Bank of America Boosts Cash Rewards Credit Cards

Bank of America has significantly improved its cash back rewards offerings for its Customized Cash Rewards and Unlimited Cash Rewards credit cards. For the first year, the Customized Cash Rewards card now offers a boosted 6% cash back in the category of the cardholder's choice (up from 3%), with options including gas, online shopping, dining, travel, and more. Additionally, cardholders receive 2% back at grocery stores and wholesale clubs, and 1% on all other purchases. After the first year, the rate reverts to 3% in the chosen category, 2% at grocery stores, and 1% on other purchases. There's a quarterly limit of $2,500 in combined purchases for the higher cash back rates. The category of choice can be changed monthly.

The Unlimited Cash Rewards card also sees an upgrade, providing 2% cash back on all purchases during the first year (up from 1.5%). This is unlimited, with no cap on rewards earned. After the initial year, the rate drops to 1.5% cash back on all purchases. Both cards include a $200 welcome bonus after spending $1,000 in the first 90 days. Bank of America Preferred Rewards members receive an additional 25%-75% bonus on rewards, potentially increasing the first-year returns to as much as 8.25% for Customized Cash Rewards and 3.12% for Unlimited Cash Rewards.

These enhanced offers represent a compelling opportunity for consumers seeking maximum cash back rewards. However, it is crucial to remember that these elevated rates are only valid for the first year. After this period, the cash back percentages revert to the standard rates. Cardholders should carefully consider their spending habits and choose the card that best aligns with their needs. The terms and conditions should be reviewed before applying for either card. Both cards offer no expiration on rewards as long as the account remains open.

(Source: https://dannydealguru.com/improved-bank-of-america-credit-card-offers/)