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. After that, you'll earn only 1% on those purchases. 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. She has visited over 45 countries and lived in Thailand, China, and Ireland (where her son was born). Past performance is not indicative of future results. After the intro APR offer ends, 17.74% - 27.74% Variable APR will apply. $0 Liability Guarantee. Before you leave, please take a moment to answer these 4 simple questions. This is a relatively easy spend threshold to reach too, only requiring about $334 a month. 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. 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. First Premier Bank Credit Card Review: A Pricey Option for Rebuilding Credit . Cardholders can earn $200 online cash rewards for spending $1,000 in the first 90 days. . 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. The dining category is similarly wide-ranging. 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. The card also offers an initial bonus of $200 for spending $1,000 within 90 days of opening an account. For customers who qualify for Platinum Honors status in the Bank of America Preferred Rewards program, the cards earnings increase to 2.62%. 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. To obtain it, the cardholder must spend $1,000 within the first 90 days of the account opening. This compensation comes from two main sources. We believe everyone should be able to make financial decisions with confidence. All redemption options require you to have a minimum of $25 in cash rewards. 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 options are: gas, online shopping, dining, travel, drugstores and home improvement and furnishings. All ratings are determined solely by our editorial team. Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening! I decided to apply for the Bank of America Premium Rewards credit card! We value your trust. 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. If this is you, a flat-rate rewards card that doesn't impose such restrictions could be a smarter choice. 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 youre a rewards maximizer, you wont have to worry about making up for the annual fee in rewards earnings. Here's an explanation for how we make money. The rep said they could do it, and would . 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. All ratings are determined solely by our editorial team. 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. All Rights Reserved. Although the Bank of America Customized Cash Reward Card will snag higher rewards in some circumstances, that rate is capped. IsBank of America Cash Rewards credit card a good card? $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. New longer intro period! 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. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. Until you change your category for the first time, it will be set to gas. Get the most out of your credit card. Commissions do not affect our editors' opinions or evaluations. Your responses will help us improve the Bank of America digital experience for all our customers. The main downside: The card comes with bonus category spending caps, so it's not a good pick for big spenders. All Rights Reserved. Her kids have over 20 stamps in their own passports. 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. Theres no limit to how much you can earn with the. $10) applies. Please try again later. Anas interest in finance developed out of her own entrepreneurial journey. 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. for men; sonos; tv; air fryer; cameras; dishwasher; mattress; dell; lg; How does the Bank of America Cash Rewards credit card work? Bank of America provides Preferred Rewards members with a sweet deal that can make both cards more rewarding. Therefore, this compensation may impact how, where and in what order products appear within listing categories. No annual fee and no expiration on rewards. 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. NerdWallet's ratings are determined by our editorial team. 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. The Citi Double Cash Card card earns a simple 2% cash back on all purchases1% when purchases are made and another 1% when theyre paid off and can unlock more value through the ThankYou Points program. 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. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. The card also comes with an introductory 0% APR offer. The Customized Cash comes with the same card benefits as the Unlimited Cash. 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. You can also opt to register for automatic redemption. 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. The easiest way to redeem your cash rewards is for a statement credit, meaning the amount you redeem is subtracted from your account balance. Both cards offer the same $200 welcome bonus after spending $1,000 within the first 90 days after account opening. That makes the card valuable for cardholders who want choice especially because the card defines its rewards categories quite generously. 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. 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. With an easy-to-remember 1.5% rewards rate, you could potentially earn 25 to 75% more cash back on every purchase if you're a Preferred Rewards member. That means you could earn 3.75%-5.25% cash back on purchases in your choice category. However, while these cash back rates are phenomenal, the boosted rewards rates may be out of reach for most spenders. Cardholders who are eligible for the Bank of America Preferred Rewards program can earn higher rewards rates. What credit score do I need to get the Bank of America Cash Rewards credit card? Bank of America also issues a different version of this card that's marketed toward students. Applicants who are considering the Customized Cash should have a credit score of at least 670. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Here is a list of our partners and here's how we make money. 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. What you need to know about Bank of America credit cards, including rewards programs, travel perks and cash back. If you're a Preferred. There arent many rewards credit cards that allow you to choose your own bonus categories. Once a month, you can choose the purchase category that will bring you increased cash back - 3%. -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. That would include, for example, Starbucks, GrubHub and McDonald's, among many other merchants, the issuer confirms. Intro rate applies for any balance transfers made in the first 60 days; balance transfer fee of 3% fee (min $10) applies. 