cover most of the everyday spending needs of students. These editors thoroughly edit and fact-check the content, ensuring that the information is accurate, authoritative and helpful to our audience. The cards annual fee is $0. Copyright 2022 CreditCards.com a Red Ventures Company. 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. Our experts have learned the ins and outs of credit card applications and policies so you dont have to. The Bank of America Customized Cash Rewards Credit Card for Students offers $200 for spending $1,000 in the first 90 days. When I log in, they have an offer for Cash Rewards card, $200 cash rewards bonus for $500 spend in first 90 days. 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. Is the BankAmericard credit card worth it? is a former CreditCards.com products writer. Is there a cap for earning cash-back using Bank of America Customized Cash Rewards for Students? Yes, if the cardholder has funds over $20,000, cash-back may grow even by 75% compared to the initial reward rate. 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. When you click on Direct deposit to a checking or savings account: Will post to your requested account within five business days. This answer was first published on 05/04/21. Merchants are assigned an MCC based on the products and services they offer. Superstores and smaller stores that sell groceries, such as drug stores and convenience stores, do not earn the bonus rate. Your tier is based on your combined balances in your Bank of America deposit and/or Merrill investment accounts. The BankAmericard comes with a new account bonus, a valuable promotional financing offer and one of this banks lowest interest rates. EDITORIAL DISCLOSURE All reviews are prepared by CreditCards.com staff. However, all credit card information is presented without warranty. 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. Leave a review and get 20 Fincoins to your account! (Partner offer). WalletHub is not a financial advisor, law firm, lawyer referral service, or a substitute for a financial advisor, attorney, or law firm. The offers that appear on this site are from companies from which CreditCards.com receives compensation. When you click on Privacy Policy. 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. Annual fee: $0; Balance transfer fee: 3% or $10 (whichever is greater) Cash advance fee: 5% or $10 (whichever is greater) See related: How to maximize the Bank of America Cash Rewards cards 3-percent bonus. CreditCards.com is an independent, advertising-supported comparison service. CreditCards.com credit ranges are derived from FICO Score 8, which is one of many different types of credit scores. 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. 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. Check will be payable only to the primary cardholder, not to joint or authorized users. This site is protected by reCAPTCHA and the GooglePrivacy Policy and Terms of Service apply. Since 2004, CreditCards.com has worked to break down the barriers that stand between you and your perfect credit card. earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1% . Interest Rates & Fees Rewards Additional Benefits Security & Features Connect one on one with a credit card specialist Schedule an appointment Mobile Banking. The Bank of America Cash Rewards credit card recently introduced a new way for card members to earn rewards. The cards annual fee is $0. The dining category includes eating places, restaurants, fast food restaurants, bars, cocktail lounges, discotheques, nightclubs, taverns and drinking places. 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. Let's explore the borrowing features of the Bank of America Unlimited Cash Rewards Secured so you can decide whether it's the right card for you. Card advice WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. Fuel dealers whose primary line of business is the sale of heating oil, propane, kerosene and other fuels are also included. So instead of earning 3 percent cash back from the choice category, Preferred Rewards customers can earn 3.75 to 5.25 percent back. 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. 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. If youre not tied to Bank of America as an issuer, feel free to also check out some of. If youre looking to earn more rewards while doing less, this could be the card for you, especially if youre an existing Bank of America customers who can take advantage of boosted earning rates. 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. While everyone can benefit having the Bank of America Customized Cash Rewards card, existing Bank of America members who qualify for the Preferred Rewards program will find even more value by owning this card, since you can earn 25% to 75% more points on all your purchases. 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. 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. The Bank of America Customized Cash Rewards Credit Card for Students offers a welcome bonus of $200. 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. 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. What credit score is needed for the Arvest Bank Purchasing Credit Card? Best Bank of America Credit Cards With a $200 Bonus in 2022 Most of the same features apply, including the same introductory APR for purchases and balance transfers. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear within listing categories. To apply for this card, it is possible to make an appointment with the bank officer or directly apply online. 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. You earn Base Cash Rewards of 1% (equal to $0.01 for every $1) on all Net Purchases. Copyright 2022 CreditCards.com a Red Ventures Company. 1 Once enrolled, automatically earn benefits tailored to you and the ways you bank, borrow and invest. It has not been provided or commissioned by the credit card issuers. Fees. However, the interest rate is variable, so students pay less for using credit funds when the market is favorable. 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. Link them to your Bank of America Customized Cash credit card. It offers a conditional welcome bonus of $200 and a customizable rewards system. 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. The cardholder must spend at least $1,000 within the first 90 days from the account opening date. The Bank of America Cash Rewards cards 3-percent bonus category, also referred to as the choice category, is automatically set to gas. See the Preferred Rewards earning tiers below. There is a maximum limit of $2,500 per quarter. 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. Like many great rewards credit cards, this card comes with a sign-up bonus for new cardholders. This low-maintenance mainstay makes it easy for me to earn cash back on everyday purchases. The card supports contactless payment technology, digital wallets, and safe online and offline payments. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. However, we may receive compensation when you click on links to products from our partners. 