Do you know what kind of cash rewards Bank of America presents to you? How you can get it Bank of America offers many types of rewards Today we will do our best to get you all the information through us.
The Bank of America Customized Cash Incentives credit card does not provide a complicated points system or opulent travel rewards, making it a card that can appeal to individuals who are only interested in cash-back rewards. Despite the cash-back system’s drawbacks, people who don’t require many extras should consider it because of how straightforward it is.
Bank of America Customized Cash Rewards Credit Cards
Customized Cash Rewards Credit Cards from Bank of America customers of Bank of America or Merrill can easily carry their Bank of America Customized Cash Rewards credit card in their wallet. Up to $2,500 in combined choice category/grocery store/wholesale club quarterly expenditures can earn cardholders 3% cash back in an eligible category of their choosing, 2% at wholesale clubs, and a limitless 1% on all other transactions. By keeping a sizable sum of money in eligible accounts, Bank of America’s Preferred Rewards program allows you to raise those earning rates by as much as 75%. Other credit cards might provide a better return on your spending if Preferred Rewards were absent.
The card gives limitless 1% cash back on all other transactions, 3% cash back on eligible purchases in the category of your choice, 2% cash back at wholesale clubs and grocery stores (up to $2,500 in combined quarterly sales), and 3% cash back on eligible purchases in the category of your choice.
One appealing feature of the select-your-category option: The selection of selectable categories provided by Bank of America is reasonable. Gas is the default option, but cardholders can also select from restaurants, travel, drugstores, online shopping, and stores for home renovation and furniture.
The welcome bonus offer and respectable daily cash-back benefits make this a good beginner rewards card and a mediocre card for those with expertise in the rewards game, despite the card’s shortcomings, which we’ll discuss below.
Rewards on credit cards
Gaining Benefits
Earning rewards with the Bank of America Customized Cash Rewards credit card offers respectable earning options 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.
The selection of 3% cash-back categories is quite varied. Gas, internet shopping, dining, travel, drug stores, and both home improvement and furniture are among the selectable categories. Gas is the default option, but you can change it each month online or via a mobile app.
Redeeming Prizes
With the Bank of America, Customized Cash Rewards credit card rewards redemption is simple and convenient. You may choose how you want to get your rewards:
- any amount as a statement credit
- as a direct deposit into a Bank of America account that is qualified
- as a credit of any amount to a Merrill-qualified account
- via check, with a $25 minimum redemption
- as a contribution to a Merrill 529 account, with a $25 minimum redemption
You can also set up automatic redemptions, provided they are at least $25, to either a Bank of America or a Merrill account. Other redemption options are not eligible for automation.
Rewards Possibility
To determine the rewards potential of the Bank of America Customized Cash Rewards credit card, we must look at the bonus categories and make an estimate of how much a U.S. household spends on each one. Forbes Advisor uses information from multiple government sources to generate the baseline income and spending averages for all categories. The average household income in the 70th percentile is $107,908 per year. On that sum, we base our spending.
In light of this, according to data from the U.S. Government, the majority of families spend at least $2,500 on the bonus categories that Bank of America uses each quarter. The 3% quarterly earnings bonus cap at Bank of America is $2,500 per quarter ($10,000 per year), after which the earnings rate decreases to an unrestricted level.
The remaining yearly household credit card spending was estimated at $26,072. With the addition of the first-year welcome bonus, the cardholder would earn a total of $460.72 a year if all of that expenditure were made with the Bank of America Customized Cash Rewards card.
Introductory Rates of 0%
This card offers a 0% introductory APR on purchases and balance transfers for 18 billing cycles, followed by a variable APR ranging from 16.99% to 26.99%. Any balance transfers made within the first 60 days are subject to the introductory rate; there is a 3% balance transfer fee (minimum $10).
Benefits of Reward Credit Cards
- Guaranteed Zero Liability: As long as unlawful transactions are reported right away, cardholders are not liable.
- The card has an optional overdraft protection feature that may be used with a Bank of America checking account.
- After opting in, cardholders receive a free monthly update of their FICO score via an internet website or mobile app.
- Account Alerts: Set up notifications by email, text message, and mobile app to tell cardholders when their statements are due or paid.
- This card is compatible with digital wallet technology such as Apple Pay, Google Pay, and Samsung Pay.
Are You a Good Fit for the Bank of America Customized Cash Rewards Credit Card?
It can be challenging to strike a compromise between each user’s ideal credit card and each credit card’s ideal customer. Although the card’s restrictions hinder its ability to compete favorably, its versatility in category reward earning may be a positive trait for some. It is still worth arguing that this card would be a fantastic extra card for those who are interested in carrying multiple credit cards.
This card offers tons of extra convenience and features that improve the banking experience for customers of Bank of America or Merrill. However, for people who have not yet utilized Bank of America or Merrill or who do not wish to utilize Bank of America or Merrill, there may be better cards in the cash-back rewards credit card buffet for the extra perks.
Frequently Asked Questions [FAQs]
How does the Bank of America® Cash Rewards credit card work?
Credit card from Bank of America with Customized Cash Rewards receives 3% back on a category of your choice and 2% back on purchases made at grocery stores and wholesale clubs, up to a total of $2,500 per quarter. 1% of all other purchases are reimbursed.
Once per month, you can switch your 3% bonus category. Gas, internet shopping, dining, vacation, drugstores, and home furnishings are among the alternatives. Gas is the default category if none are selected.
Is Bank of America® Cash Rewards credit card a good card
It can be exceptional if the appropriate individual is involved. Contrary to the majority of other cash-back cards, the $0 annual charge.
Credit card from Bank of America® with Customized Cash Rewards
allows you to adjust your rewards by selecting a bonus category from a menu of choices.
What is the credit limit on a Bank of America cash Rewards card?
The Bank of America Customized Cash Rewards credit card has a credit limit that is typically at least $1,000 but can go up to $50,000 in some cases, according to cardholders. The credit limit on your card is determined by Bank of America based on your income, credit history, and other factors.
What is the highest credit limit for Bank of America?
According to research, the Bank of America® Unlimited Cash Rewards credit card has the highest credit limit of any BOA card at $95,000.
What is the average Bank of America credit card limit?
If you frequently spend money in at least one of the card’s 3% bonus categories and enjoy the flexibility of switching between them, or if you frequently shop at grocery stores and wholesale clubs, where you’ll receive 2% back, the Bank of America® Customized Cash Rewards credit card is a wise choice.
Can you have 2 Bank of America cards?
Bank of America does not impose a strict restriction on the number of credit cards you can hold with them, in contrast to American Express. However, depending on your reported income and spending patterns, they probably have a ceiling on the overall credit limit they are willing to provide to you.
How often does Bank of America give credit limit increases?
If a consumer is paying their bills on time and using their card frequently, Bank of America and other credit card firms frequently boost their customers’ credit limits every six months or every year. There won’t be a hard query made on your credit record if you are automatically offered a raise.
The Conclusion
In this article, we have tried to give you complete information about the Bank of America Customized Cash Incentives credit card, so that you can get help selecting the best credit card according to your need. We hope that our article will save you time and you can make your decision carefully. Do not forget to share our article with your friends and family members, your small effort will help us move forward, stay connected to our website for further updates and read valuable articles. Thank you.