Sunday, August 7, 2022

Financial institution of America Personalized Money Rewards Credit score Card Assessment

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Insider’s consultants select one of the best services to assist make good choices along with your cash (right here’s how). In some instances, we obtain a fee from our our companions, nonetheless, our opinions are our personal. Phrases apply to gives listed on this web page.

The Financial institution of America® Personalized Money Rewards Credit score Card
is value contemplating in case you’re in search of a no-annual-fee cash-back bank card that allows you to select your highest rewards class. It has a beneficiant welcome bonus supply, but when your spending would not match its bonus classes, you will be higher off with a special rewards bank card.


Common APR


16.24% – 26.24% variable


Advisable Credit score Rating


N/A


Common APR


16.24% – 26.24% variable


Advisable Credit score Rating


N/A

Extra Info

  • The data associated to the Financial institution of America® Personalized Money Rewards Credit score Card has been collected by Enterprise Insider and has not been reviewed by the issuer.
  • Earn a $200 money rewards bonus after you spend $1,000 on purchases inside 90 days of account opening
  • Earn 3% again in a class of your selecting amongst gasoline, on-line buying, eating, journey, drug shops, or house enchancment/furnishings, 2% again at grocery shops and wholesale golf equipment and 1% again on different purchases; bonus rewards in 3% and a couple of% classes are capped on the primary $2,500 spent every quarter, after which you’ll earn 1%
  • No annual charge
  • Redeem rewards for money again, assertion credit, or a switch to eligible Financial institution of America or Merrill accounts

Assessment: Is the Financial institution of America Personalized Money Rewards one of the best bank card for you?

The no-annual-fee Financial institution of America® Personalized Money Rewards Credit score Card is an honest possibility for folk who need extra management over how they earn rewards. 

Cardholders earn 3% money again in a single class of their alternative (from a listing of six), 2% again at grocery shops and wholesale golf equipment, and 1% again on all different purchases. The three% (alternative class) and a couple of% (grocery/wholesale membership) reward charges solely apply as much as the primary $2,500 in mixed purchases per quarter (then 1% money again). 

The Financial institution of America® Personalized Money Rewards Credit score Card permits cardholders to alter their 3% money again class as soon as per calendar month, so in case you plan forward, you may customise your price to match your highest spending class each month. For instance, you may customise your rewards to earn 3% money again on on-line buying throughout the holidays, or on gasoline or journey if you take your subsequent journey. 

There is a beneficiant welcome supply of $200 money rewards bonus after you spend $1,000 on purchases inside 90 days of account opening. As well as, the Financial institution of America® Personalized Money Rewards Credit score Card gives a 0% intro APR on purchases for the primary 15 months and for any stability transfers made throughout the first 60 days of opening your account (then a 16.24% – 26.24% variable). It is a nice profit for folk planning on paying off bigger purchases over an extended interval, or for these needing to consolidate bank card debt. 

Though the Financial institution of America® Personalized Money Rewards Credit score Card has a strong welcome bonus supply and intro APR, there are many different no-annual-fee bank cards prefer it available on the market — and a few have better reward flexibility and better class bonuses. The U.S. Financial institution Money+® Visa Signature® Card, for instance, earns 5% money again (as much as $2,000 every quarter, then 1%) in two classes of your alternative, in addition to 2% money again at grocery shops, gasoline stations, EV charging stations, and eating places. 

One other card to think about is the Citi Customized Money℠ which earns 5% money again in your highest eligible spending class (from a listing) every billing cycle as much as $500 (then 1%). Additionally, it gives a $200 in money again, fulfilled as 20,000 ThankYou® Factors, after you spend $750 on purchases within the first 3 months of account opening. 

Additional, if you do not need the trouble of customizing your rewards classes, or have roughly the identical bills every month, the BofA Money Rewards card most likely is not one of the best card for you. 

We’re targeted right here on the rewards and perks that include every card. These playing cards will not be value it in case you’re paying curiosity or late charges. When utilizing a bank card, it is essential to pay your stability in full every month, make funds on time, and solely spend what you may afford to pay.

earn rewards with the Financial institution of America Personalized Money Rewards bank card

The Financial institution of America® Personalized Money Rewards Credit score Card has main enchantment for folk trying to earn money again on a number of spending classes. The most important benefit is the three% money again on a spending class of your selecting.

Financial institution of America® Personalized Money Rewards Credit score Card eligible 3% money again classes are:

  • Fuel (default)
  • On-line buying
  • Eating
  • Journey
  • Drug shops
  • Residence enchancment/furnishings

You will additionally earn 2% money again at grocery shops and wholesale golf equipment, and 1% again on all different purchases.

However take into account that the three% and a couple of% charges solely apply to the primary $2,500 in mixed spending every quarter (then a 1% money again price). So in case you usually spend greater than that in these spending classes, you may take into account a special no-annual-fee cash-back card with a better restrict.

That mentioned, if you’d like your rewards to alter when your bills change, you will have to recollect to manually shift your rewards class, except you need it to stay incomes within the beforehand chosen class.

In case you’re a Financial institution of America Most popular Rewards member, you may earn as much as 75% more money again on purchases. Which means the three% money again in your chosen class may improve as much as 5.25%, and the two% at grocery shops and wholesale golf equipment may go as much as 3.5% (nonetheless capped on the first mixed $2,500 spent). 

use money again from the Financial institution of America Personalized Money Rewards card

You may redeem your rewards at any time as an announcement credit score, a direct deposit right into a Financial institution of America account, or as elective credit score with Merill. There is a minimal redemption of $25 if you contribute to a Merill 529 account or desire a verify.

