Bank of America Customized Cash Rewards credit card

 

Bank of America Customized Cash Rewards credit card 

Bank of America Customized Cash Rewards credit card so let's cover the meat and potatoes for the bank of america cash rewards credit card i have to briefly touch on the fact that it comes with a sign up bonus i typically do not like to say the exact signup bonus only because it may change 

So I May Say That It's One Thing Two Weeks Later It Might Be Something Different and Then It May Switch Back So if You Want to See the Current Sign Up Bonus Check Down Below in the Description I Don't Think It's a Reason to Get a Card 

But I Think It's Kind of a Nice Perk Now as Far as the Rewards Go This is a Tiered Rewards Credit Card So It Has Three Different Tiers It Has a Three Percent Earning Tier a Two Percent Earning Tier and a One Percent Earning Tier Which is Kind of Its Catch-all Category 

So I'll Put the Information for This Here on the Screen for You the Three Percent Tier is Sort of a Category of Your Choosing the Two Percent Tier is for Grocery Stores and Wholesale Clubs and Then Like I Said the One Percent Tier is Your Catch-all So It's Other General Purchases Now 

It is Important to Note That the Three Percent Tier and the Two Percent Tier Are Tied Together They Are Capped at a Combined Spending of 2500 Per Quarter Obviously I Wish That We Didn't Have a Cap There but That's Really Common With a Lot of Cash Back Credit Cards 

So Twenty Five Hundred Dollars in Combined Spending Per Quarter Then You Earn One Percent Back Now for That Three Percent Tier You Can Actually Choose a Category From the List That You See on the Screen 

So Gas Stations Online Shopping Which is Usually What I Set It at Dining Travel Drug Stores and Home Improvement and Furnishings So You Can Change the Category Once Per Month but Again I Usually Keep Buying It Online Shopping Only Because It's Pretty Rare to See a Credit Card That Allows 

You to Earn Three Percent in Such a Broad Category So I Can Find Credit Cards That Earn Three Percent for Gas for Drug Stores for Dining for Travel but for Home Improvement and Online Shopping I Don't Find a Lot of Credit Cards Out There That Earn Elevated Rewards There 

So Most of the Time Again I Keep It at Online Shopping but Let's Say I'm Going to Make a Big Purchase for Something at My House and I'm Going Home Depot or Ace Hardware Maybe I Flip It Over to Home Improvement and Furnishings Now This is a Cash Back Credit Card Hence the Name Cash Rewards Credit Card 

So You Have a Few Different Options Redemption Options for Your Rewards So You Can Get a Statement Credit or You Can Do a Direct Deposit That's Mostly What I Do You Can Also Get a Check and There Are Auto Redemption Options Available as Well 

But the Real Hidden Secret With Bank of America is Their Preferred Reward System Which Not Many People Know About but is a Huge Reason to Get a Bank of America Credit Card and Essentially the Preferred Reward System is Kind of Like a Loyalty System for You to Keep More Money With Bank of America 

A Mayoral Investing Account So the More Money You Keep With Them Theoretically the More You'll Earn Actually With Your Credit Card So They Have Three Different Tiers You Can See Them Here on the Screen 

They Have Gold Platinum and Platinum Honors and You Get a Number of Different Incentives Depending on Which Group You Fall Into So It's Not All About Your Credit Cards You Do Get Other Incentives as Well 

But Let's Just Say You Fall Into the Platinum Honors Tier You Get a 75 Boost on Your Rewards So Your Three Percent Tier With This Card Goes From Three Percent to Five Point Two Five Percent Your Two Percent Tier Goes to Three 

A Half Percent and Your One Percent Rate Your Catch-all Rate Goes to One Point Seven Five Percent Now Clearly You Have to Have a Lot of Money in Order to Qualify for the Platinum Honors Tier 

But I Think Just in General the Preferred Reward System is a Nice Upside to Going With Bank of America and We Have More Information About the Preferred Reward System

Now I Want to Move Over to Some of the Other Terms for This Credit Card Starting With the Fact That It Does Have an Intro Offer for Balance Transfers and for Purchases So You Have a Zero Percent Apr for the First 15 Billing Cycles From Account Opening Four Balance Transfers 

For New Purchases and Then After Those First 15 Billing Cycles Expire Your Rate Goes From 13.99 to 23.99 and It's Variable and Keep in Mind That for Balance Transfers in Order to Uh Take Advantage of the Intro Offer 

You Have to Transfer Uh Within the First 60 Days of Account Opening and There is a Balance Transfer Fee That Applies So I Just Bring This Up Because I Think the Rewards Are Nice but I Also Like the Fact That You Know 

If You Want to Pay Down Debt and Take Advantage of the Balance Transfer Offer You Can Do That or Let's Say You Need to Finance a Big Purchase It Has a Pretty Good Intro Offer for That as Well 

Now a Few Other Things to Know About the Card Typically It Requires at Least a 670 Fico Score to Qualify for So I'd Say at Least Good Credit to Possibly Qualify for the Card Uh and Like Most Other No Annual Fee Cashback Cards 

It Does Have a Foreign Transaction Fee So if You Do Travel Outside the U.s There's a Three Percent Foreign Transaction Fee I Don't Think It's a Big Deal if You Do Want a Card That Doesn't Charge Foreign Transaction Fees Bank of America 

Actually Has Two of Them They Have the Bank of America Premium Rewards Credit Card and They Have the Bank of America Travel Rewards Credit Card and I Can Link Both of Those 

A Guide to the Best Credit Cards That Don't Charge Foreign Transaction Fees and That's Basically It With the Bank of America Cash Rewards Credit Card Uh in Terms of My Opinion My Final Verdict Look

I Think It's a Solid Card Again I Have the Card but I Think It's Most Interesting if You're a Preferred Rewards Member or You Can Really Maximize That Three Percent Earning Tier if That's Not the Case for You Then There Are Other Cards That Will Earn Comparable Rewards if Not Higher Rewards 

So Just for Example if You Take a Look at the City Double Cash Card That Earns Two Percent Back on All Transactions It's One Percent When You Buy and One Percent When You Pay for It 

But Nonetheless a Really High General Cashback Rate and Then if You Look at Something Like the Chase Freedom Unlimited That Earns Among Other Things Three Percent Back on Dining Purchases Drugstore Purchases and Then One and a Half Percent Back on All Other Purchases.

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