How does the Bank of America Cash Rewards card work? This question is about the Bank of America® Customized Cash Rewards credit card

How does the Bank of America Cash Rewards card work?

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This question is about the Bank of America® Customized Cash Rewards credit card

Cameron DiGiovanni, Writer

@cdigiovanni20 • 04/20/23 This answer was first published on 04/16/21 and it was last updated on 04/20/23.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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The Bank of America Customized Cash Rewards credit card gives you 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. The card also offers $200 for spending $1,000 in the first 90 days. The most unique thing about this card is the choice it gives you for your top bonus rewards category.

Bank of America Customized Cash Rewards credit card 3% category options:

Gas
Online Shopping
Dining
Travel
Drug Stores
Home Improvement / Furnishings

Generally, the Bank of America Customized Cash Rewards credit card works like any other unsecured credit card. More specifically, it allows cardholders to borrow money for purchases and pay off the balance later. As long as you avoid interest charges and fees, the rewards you earn from spending will help you save money.

In addition, customers with a lot of money in Bank of America bank accounts or Merrill investment accounts may be eligible for the Preferred Rewards program. This program can boost your credit card cash back by up to 75%. Once you’ve built up your cash back on the Bank of America Customized Cash Rewards credit card, you can redeem your rewards for a check, a statement credit, or a direct deposit to your bank account.

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How much is the Bank of America Cash Rewards initial bonus?

The Bank of America Customized Cash Rewards credit card initial bonus is $200 for spending $1,000 in the first 90 days of opening an account.

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.

Other Bank of America Customized Cash Rewards credit card perks:

In addition to initial 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. Plus, it also comes with an annual fee of $0....

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What's the Bank of America Cash Rewards credit limit?

The Bank of America® Customized Cash Rewards credit card credit limit will be based on your creditworthiness once your application has been approved. However, there's no surefire way of knowing your credit limit beforehand as Bank of America does not disclose this information on their website.

What you should know about the Bank of America Customized Cash Rewards credit card credit limit:

There's no surefire way of knowing your Bank of America Customized Cash Rewards credit card credit limit before applying and getting approved.
If you’re not happy with the Bank of America Customized Cash Rewards credit card credit...

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Are cash back credit cards worth it?

Cash back rewards cards are worth it because they can help you save money as long as you pay off your balance each month. It is also worth noting that the best cash back credit cards with the highest rewards rates and signup bonuses sometimes have annual fees. In that case, you need to be sure that what you earn will offset the cost of the annual fee (and then some). For cards that have no annual fees, the cash back is...

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