Starting June 1, new applicants for the Customized Cash Rewards card will earn 6% cash back in their selected spending category (up from 3%). At the same time, holders of the Unlimited Cash Rewards card will receive 2% cash back on all purchases (up from 1.5%), with no cash back cap.
For most people, a 2% cash-back rate on the Unlimited Cash Rewards card isn’t especially meaningful, since the Citi Double Cash already earns 2% right away. The 6% on the Customized Cash Rewards is quite good, especially with an online-shopping category that can be easy to max out. That said, if you are a BofA Preferred Rewards member, there is also an extra 75% cash-back boost, though it is not yet clear how it stacks. If you simply multiply by 1.75, then it becomes 3.5% on all purchases with Unlimited Cash Rewards, which makes it very worthwhile to apply for.
For basic information on both cards, check:
BofA Customized Cash Rewards Credit Card
Choose your own 3% cash back category, plus 2% cash back at supermarkets! No annual fee
- Welcome bonus: $200 cash back (spend $1,000 in three months) + extra 3% cash back on category spending in the first year
- Rewards: Online shopping, travel, drugstores, home improvement/furnishings, gas, or dining: choose one category for 3% cash back; supermarkets and Wholesale clubs: 2%; all other purchases: 1%
- Redemption: Redeem rewards directly for cash; if you have a premium BOA account, you may earn an additional bonus
- Annual fee: $0
- Apply now>>
BofA Unlimited Cash Rewards Credit Card
1.5% cash back on all purchases; no annual fee!
- Welcome bonus: $200 after spending $1,000 within 90 days of account opening + extra 0.5% cash back in the first year
- Rewards: 1.5% on all purchases
- Redemption: Redeem directly for cash back; BOA account holders can get up to a 75% bonus
- Annual fee: $0
- Apply now>>