Other purchases earn 1% cash back. Best rewards limited to certain customers. WebThe Bank of America Customized Cash Rewards Credit Card is not your average cash-back credit card. She writes about personal finance, real estate, law, cryptocurrencies. To see all the locations near you please, Financial centers and ATMs near Hawaiian Gardens, CA, English, Spanish, Chinese, Korean, French, Russian, Portuguese. You can change your category each month, too, allowing you to line up the card with whatever you plan to buy in the near future. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear within listing categories. However, as soon as this period is over, you will have a 16.99% - 26.99% variable APR. I just think its a little silly that online shopping is not an option for the business card. A subreddit for discussing any aspect of credit cards. Students in search of a first credit card may be better off considering the Bank of America Customized Cash Rewards credit card for Students. Consider the following example to understand how the Preferred Rewards Program will help you in maximizing your rewards. Here are the top five. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Before you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their policies. Something went wrong. Reminder: If you have to spend more money to earn more Now I see why Priority Pass is not worth it. Once you are a member of the Preferred Rewards program, you can keep your benefits for at least a year. Terms and conditions apply. Our opinions are our own. Click APPLY NOW to apply online or call 800-716-6383. Dont worry, we wont spam your inbox. 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. Increase non-taxable income or benefits included by 25%. Set up is easy - just add your Bank of America debit card to your digital wallet. You have the chance of significantly increasing your Bank of America Customized Cash rewards when you open a checking or savings account with Bank of America, Member FDIC, or an investment account with Merrill. Suchetana has been a freelance writer for the last few years and has ghostwritten several books on finance. After the introductory period is over, users will be subject to a variable APR which is currently between . Our estimated wage-earning households bring in $84,352 annually and we base spending on that number.
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Check out our picks for, best student credit cards for fair credit. The Bank of America Customized Cash Rewards Secured Credit Card* offers strong cash-back rewards in useful categories and doesnt charge an annual fee. The Bank of America Customized Cash Rewards credit card for Students is essentially identical to the non-student version of the card, the Bank of America Customized Cash Rewards credit card. It is important to pay them in full and on time. The Bank of America Customized Cash Rewards credit card is a popular choice for many users. Online shopping from EU, tax free, claiming VAT? If you are a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. WebWith the Bank of America Customized Cash Rewards credit card for Students, youll earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. This information may be different than what you see when you visit a financial institution, service provider or specific products site. If youre looking for a medium-length introductory A First Progress Platinum Select Mastercard Secured Credit Card 2022 Review. This is a perfectly fine choice, but if your credit score is at least 690, you can qualify for other cards that may be more rewarding. To maximize your Bank of America customized cash rewards, you must know everything about the reward categories and some specific strategies for increasing your rewards. $400 Cash: Huntington Bank Business Checking 100 $100 Cash: Huntington Business Premier Plus Money Market 3.10% (3.11% APY) guaranteed for 12 months: This unique feature might be common among business cards, but the Bank of America Customized Cash Rewards card is one of very few personal cards offering the perk. Add to that a sign-up bonus and a $0 annual fee, and youre looking at a solid option for students who are relatively new to using rewards cards. The, Capital One SavorOne Student Cash Rewards Credit Card, earns an unlimited 3% cash back on dining, entertainment, purchases at grocery stores and popular streaming services. If you are hoping to transfer a balance, you should also keep in mind that balance transfers are approved separately from your card application based on your available credit limit. Web Cash Rewards are calculated at each transaction. The Citi Double Cash Card comes with a generous flat cash back rate of up to 2% back on all purchases (1% back when you buy and another 1% back when you pay off purchases), which makes it a great card for everyday spending. Past performance is not indicative of future results. However, you need good credit to qualify, which can be a roadblock for many students. Along with year-round cash back on Ultimate Rewards travel, dining and drugstore purchases, the card offers 5 percent cash back in rotating bonus categories that you activate each quarter (up to $1,500 in purchases per quarter, then 1 percent cash back). All reviews are prepared by CreditCards.com staff. This information may be different than what you see when you visit a financial institution, service provider or specific products site. This is not a commitment to lend. Other purchases earn 1% back. Here's what to consider when choosing between them. If you prefer that we do not use this information, you may opt out of online behavioral advertising. The Bank of America Customized Cash Rewards credit card offers a modest $200 cash-back bonus after spending $1,000 on purchases within the first 90 days of account opening. Please be advised that some of the Global ATM Alliance partner websites may be in languages other than English. See Related: Guide to the Bank of America Customized Cash Rewards Credit Card. Automatic redemptions start as well at $25. What credit score do I need for the Bank of America Customized Cash Rewards credit card for Students? Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. Bank of America Customized Cash Rewards credit card The best Bank of America credit card is the Bank of America Customized Cash Rewards credit card because it has a $0 annual fee and rewards users with 1 - 3% cash back on purchases. Bank of America Cash Rewards also has some great promotional offers, including a $200 bonus for spending At 18 he ran away and saw the world with a backpack and a credit card, discovering that the true value of any point or mile is the experience it facilitates. The offers that appear on this site are from companies from which CreditCards.com receives compensation. Earn an unlimited 1% on all other purchases. ATM accepts deposits and credit card payments. This would result in $98.84 cash back. With a $0 annual fee, cardholders can earn 3% cash back in the category of your choice, automatic 2% at grocery stores and There is a maximum limit of $2,500 per quarter. Loyalty is a big part of earning rewards on this credit card. Enter your debit card PIN on the ATM and start your transaction. All financial products, shopping products and services are presented without warranty. MORE: NerdWallets best credit cards for students, The Bank of America Customized Cash Rewards credit card for Students offers a broad range of student-friendly 3% cash-back categories to choose from.. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. Just like any other credit card, the best way to maximize your Bank of America Customized Cash rewards is by using them more frequently. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. You will initially receive a welcome bonus from Bank of America of a $200 online cash rewards Directions | Details & Services. Bank of America Customized Cash Rewards Secured Credit Card. (Note that you cant set up automatic contributions to 529 accounts, or automatically get a statement credit or check. The card is unsecured, so it does not require a security deposit and still offers rewards of 3% cash back in the category of choice and an automatic 2% at grocery stores and wholesale clubs. It doesnt have an A newer entry into the busy business credit card market, the comes with some big asks and few rewards available to a limited audience. These ads are based on your specific account relationships with us.When at the ATM:
If you dont mind the work of tracking your spending to maximize the bonus opportunities, this card merits consideration. The information, including card rates and fees, presented in the review is accurate as of the date of the review. You must have an average combined balance of $20,000 in the last three months. Every day, get fresh ideas on how to save and make money and achieve your financial goals. Read user reviews to learn about the pros and cons of this card and see if its right for you. If you are a frequent traveler, the Bank of America Cash card is probably not the best choice for you. Emily Sherman is an editor for CreditCards.com and Bankrate Credit Cards, specializing in product news and recommendations. You get the benefit of setting direct deposits into your savings or checking accounts. 2% back at grocery stores and wholesale clubs. By clicking Continue, you will be taken to a website that is not affiliated with Bank of America and may offer a different privacy policy and level of security. You will initially receive a welcome bonus from Bank of America of a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. After the intro APR offer ends, 17.74% - 27.74% Variable APR will apply. There are three tiers in the Preferred Rewards program which are Gold, Platinum, Platinum Honors and Diamond. This means that once you hit the quarterly limit of $2,500, your cash back will be limited to 1% until you hit the next quarter. ATM. Capital One's best travel credit cards reward you with unlimited miles you can redeem in a variety of ways. Bonus earning is limited to the first $2,500 in the 3% and 2% categories combined each quarter. The Bank of America Customized Cash Rewards Secured Credit Card* earns 3% cash back in a category of choice: gas, online shopping, dining, travel, drug stores or home improvement/furnishings; 2% cash back at grocery stores and wholesale clubs; unlimited cash back on all other purchases. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Does Bank of America Customized Cash Rewards expire? How old do you have to be to get the Bank of America Customized Cash Rewards credit card for Students? Other factors, such as our proprietary website's rules and the likelihood of applicants' credit approval also impact how and where products appear on the site. You can change it once each calendar month or make no change, and it stays the same. However, this does not influence our evaluations. Privacy Policy. If you wish to redeem your rewards for a contribution to a 529 account with Merrill or a check, you have to pay a minimum of $25. Find out how to choose the right card for your needs. This is disappointing. Text message fees may apply from your carrier. If you have a Preferred Rewards membership, then your rewards percentage will increase proportionately based on your tier. The Bank of America® Customized Cash Rewards credit card is a popular choice for many users. However, statement credits, checks and contributions into a qualifying, You must have an active and eligible Bank of America checking account. WebMaximize your cash back with categories that fit your needs. I understand that this is not an application for credit and that, if I wish to apply for a credit card with any participating credit card issuer, I will need to click through to complete and submit an application directly with that issuer. The Bank of America Customized Cash Rewards credit card is a card with significant bonus-earning opportunities. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. No annual fee and no expiration on rewards. With this restriction in mind, we estimate the average earning rate on the Customized Cash Rewards card to be around 1.63 percent cash back. Were sorry, but something went wrong and we couldnt find your approval odds. Online banking with only Summorningsnummer. You can redeem your rewards anytime irrespective of the amount. Editorial Note: This content is not provided by any entity covered in this article. The Bank of America Customized Cash Rewards credit card for Students offers extra cash back on your choice of spending category, from a list of useful options. Funds will automatically be credited to your account. This is a unique credit card that allows users to earn cash back in their selected categories throughout the year. Then, finally, click the Save and continue button to send your application to the bank. After that, you can continue to earn 1% cashback until the end of the current quarter. Among major issuers, Bank of America has a fairly solid customer service reputation. Also, the bank offers you to choose a category that will bring you increased cash back - 3%. When you click on Access your FICO Score for free within Online Banking or your Mobile Banking app. Print Search near me. One appealing feature of the Bank of America Customized Cash Rewards card is a flexible rewards rate that lets users choose their own bonus category. Make sure to update the 3% category if you think you have some big expenses coming up. Petal 2 cardholders earn 1% cash back on eligible purchases right away and up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. Are there any other credit cards out there for businesses that have online shopping as a rewards category? Put $0 if you currently don't have a rent or mortgage payment. CreditCards.com is an independent, advertising-supported comparison service. WebMake my favorite Hawaiian Gardens. For many students, the appeal of a student-specific credit card is that it generally has a lower credit score bar for entry. The Bank of America Customized Cash Rewards cards unique rewards earning scheme may be appealing for someone in the market for a flexible cash back There are no annual fees and users have the option of earning bonuses as well. There are no fees to enroll or participate in Preferred Rewards. Automatically earn 3% cash back in your top eligible spending category for the month, and 2% cash back in your second-highest eligible spending category. Both cards require good credit or higher. Like many issuers, Bank of America reports to the three main credit bureaus and will automatically review secured accounts for upgrades to unsecured cards, so users may receive a deposit back after several months of responsible use. But to qualify, you must have a balance of at least $20,000 in an eligible Bank of America account. The annual fee for the Bank of America Customized Cash Rewards credit card for Students is $0. There are no limits on how much you can earn from your Bank of America Customized Cash Rewards credit card. 20,000 ThankYou points (worth $200 in cash back) after spending $750 on purchases in the first 3 months. Pay 0% intro APR on Purchases for 18 billing cycles and 0% intro APR on Balance Transfers for 18 billing cycles for any balance transfers made in the first 60 days, and then the ongoing APR of 17.74%-27.74% Variable APR, MORE: NerdWallets best 0% APR and low-interest credit cards, For students who are new to building credit, this can be a hurdle. Keep an eye on your inboxwell be sending over your first message soon. What is the credit limit on Bank of America Customized Cash Rewards? However, you can also transfer rewards earned on the Chase Freedom to another Chase Ultimate Rewards card like the Chase Sapphire Reserve card which gets a 50 percent higher point value when redeemed for travel through the Ultimate Rewards portal. Please refer to their privacy policy and terms of use for details. Add to that a sign-up bonus and a. annual fee, and youre looking at a solid option for students who are relatively new to using rewards cards. Capital One offers compelling rewards and terms to its borrowers. Second, you can only earn the elevated cash-back rate on up to $2,500 in quarterly spending. Here are a few ways in which you can redeem your Bank of America Customized Cash rewards: One of the best ways to maximize your Bank of America Customized Cash rewards is to become a Preferred Rewards member. Credit Score ranges are based on FICO credit scoring. Plus, earn unlimited 1% cash back on all other purchases. All Right Reserved. For cardholders looking to maximize their rewards potential, Bank of America offers a card-linked offers program called BankAmeriDeals. With the, If youre planning on using your card to make a major purchase, you have a long time to make payments at 0% interest. The X1 credit 2022 GOBankingRates. Thanks to the Preferred Rewards program, if you keep an average of at least $50,000 across these accounts, you can boost your flat cash back rate to 2.25% back. Use your card for all choice category and grocery purchases at least until you hit the spending limit for bonus category purchases. Capital One's best cash-back cards offer unlimited rewards on all your purchases. You earn a total of 2% cash back Earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. Pay, NerdWallets best 0% APR and low-interest credit cards, For students who are new to building credit, this can be a hurdle. . This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. For example, if you are planning a trip one month, you can opt for the travel option and then switch the following month to a category youll spend more in like gas or dining. If you have a Bank of America Customized Cash Rewards Credit Card, you can earn cash back in the following ways: To maximize your Bank of America Customized Cash Rewards, you must understand how you can take advantage of the various cash back options. If you apply for a credit card, the lender may use a different credit score when considering your application for credit. The Bank of America Customized Cash Rewards card charges no annual fee and although it doesnt have many additional benefits, it does come with a few extras that can add value to the card, including an extended warranty for eligible purchases made entirely on your card, you can double the manufacturers warranty up to one extra year. When evaluating offers, please review the financial institutions Terms and Conditions. Earn 3% cash back in the category of your choice, automatic 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. Press question mark to learn the rest of the keyboard shortcuts. As a result, all cash back rates of Bank of America Customized Cash Rewards are: 2% on grocery stores and wholesale clubs purchases; In addition, you can earn even more rewards. Cardholders who are eligible for the Bank of America Preferred Rewards program can earn higher rewards rates. After you spend $1,500 in the bonus category, youll earn the base rate of 1% back., automatically earns 3% cash back on your top eligible spending category, 2% cash back on your second most-spent category, and 1% on everything else. Editorial Note: We earn a commission from partner links on Forbes Advisor. When you are holding a Bank of America Customized Cash Rewards credit card, you get 3% cash back when you spend on a category of your choice. Petal 2 Cash Back, No Fees Visa Credit Card. You have the option of redeeming the cashback that you earn as a part of the Bank of America Customized cash rewards. This rewards structure may not result in as many rewards earned per year, but it will depend on your spending habits. Our sample household would have $16,619 in additional expenses that can reasonably be charged to a credit card. This is a relatively easy spend threshold to reach too, only requiring about $334 a month. There's no minimum spending or maximum rewards. Find out here how much your Chase points are really worth. For example, redemptions for an electronic deposit in an eligible account may take up to five business days; for statement credit - up to three days and for checks - up to 14 days. Your Bank of America Customized Cash Rewards credit card offers several bonus rewards which you need to be aware of. And the home improvement and furnishings category includes merchants such as IKEA and Bed Bath & Beyond. Member FDIC. The Chase Freedom requires a bit more effort on behalf of the cardholder to earn significant rewards, but it can be very lucrative for savvy spenders. Please ask questions and contribute to the knowledge surrounding credit cards. CreditCards.com credit ranges are derived from FICO Score 8, which is one of many different types of credit scores. With a very competitive sign-up bonus offer, an unusually long 0% intro APR promotion for both purchases and balance transfers, and a tiered rewards program that pays up to 3% cash back on eligible purchases, its well above average. Other purchases earn 1% cash back. However, we do receive compensation when you click on links to products from our partners. , Learn more about mobile banking options and supported devices, Find a Merrill Financial Solutions Advisor, Merrill Lynch Wealth Management locations, Are Not Insured by Any Federal Government Agency, Are Not a Condition to Any Banking Service or Activity, Snap a photo to deposit a check, and get instant confirmation, Use your fingerprint or Face ID for quicker access on the go, Select your Bank of America debit card in your digital wallet, Hold your mobile device over the contactless reader. Read: If Your Credit Score is Under 740, Make These 4 Moves Now. Second, you can only earn the elevated cash-back rate on up to $2,500 in quarterly spending. Both are indirect subsidiaries of Bank of America Corporation.Insurance Products are offered through Merrill Lynch Life Agency Inc. (MLLA) and/or Banc of America Insurance Services, Inc., both of which are licensed insurance agencies and wholly-owned subsidiaries of Bank of America Corporation.Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. We'd love to hear from you, please enter your comments. Rewards dont expire as long as your account is open. First, you need to have good or excellent credit (a FICO score between 690 and 850) to qualify for the card. Its limited rewards and redemption Information provided on Forbes Advisor is for educational purposes only. Spend at least $1,000 in the first 90 days to earn the sign-up bonus. Forbes Advisor uses data from various government agencies in order to determine both baseline income and spending averages across various categories. Here is a list of our partners and here's how we make money. You need to read those and submit your application. Create an account to follow your favorite communities and start taking part in conversations. Capital One Venture X Vs. Chase Sapphire Reserve, Bank of America Customized Cash Rewards credit card for Students, Chase Sapphire Preferred Vs. Capital One Venture, Chase Freedom Unlimited Vs. Chase Slate Edge, Earns cash-back rewards on eligible purchases, Potential for an upgrade to an unsecured card, The rewards system can be complicated to track, Add your Bank of America credit card to your mobile device then shop in-store or in-app using Apple Pay, Google Pay or Samsung Pay, 27.74% variable for APR on purchases and balance transfers, Earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement & furnishings, Earn 2% cash back at grocery stores and wholesale clubs, Earn unlimited 1% cash back on all other purchases, Youll earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%, A minimum refundable security deposit of $200 (maximum of $5,000) is required to open this account, Now, you can access your FICO Score updated monthly for free, within your Mobile Banking app or in Online Banking, Earn 3% cash back in a category of choice: gas, online shopping, dining, travel, drug stores or home improvement/furnishings; 2% cash back at grocery stores and wholesale clubs; unlimited cash back on all other purchases. The Bank of America Preferred Rewards program is a loyalty program that helps users earn rewards on their everyday banking and investing activities. The Bank of America Customized Cash Rewards credit card offers consumers a unique rewards earning strategy that allows them to choose the spending- The Bank of America Customized Cash Rewards Secured Credit Card* offers high cash-back rates in useful categories and allows the cardholder to graduate to an unsecured card after review by Bank of America. That rate jumps to 2.62% back if you keep an average balance of at least $100,000 across these accounts easily the highest flat cash back rate available anywhere. The Bank of America Customized Cash Rewards credit card Secured card is ideal for individuals who want to earn cash back while building or improving their credit scores. Reasonable efforts are made To maximize your Bank of America Customized Cash rewards, you must pay attention to the 3% category of cash back. However, some other cards in the cash back category may offer better rewards and features. After hitting that limit, youll earn 1% back on those purchases. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. For those with the tolerance to track their spending on the card and select the most profitable bonus categories, this card is a lucrative option among secured cards. If you are looking for a way to finance a large purchase over several months without paying interest, this is a pretty decent offer. Instead, you can visit the banks website and the Bank of America Customized Cash Rewards credit card webpage. The Bank of America Customized Cash Rewards cards regular APR is fairly low, plus it offers a long introductory period on balance transfers and new purchases, potentially sparing you a lot of interest in your first year of membership. If you dont change the category from the previous month, it will stay the same the next month. The application includes four sections that are: Full name, residential address, city, state, zip code, phone number, and email address; Your date of birth, your country of residence, and two questions: Are you a U.S. citizen? and Do you have dual citizenship?; Employment status, total annual income, source of income, monthly housing income, and additional options: transfer balance to your new credit card and add a cardholder; The final section is a terms and conditions page. This credit card helps you to earn cash back and rewards for making a variety of transactions. You can change your category each month, too, allowing you to line up the card with whatever you plan to buy in the near future. Cardholders also have the option of setting up automatic redemptions into an eligible Bank