Are you ready to unlock a world of savings and make your everyday spending more rewarding? Bank of America's cash back deals can be a fantastic way to put money back in your pocket, but navigating them effectively requires a bit of know-how. Let's dive in and explore how Bank of America cash back deals work with a comprehensive, step-by-step guide!
Understanding Bank of America Cash Back Deals: More Than Just Credit Cards
When we talk about "cash back deals" at Bank of America, it's important to differentiate between a couple of key programs. While credit cards are a major player, they aren't the only way to earn cash back.
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| How Do Bank Of America Cash Back Deals Work |
The Two Main Avenues for Cash Back:
- Credit Card Rewards: This is likely what most people think of. Bank of America offers several credit cards designed specifically for cash back, such as the Bank of America® Customized Cash Rewards credit card and the Bank of America® Unlimited Cash Rewards credit card. These cards typically offer varying cash back percentages on different spending categories.
- BankAmeriDeals®: This is a separate program available to eligible Bank of America debit and credit cardholders. BankAmeriDeals provides targeted offers from various merchants, allowing you to earn cash back when you use your enrolled card at those specific retailers.
This guide will focus primarily on understanding and maximizing your credit card cash back rewards, as they are generally the most consistent and widely applicable. However, we'll touch upon BankAmeriDeals as well, as it's another valuable way to save.
Step 1: Discover Your Cash Back Potential – Do You Have an Eligible Card?
Before you can start raking in those rewards, the very first question you need to ask yourself is: Do I have a Bank of America credit card that earns cash back?
- If you already have a Bank of America credit card, take a moment to check its specific rewards program. Many Bank of America credit cards, especially those with "Cash Rewards" in their name, are designed for this. You can typically find this information on your card statement, by logging into your online banking account, or by reviewing the card's product page on the Bank of America website.
- If you don't have an eligible card, or you're looking to maximize your cash back, you might consider applying for one of their popular cash back credit cards. Bank of America often has introductory offers with enhanced cash back rates for new cardholders.
Sub-heading: Identifying Your Card's Cash Back Structure
Each Bank of America cash back credit card has its own unique way of rewarding you. It's crucial to understand how your specific card works.
- Flat-Rate Cash Back: Some cards offer a single, flat percentage of cash back on all purchases (e.g., 1.5% or 2% on everything). These are great for simplicity and consistent earnings.
- Tiered or Bonus Category Cash Back: Cards like the Bank of America® Customized Cash Rewards credit card allow you to choose a bonus category where you earn a higher cash back rate (e.g., 3% on online shopping, gas, dining, etc.), along with a lower rate on other purchases (e.g., 1%). There might also be a specific category that earns a set bonus (e.g., 2% at grocery stores and wholesale clubs). Pay close attention to these categories and any spending caps!
Remember: The better you understand your card's earning structure, the more effectively you can strategize your spending!
Step 2: Activating and Optimizing Your Cash Back – Beyond Just Swiping!
Earning cash back isn't always as simple as just using your card. For some cards, especially those with bonus categories, there are important steps you need to take to maximize your rewards.
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Sub-heading: Selecting Your Bonus Category (for Customized Cash Rewards)
If you have the Bank of America® Customized Cash Rewards credit card, this step is absolutely vital.
- Log In to Online Banking or the Mobile App: This is your command center for managing your cash back.
- Navigate to the Rewards Section: Look for a "Rewards & Deals" tab or similar section.
- Choose Your Category: You'll typically have a list of eligible categories (e.g., gas and EV charging stations, online shopping, dining, travel, drug stores, or home improvement and furnishings). Select the one that best aligns with your spending habits for the current month or quarter.
- Confirm Your Selection: Make sure to save your choice! You can usually change your choice category once each calendar month, or make no change and it stays the same. Pro-tip: Set a reminder to review and change your category monthly to optimize your earnings!
Sub-heading: Enrolling in BankAmeriDeals (Optional, but Recommended)
While separate from credit card reward programs, BankAmeriDeals can offer additional savings.
- Log In to Online Banking or the Mobile App: Again, this is your portal.
- Find the BankAmeriDeals Section: Look for "Cash back deals" or "BankAmeriDeals."
- Browse Available Offers: You'll see a variety of deals from different merchants.
