If you’re someone who falls under any of these categories, this might be of interest to you.
- Cash-back over travel rewards
- Completed Chase Trifecta/Chase setup
- Starter (first) card
What’s rewards like?
The Bank of America Cash Rewards card currently earns 1% on every purchase, 2% at grocery stores and wholesale clubs.
The revised version of this card allows cardholders the ability to pick their own 3% cash back category which are-
- Drug stores
- Home improvement and furnishings
- Online shopping
Key factors to note are a $2,500 cap per quarter for 2% and 3% (pooled) wherein the 3% category can be changed each calendar month via the Bank of America Mobile Banking app or Online Banking. If you do not make a change, it will remain the same with the initial 3% category set to gas.
What strategy makes sense to me as an end user?
Given than we can pick our own category quite literally every month, I think the 3% category can help serve well as a complimentary card to something like the Chase Freedom and Discover IT cash back cards.
If you do not have those cards then you can select the option that you most use with drug stores being the best default option as you can buy gift cards to use literally everywhere else.
If you are new to credit, getting a secured card seems best and later converting it to a regular card just so you know your spending habits (in limits). If you are still under the 5/24 rule, I’d recommend getting the Chase cards with their great sign up offers before considering this card.
This card does offer a
$150 back on $500 REVISED to $200 back on $1000 spend in 3 months and has 0 Annual fee making a good keeper card.
So if you feel like you are interested in checking this one out, you can do so here.