How to Apply for Bank of America Customized Cash Rewards Credit Card
Looking to maximize your cashback on everyday purchases? The Bank of America Customized Cash Rewards Credit Card offers a unique opportunity to tailor your rewards to suit your spending habits. With this card, you can enjoy 3% cash back on a category of your choice, such as online shopping or dining, and 2% cash back at grocery stores and wholesale clubs, on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter.
Additionally, you’ll earn 1% cash back on all other purchases, providing consistent benefits regardless of where you spend. Designed with flexibility in mind, this card also offers a introductory 0% APR for 15 billing cycles on purchases and qualifying balance transfers, helping you manage your finances more effectively. To harness these benefits, understanding the application process is essential. Explore the steps to apply and see if this card aligns with your financial goals.
Benefits of the Bank of America Customized Cash Rewards Credit Card
Cash Back on Every Purchase
The Bank of America Customized Cash Rewards Credit Card offers a robust cash back program, allowing users to earn rewards on every dollar spent. Cardholders can enjoy 3% cash back in a category of their choice, such as gas, online shopping, dining, travel, drug stores, or home improvement. Additionally, they receive 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases, and 1% on all other purchases. To maximize this benefit, consider aligning your spending habits with the category that offers the most cash back throughout the year.
No Annual Fee
This credit card does not charge an annual fee, which allows cardholders to maximize their rewards without incurring extra costs simply for holding the card. By not having an annual fee, any cash back received is essentially net gain, enhancing the appeal of this card for budget-conscious individuals who still desire robust rewards.
Flexible Redemption Options
Cardholders enjoy the flexibility of redeeming their rewards as they see fit. You may choose to redeem your cash back as a direct deposit into a Bank of America checking or savings account, a statement credit, or a contribution to an eligible Merrill account. This flexibility ensures that you can tailor your reward strategy to suit your financial goals.
Introductory APR Offer
Take advantage of a 0% introductory APR for the first 15 billing cycles on purchases and any balance transfers made within the first 60 days. This is invaluable for those planning a large purchase or looking to refinance high-interest debt, as it provides a period to pay off the balance without incurring interest charges. To make the most of this benefit, strategically plan repayments to minimize your debt within this interest-free window.
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Requirements for the Bank of America Customized Cash Rewards Credit Card
- Credit Score: Applicants typically need a good to excellent credit score, generally considered to be 670 or higher. This is essential for approval, as a strong credit history demonstrates reliability to lenders.
- Minimum Income: While there is no explicit minimum income requirement disclosed by Bank of America, having a steady and sufficient income is crucial to demonstrate financial stability and capability to manage credit card debt.
- Proof of Identity: Applicants must provide valid identification, such as a U.S. driver’s license, passport, or another government-issued ID, to confirm their identity and legal capacity to enter into a financial contract.
- Social Security Number: Providing a valid Social Security Number (SSN) is mandatory for all applicants. This allows the bank to assess your creditworthiness and comply with federal regulations.
- Residential Address: A verifiable U.S. residential address is required for the application process. This ensures that applicants are reachable and have a permanent place of residence within the country.
- Legal Age: Applicants must be at least 18 years old (or 21 in some states where applicable) to legally enter into a credit agreement.
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How to Apply for the Bank of America Customized Cash Rewards Credit Card
Step 1: Visit the Bank of America Website or Local Branch
Begin your application process by accessing the Bank of America website or by visiting a nearby Bank of America branch. If opting for the online route, navigate to the credit card section and search for the “Customized Cash Rewards Credit Card”. This card offers cash back tailored to your spending habits, making it a popular choice for those seeking flexibility.
Step 2: Review the Credit Card Details and Requirements
Before proceeding with your application, it is crucial to understand the card’s features and terms. Bank of America provides detailed information regarding the benefits, such as the cash back options and any applicable fees or annual percentage rates (APRs). Be sure to review the eligibility criteria, which may include credit score recommendations and existing banking relationships.
Step 3: Gather Necessary Information
Prepare all required personal and financial information to expedite the application process. This typically includes your Social Security number, employment details, income information, and contact details. Having this information readily available will help ensure a smooth application process.
Step 4: Complete the Application Form
Once you are ready, begin filling out the application form by clicking on the ‘Apply Now’ button available on the website, or by requesting a form at the bank branch. Make sure to provide accurate and complete information to avoid any delays in processing. Double-check all fields before submission to ensure there are no errors.
Step 5: Submit Your Application and Await Approval
After submitting the application, you will receive a confirmation, and Bank of America will review your information. Approval time may vary, but the bank typically provides updates via email or through their secure online portal. Stay informed by checking your email and online account regularly for any new notifications regarding your application status.
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Frequently Asked Questions about the Bank of America Customized Cash Rewards Credit Card
What are the key benefits of the Bank of America Customized Cash Rewards Credit Card?
The Bank of America Customized Cash Rewards Credit Card offers several key benefits including the ability to earn 3% cash back in a category of your choice, such as gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. Additionally, cardholders earn 2% cash back at grocery stores and wholesale clubs, with a combined cap of $2,500 in choice category/grocery store/wholesale club purchases each quarter, and 1% unlimited cash back on all other purchases.
How can I redeem rewards earned with this credit card?
Rewards earned with the Bank of America Customized Cash Rewards Credit Card can be redeemed for a statement credit, a deposit made directly into a Bank of America checking or savings account, or for credit to an eligible Cash Management Account offered by Merrill Lynch. Redemptions start at a minimum of $25.
Are there any foreign transaction fees with this credit card?
Yes, the Bank of America Customized Cash Rewards Credit Card incurs a foreign transaction fee of 3% of the U.S. dollar amount of each transaction made outside the United States. This fee can add up, so it’s important to consider this if you frequently travel internationally.
What credit score is needed to qualify for this card?
While Bank of America does not explicitly state a specific credit score requirement, generally, a good to excellent credit score (typically 670 and above) is recommended to increase your chances of approval for the Bank of America Customized Cash Rewards Credit Card.
Linda Carter is a writer and financial consultant specializing in personal finance and money management. With years of experience helping individuals and families achieve financial stability and make informed decisions, Linda shares her expertise on the True Metronome platform. Her goal is to empower readers with practical advice and strategies to take control of their finances and build a secure future.
