bofa customized cash rewards avg credit limit Credit Limit and Redemption Explained

BOFA's customized cash rewards program has a minimum average credit limit of $2,500, which is a significant starting point for cardholders.

This credit limit can be influenced by factors such as income, credit history, and other financial considerations.

BOFA's redemption process is relatively straightforward, with cash rewards redeemable in $25 increments.

Redemption can be done online, by phone, or through the BOFA mobile app, making it convenient for cardholders to access their rewards.

The Bank of America Customized Cash Rewards credit card offers a range of key features that make it an attractive option for those looking to earn cash back rewards.

The card has no annual fee, which means you can earn cash back without having to worry about an annual fee cutting into your rewards.

One of the standout features of this card is its 3% cash back offer on a category of your choice, which can be selected from six options including gas, online shopping, dining, travel, drugstores, and home improvement and furnishings.

You can change your selected category up to once a month, and if you don't make a selection, the default category will be set to gas.

The card also offers 2% cash back on grocery stores and wholesale clubs for the first $2,500 of combined spending per quarter, and 1% cash back on all other purchases.

Here's a summary of the rewards structure:

The card also offers a sign-up bonus of $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.

Additionally, cardholders who are eligible for the Bank of America Preferred Rewards program can earn higher rewards rates, with the potential to increase their cash back percentage by 25% to 75% depending on their tier.

The Bank of America Customized Cash Rewards credit card offers several benefits and rewards that make it an attractive option for cardholders. The card comes with a welcome offer of $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening.

Cardholders can also earn 3% cash back on their chosen category, which can include gas, online shopping, travel, dining, drugstore bills, and home furnishings and improvements. The 3% category can be changed once a month, allowing cardholders to maximize their earnings.

The Bank of America Preferred Rewards program offers an additional layer of benefits, with cardholders earning 25% to 75% more on their eligible credit card rewards. This means that cardholders can earn up to 5.25% cash back in the category of their choice, depending on their combined balances in Bank of America and Merrill accounts.

Here's a breakdown of the Bank of America Preferred Rewards program tiers and their corresponding bonus earnings:

Overall, the Bank of America Customized Cash Rewards credit card offers a range of benefits and rewards that can help cardholders save money and earn cash back on their purchases.

The sign-up bonus is a great perk to consider when choosing a credit card. You can earn a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening.

New applicants for the Bank of America Customized Cash Card can take advantage of this bonus offer. This amounts to a 20% return on spending during the introductory period.

To qualify for the bonus, you must spend at least $1,000 in the first 90 days of account opening. This is a relatively achievable goal, especially if you have some big purchases to make.

The Discover it Cash Back card also offers a welcome offer that is worth considering. New cardholders get Unlimited Cashback Match for all new cardmembers – only from Discover, which means they will automatically match all the cash back you’ve earned at the end of your first year. This could turn $150 cash back into $300.

To maximize your Bank of America Customized Cash Rewards earnings, you can choose your own 3% category, which includes gas, online shopping, travel, dining, drugstore bills, and home furnishings and improvements. This category can be changed once every calendar month on the online banking portal or mobile banking app.

The cash back you earn does not expire, giving you ample time to redeem them. You can earn up to $75 per quarter if you can spend $2,500 on the 3% category.

If you're a homeowner, the card's home improvement category is particularly valuable, covering retailers from Ace Hardware to Williams-Sonoma, as well as services like air conditioning repair and landscaping.

The Bank of America Preferred Rewards program can also boost your earnings, with 25% to 75% more on your eligible credit card rewards, depending on your combined balances in Bank of America or Merrill accounts. Here's a breakdown of the program's tiers and bonus earnings:

By taking advantage of these features, you can earn higher cash back rates and maximize your rewards earnings with the Bank of America Customized Cash Rewards credit card.

You can redeem your Bank of America Customized Cash rewards anytime, in any amount, as a statement credit.

The minimum redemption amount for a check or contribution to a 529 account is $25. You can also set up automatic redemptions into an eligible Bank of America or Merrill account, starting at $25.

Rewards do not expire, so you don't have to worry about losing any of your earnings.

Redemption is a straightforward process with the Bank of America Cash Rewards credit card. You can redeem your cash rewards as a statement credit, which simply subtracts the amount from your account balance.

To redeem your rewards, you'll need to have a minimum of $25 in cash rewards. You can also redeem as a check or as a direct deposit into an eligible Bank of America account.

Rewards do not expire, so you can take your time to redeem them. You can change your 3% bonus category once a month, and the options are gas, online shopping, dining, travel, drugstores, and home improvement and furnishings.

Here are the different ways you can redeem your rewards:

It's worth noting that you can also set up automatic redemptions into an eligible Bank of America or Merrill account, starting at $25.

There's no limit to how much you can earn with certain credit cards, but some do have limits on bonus rewards. The Bank of America Customized Cash Rewards credit card, for example, has a cap of $2,500 in combined spending per quarter for its bonus rewards.

You might still earn 1% cash back on spending above this cap, but it's worth considering if you typically spend more than this on the card's 3% and 2% categories per quarter. A different rewards card without a spending cap might be a better choice.

The Bank of America Customized Cash Rewards credit card stands out for its flexibility, allowing you to choose your own 3% bonus category from a list of options and change it up to once a month.

This card is a great option for those who can boost their rewards rates by keeping large balances with Bank of America or Merrill. The $0-annual-fee card offers a unique benefit that other cash-back cards don't.

However, there's a downside to consider: the card comes with bonus category spending caps, so it's not a good pick for big spenders. This means you'll need to be mindful of your spending habits to maximize your rewards.

One of the benefits of this card is that it's issued in a student version, which is marketed specifically towards students. To learn more about this version, you can read our review.

The Bank of America Customized Cash Rewards Secured Credit Card has its own set of features and benefits that are worth comparing to other credit cards. This comparison will help you choose the card that best suits your financial goals and spending patterns.

To maximize your rewards, it's essential to understand the quarterly limits. There's a maximum limit of $2,500 per quarter, after which your cash back will be limited to 1% until you hit the next quarter.

If you're considering the Bank of America Customized Cash Rewards credit card, you might also want to compare it to the Citi Double Cash Card.

The Citi Double Cash Card offers a flat 2% cash back on every purchase, with no rotating categories or quarterly limits. This can be a great option if you want a single card to use on all your purchases.

One of the key benefits of the Citi Double Cash Card is its $0 annual fee, so you won't lose anything by owning it in addition to the Bank of America Customized Cash Rewards credit card.

You can also earn a special travel offer with the Citi Double Cash Card, earning 5% total cash back on hotel, car rentals, and attractions booked on the Citi Travel portal through 12/31/25.

Here are the key features of the Citi Double Cash Card: