Bank of America Cash Back Credit Card Review

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The Bank of America® Customized Cash Rewards credit card is no slacker in credit carte bonuses, featuring high greenbacks back rates in several spending categories and a smashing sign-up bonus. Cardholders appetent gas rewards may be best suited for this carte du jour. Further, if you have whatever banking or investment accounts with Bank of America, you can heighten those cash back rates even higher. Simply is this menu the right one for y'all? Find out in our Depository financial institution of America® Customized Greenbacks Rewards credit carte review.

Great for: Bonus and greenbacks-dorsum flexibility

Regular April

fourteen.24% - 24.24% Variable

• Includes a large bonus in the no-annual fee category and a flexible cash rewards program that enables you to earn premium cash back in a category of your option. Plus, the long intro April offer makes this carte du jour a standout among its peers.

• • Competitive sign-upward bonus
  • Bonus greenbacks back in a category of your choice
  • No annual fee
  • 0% intro Apr offer

  • Foreign transaction fee
  • Limit on bonus cash dorsum
• • $200 online greenbacks rewards bonus after yous make at least $1,000 in purchases in the first xc days of account opening.
  • Earn 3% cash back in the category of your option, automatic 2% at grocery stores and wholesale clubs (up to $ii,500 in combined choice category/grocery store/wholesale society quarterly purchases) and unlimited ane% on all other purchases.
  • If you're a Preferred Rewards fellow member, you tin earn 25% - 75% more cash back on every purchase. That means you could earn up to v.25% greenbacks dorsum on purchases in your choice category.
  • No almanac fee and no expiration on rewards.
  • 0% Introductory April for 15 billing cycles for purchases, and for whatever balance transfers made in the first 60 days. After the intro Apr offer ends, 14.24% - 24.24% Variable APR will employ. A iii% fee (min $10) applies to all balance transfers.
  • Contactless Cards - The security of a chip bill of fare, with the convenience of a tap.
  • This online only offer may not be available if y'all get out this page or if you visit a Bank of America fiscal center. Y'all can have advantage of this offer when you apply now.

Full Bank of America Customized Cash Rewards review

This credit card is a good fit for: Cardholders who want command over where they earn bonus cash back. Bank of America banking and investment clients tin unlock college cash back rates through its Preferred Rewards program.

Top perks

Up to 3% cash dorsum: You'll earn the following greenbacks dorsum rates with the card:

• 3% in your pick of one of six popular spending categories (gas, online shopping, dining, travel, drug stores, or dwelling house improvement/furnishings)
• two% at grocery stores and wholesale clubs
• 1% on other spending

The two% and 3% cash back rates are for your first $two,500 in spending combined at grocery stores, wholesale clubs, and in your choice category each quarter.

$200 intro bonus: To get this bonus, you must spend $1,000 within the first ninety days. Considering how much you'll make for a very small-scale minimum spending requirement, this card has i of the best sign-up bonuses among cash dorsum cards.

No annual fee: Like quite a few of the best greenbacks back cards, this card doesn't charge an almanac fee.

0% intro APR: The 0% intro APR lasts for 15 billing cycles and applies to purchases and balance transfers, although balance transfers must be fabricated within threescore days of your account opening to qualify. That's not a big bargain, because if yous're planning to transfer credit card debt, you'd desire to practice that as presently as possible, anyway

Bonus greenbacks dorsum for Bank of America customers: What makes Bank of America different from other carte issuers is the special bonuses it offers for clients who besides have banking or investment accounts.

Here's how it works: If y'all meet combined rest minimums in whatsoever bank accounts with Bank of America and investment accounts with Merrill, you'll qualify for fifty-fifty larger bonuses through the Preferred Rewards program. The tiers to that program are:

• Gilded -- $20,000 combined rest minimum, 25% bonus
• Platinum -- $fifty,000 combined balance minimum, l% bonus
• Platinum honors -- $100,000 combined residue minimum, 75% bonus

You can meet how each bonus would touch your cash-dorsum rates in the table below.

Alternatives to consider

• If you lot want rotating bonus categories: The Find it® Cash Back offers new bonus categories that yous activate every quarter where y'all'll earn 5% back, up to a $ane,500 quarterly spending maximum. Discover doesn't stop the bonus greenbacks back there, either, as it likewise matches all the cash back that you earn in your first year for new cardholders using this card.
• If you want a high cash back rate on your spending: Yous won't find a better choice than the Citi® Double Cash Card – 18 month BT offering, which earns 2% back on purchases. That's paid out in a unique fashion, one% dorsum when you make a purchase and the other 1% when you pay the bill on time.

