Choose a country
United States
Select a city
Select a city
Select language
English
Select country
Choose a country
United States
Australia
Canada
España
México
Philippines
United States
Việt nam
Казахстан
Россия

Bank of America Cash Rewards Cards for february 2024

Bank of America Cash Rewards Cards
Apply for a Bank of America Cash Rewards Cards. On 28.02.2024 you have access to 8 credit cards. Increase your chances of getting money — fill out a multi-application with a free credit rating check.
Offers: 8
Updated:
06.12.2023
11:24
BEST 0% APR CREDIT CARD FOR PURCHASES
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

18.24 – 28.24 %
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

18.24 – 28.24 %
Bank of America
The Bank of America® Business Advantage Customized Cash Rewards
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Submit your credit card application online
Submit your credit card application online

Take advantage of our credit card selection system with a free credit check!

Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

14.24% - 22.24%
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

14.24% - 22.24%
Bank of America
Business Advantage Unlimited Cash Rewards Mastercard Secured®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000

Credit Card Online Application of February 2024

Define the conditions and choose an appropriate bank card

Card limit
i

Specify the loan term for the calculation

500 $
15000 $
$
Konstantin T
Your data is securely protected
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review

Terms and conditions

Cash Rewards Cards from Bank of America allow you to get cash back on purchases you make. There is an Intro APR of 0% for 18 billing cycles for purchases and for 60 days on balance transfers. The APR after the intro period will be from 17.74% to 27.74% variable. Bank of America has the following cards earning cash rewards.

Bank of America® Customized Cash Rewards®

The card has no annual fee. There is a 3% balance transfer fee.

Earn cash back

On the Customized Cash Rewards card, you will get a 3% cash back in the category of purchases you chose. For grocery stores and wholesale clubs spending, you will be getting 2% cash back. All other purchases earn 1% cash back. You can choose the category of preference from the following:

  • Gas stations spendings;
  • Online shopping;
  • Dining spendings;
  • Travel spending
  • Drug stores purchases
  • Home improvement or furnishing.

You can change the category each month. On the first $2,500 in combined purchases on the choice category each quarter, you will earn 3% and 2% cash back. In exceeding sum, you will be getting 1%. After you make $1,000+ in purchases made within 90 days of your account opening, you get a $200 online rewards bonus.

Intro APR offer

There is a 0% APR on the Customized Cash Rewards card for the first 18 billing cycles for purchases and 60 days from the account opening for balance transfers. After your intro APR offer ends, you will have to pay a variable APR from 17.74% to 27.74%.

Preferred Rewards program

Bank of America Preferred Rewards members earn from 25% to 75% more cash rewards on every purchase. It means you will be getting:

  • 3.75% to 5.25% for the 3% category;
  • 2.5% to 3.5% for 2% at grocery stores and wholesale clubs;
  • 1.25% to 1.75% for 1% on other purchases.

This online only offer may not be available if you visit the Bank of America financial center.

Redeem cash rewards

You can choose how you want to redeem rewards. The following is available:

  • Statement credit, direct deposit into a Bank of America checking account or savings account, credit to an eligible account with Merrill;
  • Contribution to a qualifying Merrill account or for a check start at $25;
  • Automatic redemptions into eligible bank accounts. Automatic redemptions start at $25.

Bank of America® Unlimited Cash Rewards®

The card has no annual fee. There is a 3% balance transfer fee.

Earn cash back

The card allows you to earn 1.5% cash back on all purchases with no limit or expiration. You can get a $200 online cash rewards bonus after you spend $1,000 within 90 days of your account opening. Preferred Rewards allow you to get 1.87%-2.62% cash back on each purchase. It means you will be earning 1.87% to 2.62% cash rewards on everyday purchases.

Intro APR offer

The Into 0% APR is available for 18 billing cycles for purchases and for 60 days for balance transfers. Even if there is no annual fee, you will have to pay wire transfers, balance transfers, cash advances, and foreign transaction fees. After your Intro APR offer ends, you will be paying variable APR from 17.74% to 27.74%.

Bank of America® Premium Rewards®

The annual fee on the card is $95. There is no foreign transaction fee.

