Bank Of America Max Credit Limit

   

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Read on for everything you need to know about the 3 percent bonus on the Bank of America Cash Rewards credit card, including how to choose a category and which purchases qualify for the bonus.

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The Bank of America® Cash Rewards Credit Card recently introduced a new way for card members to earn rewards. January 14, 2019, Cardholders can purchase gas online; dining, traveling You can choose whether you want to earn 3 percent cash back on drugstores or home improvement/furniture. Cardholders also earn 2 percent cash back (quarterly on up to 500 categories) and 1 percent unlimited cash back at grocery stores and wholesale clubs.

The Bank of America Cash Rewards Card allows customers to choose categories that suit their preferences. Because you can choose a new type of 3% bonus every month. A little advance planning can allow you to maximize your earning potential throughout the year.

Read on to learn more about the 3 percent bonus, including how to choose a category and which purchases qualify for the bonus.

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The 3 percent rewards category of the Bank of America Cash Rewards card, also known as the “choice category,” is automatically set to gas. However, Card Members may change their category once per calendar month using the online banking system or mobile banking application.

To update the category in the mobile application; Choose the Bank of America Cash Rewards Card; Click on the “Rewards” tab and “Get Started”. If you want to select a type other than gas, click Change Type.

Select “Category Details” to get details of each category. You can view your previous poll categories by clicking on Poll History.

Note that the option type does not have to be changed every month or indeed. It stays that way until you decide to update it.

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Cash Rewards cardholders earn 2 percent back on grocery and wholesale club purchases and a 3 percent bonus on select categories on combined purchases of up to $2,500 per quarter. Once the cap is reached, Cardholders will receive cash back for the remainder of that quarter. All other purchases earn 1 percent unlimited cashback.

Therefore, For example, if you travel often and spend about 250 dollars per week on hotels and car rentals, you will benefit more from the travel category. If you select a travel category for the quarter. You $2; Withdraw the 500 bonus cap easily and get $80 cashback.

If you get a bonus of 3 percent per quarter per year. There is a potential refund of $300 for that year. Combined with a $200 bonus after spending $1,000 within the first 90 days of account opening, you can earn at least $450 in cash back in the first year alone.

($2,500 in travel expenses x 3% cash back) x 4 quarters + $200 sign-up bonus = $500 cash back

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Check out the Bank of America Rewards Calculator to see how much cash you can earn based on your spending.

Every purchase made using your card is categorized by a Merchant Category Code (MCC). Merchants are assigned an MCC based on the products and services they offer. Although Bank of America does not control any merchant classification; They are similar to MCC in grocery stores, helping you to maximize your bonus as a club and selection categories.

Supermarkets in grocery stores and wholesale clubs; refrigerators or meat lockers; confectionery, nut shops or bakeries; Including dairy shops and bakeries. Small shops and stores, such as pharmacies and grocery stores, do not charge premiums.

The gas category includes sales of motor gasoline at service stations or automatic fuel pumps, at gas and fuel stations, and gas and fuel merchants that sell gasoline purchased at marinas. heating fuel Propane The main business is the sale of kerosene and other fuels as well as fuel retailers.

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In the online shopping category, bookstores; stores, Purchases from retailers such as specialty retailers and sporting goods stores include online purchases and mobile apps. for example, Amazon.com Bestbuy.com Ticketmaster.com; QVC.com; americanairlines.com; Starbucks.com and Uber.com fall into this group.

Doctors and hospitals; public services and taxes; Insurance member organizations; Businesses that provide non-profit services such as schools and utilities are excluded from this category.

In the dining category, places to eat; restaurants, food restaurants; bars, cocktail lounges; disco cakes, night clubs; It includes restaurants and drinking establishments. for example, McDonald’s, Starbucks, Domino’s Pizza, and Grubhub fall into this category.

Various purchases – from everyday expenses to vacations and excursions – fit into the travel category. Merchants have parking and garage; toll, taxi and taxi; Passengers travel; tourist attractions and exhibitions; Airlines, amusement parks; cruise lines; Hotels and car rentals are included.

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For example, Delta Airlines; Airbnb; E-Zpass, Uber Marriott Sunpass. Car rental company; Amtrak and Expedia are considered eligible merchants.

In the category of pharmacies, pharmacies; pharmacies, drug dealers and CVS Caremark; RiteAid, This includes purchases at pharmacies and drugstores such as Walgreens and Duane Reade.

Qualified merchants for the home improvement/furniture category include hardware stores; contractors, repair workshops of air conditioners and refrigerators; antique shops carpet and upholstery cleaning services; lawn and garden supply stores; paint stores, home appliance stores; Specialty stores for home furnishings and more.

For example, Ace Hardware Menards, Bedroom Bath and Beyond; IKEA Lowe Sherwin-Williams Ceramic Storage; Williams-Sonoma and Trugren fall into this category.

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Purchases and transactions are entered and categorized by the merchant. No Bank of America. Keep in mind that some of your purchases may not fall into the category you expected.

If you are a Bank of America Preferred Rewards customer; Get 25% to 75% bonus on every purchase. So instead of getting 3 percent cash back from the Preferred category, Preferred Rewards customers can get 3.75 to 5.25 percent back.

Access to priority rewards; You must have a qualified Bank of America personal account and have a quarterly average of $20,000 or more in Bank of America bank accounts and/or Merrill Edge and Merrill Lynch investment accounts. See below for steps to earn priority rewards.

The Bank of America Cash Rewards Card offers a variety of ways to earn your rewards. statement credits; You can withdraw your money by direct deposit into your Bank of America or savings account, or by crediting an eligible account with Merrill Lynch or Merrill Edge. Contributions to a qualified 529 account at Merrill Lynch or Merrill Edge or by check have a minimum payout of $25.

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Bank of America, $25 eligible withdrawals; You can set up a Merrill Lynch or Merrill Edge account. However, the Credit Report to the 529 account; Checks and contributions are not eligible for automatic refund.

Choosing the right type of option to optimize your premium income throughout the year depends on your spending habits. for example, November and December are the best months to shop online and get a 3% bonus on Black Friday and Cyber ​​Monday purchases. Check out our tips on which categories to choose from each month to help you maximize your bonus in 2019.

The editorial content on this page is based solely on the objective judgments of our writers and is not funded by advertising dollars. It is not paid for or used by credit card issuers. However, we may receive compensation when you click on links to our partners’ products.

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If you’re looking for an interest-free transfer credit card, BankAmericard® may be the answer. to match; You need a credit score of 670 or higher.

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