You’re additionally capable of arrange automated redemptions (beginning at $25) to eligible Financial institution of America and Merrill accounts (not together with 529s). 

Financial institution of America Personalized Money Rewards card advantages and options

Aside from the beneficiant intro APR supply, the Financial institution of America® Personalized Money Rewards Credit score Card would not have many different advantages, however that is frequent with no-annual-fee bank cards.

$0 legal responsibility assure

In case you lose your card or see suspicious transactions in your account, you may file a declare to keep away from being held accountable for unauthorized purchases and transactions. 

Overdraft safety

You may forestall declined purchases or returned checks by linking your Financial institution of America® Personalized Money Rewards Credit score Card to your checking account. You will not be charged an overdraft charge however different charges should apply. 

Cell pockets

You may add your Financial institution of America® Personalized Money Rewards Credit score Card to your cell gadget to make use of in shops, on-line, or in apps. Your precise card quantity will not be saved on the gadget or shared with most retailers. 

Free FICO rating 

Main cardholders can entry their FICO rating without cost by way of the Financial institution of America cell app below the net account administration web page or on the cell banking web site. 

Financial institution of America Personalized Money Rewards charges and prices

The Financial institution of America® Personalized Money Rewards Credit score Card has a $0 annual charge. Nonetheless, it costs overseas transaction charges, so it isn’t card to make use of abroad. 

Like most different playing cards, this card additionally costs stability switch, money advance, and late fee charges. 


Common APR


16.24% – 26.24% variable


Advisable Credit score Rating


N/A


Common APR


16.24% – 26.24% variable


Advisable Credit score Rating


N/A

Extra Info

  • The data associated to the Financial institution of America® Personalized Money Rewards Credit score Card has been collected by Enterprise Insider and has not been reviewed by the issuer.
  • Earn a $200 money rewards bonus after you spend $1,000 on purchases inside 90 days of account opening
  • Earn 3% again in a class of your selecting amongst gasoline, on-line buying, eating, journey, drug shops, or house enchancment/furnishings, 2% again at grocery shops and wholesale golf equipment and 1% again on different purchases; bonus rewards in 3% and a couple of% classes are capped on the primary $2,500 spent every quarter, after which you’ll earn 1%
  • No annual charge
  • Redeem rewards for money again, assertion credit, or a switch to eligible Financial institution of America or Merrill accounts

Financial institution of America Personalized Money Rewards vs different Financial institution of America bank cards

*On the Financial institution of America® Personalized Money Rewards Credit score Card, earn 3% and a couple of% money again on as much as the primary $2,500 spent in these classes mixed every quarter, then 1% money again

***Eligible Financial institution of America® Personalized Money Rewards Credit score Card 3% classes are gasoline, on-line buying, eating, journey, drug shops, or house enchancment/furnishings

Financial institution of America Personalized Money Rewards vs different customizable cash-back bank cards

*On the Financial institution of America® Personalized Money Rewards Credit score Card, earn 3% and a couple of% money again on as much as the primary $2,500 spent in these classes mixed every quarter, then 1% money again

***Eligible Financial institution of America® Personalized Money Rewards Credit score Card 3% classes are gasoline, on-line buying, eating, journey, drug shops, or house enchancment/furnishings

****eligible 5% money again classes on the Citi Customized Money℠ Card are eating places, gasoline stations, grocery shops, choose journey, choose transit, choose streaming providers, drugstores, house enchancment shops, health golf equipment, and reside leisure

******5% money again class decisions on the U.S. Financial institution Money+® Visa Signature® Card are pay as you go air journey, lodge stays, and automotive reservations booked instantly within the Rewards Journey Middle on-line portal, quick meals, house utilities, TV, web, and streaming providers, department shops, digital shops, cellular phone suppliers, sporting items shops, furnishings shops, film theaters, gyms and health facilities, floor transportation, and choose outfitters

BoA Personalized Money Rewards Card incessantly requested questions (FAQ)

Is the Financial institution of America Personalized Money Rewards Card value it? 

If need the ability to personalize your reward incomes classes to match your present spending, the BofA Money Rewards card is value contemplating. It earns 3% money again on the class of your selecting (six choices to select from), and a couple of% again on grocery retailer and wholesale membership purchases as much as the primary $2,500 spent (then 1% money again). You will earn 1% money again on all different purchases. The BofA Money Rewards card has a good welcome bonus and a beneficiant intro APR supply. 

Nonetheless, in case your month-to-month bills are roughly the identical otherwise you simply spend over $2,500 quarterly in choose bonus classes, then the BofA Money Rewards card is not for you. Plus, it is best to take into account whether or not or not you will keep in mind to change your incomes class to greatest match your month-to-month bills. If not, you are more likely to miss out on maximizing your rewards.  

What credit score rating do you want for the BoA Personalized Money Rewards?

Most people who find themselves accepted for the BofA Money Rewards card have a credit score rating within the good or wonderful vary. Which means a FICO rating of not less than 670, or a VantageScore of not less than 700.

In case your credit score rating is not in that vary but, there are nonetheless rewards bank cards you might be eligible for. Try our information to the greatest bank cards for honest or common credit score and for unfavorable credit ratings to see the highest choices.

What’s the credit score restrict on the Personalized Money Rewards Card?

The credit score restrict of the BofA Money Rewards card is normally not less than $1,000 however could possibly be loads greater. Your credit score restrict is decided by credit score rating and historical past, earnings, debt as a share of earnings, and whether or not you have got limits on every other bank cards. 

How usually does Financial institution of America elevate your credit score restrict?

Financial institution of America can mechanically elevate your credit score restrict not more than as soon as each six months, so long as you’re paying on time. You may request a rise on the Financial institution of America web site below the Info and Providers tab or name.



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