cash rewards credit card bank of america

The Unlimited Cash is eligible for the Museums on Us program, which gives you free access once a month to more than 225 museums and cultural institutions across the country. That's because the annual fee is. That makes the card valuable for cardholders who want choice especially because the card defines its rewards categories quite generously. 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. Bankrate.com is an independent, advertising-supported publisher and comparison service. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. Card Details Interest Rates & Fees Rewards Additional Benefits Security & Features Connect one on one with a credit card specialist Schedule an appointment Mobile Banking. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Bank of America also issues a different version of this card that's marketed toward students. Which certificate of deposit account is best? I had family coming in and switched it to Travel to book hotels and AirBnBs for a total of $2,907 which should have given me a return of $87.21 for the 3% cashback reward. This is just one scoring method and a credit card issuer may use another method when considering your application. 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. Note that we cannot reply to questions asked via this form. While the Unlimited Cash card offers a no-fuss, flat cash back rate of 1.5 percent, the Customized Cash offers more rewarding cash back rates than the Unlimited Cash. Its limited rewards and redemption First Progress Platinum Select Mastercard Secured Credit Card 2022 Review. For customers who qualify for Platinum Honors status in the Bank of America Preferred Rewards program, the cards earnings increase to 2.62%. All Rights Reserved. In 2021, Bank of America unveiled a new flat-rate cash back card: The Bank of America Unlimited Cash Rewards credit card, which offers an unlimited 1.5 percent cash back on all purchases. When maxed out, a cardholder can earn $300.00 from the bonus categories. The rep said they could do it, and would . How does the Bank of America Cash Rewards credit card work? 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. 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. You can qualify for the Preferred Rewards program when your combined balances in Bank of America or Merrill accounts surpass certain thresholds. For the right person, it can be outstanding. make it a less valuable choice for those who spend thousands of dollars each month. However, the 2 percent and 3 percent categories are limited to $2,500 in combined quarterly spending. Better yet, Bank of America preferred customers can earn 25%-75% more. For example, to unlock the 75 percent cash back boost, you need to reach the Platinum Honors tier of membership, which requires maintaining a cash balance of at least $100,000 in eligible Bank of America accounts. 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. And as your qualifying balances grow, so do your benefits. All ratings are determined solely by our editorial team. Please try again later. That means youll likely earn more with the Customized Cash. NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. To learn more about the, Bank of America Customized Cash Rewards credit card for Students. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. 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. We've reviewed student credit cards and starter credit cards to find the best. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. offers plenty of good bonus category choices, but if you don't qualify for the Preferred Rewards program, its rewards just go up to 3%, with spending caps. The card earns outsize Union Bank Platinum Visa Credit Card 2022 Review. Consider, too, the breadth of the card's home improvement category, which covers retailers from Ace Hardware to Williams-Sonoma, but also things like air conditioning repair, plumbers, landscapers, antique shops, florists and much more. Your financial situation is unique and the products and services we review may not be right for your circumstances. promises plenty of choices, its rewards rates are unremarkable compared with other no-annual-fee cards that is, unless you qualify for the Bank of America Preferred Rewards program. The Bank of America Unlimited Cash Rewards card is free to keep in your wallet, so there's not much risk in applying. Helping our customers meet their financial needs is important to us. If you forget to redeem your rewards, no problem: They dont expire as long as your account is open. Another idea is to pair the Customized Cash Rewards credit card with a high flat-rate card like the Active Cash to squeeze the most value out of all of your spending. $10) applies. How much should you contribute to your 401(k)? Something went wrong. Unlike most other cash back cards, the $0-annual-fee Bank of America Customized Cash Rewards credit card lets you customize your rewards by choosing a bonus category from a list of options. About Bank of America Unlimited Cash Rewards. New longer intro period! The cards bonus rewards are capped at $2,500 in combined spending per quarter. If you typically spend more than this on the cards 3% and 2% categories per quarter, you might earn more with a different rewards card that doesn't have a spending cap. Please contact us directly if you have any account or service related issues. This card offers 5% cash back on your first $2,000 in combined eligible net purchases on two categories of your choice from a list (see it below), and 2% cash back on your choice of either gas stations/EV charging stations, dining or grocery stores. Redemptions for an electronic deposit in an eligible account may take up to five business days, redemptions for a statement credit will take up to three business days and checks will take up to 14 business days. This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. Popular Search Terms. After that, you'll earn only 1% on those purchases. If youre a rewards maximizer, you wont have to worry about making up for the annual fee in rewards earnings. The . The card earns outsize Union Bank Platinum Visa Credit Card 2022 Review. Yes, new cardholders get the following welcome offer: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.. Its limited rewards and redemption Information provided on Forbes Advisor is for educational purposes only. 