- Activate Offers: Crucially, you must click to "Add" or "Activate" the deals you're interested in before making the purchase. If you don't activate them, you won't earn the cash back.
- Use Your Eligible Card: Once activated, simply use your enrolled Bank of America debit or credit card at the specified merchant to earn the cash back.
It's a good habit to check BankAmeriDeals regularly, as new offers are frequently added.
Step 3: Making Qualifying Purchases – The Earning Phase
This is where the magic happens! Once you've activated your preferred categories or deals, simply use your Bank of America credit or debit card for everyday purchases.
Sub-heading: Understanding Spending Caps and Exclusions
- Quarterly Caps: For cards with bonus categories, there's often a quarterly spending cap on the higher cash back rate. For example, you might earn 3% (or even 6% for a first-year bonus) on your chosen category and 2% on groceries/wholesale clubs for the first $2,500 in combined purchases each quarter. After you hit that limit, your earnings for those categories might drop to 1% for the remainder of the quarter. Always be aware of these caps to avoid missing out on higher earning potential.
- Merchant Category Codes (MCCs): Banks use MCCs to categorize purchases. For cash back to apply in a specific category (like "dining" or "gas"), the merchant's MCC must align with that category. While most common purchases will fall correctly, sometimes an unexpected merchant might be coded differently.
- Exclusions: Be aware that certain types of transactions typically do not earn cash back, such as:
- Cash advances
- Balance transfers
- Purchases of gift cards from third-party retailers (though direct gift card purchases from a merchant might count)
- Payments for fees or interest
- Gambling transactions
Step 4: Tracking Your Cash Back Earnings – Watching Your Rewards Grow
Bank of America makes it relatively easy to keep an eye on your accumulating cash back.
Sub-heading: Online Banking and Mobile App Tracking
- Log In: Access your Bank of America online banking account or mobile app.
- Navigate to Rewards: Look for the "Rewards" or "Rewards & Deals" section associated with your credit card.
- View Rewards Summary: Here you'll typically find your current cash back balance, a breakdown of how much you've earned from different purchases, and sometimes even pending rewards.
Regularly checking your earnings can help you stay motivated and understand how your spending patterns translate into rewards.
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Step 5: Redeeming Your Hard-Earned Cash Back – Getting Your Money!
This is the most satisfying step – turning your earned rewards into actual cash or statement credits! Bank of America offers several flexible redemption options.
Sub-heading: Redemption Methods
- Cash Deposit: The most straightforward option! You can redeem your cash back as a direct deposit into an eligible Bank of America checking or savings account, or even an eligible Merrill investment account.
- Statement Credit: You can apply your cash back as a statement credit to your credit card account, effectively reducing your outstanding balance. This is a popular choice for many.
- Automatic Redemption: For those who prefer a hands-off approach, you can set up automatic redemptions. Once your cash back reaches a certain threshold (e.g., $25), it will automatically be deposited into your chosen Bank of America or Merrill account.
- Other Options: Depending on your specific card, you might also have options to redeem for gift cards or for purchases when shopping at Amazon.com or checking out with PayPal. However, typically, redeeming for a cash deposit or statement credit offers the best value (1 cent per point/dollar).
Sub-heading: The Redemption Process
- Log In: Access your Bank of America online banking account or mobile app.
- Go to Rewards: Select the "Rewards" or "Rewards & Deals" tab for your credit card.
- Initiate Redemption: Look for a "Redeem Rewards" or "View/Redeem" button.
- Choose Redemption Method: Select your preferred method (e.g., "Get cash back" for a deposit or statement credit).
- Select Account/Amount: If depositing, choose the account. If applying a statement credit, confirm. You can usually redeem all available cash back or a specific amount (often with a minimum redemption amount, like $25).
- Review and Confirm: Double-check the details and complete the redemption.
Redemptions are generally quick, with deposits typically appearing in your account within a few business days.
Step 6: Leveraging Preferred Rewards for Even More Cash Back!
For Bank of America customers with significant assets held at Bank of America or Merrill, the Preferred Rewards program can supercharge your cash back earnings.
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Sub-heading: How Preferred Rewards Works
The Preferred Rewards program offers bonus rewards on eligible Bank of America credit cards (including cash back cards) based on your combined balances across Bank of America banking and Merrill investment accounts.