Earn points and redeem for cash back

You will be earning 2 points for each $1 spent on dining and travel purchases and 1.5 points for $1 spent on any other purchase. The Bank allows you to redeem for cash back as:

  • A deposit into checking or savings accounts;
  • Credit to eligible Merrill accounts;
  • Statement credit to the credit card;
  • Gift cards and purchases at the Bank of America Travel Center.

Bonus points offer

You can qualify for a 50,000 online bonus points offer, which is worth $500. It is available once you spend $3,000 in purchases in the first 90 days of your account opening. For qualifying purchases like seat upgrades, baggage fees, and airline lounge fees, you get up to $100 in Airline Incidental Statement Credits annually. Preferred rewards member can earn from 25% to 75% more points on each purchase. You get:

  • From 2.5 to 3.5 points for each $1 spent on travel and dining;
  • From 1.87 to 2.62 points for each dollar spent on other purchases.

Bank of America® Premium Rewards® Elite®

The annual fee is $550. There is a 3% fee on balance transfers.

Earn points and redeem for cash back

The card has 2 points for each dollar spent on dining and travel purchases and 1.5 points for $1 on other purchases. There is no limit on the points you can get, and they don't expire. You can decide on the way you want to be rewarded:

  • Travel points
  • Cash back
  • Statement credit
  • Gift cards
  • Distinctive experiences. 

You can save 20% on airfare when paying with points through the Travel Center.

Bonus points offer

You get 50,000 bonus points worth $500 once you spend $3,000 within 90 days after your account opening. For qualifying purchases like seat upgrades and baggage fees, you receive up to $300 annually in Airline Incidental Statement Credits. For lifestyle conveniences, you can get up to $150 annually, and for Global Entry or TSA PreCheck application fees, you can receive up to $100 in statement credits. Preferred rewards members can boost their earnings on each purchase to 25%-75%. You will be getting on travel and dining 2.5 to 3.5 points, and on other purchases, 1.87 to 2.62 points per dollar spent.

Susan G. Komen® Customized Cash Rewards credit card®

There is no annual fee on the card. A fee of 3% is applicable to all balance transfers.

Earn cash back

You will be earning 3% cash rewards in your choice category. It can be gas stations, online shopping, dining, travel, drug stores, and home improvement purchases. For grocery stores and wholesale clubs, you will be getting 2% cash back. All other purchases earn you 1% cash back. On the first $2,500 in combined choice category purchases, you will get 3% and 2% cash back, and after that, 1%. You can change your choice category every month through your Online Baning or Mobile Banking app, or keep it the same.

Preferred rewards members get 25% to 75% more cash rewards on each purchase. For the choice category, the earnings will be 3.75% to 5.25%. For grocery stores and wholesale clubs, the earning rate is 2.50% to 3.50%. For all other purchases, the members earn 1.25% to 1.75%.

Intro APR offer

There is an Intro 0% APR for 18 billing cycles on purchases and for 60 days on balance transfers. After your introductory period ends, you will pay a standard rate of variable APR from 17.74% to 27.74%.

Pros and cons

Pros

  • There is no annual fee on some cards. You will not be paying a service fee on the Bank of America Customized Cash Rewards credit card, Bank of America Unlimited Cash Rewards card, and Susan G. Komen Customized Cash Rewards Visa credit card from Bank of America.
  • You get a new longer Intro period with an APR of 0%. The introduction offer allows you to get 18 billing cycles 0% APR for purchases, and 60 days for balance transfers.
  • You can get more cash back if you are a preferred member. The Preferred Rewards members, depending on their tier, get 25% to 75% more cash rewards.

Cons

  • Requirements are strict for applicants. You must have an established credit score to qualify for the best offers. Your income and DTI ratio must be in good standing.
  • Cards have a spending credit limit on the rewards. Bank of America Customized Cash Rewards credit card has a quarterly spending limit.
  • Variable APR can become higher if the Prime Rate goes up. While it is true that variable APR can be lowered if the Prime Rate goes down, in reality, the rate only rises the recent year.

How to apply for a card?

