This Bank of America Card Offers 6% Cash Back and a $200 Bonus
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Rewards cards that pay 5% cash back on everyday spending are rare. But 6%? That's almost unheard of.
Right now, the Bank of America® Customized Cash Rewards credit card is offering 6% cash back for the first year in the category of your choice. On top of that, you can earn an easy $200 cash back bonus after spending $1,000 in the first 90 days.
And since the card has no annual fee, any rewards you earn are pure profit.
Here's how the deal works -- and how to squeeze the most value out of it.
You pick where you earn 6% cash back
With the Bank of America® Customized Cash Rewards credit card, you're not locked into a single bonus category. You choose one category to earn the top rewards rate, and you can change it once per month.
Here's what the card earns:
- 6% cash back for the first year in the category of your choice (then 3% after the first year)
- 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases
- 1% cash back on all other purchases
The catch: there's a (high) quarterly cap
The 6% and 2% rates apply to the first $2,500 in combined spending per quarter across:
- Your chosen category
- Grocery stores
- Wholesale clubs
Once you hit that $2,500 cap, those purchases drop to 1% cash back until the next quarter begins.
That said, $2,500 per quarter is plenty for most people (about $833 per month).
Here are the categories you can choose from
Bank of America gives you a solid list of bonus categories, likely including some of your biggest expenses.
You can choose from:
- Travel
- Dining
- Online shopping and streaming
- Gas and EV charging stations
- Drugstores and pharmacies
- Home improvement and furnishings
The online shopping category alone can cover a ton of regular spending, like Amazon purchases, subscriptions, and more.
And if you have some big purchases coming up -- say, you're about to renovate the kitchen -- you can switch your bonus category before you buy.
On Bank of America's Secure Website.
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Earn 6% cash back in the category of your choice -- like dining, travel, or online shopping -- for the first year. Plus, score a $200 cash rewards bonus after qualifying purchases.
Good/Excellent (670-850)
Intro APR 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 17.49% - 27.49% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%. Balance transfers may not be used to pay any account provided by Bank of America.
Purchases: 0% Intro APR for 15 billing cycles for purchases
Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
Regular APR
17.49% - 27.49% (Variable)
Rewards Earn 6% cash back for the first year in the category of your choice: gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; or home improvement and furnishings. You’ll automatically earn 2% cash back at grocery stores and wholesale clubs, and unlimited 1% cash back on all other purchases. After the first year from account opening, you’ll earn 3% cash back on purchases in your choice category. Earn 6% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
1% - 6% cash back
Annual Fee
$0
Welcome Offer $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
$200 cash back
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This card's wide range of extra cash back options speaks for itself, with a choice of six bonus categories you can change monthly for 6% earnings for the first year in the category of your choice. And you can earn 2% back automatically at grocery stores and wholesale clubs. No annual fee and a nice welcome bonus also make this one a winner. Plus, if you're a Bank of America Preferred Rewards member, this card will be even more valuable for you.
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- Competitive welcome bonus
- Bonus cash back in a category of your choice
- No annual fee
- Great intro & transfer APR offer
- Relationship rewards bonus
- Foreign transaction fee
- Limit on bonus cash back
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- Earn 6% cash back for the first year in the category of your choice: gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; or home improvement and furnishings. You’ll automatically earn 2% cash back at grocery stores and wholesale clubs, and unlimited 1% cash back on all other purchases. After the first year from account opening, you’ll earn 3% cash back on purchases in your choice category.
- Earn 6% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- With the Bank of America Preferred Rewards® program, members can earn 25%-75% more cash back on every purchase. That means the 3% choice category could go up to 3.75%-5.25%. The Preferred Rewards bonus is not applied to the 3% first-year bonus.
- No annual fee and cash rewards don’t expire as long as your account remains open.
- 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 17.49% - 27.49% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%. Balance transfers may not be used to pay any account provided by Bank of America.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
The welcome bonus is easy to earn
$1,000 in 90 days is not a lot of spending for most people. You could probably earn the $200 cash back bonus just by charging your grocery trips, gas runs, and maybe a bigger purchase or two.
This card can be even better for Bank of America customers
If you already use Bank of America (or Merrill) and qualify for Preferred Rewards, this card can become a serious cash back machine.
Preferred Rewards gives you a boost on top of your base earnings, depending on your tier:
| Rewards tier | 3% category becomes | 2% grocery/wholesale becomes | 1% becomes |
|---|---|---|---|
| Gold (25% boost) | 3.75% | 2.50% | 1.25% |
| Platinum (50% boost) | 4.50% | 3.00% | 1.50% |
| Platinum Honors (75% boost) | 5.25% | 3.50% | 1.75% |
Note: The extra 3% you earn in year one does not get the Preferred Rewards boost.
How does this card stack up?
Most no-annual-fee rewards cards come in one of two flavors:
- Flat-rate cards that earn the same rate on every purchase, usually 1.5% to 2%
- Bonus category cards that earn around 3% to 5% in select categories and 1% on everything else
The Bank of America® Customized Cash Rewards credit card sort of falls into the second category, except:
- The first-year 6% cash back rate is higher than most cards' best rates
- The 2% cash back at grocery stores and wholesale clubs adds some extra value
As for the welcome offer, a $200 bonus is pretty standard among the best cash back cards. It's a bit easier to earn (spend $1,000 in the first 90 days) than some offers, which might require you to spend $1,500 or more.
Lastly, the spending cap is high. Some cards only earn bonus rewards on about $500 in spending per month. The Bank of America® Customized Cash Rewards credit card has a cap about 60% higher than that.
And with no annual fee, you almost can't lose.
Ready to earn an easy welcome bonus and up to 6% cash back for a year? Click here to learn more and apply for the Bank of America® Customized Cash Rewards credit card today.
Our Research Expert
James McClenathen is a full-time Managing Editor and Personal Finance Writer at Motley Fool Money, overseeing the production and quality of editorial content while also writing about credit cards, investing, and everyday money management. He has worked at The Motley Fool since 2012 and brings extensive experience as an editor, reporter, and finance expert. A graduate of the University of Michigan, James has spent more than a decade of his career helping readers make smarter financial decisions.
Motley Fool Stock Disclosures
Bank of America is an advertising partner of Motley Fool Money. James McClenathen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.