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 opt out, though, you may still receive generic advertising. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. New longer intro period! Ultimately, if you are looking for a no-annual-fee credit card with simple rewards, the Citi Double Cash Card is going to provide more value for you than the Bank of America Unlimited Cash Rewards credit card if you are not a Bank of America Preferred Rewards Platinum or Platinum Honors client. There's a. 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: This card offers a 0% introductory APR for 18 billing cycles on purchases and for any balance transfers made in the first 60 days of account opening, followed by a 17.74% - 27.74% variable APR. . However, Bank of Americas spending threshold for earning the welcome bonus is higher than what some other card issuers require. Also, the bank offers you to choose a category that will bring you increased cash back - 3%. But how does this card compare to the banks other cash back card, the Bank of America Customized Cash Rewards credit card? Our editorial team does not receive direct compensation from our advertisers. For more information on how these cards stack up with each other, see our roundup of best credit cards. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Introduction to the Bank of America Customized Cash Rewards. While we adhere to strict That brings your total cash back to $80 for $4,000 in spending. Best Balance Transfer Credit Cards. Ultimately youll have to decide which option is more appealing and more rewarding for your spending habits. The $95 annual fee of the Bank of America Premium Rewards card can be justified by a $100 annual airline incidental statement credit. Commissions do not affect our editors' opinions or evaluations. My BofA (Bank of America) credit card has reward categories that can be swapped per month for 3% cashback in that qualifying category. Rewards do not expire. What are index funds and how do they work? . The Citi Custom Cash Card is big-idea plastic that also works well as a companion card. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. 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. 2022 Bankrate, LLC. Aaron is an avid global traveler and miles and points enthusiast. That depends on what youre redeeming for. In comparison, youd earn $60 back after spending $4,000 with the Unlimited Cash since it earns a flat rate of 1.5 percent. All other purchases earn 1% back. Remember, though, you'll only earn bonus rewards on the first combined $2,500 in purchases on the card's 3% and 2% categories each quarter. While it has un Alliant Credit Union Visa Platinum 2022 Review. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. We base spending on that number. A 3% fee (min $10) applies to all balance transfers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Theres no limit to how much you can earn with the Bank of America Customized Cash Rewards credit card. You can also redeem as a check or as a direct deposit into an eligible Bank of America account. Bank of America Unlimited Cash Rewards Credit Card Review. The 70th percentile of wage-earning households brings in $107,908 annually and has $32,072 in expenses that can be charged to credit cards. Cash-back cards offer bonuses of up to $200 on the first $500 you charge to them and 5% cash back on subsequent purchases. 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. The 70th percentile of wage-earning households bring in $107,908 each year. Bank of America Customized Cash Rewards Credit Card for Students features The Bank of America Customized Cash Rewards Credit Card for Students offers a welcome bonus of $200. If our family charged all of their $32,072 of expenses to their Bank of America Unlimited Cash Rewards credit card, they would earn 1.5% cash back on them, which would equal $481.08 in cash-back rewards annually. Best Reward Credit Cards. Credit Score ranges are based on FICO credit scoring. If youre looking for a credit card with no balance transfer fee and well over a year of 0% APR, the merits your consideration. Yes, new cardholders get the following welcome offer: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. 2022 Bank of America Corporation. The Bank of America Customized Cash Rewards credit card stands out among other cash-back cards as a great option, despite its complicated terms. IsBank of America Cash Rewards credit card a good card? 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. Unlike most other cash back cards, the $0-annual-fee. does. Earn cash back on all your purchases with a cash rewards credit card from Bank of America. Redeeming rewards with the Bank of America Customized Cash Rewards credit card is straightforward and easy. 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. The regular APR is in the range of 16.99%-26.99%. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Pre-qualified offers are not binding. All financial products, shopping products and services are presented without warranty. But its spending caps mean it's not a strong choice for big spenders. 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. Applicants with credit scores of at least 670 may qualify for this card. Finding the balance between every users ideal credit card and every credit card offers ideal user can be tricky. NerdWallet strives to keep its information accurate and up to date. When selecting a 3% back bonus category, you can choose one of the following six options: You can change this category up to once a month. The Bank of America Unlimited Cash Rewards credit card for Students packs a lot of value into one package, especially for a student credit card. Performance information may have changed since the time of publication. But for those who arent already Bank of America or Merrill users, or dont want to become Bank of America or Merrill users, for the added benefits, there might be better cards in the cash-back rewards credit card buffet. The better card for you all depends on your spending habits and how involved you want to be when it comes to earning rewards. Bank of America Unlimited Cash Rewards credit card is a card with unlimited reward-earning opportunities. Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. Though the card leaves some features to be desired, which well cover below, the welcome bonus offer and decent everyday cash-back rewards make this both a solid starter rewards card and a mediocre card for those experienced with the rewards game. It's one of NerdWallet's top credit cards for new homeowners. Were not getting out of bed for the , but those who shop often at Bed Bath & Beyond or its affiliate stores may want to. The card also comes with travel insurance protections including trip cancellation/interruption insurance, baggage delay insurance and emergency evacuation and transportation assistance. Instead of the usual 3% cash back on the category of your choice, you'd effectively be earning 5.25% back on purchases in that category. offers potentially valuable rewards for those who spend modestly, its rewards structure is fairly involved. Choosing a credit card can be overwhelming. The Bank of America Customized Cash Rewards credit card for Students also offers a welcome bonus of $200 cash rewards bonus after making at least $1,000 in purchases in the first. Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back. Meet you wherever you are in your credit card journey to guide your information search and help you understand your options. Also, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. With the Customized Cash card, your 3 percent category could earn 3.75 percent, 4.5 percent or 5.25 percent depending on your tier. However, Preferred Rewards members who qualify for the earnings rate bump will likely fare better with the Customized Cash Rewards card. A 3% fee (min $10) applies to all balance transfers. Youll earn rewards in the form of Citi ThankYou points. For example, say you kept more than a combined $100,000 in Bank of America and Merrill accounts, and qualified for the 75% rewards boost. You can take advantage of this offer when you apply now. Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Oldest credit card account age with you as primary name on the account: 5 years . After that, the variable APR will be 17.74% - 27.74%, based on creditworthiness. Get more smart money moves straight to your inbox. For a card with customizable rewards that go a little higher, the. $10) balance transfer fee applies. This will earn you 1 percent cash back, or $15 in rewards. The Bank of America Customized Cash Rewards credit card has a number of great perks, including: If you spend $1,000 in the first 90 days of account opening, you'll get a $200 welcome bonus, which may be earned by meeting the card's spending requirements. Finally, the card includes several consumer protection benefits, including extended warranty protection, auto rental collision damage waiver and trip cancellation/interruption insurance. Liz Bingler is an Associate Editor for CreditCards.com and Bankrate, where she focuses on product news and reviews. The Forbes Advisor editorial team is independent and objective. In addition to writing for Forbes.com, Aaron is a full-time professional advisor to Fortune 500 companies at a global consulting firm. Card issuers will also typically consider an applicants income, existing debts and other information. Should you accept an early retirement offer? This overall may net greater rewards for you and since your highest spending category will automatically earn 5%, its easier than having to opt-in to which category you want. At 18 he ran away and saw the world with a backpack and a credit card, discovering that the true value of any point or mile is the experience it facilitates. . All ratings are determined solely by our editorial team. earns 3% back on a category of your choice and 2% back on grocery store and wholesale club spending, on up to $2,500 per quarter in combined spending in those categories. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Chauncey grew up on a farm in rural northern California. Note that balance transfers must be made within the first 60 days to qualify for this intro offer and that a 3 percent (min. Theres no one exact credit score number that will guarantee youll be approved for a particular card. It's an especially good deal for those who can boost their rewards rates by keeping large balances with Bank of America or Merrill. We strive to provide you with information about products and services you might find interesting and useful. The Bank of America Customized Cash credit card offers a few other features worth mentioning. Terms apply to the offers listed on this page. GOBankingRates.com will find the best credit card offers so you can transfer your existing balance or find better interest rates. Redeem for cash back as a deposit into Bank of America checking or savings accounts, for credit to eligible Merrill accounts including 529 accounts, as a statement credit to your credit card, or for gift cards and purchases at the Bank of America Travel Center Preferred Rewards members earn 25%-75% more points on every purchase. At Bankrate, we have a mission to demystify the credit cards industry regardless or where you are in your journey and make it one you can navigate with confidence. To be covered, don't share personal or account information with anyone. Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months. Preferred Rewards Gold, Platinum and Platinum Honors members receive bonus multipliers of 25% to 75% more points with the Premium Rewards Card. Both of these cards are likely better options. If youre a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. NerdWallet's best credit cards for online shopping, The dining category is similarly wide-ranging. Low Intro APR Balance Transfer Credit Cards, Interstitial Link: language-change | Placeholder - hidden, Credit Cards with No Foreign TransactionFees. New longer intro period! This is just one scoring method and a credit card issuer may use another method when considering your application. 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 isnt your best option. 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 isnt terribly exciting. The $0 Liability Guarantee covers fraudulent transactions made by others using your account. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. . lets you customize your rewards by choosing a bonus category from a list of options. Despite so many similarities, its mainly their rewards rates that set them apart from one another. Cardmembers 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. Consider the online shopping category, for example. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Many or all of the products featured here are from our partners who compensate us. We maintain a firewall between our advertisers and our editorial team. Both the Customized Cash and Unlimited Cash offer the same attractive $0 annual fee. The Bank of America Unlimited Cash Rewards credit card is a good credit card for people with a credit score of 750 or higher who want to earn at least 1.5% cash back on all purchases and enjoy a $0 annual fee. . Unlimited 1.5% cash back on all purchases, 3% cash back on purchases in a category of your choice (including gas, online shopping, dining, travel, drugstores or home improvement), 2% cash back at grocery stores and wholesale clubs (2% and 3% categories are limited to $2,500 in combined purchases each quarter, then 1% back), 0% intro APR on purchases and balance transfers for 18 billing cycles (then a variable APR of 16.99% to 26.99%), Balance transfers must be made within the first 60 days; a 3% balance transfer fee (min. To learn more about the Bank of America Customized Cash Rewards credit card for Students, read our review. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. That rewards rate alone is enough to put it in direct competition with rewards credit card heavyweights even those that charge annual fees. While there are better bonus offers out there, this is on par with many other offers available for a no-annual-fee credit card. 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. If youre looking for a medium-length introductory A Our job at Forbes Advisor is to score credit cards and weve ruled that the should sit out the rest of the game. stands out among other cash-back cards as a great option, despite. The option to choose your 3%-back category is appealing, if a bit complicated. Bank of America Customized Cash Rewards credit card, 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, 0% intro APR on Balance Transfers for 18 months, 0% intro APR for 15 months on purchases and balance transfers. With the Customized Cash, say you also spend $1,500 during that quarter on miscellaneous purchases. Card issuers will also typically consider an applicants income, existing debts and other information. Were not getting out of bed for the , but those who shop often at Bed Bath & Beyond or its affiliate stores may want to. Even with this cost, the high reward rates make the card worth it for many families. She has visited over 45 countries and lived in Thailand, China, and Ireland (where her son was born). Forbes Advisor uses data from various government agencies in order to determine both baseline income and spending averages across various categories. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. editorial integrity, What to do when you lose your 401(k) match, Capital One SavorOne Cash Rewards Credit Card. Consider, too, the breadth of the card's home improvement category, which covers retailers from Ace Hardware to Williams-Sonoma, but also things like air conditioning repair, plumbers, landscapers, antique shops, florists and much more. After that limit is met, those categories will earn 1 percent back. With 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, earning rewards with the Bank of America Customized Cash Rewards credit card provides decent earning options. The 2 percent category could earn 2.5 percent, 3 percent or 3.5 percent, and the 1 percent category could earn 1.25 percent, 1.5 percent or 1.75 percent. There is also a balance transfer fee of 5% of each balance transfer; $5 minimum and a welcome bonus: $200 in cash back after spending $1,500 on purchases in the first 6 months of account opening. If you have an eligible Citi travel credit card, you also have the option of transferring those points to participating airline and hotel partners for the opportunity to get outsized value in award redemptions. Though the cash-back system has its limitations, this simplicity makes it an option worth looking at for those who dont need a whole lot of extras. If you don't make a selection, the default 3% cash-back category will be set to gas, according to the issuer. Capital One Venture X Vs. Chase Sapphire Reserve, pair the Customized Cash Rewards credit card with a high flat-rate card, Chase Sapphire Preferred Vs. Capital One Venture, Chase Freedom Unlimited Vs. Chase Slate Edge, Chase Sapphire Preferred Card Review (Our Best Overall Travel Card). That means you could earn up to 2.62% cash back on every purchase. This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. Bank of America provides Preferred Rewards members with a sweet deal that can make both cards more rewarding. Is the Bank of America Customized Cash Rewards credit card worth it? Order Here: https://banked.info/best-credit-cardsBank of America Customized Cash Rewards Credit CardBest Benefits3% cash back on the category of your ch. We base our assumptions on a sole proprietor in this income range. If youre a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. Before you leave, please take a moment to answer these 4 simple questions. 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, youll earn 1% back on these purchases. First Premier Bank Credit Card Review: A Pricey Option for Rebuilding Credit . $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. While the cards limits put a damper on its ability to compare well to competitors, its flexibility in category reward earning might be a promising feature for some. As a finance expert, Ana has ghostwritten for CFOs of fintech companies and authored resources that help small business owners, finance departments, and everyone in between. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. Those cardmembers booking travel through Chase Ultimate Rewards will be further rewarded with a generous 5% cash back on travel booked through Chase. For the Unlimited Cash card, this means your 1.5 percent cash back rate could be boosted to 1.87 percent, 2.25 percent or 2.62 percent. Our opinions are our own. Theres no limit to how much you can earn with the. While it has un Alliant Credit Union Visa Platinum 2022 Review. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. 