To apply for a Bank of America credit card, you first need to check your eligibility. The bank will review your credit score, income, debts, and personal information. The credit score Bank of America requires you to have for Cash Rewards credit cards is at least a 690 FICO score. You also need to have a low debt-to-income ratio and prove you have a stable source of income. You can apply for Bank of America cash rewards credit cards online, via phone, or by visiting the in-store location. To apply for the cash reward card online, go to the Bank of America website. 

  1. Open the credit cards page and choose the "Travel Rewards" category;
  2. Choose the card you find suitable or compare them;
  3. Click "Apply Now" on one of the cards;
  4. Fill in your name, address, zip code, phone number, and email address;
  5. Provide financial information, SSN, bank account, and employment.

The Bank will contact you via email after deciding if you are eligible. If you are approved for the card, you will receive it in 7 to 10 business days. 

Bank of America Preferred rewards program

Bank of America Preferred Rewards is a program rewarding customers of the bank with higher benefits. To become preferred rewards members, customers must have checking accounts with the Bank of America and enroll in the program. There are four tiers of the Bank of America's Preferred Rewards program:

  1. The gold tier is available for 3 months average daily balance of $20,000 to $50,000. On credit cards, you get a 25% rewards bonus and a 0.05% of annual fee discount for Merrill investment accounts.
  2. The platinum tier starts from $50,000 and goes up to $100,000 for 3 months' average daily balance. It gives 50% credit card rewards and a 0.10% annual fee discount on Merrill investing.
  3. The Platinum Honors tier is for customers with $100,000-$1M of 3 month average daily balance. The tier allows to get 75% credit card rewards on credit cards and a 0.15% annual fee discount on Merrill investing.
  4. Diamond tier goes with $1M-$10M of 3 months average daily balance. You get a 75% credit card rewards bonus and a 0.15% annual fee discount on Merrill investing.

There is no fee for enrollment in the Preferred Rewards membership. To become a member, you need the following:

  • To have a Bank of America checking account. It must be active.
  • Have at least a $20K three-months average combined balance. It includes balances in your deposit and Merrill investment account.

How to pay off a debt?

You can avoid paying interest on your Bank of America Cash Rewards credit card if you pay the full balance before the due date. The due date will be set to at least 25 days after the closing of the billing cycle. If your minimum payment is not received by the due date, Bank of America will impose a late fee. Late fees are $29 and $40 for subsequent failures that occurred within six billing cycles. 

The late payment fee cannot exceed the total minimum payment that was due. Moreover, if your balance is $100 and lower, Bank of America won't assess a late payment penalty. Bank of America allows you to manage your credit card accounts through online banking and mobile app. To make a payment using the website:

  1. Log into your Online Banking account;
  2. Choose the Bill Pay tab;
  3. Select Manage Pay To/Pay From Accounts link if you are paying using an account with another bank. Then choose Add Pay From Account and fill in the routing number.
  4. Select Transfer | Send and then Between My Accounts At Bank of America if you transfer money from your Bank of America account.

If you have a mobile app installed, you can use it to make payments toward your credit card debt. Log into your Mobile Banking app, choose your credit card account and then tap on the "Make a payment" button.

FAQ

What benefits does the Bank of America cash rewards card have?

With the Bank of America cash rewards card, you get a percentage of cash back for each $1 you spend. After you collect the points, you can redeem them on spending or cash advances. 

Is it hard to get a Bank of America cash rewards credit card?

It can be hard to qualify for the Bank of America cash rewards credit cards because of the high credit score requirement. However, if your credit history is in good standing, you can qualify for the cards quite easily.

Is the Bank of America cash rewards Card worth it?

You can get from 1% to 3% of cash back for each $1 spent. One point will be worth $0.015. You can calculate your spending per month and determine if the card is worth it. You can try Citi Double Cash Card or Citi Custom Cash Card as an alternative.

Can I get a Bank of America credit card with a 650 credit score?

Bank of America has a credit score requirement of 750 and higher for its credit card offers. You can still get a credit card from Bank of America even with lower credit. There are secured credit cards allowing you to receive approval and improve or establish your credit while using the card.