- Tiers: The program has different tiers (Gold, Platinum, Platinum Honors) based on your balance, with higher tiers offering greater benefits.
- Cash Back Boost: For cash back credit cards, Preferred Rewards members can earn an additional 25% to 75% more cash back on every purchase. For instance, if you earn 1.5% cash back, with Platinum Honors, that could become 2.62% cash back!
Sub-heading: Enrolling in Preferred Rewards
If you meet the eligibility criteria (generally maintaining a combined balance of $20,000 or more across your Bank of America and Merrill accounts), you are typically automatically enrolled. You can also check your Preferred Rewards status through online banking.
If you qualify, this program is a fantastic way to maximize your cash back without any extra effort beyond maintaining your balances.
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Conclusion: Making Your Money Work for You
Bank of America's cash back deals, especially through their credit card programs, offer a straightforward and rewarding way to get more value out of your everyday spending. By understanding your card's unique features, proactively managing your bonus categories, and leveraging programs like Preferred Rewards, you can significantly boost your cash back earnings and see tangible savings. Happy earning!
10 Related FAQ Questions
How to activate Bank of America cash back deals?
You typically activate Bank of America credit card bonus categories by logging into your online banking or mobile app, navigating to the "Rewards" section, and selecting your preferred category for the current period. For BankAmeriDeals, you must manually "Add" or "Activate" each offer you're interested in before making the purchase.
How to redeem Bank of America cash back?
You can redeem Bank of America cash back by logging into your online banking or mobile app, going to the "Rewards" section of your eligible credit card, and choosing to receive it as a direct deposit into a Bank of America checking or savings account, a statement credit to your credit card, or in some cases, for gift cards or purchases at
How to check Bank of America cash back balance?
To check your Bank of America cash back balance, log in to your Bank of America online banking account or mobile app, then navigate to the "Rewards" or "Rewards & Deals" section associated with your eligible credit card. Your current cash back balance will be displayed there.
How to maximize Bank of America Customized Cash Rewards?
To maximize Bank of America Customized Cash Rewards, consistently select the bonus category that aligns with your highest spending each month (e.g., online shopping if you buy a lot, or gas if you drive frequently). Also, be aware of the quarterly spending cap on bonus categories and try to keep your spending within that limit to earn the higher percentage.
How to use Bank of America cash back for travel?
While some Bank of America cards might offer travel-related redemptions (e.g., through a travel portal), for the most direct cash back cards, the best way to "use" cash back for travel is to redeem it as a statement credit or direct deposit and then use that money to pay for your travel expenses. This gives you the flexibility to book travel however you prefer.
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How to get automatic cash back redemptions with Bank of America?
You can set up automatic cash back redemptions by logging into your Bank of America online banking or mobile app, going to the "Rewards" section, and selecting the option for "Auto Redemption." You'll typically need to choose an eligible Bank of America checking or savings account for the deposits, and there might be a minimum cash back amount required (e.g., $25) for automatic transfers to occur.
How to qualify for Bank of America Preferred Rewards?
You qualify for Bank of America Preferred Rewards by maintaining a combined balance of $20,000 or more (across checking, savings, CDs, IRAs, and Merrill investment accounts) with Bank of America and Merrill. Higher balance tiers unlock greater benefits and cash back boosts.
How to earn cash back with BankAmeriDeals?
To earn cash back with BankAmeriDeals, log into your Bank of America online banking or mobile app, go to the "Cash back deals" section, activate the specific merchant offers you're interested in, and then make a qualifying purchase with your enrolled Bank of America debit or credit card at that merchant.
How to change your Bank of America Customized Cash Rewards category?
You can change your Bank of America Customized Cash Rewards category once each calendar month by logging into your online banking or mobile app, navigating to the "Rewards" section of your card, and selecting your new preferred bonus category.
How to understand cash back earning limits on Bank of America cards?
For cards like the Customized Cash Rewards, Bank of America specifies a quarterly spending cap (e.g., $2,500 in combined purchases) on the higher cash back categories (your chosen 3% category and the 2% grocery/wholesale club category). Once you reach this limit within a quarter, subsequent purchases in those categories will typically earn 1% cash back until the next quarter begins.
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