Bofa Customized Cash Rewards Avg Limit and Benefits

The Bank of America Customized Cash Rewards credit card is a popular choice for those who want to earn cash back on their purchases. The average credit limit for this card is around $2,000 to $3,000.

However, this limit can vary depending on individual creditworthiness. Some users have reported receiving higher limits, up to $6,000 or more.

One of the key benefits of the Customized Cash Rewards card is its 3% cash back on gas purchases, which can add up quickly for frequent drivers. This benefit is in addition to the 2% cash back on grocery purchases and 1% cash back on all other purchases.

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To qualify for the Bank of America Preferred Rewards program, you need an active checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts.

The program has five tiers, with each tier offering increasingly valuable benefits. You'll qualify for each tier based on your combined average daily balance, with Gold requiring $20,000 or more, Platinum requiring $50,000 or more, and so on.

Here are the benefits of each tier:

The benefits of the Bank of America Preferred Rewards program include no-fee banking services, priority member service, and discounts on loan rates, among others.

To qualify for the Bank of America Preferred Rewards program, you'll need to meet two main requirements: having an active, eligible Bank of America checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts.

The program has five tiers, each with its own set of benefits. The tiers are based on your combined average daily balance, and the requirements are as follows:

You don't need to have all your accounts with Bank of America or Merrill to qualify, as you can roll over existing IRAs and investment accounts to use towards your tier.

The Bank of America Preferred Rewards program offers a range of benefits and perks to its loyal customers. These benefits can be quite valuable, especially for those who have a significant amount of money invested with Merrill or have a high balance in their Bank of America deposit accounts.

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One of the main benefits of the Preferred Rewards program is the credit card rewards bonus, which can be as high as 75% on select Bank of America cards. This bonus is available on most Bank of America consumer-branded credit cards, including the Bank of America Premium Rewards credit card and the Bank of America Unlimited Cash Rewards credit card.

The rewards bonus is based on the customer's Preferred Rewards tier, which is determined by their combined total balances in Bank of America deposit accounts and Merrill investment accounts. The three tiers are Gold, Platinum, and Platinum Honors, with increasingly valuable benefits as the tier level increases.

Here's a breakdown of the credit card rewards bonus for each tier:

In addition to the rewards bonus, Preferred Rewards members also get no-fee banking services, priority member service, and discounts on loan rates. The exact benefits vary depending on the tier level, but they can be quite valuable for those who qualify.

Bank of America offers a $200 online bonus to new cardholders, making it one of the best values on the market.

To qualify, you need to spend $1,000 on purchases within 90 days of opening your account.

This offer is available to new cardholders of both the Customized Cash and the Unlimited Cash cards.

Welcome bonuses like this one are common, but the Bank of America offer is a standout.

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The Bank of America Customized Cash Rewards credit card offers a rewards program that's worth exploring. The card's bonus rewards are capped at $2,500 in combined spending per quarter, but you'll still earn 1% cash back in those bonus categories after reaching the cap.

You can earn cash back in various categories, including 3% in one category of your choice and 2% in another. The card also offers a $200 online bonus to new cardholders when you spend $1,000 on purchases within 90 days of opening your account.

If you're a Preferred Rewards member, you can earn a 25%, 50%, or 75% rewards bonus on select Bank of America cards. This can significantly boost your rewards earnings, especially if you have a high combined balance in Bank of America and Merrill accounts.

There's no limit to how much you can earn with the Bank of America Customized Cash Rewards credit card, but there is a cap on bonus rewards at $2,500 in combined spending per quarter.

The Bank of America Customized Cash Rewards credit card has a spending cap on its bonus rewards, but you'll still earn 1% cash back in those bonus categories after the cap is reached.

If you typically spend more than $2,500 in the card's 3% and 2% categories per quarter, you might earn more with a different rewards card that doesn't have a spending cap.

The spending cap on the Bank of America Customized Cash Rewards credit card is a key consideration for those who want to maximize their rewards earnings.

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Here's a breakdown of the spending caps and rewards rates for different tiers of the Bank of America Preferred Rewards program:

Rates and fees can be a major consideration when choosing a rewards credit card. The good news is that some cards come with no annual fee, which can save you money right off the bat.

The Customized Cash and Unlimited Cash cards from Bank of America have no annual fee, which is a great perk. This means you can use the card without having to worry about an annual fee eating into your rewards.

Introductory APRs can also be a big help if you need to make a big purchase or balance transfer. The Customized Cash and Unlimited Cash cards offer 0% intro APR on purchases and balance transfers for 15 billing cycles, which can give you some breathing room.

However, after the introductory period ends, the APR will kick in, ranging from 18.24% to 28.24% variable APR for purchases and cash advances. It's essential to pay off your balance each month to avoid interest charges.

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Some cards also charge balance transfer fees and foreign transaction fees. The Customized Cash and Unlimited Cash cards charge a 3% intro balance transfer fee for the first 60 days, and then 4% for future balance transfers. They also charge a 3% foreign transaction fee, so be aware of that if you travel overseas.

Here are the key rates and fees to keep in mind:

The Bank of America Customized Cash Rewards credit card offers a decent rewards rate of up to 3% cash back on purchases, but only if you don't qualify for the Bank of America Preferred Rewards program.

If you don't qualify for the program, the rewards rate is indeed modest, with spending caps to consider.

The U.S. Bank Cash+ Visa Signature Card offers a slightly higher rewards rate of 5% cash back on the first $2,000 in combined eligible net purchases on two categories of your choice.

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However, the 5% categories on this card are relatively narrow, including fast food, cell phone providers, and TV, internet and streaming services, among others.