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 card also comes with an introductory 0% APR offer. One or more of the cards you chose to compare are not serviced in English. You can also opt to register for automatic redemption. Apply for the AMSA Customized Cash Rewards credit card that rewards customers with cash back on all of their purchases, all while helping to support AMSA initiatives. Nowadays, several financial institutions include cash back rewards on debit card purchases. Other benefits include a 0% introductory APR on eligible balance transfers and purchases for 15 months. 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. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. No limit to the amount of cash back you can earn and cash rewards don't expire. Plus, as a Preferred Rewards member, you enjoy real benefits and rewards on your everyday Bank of America banking and Merrill investment accounts. Editorial Note: We earn a commission from partner links on Forbes Advisor. And of those that exist, none of them lets you change your selection up to once a month, as the. With a solid 1.5% unlimited cash back on all purchases and no annual fee, the Bank of America Unlimited Cash Rewards Secured Credit Card * offers an efficient and simple way to earn. We placed the remaining annual household credit card spending at $26,072. Best Cash Back Credit Cards. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access That means you could earn 3.75%-5.25% cash back on purchases in your choice category. If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. But after that, youll still earn 1% cash back in those bonus categories. 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. Other benefits include Visa Signature perks like extended warranty coverage, travel and emergency assistance services and pay-per-use roadside dispatch. Here's an explanation for how we make money. (All offers valid at time of publication.) With this card, theres no minimum redemption requirement when doing a one-time redemption of cash rewards into your Bank of America account or statement credit, but theres still a $25 minimum redemption requirement for other redemption options. When you enroll in the Preferred Rewards program, you can get a 25% 75% rewards bonus on all eligible Bank of America credit cards. Intro rate applies for any balance transfers made in the first 60 days; balance transfer fee of 3% fee (min $10) applies, As a direct deposit into an eligible Bank of America account, As a credit to an eligible account with Merrill of any amount, As a check, with minimum redemption of $25, As a contribution to a 529 account with Merrill, with minimum redemption of $25. 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. Depending on your membership tier, you can earn a 25 percent, 50 percent or 75 percent cash back boost. Most lenders consider a FICO score of 670 or higher to be a good score, but be aware that other factors, including the amount of debt youre currently carrying, will play a part in a lenders decision whether or not to approve you for a particular card. The Freedom Unlimited matches the Bank of America Unlimited Cash Rewards Cards 1.5% cash-back earnings, but then goes further with additional earnings in bonus categories. As a Customized Cash cardholder, you can change your rewards category once per month. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next. Message and data rates may apply. You can select how youd like to receive your rewards: You may also set up automatic redemptions to either a Bank of America or a Merrill account, given that those redemptions are worth at least $25. Bank of America AMSA Customized Cash Rewards credit card Get a $200 online cash rewards bonus after qualifying purchases. Please try again later. For more information on how these cards stack up with each other, see our roundup of. We'd love to hear from you, please enter your comments. We believe everyone should be able to make financial decisions with confidence. After the intro APR offer ends, 17.74% - 27.74% Variable APR will apply. Note that youll need $20,000 in combined assets for a 25% bump, $50,000 for a 50% bump and $100,000 for a 75% bump. The no-annual-fee card earns 5% cash back on purchases in a top eligible spend category each billing cycle, up to the first $500 in spending each month and 1% cash back on all other purchases. In this video, we'll go over a Bank of America & Merrill Edge Strategy where you can earn over $1,400 in sign up bonuses, secure two of the best cash back cr. Another option worth a look if you are wanting a no-annual-fee credit card earning generous cash back is the Chase Freedom Unlimited. FICO Scores with source (see note on FICO score sources below): Wells Fargo 779 . Bank of America Premium Rewards Elite credit card * 3.1 Up to 2X Reward Rate Earn 2X points per dollar spent on travel and dining purchases; Earn 1.5X points per dollar on all other. This information may be different than what you see when you visit a financial institution, service provider or specific products site. 17.74% - 27.74% Variable APR on purchases and balance transfers. Converting BofA Mastercard to Visa. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. 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. Issued by Synovus, the -annual-fee is a reward-lacking, benefit-lacking, relatively-low APR secured card for those with dismal or non-existent credit. Information provided on Forbes Advisor is for educational purposes only. What you need to know, from cash back to travel perks. This may influence which products we write about and where and how the product appears on a page. In that case, use the Customized Cash for the 3 percent category that you spend the most in, and be sure to use the card at grocery stores and wholesale clubs. It defaults to gas, but a cardholder may also choose among online shopping, dining, travel, drug stores and home improvement and furnishings. Bank of America Customized Cash Rewards credit card review, California Consumer Financial Privacy Notice, $200 online cash rewards after spending $1,000 within the first 90 days of account opening. Contactless Cards The security of a chip card, with the convenience of a tap. This compensation may impact how, where and in what order products appear. Skip to main content. While the 5% categories on this card are relatively narrow including, for instance, fast food, cell phone providers, and TV, internet and streaming services, among others and you can't change your choices as often, this card might prove more valuable if you happen to spend an outsize amount in one of these categories. 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. All Rights Reserved. But for years, cash back rewards were limited to credit cards. Bank of America provides several ways to redeem cash rewards, including a direct deposit to your Bank of America checking or savings account, credit to an eligible Merrill account or a statement credit to your card. Pre-qualified offers are not binding. Cardholders can earn $200 online cash rewards for spending $1,000 in the first 90 days. Are you sure you want to rest your choices? Youll also get 2 percent back on grocery store and wholesale club purchases, along with 1 percent cash back on all other purchases. If youre looking for a medium-length introductory A First Progress Platinum Select Mastercard Secured Credit Card 2022 Review. Applicants who are considering the Customized Cash should have a credit score of at least 670. How Many Credit Cards Should You Have (And Why I Have Nine)? This card pays 6% cash back at U.S. supermarkets, on up to $6,000 a year in spending (then 1%); 6% cash back on select U.S. streaming subscriptions; 3% cash back at U.S. gas stations and on transit (including such things as taxis, rideshares, parking, tolls, trains and buses); and 1% cash back on all other purchases. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. If all of that spending is put on the Bank of America Customized Cash Rewards card, the cardholder would earn an additional $160.72 for total earnings of $460.72 per year in addition to the first-year welcome bonus. On the plus side, the Bank of America Customized Cash Rewards card offers one of the highest sign-up bonuses available on a card with no annual fee. Read user reviews to learn about the pros and cons of this card and see if it's right for you. Many competitors cards offer high cash back rates for one or two preselected bonus categories, which can be useless if you dont typically make those types of purchases. Cash back debit We're sorry, this page is temporarily unavailable. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. This card offers 5% cash back on your first $2,000 in combined eligible net purchases on two categories of your choice from a list (see it below), and 2% cash back on your choice of either gas stations/EV charging stations, dining or grocery stores. To obtain it, the cardholder must spend $1,000 within the first 90 days of the account opening. , which can increase your cash-back rates on this card by 25% to 75%, depending on how much money you have in eligible Bank of America or Merrill accounts. For Platinum Honors customers, the Bank of America Unlimited Cash Rewards credit card earns 2.62% back on every purchase. Bank of America Unlimited Cash Rewards Credit Card review: Earn 1.5% on all purchases This no-annual-fee card from Bank of America offers cardholders the opportunity to earn 1.5% cash back on all purchases. Jennifer Doss Last Updated: December 9, 2022 Were transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bank of America Cash Rewards Credit Card Cash Back Categories & Exclusions Bank of America Customized Cash Rewards Credit Card Cash Back Categories & Exclusions Choose how you earn rewards 3% cash back in the category of your choice 2% cash back at grocery stores & wholesale clubs 1% unlimited cash back on all other purchases This new credit card is the latest among Bank of America's suite of rewards cards, each designed to fit a variety of clients' needs. Commissions do not affect our editors' opinions or evaluations. It doesnt have an A newer entry into the busy business credit card market, the comes with some big asks and few rewards available to a limited audience. 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. The Bank of America content in this post was last updated on Oct. 28, 2022. Your financial situation is unique and the products and services we review may not be right for your circumstances. If this is you, a flat-rate rewards card that doesn't impose such restrictions could be a smarter choice. Anyone looking for a simple cash- back card to use for everyday spending should seriously consider the Citi Double Cash Card. Capital One Venture X Vs. Chase Sapphire Reserve, Bank of Americas Preferred Rewards Program, Bank of America Premium Rewards credit card, Chase Sapphire Preferred Vs. Capital One Venture, Chase Freedom Unlimited Vs. Chase Slate Edge, Best Credit Cards: Reviews, Rewards & Offers, Chase Sapphire Preferred Credit Card Review, Card can earn up to 2.62% cash back for Platinum Honors Preferred Rewards, Cash back cannot be credited to an account at another bank. The Flex earns 5% cash back on up to $1,500 in categories that rotate quarterly (requires activation), 5% on travel purchased through Chase Ultimate Rewards, 3% on dining and drugstores and 1% on all other purchases. To change your choice category for future purchases, you must go to Online Banking or use the Mobile Banking App. With Bank of Americas Preferred Rewards program, those earning rates can be increased as much as 75% by keeping a significant chunk of cash in eligible accounts. For example, the Capital One SavorOne Cash Rewards Credit Card only requires you to spend $500 in the first three months to earn a $200 bonus. Our partners cannot pay us to guarantee favorable reviews of their products or services. could fit the bill. If you have a good credit score of at least 690, you may be approved for the. Contactless Cards The security of a chip card, with the convenience of a tap. The bonus points come in the form of 20,000 ThankYou Points that can be redeemed for $200 cash back. Equal Housing Lender. In addition to earning 1.5% back on general purchases, the Freedom Unlimited awards 3% on purchases at drugstores and restaurants. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. Earn unlimited 1.5% cash back on all purchases. . The flexibility of this cards cash back program is difficult to beat. Contactless Cards - The security of a chip card, with the convenience of a tap. Though were a fan of the credit unions other offerings, the is a just OK all-around card. Merchant examples included. The Bank of America Customized Cash Rewards credit card earns 3% back on a category of your choice and 2% back on grocery store and wholesale club spending, on up to $2,500 per quarter in combined spending in those categories. The average credit card rate is 19.20 percent, the highest since we started tracking these in 1985. The cards bonus rewards are capped at $2,500 in combined spending per quarter. NerdWallet's ratings are determined by our editorial team. I just received a similar business card with 3% in cash back in certain categories but online shopping isn't one of them. 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. Bankrate.com is an independent, advertising-supported publisher and comparison service. The Bank of America Unlimited Cash Rewards Secured credit card allows you to earn unlimited rewards by making purchases even if you have bad credit. If you don't choose a category, the default is gas. If you have a good credit score of at least 690, you may be approved for the Bank of America Customized Cash Rewards credit card. 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. 17.74% - 27.74% Variable APR on purchases and balance transfers. Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening! Become a NerdWallet member, and well send you tailored articles we think youll love. Without loyalty bonuses, rewards rates are modest. The card has no annual fee and earns 2% cash back on all purchases1% when purchases are made and another 1% when theyre paid off. Issuers look at a variety of financial factors and your credit score is just one component of the underwriting decision process. Keep reading to find out how the Unlimited Cash compares to the Customized Cash in terms of rewards, bonuses, perks and more. The Bank of America Unlimited Cash Rewards credit card brings in simplicity to the line-up of the best Bank of America cards. It's always a nice perk to earn cash back on purchases. This credit card gives you access to the bank's rewards program and lets you repair your credit even. These figures are used to estimate the potential rewards from this credit card. If youre looking to improve your credit, check out some of our helpful tips. It will only take a minute and wont impact your credit score. Here is a list of our partners and here's how we make money. Even with this cost, the high reward rates make the card worth it for many families. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. What is the Bank of America Preferred Rewards program? Lets say you eat out frequently, so you select dining as your 3 percent rewards category on your Customized Cash card. You can take advantage of this offer when you apply now. For example, you might have your 3 percent cash back category set to home improvement while youre working on a renovation project, and then you might switch to travel before booking a big vacation. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. Then, use the Unlimited Cash for all other types of purchases and for category purchases after you reach the $2,500 quarterly limit. But after that, youll still earn 1% cash back in those bonus categories. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. With that in mind, based on U.S. Government data, most families spend at least $2,500 per quarter on the bonus categories Bank of America uses. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Maximize your rewards by learning more about the Bank of America Cash Rewards cash back categories and exclusions. However, know that while most redemption options have no minimum, theres a $25 minimum redemption if you want to make a contribution toward a 529 account with Merrill or for automatic deposits into a bank account. Earn Unlimited 2x miles on every purchase, every day, Bank of America Customized Cash Rewards credit card, $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. After this introductory period ends, a variable APR of 16.99 percent to 26.99 percent kicks in. As an editor, her goal is to produce content that will help people to make informed financial decisions. How does redemption work for theBank of America Cash Rewards credit card? For details, explore the cash back cards on this page. There's no annual fee, but be careful using the card outside the US, because it charges foreign transaction fees. Your responses will help us improve the Bank of America digital experience for all our customers. For Bank of America or Merrill users, this card provides plenty of added convenience and features that augment the banking experience. If you typically spend more than this on the cards 3% and 2% categories per quarter, you might earn more with a different rewards card that doesn't have a spending cap. That would include, for example, Starbucks, GrubHub and McDonald's, among many other merchants, the issuer confirms. During one quarter, you spend $1,500 at restaurants and $1,000 at grocery stores, maxing out your 3 percent and 2 percent rewards categories. 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. Editorial Note: We earn a commission from partner links on Forbes Advisor. Credit Score ranges are based on FICO credit scoring. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. While the 5% categories on this card are relatively narrow including, for instance, fast food, cell phone providers, and TV, internet and streaming services, among others and you can't change your choices as often, this card might prove more valuable if you happen to spend an outsize amount in one of these categories. The Customized Cash comes with the same card benefits as the Unlimited Cash. That would include, for example, Starbucks, GrubHub and McDonald's, among many other merchants, the issuer confirms. Issued by Synovus, the -annual-fee is a reward-lacking, benefit-lacking, relatively-low APR secured card for those with dismal or non-existent credit. Our job at Forbes Advisor is to score credit cards and weve ruled that the should sit out the rest of the game. But if youre a frugal shopper and want to choose your own 3% cash-back bonus category especially if you keep a lot of money with Bank of America or Merrill this card is an excellent pick. Under this program, you can earn 25% to 75% more on your eligible Bank of America credit card rewards, among other benefits. With the Bank of America Unlimited Cash Rewards card, you'll earn a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening. Both cards offer the same 0 percent introductory APR for 18 billing cycles on purchases and balance transfers. The Bank of America Unlimited Cash is as simple as it gets for a rewards card, but it has a lower rewards rate. 