Rewards are a major factor that drives people to use credit cards. Credit card rewards come in many forms and they offer significant savings and benefits to cardholders. This makes them a powerful incentive to continuously use a credit card.
One good example is the Bank of America Cash Rewards credit card. This card provides exclusive offers, a wide range of discounts, and one of the most robust rewards programs on the market.
If you want to learn more about the Bank of America Cash Rewards credit card, here are five easy steps to apply.
The Rewards Card You Need
The Bank of America Cash Rewards credit card is a rewards-based credit card that allows users to earn cash back on their purchases.
The rewards can be redeemed for either statement credits or deposited into a Bank of America savings or checking account. Lastly, you also get to enjoy competitive rates and many other perks when you use the card elsewhere.
Fees and Other Charges
The Bank of America Customized Cash Rewards credit card offers competitive rates. The card offers a variable rate of 17.49% to 27.49% depending on your creditworthiness.
The best part about using this card is that you don’t have to pay anything when it comes to annual fees. You can transfer balances from other credit cards to your card with a fee of either $10 or 3% of the transferred amount whichever is greater.
There is also a 3% foreign transaction fee for all purchases made in a foreign currency or from a foreign merchant. If you do make a late payment, you will be charged up to $40 as a late payment fee. Lastly, you’ll incur $40 if you make an insufficient payment as a returned payment fee.
How to Apply: A Step-by-Step Guide
Applying for the Bank of America Cash Rewards credit card is rather easy. There are no complicated tasks or procedures that you need to complete before you can apply.
All you need to do is to prepare and gather the necessary documents and apply directly if you are eligible for the card. You may also visit your nearest Bank of America branch to apply.
For more information, you can always call them at 00 1 315-724-4022 or visit them at Bank of America Corporate Center, 100 North Tryon Street, Charlotte, NC 28255.
Check out the following step-by-step guide to applying for the Bank of America Cash Rewards credit card.
1. Research Is Key
The very first thing that you need to do is determine if the Bank of America Cash Rewards credit card is the right card for you. Consider your income and your lifestyle and whether you’re able to accommodate having a credit card like this before you apply.
You should also consider the rewards, fees, and other features associated with the rewards. You can also check out other websites that review the card or provide cardholder reviews for the card so you have some insights about their experience when using the credit card.
2. Make Sure You Meet the Requirements
Next, make sure that you meet the eligibility requirements for the card. Bank of America requires its applicants to have a good credit score before they can apply. This might be too high for many applicants but your rates will depend on your credit score.
Apart from that, you should also be at least 18 years old and be a resident of the United States. You should also have an income that will allow you to support the credit card.
3. Gather All Necessary Documents
You will be required to present proof that you are indeed working or have a monthly income. This means that the bank will either require you to upload or present documents like your income tax or your monthly pay slip.
Have your birth certificate as well as your Social Security Number ready when you apply for the Bank of America Cash Rewards credit card.
4. Apply Through the Website
Once you have all the necessary documents ready, visit the official Bank of America website and click on “Credit Cards” and select “Customized Cash Rewards” from the list of cards available.
From there, click the Apply Now button to be taken to the online application form. Fill out the form with your personal information, and any requested employment or financial information.
5. Review and Submit
Be sure to read through all the terms and conditions of the credit card before you hit “Submit”. This will help you fully understand all the fees and restrictions associated with the card so you can make an informed decision about whether or not it is the right card for you.
Double-check the information you provided for accuracy before submitting your application. It will take a few days before you will receive a response regarding whether or not you have been approved for the card.
How the Card Stacks Up
The Bank of America Customized Cash Rewards credit card is often compared to the Wells Fargo Active Cash Card with its similarities and slight differences.
The Bank of America Cash Rewards card is best suited for those who want to earn rewards quickly and easily. It is ideal for people who are looking for a flexible rewards program with no annual fee.
Meanwhile, the Wells Fargo Active Cash Card might have a higher cash back percentage, but the Cash Rewards credit card still offers higher rewards in a lot of circumstances.
Pros and Cons
There are a lot of advantages to using the Bank of America Cash Rewards credit card. The card offers a generous cash-back rewards program with very flexible redemption options.
This makes it easier for cardholders to find the options that best suit their needs. While the credit card does have a high-interest rate, the no annual fee is a great offset to balance out your expenses.
The Bank of America Customized Cash Rewards credit card is a great choice for people who want to take advantage of excellent rewards while still enjoying the convenience and security of a major credit card. Its flexible rewards structure and no annual fees make it the best choice for any cardholder out there.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.