Keep in mind, however, that you will not be eligible for this introductory bonus if you currently have the Bank of America Customized Cash Rewards credit card, regardless of whether you previously received the bonus. You also may not be eligible if you recently earned the bonus.
More things to know about the Bank of America Customized Cash Rewards credit card:
In addition to the sign-up bonus, the Bank of America Customized Cash Rewards credit card offers 3% cash back in a category of your choice and 2% back at grocery stores and wholesale clubs (up to $2,500 spent quarterly), plus unlimited 1% cash back on all other purchases. Its annual fee is $0, and you need excellent credit to get approved.
Bank of America® Customized Cash Rewards credit card
Bank of America Customized Cash Rewards credit card credit score and other requirements:
Minimum credit score: 750+ (excellent credit).
Other factors: Annual income, employment status, existing debt, payment history, monthly mortgage or rental payment and more.… read full answer
Minimum age: 18 years old for U.S. citizens. Must provide proof of independent income to make monthly payments.
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).
You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Bank of America Customized Cash Rewards credit card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.
Since all these criteria are taken into consideration, you might be able to get approved with a slightly lower credit score. But it’s best to wait to apply until you meet the Bank of America Customized Cash Rewards credit card credit score requirement. You can check your credit score for free on WalletHub.
You can redeem your cash rewards for statement credit, direct deposit to a BofA/Merrill Lynch account, or a personal check. Cardholders must have a minimum of $25 in cash back earned in order to redeem, regardless of redemption method.
Using your Bank of America cash rewards for a statement credit is one of the simplest options. Once you have at least $25 in cash rewards, you can directly apply your rewards as a statement credit and the amount will be subtracted from your current balance.
To redeem your cash rewards for a direct deposit, you must have a Bank of America checking or savings account, or a Cash Management Account at Merrill Lynch. If you choose to redeem your rewards using the personal check option, you should expect to wait at least 14 days for the check to arrive by mail.
Redeeming cash rewards from Bank of America takes up to 14 business days, depending on the redemption method. Redeeming cash rewards for a statement credit will take around three business days. If you redeem for a direct deposit to a bank account, it will take up to five business days. If you request a check, it will be mailed within 14 business days.… read full answer
Cash Rewards from Bank of America is a program in which you earn cash rewards when you make purchases with a Bank of America cash rewards card. Rewards are only redeemable for cash back, either in the form of a statement credit, direct deposit, or personal check.
Here’s more info about the cash rewards redemption options from Bank of America:
Redeem for a statement credit: Will post to your account within three days of redemption. Statement credits will normally be applied to an existing balance with the highest APR. Statement credits do not affect your minimum payment due each month.
Direct deposit to a checking or savings account: Will post to your requested account within five business days. Not limited to Bank of America checking or savings accounts. If your bank rejects the direct deposit, rewards will be returned to your account. Bank of America will notify you within 15 days of any rejected deposits.
Request a personal check: Will be mailed First Class to the billing address on your account within 14 business days. Check redemptions start at $25. Multiple checks, if requested, will be mailed separately. Check will be payable only to the primary cardholder, not to joint or authorized users. Checks are valid for 90 days from the date issued. A check that expires will be voided, and you’ll receive a statement credit for the check amount within two billing periods.
Automatic redemption: Will post to your designated Bank of America or Merrill account at the end of each calendar month, provided your rewards balance meets or exceeds $25.
If you also have a Preferred Rewards membership on an eligible card, you’ll be able to maximize your cash rewards with an extra bonus of 25%, 50% or 75% for the Gold, Platinum and Platinum Honors tiers, respectively. So, on a $100 purchase that earns you 3% cash back ($3) you’ll actually earn $3.75, $4.50 or $5.25 depending on your Preferred Rewards tier. Your tier is based on your combined balances in your Bank of America deposit and/or Merrill investment accounts.
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