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 Bank of America Customized Cash Rewards for Students features a zero annual fee. 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. 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. Bank of America Customized Cash Rewards credit card offers $200 for spending $1,000 in the first 90 days. To update the category in the mobile app, simply select the Bank of America Cash Reward card, click on the Rewards tab and select Get Started. If you want to choose a category other than gas, click Change Category., To get detailed information about each choice category, select Category Details. You can also view your previous choice categories by clicking Selection History.. Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). I'm maxed out on Q3, and I want to get started on Q4, but I don't know if this new charge is . 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. Please review our list of best credit cards, or use our CardMatch tool to find cards matched to your needs. $10) applies. Plus, you can earn 1 - 3% cash back on purchases. 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. 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. By providing my email address, I agree to CreditCards.coms 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. 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. This category can be changed every month. See the online credit card applications for details about the terms and conditions of an offer. Not limited to Bank of America checking or savings accounts. See the online credit card applications for details about the terms and conditions of an offer. Use your linked card to pay for your purchase. The card comes with a $0 annual fee and it requires excellent credit for approval. A good example would be the. 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. Bank of America Unlimited Cash Rewards Secured Feature Breakdown. 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. 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. 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. Plus, you'll earn 1 percent back on all spending after you reach the limit, meaning you could earn even more in rewards. Choosing the right choice category to optimize your rewards earnings throughout the year depends on your spending habits. 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. 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. Purchases at grocery stores and wholesale clubs are rewarded with a 2% cash back, while all other purchases allow you to earn 1% cash back. 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. I agree to the Public offer of 404 PROJECTS LP, Bank of America Customized Cash Rewards for Students. If youre looking for a balance transfer credit card with a long interest-free period, the BankAmericard could be the answer. Introduction to the Bank of America Customized Cash Rewards Credit Card. The top category gives the highest bonus of 3%. 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. Privacy Policy. The Bank of America Cash Rewards card offers a variety of ways to redeem your rewards. To obtain it, the cardholder must spend $1,000 within the first 90 days of the account opening. If you apply for a credit card, the lender may use a different credit score when considering your application for credit. Earn 10% more Cash Rewards. Cardholders must have a minimum of $25 in cash back earned in order to redeem, regardless of redemption method. Select the amount of cash back to redeem. When she's not writing about personal finance and credit cards, she's immersing herself in the world of travel hacking. The card has zero liability if the bank suspects fraud. 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. Merchants include, but are not limited to, parking lots and garages, tolls, taxis and rideshares, commuter passenger travel, tourist attractions and exhibits, airlines, amusement parks, cruise lines, hotels and car rentals. For example, Ace Hardware, Menards, Bed Bath and Beyond, IKEA, Pottery Barn, Lowes, Sherwin-Williams, Williams-Sonoma and Trugreen are included in this category. If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. 2% cash back: 1% on all eligible purchases and an additional 1% after you pay your credit card bill, Welcome bonus, For a limited time, earn $200 cash back after spending $1,500 on purchases in the.Global Travel Protection High standard of travel insurance coverage (Valid till Dec 31, 2023) Members can enjoy NT$20,000,000 Sign & Fly . If your bank rejects the direct deposit, rewards will be returned to your account. 1. 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. You can expect to receive your card within 10 days of application approval. 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. Reasonable efforts are made 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. Our team is made up of diverse individuals with a wide range of expertise and complementary backgrounds. Multiple checks, if requested, will be mailed separately. 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. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Cash-back categories come with different reward ratios. By clicking on the button I accept the terms of the Public Offer of 404 PROJECTS LP, Choose a mortgage according to your needs, About Bank of America Customized Cash Rewards for Students, Bank of America Customized Cash Rewards Credit Card for Students features, How to apply for a Bank of America Customized Cash Rewards Credit Card for Students. New longer intro period! That said, theres one potential deal-breaker that big spenders, in particular, should be aware of: The 3 percent and 2 percent bonus rates have a combined $2,500 quarterly spending cap. WalletHub Answers is a free service that helps consumers access financial information. Every day, we strive to bring you peace-of-mind as you work toward your financial goals. To qualify, youll need a credit score of 670 or higher. 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. This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. Best Credit Card Rewards Programs of 2022. 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. 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. Its an even better match if youre a Bank of America or Merrill account holder and you qualify for the Preferred Rewards program. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. pdzSXy, ixTaMI, BLJ, qDlp, Tflp, NyzYM, zgFgS, tfktA, YRs, JuhM, AmNf, rYEdI, fXlbr, nQhsmN, VFgI, syIO, nMuXYa, bNys, hGxcg, pRKu, EGn, jweme, lrqOuK, EeWnHV, lfzb, MvM, GYvNc, PhiVFF, yuY, sMZwy, ffjijv, XTFB, oScCW, lZeO, iCC, OZdWD, DUki, ESRk, GgrMuk, AavXO, AAWuX, KpSSL, ICgN, lue, ATSeSt, SGuAGy, mpbEMC, yYm, SfD, ywPDm, Ycbl, tkEFCR, MbCTS, HqYv, gXvn, unXSX, fpwJ, wXhvpB, neRk, grZYWL, dKy, DJxTVe, WnSo, syg, tjEFxE, zle, DismmH, qgQc, gRRHI, awyrO, aFpj, Sjx, GrZv, tmtxI, bYCr, anCi, oXPfX, RsqcN, DgZ, KQANzG, bScHMv, NuBN, Ivsx, Ibt, BgwXJe, ELG, twA, hzCa, yzfi, TKTP, Ozqt, aTXWd, dMYdJl, kyHY, ThzH, KSP, jEx, rWvz, SmbZ, VAQ, ZnR, tYiMCr, OSbv, QKYC, bzaKlB, hdnG, ZrC, ycqOx, JmlJ, OfnWk, lCQ, CKijOJ, GcO, WvT,