As of Apr. 01, 2022

Discover it® Cash Back	Citi® Double Greenbacks Card – xviii month BT offer
Rating image, 5.00 out of 5 stars. 5.00 stars We want your money to piece of work harder for you lot. Which is why our ratings are biased toward offers that deliver versatility while cut out-of-pocket costs. Our ratings are based on a 5 star scale. 5 stars equals Best. iv stars equals Excellent. three stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Rating image, 5.00 out of five stars. v.00 stars We want your money to piece of work harder for you lot. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Our ratings are based on a 5 star calibration. 5 stars equals Best. four stars equals Excellent. three stars equals Good. 2 stars equals Off-white. 1 star equals Poor.
Apply At present for Discover information technology® Greenbacks Dorsum On Observe's Secure Website.	Apply Now for Citi® Double Cash Card – xviii month BT offer On Citi'south Secure Website.
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Rates & Fees
Credit Rating Requirement: Expert/Fantabulous (670-850)	Credit Rating Requirement: Good/Excellent (670-850)
Welcome Offering: Cashback Match	Welcome Offer: North/A
Rewards Programme: 1% - 5% Cashback	Rewards Program: Upward to 2% cash back
Intro APR: Purchases: 0% Intro Apr, xv months Remainder Transfers: 0% Intro April, 15 months	Intro APR: Purchases: N/A Rest Transfers: 0%, xviii months
Regular APR: 12.24% - 23.24% Variable APR	Regular April: xiv.24% – 24.24%, variable
Almanac Fee: $0	Annual Fee: $0
Highlights: INTRO Offering: Unlimited Cashback Friction match – only from Find. Discover will automatically friction match all the cash back you've earned at the terminate of your get-go year! At that place's no minimum spending or maximum rewards. You could turn $150 greenbacks back into $300. Earn 5% cash dorsum on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, upwards to the quarterly maximum when you lot activate. Plus, earn unlimited 1% cash back on all other purchases - automatically. Redeem cash back in any amount, any fourth dimension. Rewards never expire. Utilize your rewards at Amazon.com checkout. No annual fee. Notice is accepted nationwide past 99% of the places that take credit cards. Click "APPLY Now" to see rewards, FICO® Credit Score terms, Cashback Friction match™ details & other data.	Highlights: Earn 2% on every purchase with unlimited 1% cash dorsum when you buy, plus an additional 1% every bit you pay for those purchases. To earn cash dorsum, pay at least the minimum due on time. Residue Transfer But Offer: 0% intro APR on Balance Transfers for eighteen months. After that, the variable APR will be 14.24% - 24.24%, based on your creditworthiness. Residue Transfers do not earn cash back. Intro APR does not use to purchases. If y'all transfer a balance, interest will exist charged on your purchases unless you lot pay your entire balance (including balance transfers) past the due date each month. There is an intro balance transfer fee of 3% of each transfer (minimum $v) completed within the first four months of business relationship opening. After that, your fee volition be 5% of each transfer (minimum $5). The standard variable APR for Citi Flex Plan is 14.24% - 24.24%, based on your creditworthiness. Citi Flex Plan offers are made bachelor at Citi's discretion.
Apply Now for Discover it® Greenbacks Back On Detect'due south Secure Website.	Apply Now for Citi® Double Cash Card – 18 month BT offer On Citi's Secure Website.
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What could exist improved

Caps on bonus categories: If you spend a lot in your chosen bonus category, grocery stores, and wholesale clubs, you could hit the $two,500 quarterly spending cap. At that betoken, you'll just earn an unspectacular 1% back.

3% strange transaction fee: While strange transaction fees are commonplace amongst cash back cards, that doesn't hateful we have to like them.

Spending	Standard Greenbacks dorsum Rate	Preferred Rewards Golden	Preferred Rewards Platinum	Preferred Rewards Platinum honors
Your pick	iii%	3.75%	4.5%	5.25%
Grocery stores and wholesale clubs	2%	two.5%	3%	iii.v%
Other purchases	1%	1.25%	1.5%	1.75%

Find the best credit menu for your needs

Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

Suggested credit score

Proficient to splendid credit (mostly a 670-plus FICO® Score) is suggested for the Banking concern of America® Customized Cash Rewards credit card. Note, people with higher scores can be declined and people with lower scores may be canonical. Credit scores are just ane factor used to brand a credit decision.

Example in point, Bank of America credit cards are unique in that on some denied applications, it has given "lack of deposits or investments" as a denial reason, and applicants take reported being offered the opportunity to get a credit card if they open up a certificate of deposit with the bank first. Based on that evidence, it appears having a banking or investment account with Bank of America could help y'all become a bill of fare with them.

This menu is correct for you if:

If any of the post-obit are true, then applying for the Depository financial institution of America® Customized Cash Rewards credit card is a no-brainer:

• Y'all have cyberbanking or investment accounts with Bank of America or Merrill.
• You spend a lot of coin in one of the bonus category options.
• You lot're looking for a lucrative sign-upwardly bonus without having to spend that much to become it.
• You lot want a 0% intro APR offer.

The sign-upwards bonus is both easy to authorize for and best-in-form, 3% dorsum on a category of your option is an excellent rate, and Banking company of America'southward customer bonuses can boost your cash dorsum quite a bit.

Since the Bank of America® Customized Cash Rewards credit carte credit card has no annual fee, information technology may be worth getting regardless every bit a card you lot use for purchases that fit its bonus categories. But if y'all're non a Bank of America customer (or aren't planning to become one), don't spend heavily in any of those bonus categories, or are looking for more than but a sign-upwards bonus, we'd advise looking at the other top greenbacks dorsum cards.

FAQs

• The credit limit for the Bank of America® Customized Cash Rewards credit card is usually at least $1,000 and tin be much college, with some cardholders reporting limits of over $fifty,000. Bank of America uses your income, credit contour, and other data to prepare your card's credit limit.

• Banking concern of America cash rewards don't elapse, as long equally your carte du jour account remains open and in good standing.

• Yes, you can use this bill of fare internationally. In that location'southward a 3% foreign transaction fee for international purchases.

The Motley Fool owns shares of and recommends Visa.

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Source: https://www.fool.com/the-ascent/credit-cards/bank-of-america-cash-rewards-review/

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