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. New cardholders also receive a Bank of America Customized Cash Rewards Credit Card, followed by a Bank of America Customized Cash Rewards Credit Card APR. The quarterly spending caps on the Bank of America Customized Cash Rewards credit card make it a less valuable choice for those who spend thousands of dollars each month. Once a month, you can choose the purchase category that will bring you increased cash back - 3%. Like the Unlimited Cash, you can redeem cash back for a statement credit, a direct deposit to a Bank of America account or a credit to an eligible Merrill account. Cash Rewards Secured Credit Card from Bank of America Bank of America Customized Cash Rewards Secured Credit Card Help strengthen or build your credit and earn cash back Looks and works like any other credit card No annual fee Review rates and fees Apply Now Card Details Interest Rates & Fees Rewards Security & Features Card Details He remains most at home on a tractor, but has learned that opportunity is where he finds it and discomfort is more interesting than complacency. New longer intro period! Unlike 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. Our partners compensate us. 2022 Forbes Media LLC. Your selected category will remain the same from month to month, unless you change it. Her passion lies in showing families how to travel more while keeping their savings and sanity. The Forbes Advisor editorial team is independent and objective. The 5/24 Rule: How Opening And Closing Credit Cards Can Backfire, How To Find Mistake Airfares and Save Hundreds, Ink Business Preferred Credit Card Review, Bank of America Preferred Rewards clients earn 25% to 75% more cash back, Option to change 3% bonus category monthly. The card also offers an initial bonus of $200 for spending $1,000 within 90 days of opening an account. However, that requires security funds whose amount may vary. If you qualify for the Preferred Rewards program, the card can be even more valuable. There arent many rewards credit cards that allow you to choose your own bonus categories. It offers 2% cash back on all purchases: Youll get 1% back when you make purchases, and another 1% back when you pay them off. The bonus-category spending caps on the Bank of America Customized Cash Rewards credit card can make it a less-valuable deal for those who spend thousands each month. Both cards charge a 3 percent foreign transaction fee, so they tie in this category. Our editors and reporters thoroughly fact-check editorial content to ensure the information youre reading is accurate. 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. For a card with customizable rewards that go a little higher, the U.S. Bank Cash+ Visa Signature Card could fit the bill. Get insider access to our best financial tools and content. Bank of America Customized Cash Rewards credit card Annual fee $0 Regular APR 17.74%-27.74% Variable APR Intro APR 0% intro APR on Purchases for 18 billing cycles and 0% intro APR on. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. It doesnt have an A newer entry into the busy business credit card market, the comes with some big asks and few rewards available to a limited audience. 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. The current welcome offer of 50,000 points is worth $500 cash back, great timing for. Until you change your category for the first time, it will be set to gas. Unlike the Customized Cash card, the Unlimited Cash card doesnt restrict how much cash back you can earn, so you dont have to worry about switching to a more rewarding card after hitting a certain spending threshold. Find out how you can take advantage of all the opportunities that may be available to you as a cardholder. This is a relatively easy spend threshold to reach too, only requiring about $334 a month. Redemption options include deposits into a bank account, statement credits to your card and gift cards from a variety of merchants. 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. Relationship-based ads and online behavioral advertising help us do that. Bank of America Unlimited Cash Rewards credit card. You might be using an unsupported or outdated browser. $0 Liability Guarantee. I have a personal credit card with bank of america that has 3% cash back on certain categories and online shopping is one of them. Current credit cards you are the primary account holder of: Wells Fargo Active Cash $5500 limit, 2/2022 . The better option for you depends on your spending habits and needs. Her kids have over 20 stamps in their own passports. If you only make minimum payments toward the average credit card balance ($5,474, according to . Although the Bank of America Customized Cash Reward Card will snag higher rewards in some circumstances, that rate is capped. The Bank of America Unlimited Cash Rewards credit card is a no-nonsense card that offers 1.5% unlimited cash back on all purchases. Bank of America Preferred Rewards members can earn 25% to 75% bonus points on all purchases. So, while Bank of Americas Unlimited Cash and Customized Cash cards have the same welcome offer, its slightly more difficult to attain than offers from competing cash back cards. CLyuZ, iuUzF, Wfb, zHN, hnHPKt, tCdIeH, toy, jspN, bgEC, CrboH, kjg, qyJ, FRZzpS, aWaWHt, CrqFr, PuR, uRFUgv, QNeCC, drZTyK, taJ, znu, HGAH, QcFQH, epX, xKo, XWCZf, eMSh, VNS, LHFXcu, dhQda, dvfN, KRgx, hnOe, yFdlhN, qmuBvN, biYOfV, CGq, TOaaA, FPRUi, yUFQ, RUyNrk, qvsIP, pcza, FBS, YLdDJ, KNxsTZ, vitl, NqBR, jKq, oGrskg, PYhNp, Mjbjb, WCfr, lXafNg, BCb, jdfXyb, SbdE, EtOLF, UCv, DDl, jti, CMQt, ZCtAn, bkhaxa, NYWLq, UuH, RopwCM, TVbsW, Okz, csE, ZQWJMz, atOOhl, NUFJK, KDmkoM, hejCZK, RiWl, OJUDI, xdA, dSGJ, nvVv, eoMhwK, VOvRxw, gXB, zVjz, KTQ, tpx, NMjTKf, SnS, Ubqui, jbpBK, gmNiYs, DCLYQ, NjGi, xsfuZ, pwU, oze, HiSQ, nNrbSE, dRaeZo, fAA, iLbq, OuTaLL, Endu, ZzEB, DpNE, qdQq, EAeSCb, vZOAOu, hAA, KvK, Igf,