If you happen to spend an outsize amount in one of these categories, this card might prove more valuable.

Here are the rewards rates for both cards:

Ultimately, the rewards rate you get will depend on your individual spending habits and whether you qualify for any rewards programs.

You can redeem your cash rewards from the Bank of America Customized Cash card for a statement credit, which directly subtracts the amount from your account balance.

The minimum redemption amount is $25, so you'll need to have at least that much in rewards before you can cash out.

You can also redeem your rewards as a check or as a direct deposit into an eligible Bank of America account.

Redemptions can be made through various channels, including direct deposit into an eligible Merrill account or a 529 college savings plan.

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Here are the redemption options for the Bank of America Customized Cash and Unlimited Cash cards:

Rewards do not expire, so you can take your time to redeem them.

The Bank of America Customized Cash Rewards credit card offers a range of features and options that make it a great choice for cash back rewards. The card type is cash back, with an annual fee of $0.

You can earn a sign-up bonus of $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening. This is a great incentive to get started with the card.

Ongoing rewards include 3% back on a category of your choice, 2% back on grocery stores and wholesale clubs for the first $2,500 of combined spending per quarter, and 1% back on all other purchases. You can change your 3% back bonus category up to once a month.

Here are the six options for your 3% back bonus category:

The APR is 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After that, a Variable APR of 18.24%-28.24% will apply. Cardholders who are eligible for the Bank of America Preferred Rewards program can earn higher rewards rates.

You can redeem your cash back rewards in various ways, including direct deposit into an eligible Bank of America checking or savings account, credit to an eligible Merrill account, or a statement credit on your credit card.

The Bank of America Customized Cash Rewards credit card offers a unique rewards structure that allows cardholders to earn 3% cash back in a category of their choice, up to $2,500 in combined purchases per quarter.

This is a great perk for those who can maximize their rewards within these limits. The card also offers 2% cash back at grocery stores and wholesale clubs, and unlimited 1% cash back on all other purchases.

The card's rewards structure is flexible, allowing cardholders to change their 3% cash back category once per calendar month. This means you can customize your rate to match your highest spending category every month.

The card's APR is 28.24% (variable), which is relatively high compared to other credit cards. However, the card offers a 0% intro APR for 15 billing cycles on purchases and balance transfers made within 60 days of account opening.

Here's a comparison of the card's features:

The card is best for individuals looking to build or rebuild credit who can handle a high APR and want a rewards program tailored to everyday expenses without an annual fee.

The Bank of America Customized Cash Rewards credit card offers a flexible rewards program that lets you choose your own 3% bonus category from a list of options, which you can change up to once a month.

You can earn 3% cash back in your chosen category, 2% at grocery stores and wholesale clubs (up to $2,500 in combined quarterly purchases), and 1% on all other purchases.

The card has a $0 annual fee and cash rewards don't expire as long as your account remains open.

To earn the $200 online cash rewards bonus, you need to make at least $1,000 in purchases in the first 90 days of account opening.

Here's a breakdown of the rewards boost you can get through the Bank of America Preferred Rewards program:

If you're a Platinum Honors member, you can earn up to 5.25% cash back in your choice category, 3.5% at grocery stores and warehouse clubs, and 1.75% on all other purchases.

To get the most out of the BoFA Customized Cash Rewards card, you'll want to understand how to use the program. You can redeem your rewards at any time as a statement credit, a direct deposit into a Bank of America account, or as elective credit with Merrill. There's a minimum redemption of $25 when you contribute to a Merrill 529 account or want a check.

You can also set up automatic redemptions (starting at $25) to eligible Bank of America and Merrill accounts. This means you can earn rewards without having to think about it, and still have the flexibility to adjust your redemptions as needed.

The Bank of America Preferred Rewards program offers increasingly valuable benefits based on your combined total balances in Bank of America deposit accounts and Merrill investment accounts. Here are the credit card rewards boosts you can expect based on your tier:

Using the program, you can enjoy free ATM transactions with certain membership levels. Platinum members receive one free transaction per statement cycle, up to 12 annually.

You'll also receive a refund of the ATM operator or network fee for withdrawals, balance inquiries, and balance transfers. This can add up to significant savings over time.

Platinum Honors members have no cap on free transactions, while Diamond and Diamond Honors members enjoy unlimited no-fee transactions both in the U.S. and internationally.

Here's a breakdown of the free ATM transaction benefits:

You can redeem your rewards at any time as a statement credit. This is a convenient option if you want to pay off your balance or reduce your outstanding balance.

A direct deposit into a Bank of America account is another way to redeem your rewards. This option allows you to put your cash back towards your savings.

You can also set up automatic redemptions to eligible Bank of America and Merrill accounts, starting at $25. This way, you can make sure your rewards are applied to your accounts without having to think about it.

There's a minimum redemption of $25 when you contribute to a Merrill 529 account or want a check. This is something to keep in mind if you're planning to use your rewards for one of these options.

The BofA Customized Cash Rewards credit card has some great benefits that make it a solid choice. No annual fee means you won't have to worry about paying extra just for the privilege of having the card.

One of the best perks is the new cardholder bonus offer, which gives you a chance to earn a significant reward right off the bat. This can be a great way to get started with earning rewards.

The rotating bonus categories are a great feature, as they allow you to earn rewards in areas where you already spend money. For example, if you know you're going to be buying groceries next month, you can take advantage of the bonus category for groceries.

Intro APR period is another benefit, giving you a chance to pay off purchases interest-free for a set period of time. This can be a huge help if you need to make a large purchase and want to pay it off without incurring interest charges.