of America or Merrill account. $200 online cash rewards if you spend $1,000 in first 90 days, Average Yearly Rewards Value ($1,325 monthly spend, 3 year average) and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. But in this case, you'll have to already have good to excellent credit in order to get approved. The annual fee is $0. The Bank of America Customized Cash Rewards credit card for Students also offers a welcome bonus of $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening. While the Bank of America Customized Cash Rewards card does offer some valuable benefits in terms of flexibility, it might not be the best option for all spenders. WebAs predicted, the "one day only Nov. 5" BofA additional 2% cash back (on top of e.g. First, you need to have good or excellent credit (a, between 690 and 850) to qualify for the card. But there are a number of student credit cards for fair credit, as well as other cards for fair credit, which may be more appropriate for you while you establish your credit history. These tiers are calculated based on your three-month combined average balances. University of Calcutta. Once youve racked up rewards with your Bank of America Customized Cash Rewards card, redeeming cash back is pretty simple. EDITORIAL DISCLOSURE All reviews are prepared by CreditCards.com staff. You can change the 3% cash-back category once a month with the Bank of America Customized Cash Rewards credit card for Students. How long does it take to redeem my points? When you spend more, you have the chance of earning higher cash back. Youll earn 3% and 2% cash back on the first $2,500 in combined choice Unfortunately, youll be limited on how much you can earn with a $2,500 quarterly purchase limit on the 2 percent and 3 percent bonus categories (youll still earn 1 percent after you meet the cap). There's not a lot of innovation in credit cards these days, but the X1 Card claims to be different. The Bank of America offers you several straightforward and easy ways to redeem your rewards. Trust and fiduciary services are provided by Bank of America, N.A. Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery WebEarn Rewards [ [#1]] 20,000 bonus CashPoints with $1,500 spend within first 3 months after opening a new account [ [#2]] 1x CashPoint per $1 spent for all of your purchases. Its Quicksilver offering comes with simplified rewards and offers several perks. Your financial situation is unique and the products and services we review may not be right for your circumstances. Sign-up Bonus The card offers bonus cash-back categories that are both useful and broad. By clicking "See my odds" you agree to our Terms of Use (including our Prequalification Terms) and Privacy Policy. If you don't make a selection, the default 3% cash-back category will be set to gas. But there are a number of, , which may be more appropriate for you while you establish your credit history. You can earn cashback by simply paying for gas, and groceries, doing online shopping and making other eligible purchases. Earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%, Minimum deposit is $200, maximum is $5,000, As a direct deposit into an eligible Bank of America account, As a credit to an eligible account with Merrill of any amount, As a check, with minimum redemption of $25, As a contribution to a 529 account with Merrill, with minimum redemption of $25. Cardholders can earn $200 online cash rewards for spending $1,000 in the first 90 days. No, Bank of America Customized Cash Rewards do not expire as long as your credit card is active and in use. Such redemption can be done in the form of a statement of credits, deposits made directly into a Bank of America checking or savings account, or credit to an eligible account with Merrill. It is fairly simple to earn rewards on your Bank of America Customized Cash Rewards credit card. Dining and online shopping can also help you earn 3% cash back which means it can be beneficial to order stuff online rather than buying them from a physical store. In fact, you might be able to earn up to 15 percent cash back. The offers that appear on this site are from companies from which CreditCards.com receives compensation. The Capital One SavorOne Student Cash Rewards Credit Card earns an unlimited 3% cash back on dining, entertainment, purchases at grocery stores and popular streaming services. Check the data at the top of this page and the banks website for the most current information. Thats helpful for anyone whos outfitting a dorm room or apartment, or purchasing a laptop. However, if you are looking for a way to pay down some debt without racking up interest but dont want to sacrifice rewards the Bank of America Cash card could be a good option. Your email address unlocks your approval odds. Before you go, we want you to know we're only responsible for the content we post. If you can max out your spending on this category, then you have the chance of earning the highest cash back. Were sorry we werent able to send you the download link. The Bank of America Customized Cash Rewards credit card for Students also offers a welcome bonus of $200 cash rewards bonus after making at least $1,000 in Once you spend $2,500 for the quarter in your 3% and 2% categories combined, youll earn just 1% cash back. As you can see from the chart above, Preferred Rewards customers, even at the lowest