Bank of America Cash Rewards Personalized Credit Card Benefits Guide

Making money with your rewards credit card is always great, but being able to customize your cash back bonus categories from month to month is even better. The Bank of America® Customized Cash Rewards credit card lets you do just that.

As part of a growing trend for premium category rewards cards, you will be able to customize the categories in which you can earn the most money. Here’s a handy guide to the benefits of the personalized cash rewards card so you can understand what it offers and how cash rewards work.

Bank of America Personalized Cash Rewards Card Benefits at a Glance

Earn rewards

The advantage of this card is that you can earn money in the categories where you spend the most. You can earn 3% on categories such as gasoline, online shopping, restaurants, travel, drugstores, home improvement or furnishings. Then you can also earn 2% at qualifying grocery stores and wholesale clubs. There is a $ 2,500 limit on cash back winnings for your categories at 2% and 3% each quarter. Once this limit is reached, you will earn 1% on your purchases.

The advantage of this rewards structure is that you can change your choice category as often as once a month. Plus, with the online shopping category, you can really increase your cash back potential.

You might be renovating a room one month or traveling the next month, and winning in the category that matches your spending can be very helpful in maximizing your rewards. And since you can make the switch quickly and easily online, this feature can help you collect as many rewards as possible.

Bank of America Preferred Rewards Membership

It should also be noted that you can increase your earning rate up to 75% depending on your status as a member of the Bank of America Preferred Rewards program. To become a member, you must own or co-hold an active and qualifying Bank of America checking account and have a minimum three-month combined average daily balance of $ 20,000 or more among the eligible Bank of America account types.

Here’s how much you could increase your Cash Back Rate based on your Preferred Reward Tier:

• Gold Preferred Rewards: 25%
• Preferred Rewards Platinum: 50%
• Preferred Rewards Platinum Honors: 75%

As a Preferred Rewards member, you get other perks like discounts on investment services, mortgage origination fees, HELOC interest rates and auto loans, and zero fees for some. banking services.

Redeem rewards

Your rewards are worth 1 cent for 1 percent earned with personalized cash rewards. You can redeem these rewards for statement credits, direct deposits to a Bank of America checking or savings account, or credit to an eligible Merrill account (with a minimum of $ 25 request).

Sign-up bonus and 0% annual interest rate

This no annual fee credit card not only offers the chance to earn ongoing cash back rewards, but it also offers a substantial signup bonus. You will get $ 200 in online cash rewards after spending $ 1,000 within 90 days of opening the account.

Another great feature of this card is the introductory 0% APR offer, which could help you pay off any higher interest debt you may have. You’ll get 0% APR for 15 bill cycles on purchases and balance transfers. You must complete your balance transfer within the first 60 days of opening your account. Note that a 3% fee (minimum $ 10) applies. After your 15-month introductory offer ends, the APR will be 13.99% to 23.99% (variable).

Additional benefits and protections

Visa signature

Because this isn’t a premium travel credit card, there won’t be a lot of premium perks to speak of. However, as a Visa Signature card, there are a number of advantages, including:

• Warranty coverage
• Purchase security
• Concierge
• Road expedition
• Reimbursement of lost baggage
• Travel and emergency assistance
• Rental Vehicle Collision Damage Waiver Coverage

While most of these benefits are standard for Visa Signature branded credit cards, be sure to review your card’s specific terms and conditions. This way you will know the specific set of Visa Signature benefits that apply to your personalized cash rewards card.

BankAmeriOffers

BankAmeriDeals is a limited time card linked offer program similar to Amex offers or Chase offers. When you activate certain promotional offers on your account, you can earn 5-15% additional cash back at select participating restaurants and other merchants. You also get “coins” for using the program, which can give you access to even better deals. You won’t make a lot of money with BankAmeriDeals, but it’s a feature that increases what you earn.

Museums about us

This advantage has actually been around for some time. For more than two decades, all Bank of America credit and debit cards have offered cardholders free general admission to more than 225 “cultural institutions” during the first weekend of each month. All you need to do is show your Bank of America card and valid photo ID for free access.

The bottom line

The Bank of America Customize Cash card does not offer the highest cash back rates on the market, as some revolving category cards offer up to 5% cash back on certain bonus categories. However, getting 3% cash back on your category is way better than the 1-2% cash back offered by other flat rate cash back cards in the rewards market.

With no annual fees, a decent welcome bonus, and a generous introductory offer from TAP as perks to its respectable cash back rate, this Bank of America credit card deserves serious consideration for a place in your wallet. When you add the protections and benefits through the Visa Signature network, the net worth of the card becomes even more apparent.