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 Secured Important Details Basic Card Details Annual fee: $0 APR: 26.99% (variable) Rewards rate: 1.5% Security deposit: $200-$5,000 Grace period: 25 days Additional Information Your initial credit limit will be equivalent to your security deposit and in the range of $200-$5,000 $0 liability guarantee After the intro APR offer ends, 17.74% 27.74% Variable APR will apply. Bank of America Customized Cash Rewards Credit Card Review. The Bank of America Unlimited Cash Rewards credit cards rewards earning rate is straightforward: The card earns 1.5% unlimited cash back on all purchases. Applicants with credit scores of at least 670 may qualify for this card. What to do when you lose your 401(k) match, Capital One SavorOne Cash Rewards Credit Card. If you opt out, though, you may still receive generic advertising. Earn Unlimited 2x miles on every purchase, every day. For most spenders it is unlikely that would result in more overall rewards than the Active Cash card. If youre looking for a medium-length introductory A First Progress Platinum Select Mastercard Secured Credit Card 2022 Review. 17.74% - 27.74% Variable APR on purchases and balance transfers. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. Does bank of america believe businesses don't shop online for equipment for their business? So how do we make money? When you enroll in the Preferred Rewards program, you can get a 25% 75% rewards bonus on all eligible Bank of America credit cards. To learn more about the Bank of America Customized Cash Rewards credit card for Students, read our review. If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. Member FDIC. The Customized Cash provides 3 percent cash back on purchases in a category of your choice. 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. To change your choice category for future purchases, you must go to Online Banking or use the Mobile Banking App. Consistently provide up-to-date, reliable market information so you're well-equipped to make confident decisions. 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. What is the Bank of America Preferred Rewards program? If youre a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. Cash rewards can be redeemed in any amount at any time for: statement credits, deposits made directly into a Bank of America checking or savings account or for credit to an eligible account with Merrill. In addition to earning 1.5% back on general purchases, the Freedom Unlimited awards 3% on purchases at drugstores and restaurants. You can take advantage of this offer when you apply now. With the Customized Cash, say you also spend $1,500 during that quarter on miscellaneous purchases. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. That means youll likely earn more with the Customized Cash. This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. There's a. Earn unlimited 1.5% cash back on all purchases. Bankrates editorial team writes on behalf of YOU the reader. . 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. Our ratings take into account the cards rewards, fees, rates along with the cards category. The . Other benefits include Visa Signature perks like extended warranty coverage, travel and emergency assistance services and pay-per-use roadside dispatch. Oldest credit card account age with you as primary name on the account: 5 years . Effective rewards rate on the category of your choice, Effective grocery store/ wholesale club rewards rate, Effective rewards rate on everything else, Platinum honors, Diamond and Diamond Honors (75% boost). Cardholders get bonus rewards at grocery stores, wholesale clubs and a category of their choice. Jennifer Doss Last Updated: December 9, 2022 The Bank of America Customized Cash Rewards credit card fits nicely in the wallet of Bank of America or Merrill customers. $0 intro annual fee for the first year, then $95. 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. Relationship-based ads and online behavioral advertising help us do that. The $0 Liability Guarantee covers fraudulent transactions made by others using your account. . 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. 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 17.74%-27.74% Variable APR. 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. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. 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. The Chase Freedom Flex also offers a more versatile welcome bonus, making it an appealing option than the Customized Cash Rewards card. Interested in the Bank of America Customized Cash Rewards credit card for Students? Card issuers will also typically consider an applicants income, existing debts and other information. 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. Cash back debit 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. 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. These benefits include Visa Signature perks and access to Museums on Us and BankAmeriDeals. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. 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. 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. 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. Bank of America Preferred Rewards members can earn 25% to 75% bonus points on all purchases. That means you could earn 1.87%-2.62% cash back on every purchase with Preferred Rewards. These figures are used to estimate the potential rewards from this credit card. 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. 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. Pre-qualified offers are not binding. You can get money back in the following ways. 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. How much should you contribute to your 401(k)? Liz Bingler is an Associate Editor for CreditCards.com and Bankrate, where she focuses on product news and reviews. However, Bank of Americas spending threshold for earning the welcome bonus is higher than what some other card issuers require. Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. If you qualify for the Preferred Rewards program, the card can be even more valuable. Banks, issuers and credit card companies do not endorse or guarantee this content, are not responsible for it, and may not even be aware of it. The 3% cash-back category options are fairly broad. . Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access A 3% fee (min $10) applies to all balance transfers. 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. Blue Cash Preferred Card from American Express, 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 base spending on that number. Weve compiled some important considerations to help you pick the best credit card for you. When evaluating offers, please review the financial institutions Terms and Conditions. The Bank of America Unlimited Cash is as simple as it gets for a rewards card, but it has a lower rewards rate. NerdWallet's best credit cards for online shopping, The dining category is similarly wide-ranging. This may influence which products we write about and where and how the product appears on a page. Card issuers will also typically consider an applicants income, existing debts and other information. instead. 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. 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