Personally, I hate Bank of America as a bank, but their credit card department is completely different. I noticed people with better scores than mine got turned down, but perhaps they don't have a good enough income to debt ratio. The Bank of America® Cash Rewards credit card even supplements its base 1% cash-back earning rate with 2% back on groceries and wholesale clubs and 3% back on a category of your choosing. © 2020 Forbes Media LLC. And they require good or excellent credit. Standard message rates apply.Failed to send the feedback.
To determine the rewards potential of the Bank of America Cash Rewards card we have to look at the bonus categories and calculate what an American household might spend in those areas. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available.
The helpfulness of a financial advisor's answer is not indicative of future advisor performance. Those bonus earning rates apply to only the first $2,500 in combined grocery, wholesale clubs and gas purchases each quarter. But there’s a catch. The 70th percentile of wage-earning households bring in $100,172 annually and we base spending on that number.The Bank of America Cash Rewards card has the following bonus categories: Earn 3% cash back on a chosen category (we chose restaurants)Forbes estimates that our example household spends $4,406 on dining, which results in $132.18 cash back annually. Automatic increases are not guaranteed, however.
WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. Forbes uses data from various government agencies in order to determine both baseline income and spending averages across various categories. First posted on 09/26/18 : $5,000+. Even better, requesting a higher credit line is usually a simple process that won’t take much of your time. In the end we incurred over $150 in "foreign exchange fees". !Got the card, set up on-line account, then - no cash back categories shown or available options.
If you have accounts with Merrill, then you have a way to invest your cash back with possibly less of a hassle then if you were using reimbursements from another bank. U.S. Bank, on the other hand, requires you to open or download PDFs or some answers—not a great user interface.The Bank of America Cash Rewards credit card is a decent card. Opinions expressed here are the author’s alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer. So if you spend more than $833 a month on such everyday necessities, you will wind up hitting that limit and earning only 1% back — slightly less than the For context, the average consumer spends about $1,650 in those two categories combined, per quarter, according to Rewards are perhaps the most popular aspect of credit-card use for consumers and, in turn, for issuers. Relationship-based ads and online behavioral advertising help us do that.Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home … Not all issuers will give automatic increases.An automatic increase is typically a soft inquiry which will not show up on your credit report. So if you spend more … Not a good look Bank of America! This card accepts a refundable security deposit of as much as $10,000. Plus, you can change the 3% category each month, either online or through the bank’s mobile app.Say you’re moving to a new home. Your Bank of America credit card limit will be at least $500 in most cases.