Bank of America Cash Rewards Card – Choose 3% Cash Back
***This feature is currently being rolled out to BoA Cash Reward Cardholders. Full availability to update your reward category should be available within hours or days. In the meantime, some customers will not yet find the option available when viewing their account***
In April, Bank of America announced they would be updating the cash back reward system for the popular Cash Rewards Card. Cardholders are now able to choose a category for which they will receive 3% cash back. This is huge score for consumers who use the Bank of America Cash Rewards Card. Additionally, customers are able to update their 3% category monthly so that your category can be changed based on your planned spending.
Bank of America offers a number of credit cards but the Cash Rewards Card is certainly the most popular. This is a cash rewards card and consumers have the option to apply their rewards as statement credit. Furthermore, customers can redeem their cash in to their accounts at increased rates when redeeming to their BoA account. Customers will earn a 10% bonus for Bank of America account redemption. Preferred clients are eligible to earn even more than this (25-75% depending on preferred rewards tier status).
Cash Reward Card 3% Cash Back Categories
Bank of America is offering cardholders six categories to choose for their 3% cash back reward. The categories are as follow:
- Gas purchases
- Dining and restaurants
- Drug Store purchases
- Home improvement and furnishings
- Online shopping
- Travel purchases
As you can see, these categories cover a huge range of purchases. Given the fact that you can update your category each month, customers can customize their rewards based on their anticipated spending. For instance, if you know you will be making a large home improvement purchase that may be your chosen category. The next month, when you buy a plane tickets to Hawaii, simply update your category!
Updating Your Bank of America Cash Reward 3% Category
Cash Reward Cardholders can easily update their category each month through online banking or mobile banking. You also have the option to view your previous month spending so that you can optimize your category based on your spending habits. Once your category has been set you will need to wait until your next billing cycle before you can update.
Final Thoughts – Cash Rewards 3% Cash Back Categories
This update was much anticipated and for good reason. Cardholders who regularly use this card are going to be thrilled to have control over their cash back earnings. As we see more cards using unique reward structures (such as the new Citi Rewards+ Card), features like this will likely become more common. Bank of America Cash Reward holders should be updating their 3% cash back to best suit their spending needs.