What are my Bank of America Cash Rewards approval odds?

Question

The Bank of America® Customized Cash Rewards credit card credit score requirement is 750 at a minimum. That means applicants for the Bank of America Cash Rewards credit card need excellent credit to be approved. A few people report being approved with lower scores but that’s not typical. The Bank of America® Customized Cash Rewards credit card shares the same credit score requirement as a number of other BofA cards. Those include the … read full answer BankAmericard® credit card, the Bank of America® Premium Rewards® credit card and the Bank of America® Travel Rewards credit card.

An excellent credit score does not guarantee you’ll be approved for the Bank of America® Customized Cash Rewards credit card. But it is a key factor when reviewing the application. Bank of America will also consider annual income, employment status, monthly mortgage/rental payment, current debt, payment history and more.

If you meet the Bank of America® Customized Cash Rewards credit card credit score requirement and are approved, you’ll earn 3% cash back on the category of your choice and 2% cash back at grocery stores and wholesale clubs, up to $2,500 spent each quarter. You’ll also receive a $200 bonus for spending $1,000 in the first 90 days. In addition, there’s an introductory APR of 0% for 15 billing cycles on purchases and 0% for 15 billing cycles on balance transfers. The card has a $0 annual fee.

Bank of America® Customized Cash Rewards credit card credit score and other requirements:

Minimum credit score: Good.

Other factors: Annual income, employment status, existing debt, payment history, monthly mortgage or rental payment and more.

Minimum age: 18 years old for U.S. citizens. Must provide proof of independent income to make monthly payments, or have a co-signer 21 years or older.

Personal information: Includes name, address and birthdate. Must give a physical address, not a P.O. Box. You will also need one of the following: A Social Security number (SSN), a passport or an Individual Tax Identification Number (ITIN).

There are other Bank of America cash rewards cards with their own credit score requirements. Business owners will need an excellent personal credit score in order to have a decent chance of being approved for the Business Advantage Customized Cash Rewards Credit Card. The Business Advantage card offers 3% cash back on your choice of one of the offered categories which include gas stations and office supply stores up to $50,000 spent per year.

If you’re a student with limited credit, you’ll have good odds of being approved for the Bank of America® Customized Cash Rewards Credit Card for Students. It has a similar rewards structure as the regular Bank of America® Customized Cash Rewards credit card. It offers 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. It also offers a $200 bonus for spending $1,000 in the first 90 days.

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Answer 1 · 2021-01-06 06:28:47

Chip Lupo, Credit Card Writer

@CLoop • 01/06/21 This answer was first published on 01/06/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Bank of America Cash Rewards approval odds are highest for applicants with a credit score of at least 750 and proof of a steady income. Bank of America will also consider other factors such as payment history, number of open credit accounts, and existing debt when reviewing an application for the Cash Rewards card. Generally speaking, the stronger your credentials, the better chance you have of being approved.

Before you apply for the Bank of America Cash Rewards card, you can check your approval odds using Bank of America’s pre-approval tool. If you don’t already have a Bank of America account, click “Continue without signing in,” then enter your name, birthdate, and Social Security number, and click “Continue.” Within seconds, you should see all of the Bank of America credit cards for which you’ll likely have good odds of approval.

Understand that if you are pre-approved, you will still need to apply for the Bank of America Cash Rewards card. Pre-approvals don’t guarantee you’ll qualify for the card, but the odds of getting approved are very much in your favor. Also, take note that checking for pre-approval won’t affect your credit score, as the process is done using a soft inquiry. Once you submit an application for a credit card, however, Bank of America will conduct a hard inquiry on your credit report. Hard inquiries will lead to a slight, but temporary dip in your credit score.

What are my Bank of America Cash Rewards approval odds?

Chip Lupo, Credit Card Writer

Bank of America® Customized Cash Rewards credit card

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