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This cash back card lets you choose a 3% cash back category and can reward you for savings and investment. Here’s how to get the most out of it
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Customized Cash Rewards Visa
The Bank of America Customized Cashback Rewards credit card lets you earn cash back without any annual fee. You can even choose the category for your highest earnings percentage. Read on to find out how you can get the most out of this flexible cash back card.
How To Maximize Your Bank Of America Customized Cash Rewards Credit Card
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The Bank of America® Customized Cashback Rewards credit card is unique in that it lets you choose the category in which you earn the highest percentage of rewards. This card also offers a generous supply of new cardholders, and there is no annual fee.
Cardholders can also save with 0% introductory APR on purchases for 15 billing cycles, followed by a variable APR of 14.74% to 24.74%. This makes it ideal for earning rewards on your expenses, as well as making large purchases without interest for a limited time.
Once you are approved for a Bank of America Customized Cashback Rewards credit card, you can qualify for three different levels of rewards based on your spending:
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Just remember that while you can earn an unlimited 1% on your spending on rewards, the 3% and 2% bonus categories are limited to $ 2,500 in joint spending each quarter, after which you will get 1% back.
Bank of America says you can redeem the 3% back category once per calendar month through online banking or the Bank of America mobile app.
Also remember that the rewards you earn on spending with this card are offered on top of the generous bonus offer. With this launch offer, you can earn $ 200 in online cash rewards when you spend $ 1,000 on your card within 90 days of opening an account.
If you want to earn even more rewards with Bank of America Rewards credit cards, having a Bank of America savings account or a Merrill investment account can help. Having one of these accounts and maintaining a minimum daily balance can help you qualify for Bank of America’s Preferred Rewards program.
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This program has three different levels, each of which allows you to earn a higher level of rewards on your expenses. The chart below shows the average daily balance you need to maintain on your Bank of America savings accounts and your Merrill investment accounts, as well as the percentage in bonus rewards you can earn.
As you can see, you do not have to keep a lot of money on deposit with Bank of America to qualify for this program. Then again, these would mean that you have to spend for these processes and get the highest level of bonus rewards.
Either way, being eligible for the Bank of America Preferred Rewards program will allow you to earn more rewards with your card. Specifically, you can get up to 5.25% back in the 3% qualifying category, up to 3.5% back at retail stores and retail clubs and up to 1.75% back on all other expenses.
There are many ways to increase rewards with your Bank of America Customized Cashback Rewards card, and it all starts with earning an introductory bonus. When you receive your card in the mail, make sure you spend at least $ 1,000 within 90 days from the date you were approved for the card. By doing so, you will ensure that you qualify for $ 200 in online cash prizes.
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If you have a large emergency fund or are flexible about where you are investing, consider moving your money to a Bank of America deposit account or a Merrill investment account. If you have at least $ 20,000 in your accounts, you can access the Bank of America Preferred Rewards program, and joining this program can earn you 25% to 75% additional rewards.
Also, remember that you can change your card’s 3% category each month using the Bank of America website or mobile application. It can help you match your bonus rewards to big expenses you have to make, such as a new sofa for your living room or a vacation you have to book.
For times when you are not planning big expenses, you can set the 3% category on what you spend on a regular basis, such as eating out or shopping online.
Finally, if you use your credit card for all your regular purchases and bills, you will earn more rewards. This is true for regular spending, but it’s even more true for the 3% category on your card and every dollar you spend at retail stores and retail clubs.
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While you can’t earn rewards directly with a Bank of America Customized Cashback Rewards card for travel, shopping, or gift certificates, remember that government credits allow you to do the same. Simply pay what you want on your credit card, and then charge back to remove all or part of the money from your account.
Not many cash back credit cards allow you to choose your bonus reward categories or make more money when you save and invest. The Bank of America Customized Cash Rewards credit card is popular for its flexibility and the incentives it gives cardholders to be smart with their money. If you want more than just a cash back card with a “set-it-and-forget-it” cash rate, this card might be for you.
The editorial content on this page is based solely on the objective judgment of our authors and is not driven by advertising money. It is not provided or commissioned by credit card issuers. However, we may receive compensation when you click on links to products from our partners.
Holly Johnson is a financial expert and award-winning author specializing in affordability, budgeting and travel. In addition to being a contributing editor for The Simple Dollar, Johnson is the owner of Thrifty Club and co-author of “Zero Down Your Debt: Restore Your Income and Build a Life You Love.”
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