level, earn a very competitive rate of cash back with the rewards boost. Powers 2020 customer satisfaction survey, the bank rated 812, ranking third out of 11 major banks. The Discover it Secured Credit Cards cash-back earning categories may not, however, be as beneficial for as many cardholders: 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. banking, economics and marketing. The card also includes 2 percent cash back on grocery store and wholesale club purchases and 1 percent cash back on general purchases. You have the following choices for redeeming your cashback:Amounts of any value can be redeemed at any time for cash incentives. Minimum $25 redemption required for 529 account contributions to be eligible for a rebate.Set up automatic redemptions into an appropriate Bank of America or Merrill Lynch account (in increments of $25 or more). Also, the bank doesnt require any annual fees and provides new cardholders with welcome offers. If you have more than $20,000 across your accounts, the volume of rewards can increase by 20% to 75% because you will be eligible for the Preferred Rewards program. The card does charge a balance transfer fee of 3 percent (minimum $10), but that is pretty standard for a balance transfer. All ratings are determined solely by our editorial team. You wont have to worry about tracking spending or enrolling in bonus categories every month or quarter and can simply use the card for all your spending and earn consistent cash back. This is just one scoring method and a credit card issuer may use another method when considering your application. One primary difference between the no annual fee Discover it Secured Credit Card and the Bank of America Customized Cash Rewards Secured card is the Discover it Secured Credit Cards welcome bonus: which is Unlimited Cashback Match - Discover will automatically match all the cash back earned at the end of the first year. on Bank of America's website, or call 877-754-6706 Quick Facts $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. You can click the Return to Bank of America button now to return to the previous page or you can use the Back button on your browser after you leave. Instead, youll see recommended credit ranges from the issuers listed next to cards on our site to help you determine which cards youre likely to be approved for. Please enter a valid 10-digit phone number. If you are a moderate spender who is looking for a flexible rewards card that doesnt charge an annual fee, the Bank of America Customized Cash Rewards card is a solid option. If youre a Bank of America Preferred Rewards member, you can earn 25% to 75% more cash back on each purchase with this card, depending on which membership tier youve attained. The banks app also rates fairly well among users, rating 4.7 out of 5 in the Google Play Store and 4.8 out of 5 in the Apple App Store. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. The Bank of America Customized Cash Rewards credit card offers generous rewards on purchases while also charging no annual fees. The cash back that you earn does not expire which means you have ample time to redeem them. These offers do not represent all available deposit, investment, loan or credit products. The annual fee is, And if you're still building credit, you have other options available that might be easier to get. Apple, the Apple logo, iPhone, iPad, Apple Watch and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries. There was an unknown error. ), If youre planning on using your card to make a major purchase, you have a long time to make payments at 0% interest. The Venmo Credit Card automatically earns 3% cash back on your top eligible spending category, 2% cash back on your second most-spent category, and 1% on everything else. You can select how youd like to receive your rewards: You may also set up automatic redemptions to either a Bank of America or Merrill account, as long as those redemptions are worth at least $25. We know your time is valuable. On the other hand, when you buy the same snacks from a gas station, you have the chance of earning 3% cash back. Bank of America Customized Cash Rewards card features. And it does have a wide array of benefits, including some that other cards don't have. You have the chance of earning $75 per quarter if you can spend $2,500 on the 3% category. Based on the tier on which you fall, you have the chance of increasing your Bank of America Customized Cash rewards. App Store is a service mark of Apple Inc. Android is a trademark of Google Inc. Samsung is a registered trademark of Samsung Electronics Co., Ltd. The card comes with a couple of helpful features, including the ability to opt into overdraft protection if you have an eligible Bank of America checking account and the ability to deposit your cash rewards directly into your eligible Bank of America or Merrill account starting at a $25 minimum or in any amount as a statement credit. You should review any planned financial transactions that may have tax or legal implications with your personal tax or legal advisor.Securities products are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S", or "Merrill"), a registered broker-dealer, registered investment adviser, Member SIPClayer, and a wholly-owned subsidiary of Bank of America Corporation. 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