Feeling like you could use an extra $200 in your pocket? Who wouldn't! Bank of America frequently offers enticing bonuses for new customers, and a $200 bonus is a common one, often tied to opening a new credit card or checking account and meeting specific requirements. This guide will walk you through the process, step-by-step, to help you snag that bonus.
Disclaimer: Bank of America promotions change frequently. While this guide provides a general framework, always verify the most current terms and conditions directly on the official Bank of America website or by speaking with a representative. The information provided here is based on currently available public information as of June 2025.
Unlocking Your Bank of America $200 Bonus: A Step-by-Step Guide
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| How To Get Bank Of America 200 Bonus |
Step 1: Are You Eligible to Begin Your Bonus Journey?
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First things first, let's confirm your eligibility! This is crucial, as missing a single detail can prevent you from receiving your bonus. Bank of America typically targets new customers for these offers.
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New Customer Status: In most cases, to qualify for a new account bonus, you cannot have been an owner or co-owner of a Bank of America checking or credit card account within the past 12 to 24 months (the exact timeframe can vary by offer). If you've had an account recently, you might need to wait or look for different promotions.
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Residency: These offers are generally for U.S. residents.
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Age: You must be at least 18 years old.
Think you're good to go? Excellent! Let's move on to finding the right offer.
Step 2: Discovering the Perfect $200 Bonus Offer
Bank of America usually offers $200 bonuses through two main avenues: credit cards and checking accounts. The requirements for each are distinct.
Tip: Pause whenever something stands out.
Sub-heading 2.1: Credit Card Offers
- Focus: Bank of America often offers a $200 cash rewards bonus for new credit cardholders, particularly for their Customized Cash Rewards or Unlimited Cash Rewards credit cards.
- Key Requirement (Generally): You'll typically need to spend a certain amount of money within a specific timeframe after opening the account. For example, a common requirement is to make at least $1,000 in purchases within the first 90 days of account opening.
- Where to Find Them:
- Bank of America's Official Credit Card Page: Always check the "Cash Back Credit Cards" section on Bank of America's website. They prominently display their current sign-up bonuses there.
- Financial News & Review Sites: Reputable financial websites often track and list current credit card offers from major banks. Be sure to check for the most up-to-date information.
Sub-heading 2.2: Checking Account Offers
- Focus: While less frequent for a direct $200 bonus compared to credit cards, Bank of America sometimes offers bonuses on new personal or business checking accounts. Recently, some checking account offers have been higher, like $300 for personal checking accounts. However, a $200 bonus is possible, especially for business checking accounts.
- Key Requirement (Generally): For checking accounts, the bonus is usually tied to:
- Qualifying Direct Deposits: This means setting up regular direct deposits (like your paycheck, pension, or government benefits) totaling a specific amount within a set period (e.g., $2,000 or more within 90 days).
- Maintaining a Balance: For business checking accounts, you might need to deposit a certain amount of "new money" (funds not previously held at BofA) and maintain an average daily balance for a specific duration.
- Where to Find Them:
- Bank of America's Official Checking Account Promotions Page: Look for a dedicated "Promotions" or "Offers" section on their banking website.
- Specific Promotional Links: Sometimes, these offers are "online-only" and require you to apply through a specific promotional link or use a unique offer code to be eligible. Do not apply through a generic link if an offer code is specified.
Step 3: Carefully Reviewing the Offer Details
You've found an offer that looks promising! Now, it's time to read the fine print with a magnifying glass. This is where many people miss out.
Sub-heading 3.1: Understanding the Terms and Conditions
- Expiration Date: Is the offer still valid? Bonuses typically have an end date.
- Eligibility Criteria: Double-check all the eligibility points mentioned in Step 1. Are there any other exclusions (e.g., existing Merrill Lynch accounts)?
- Specific Actions Required:
- For Credit Cards: What's the exact spending requirement? Is it $500, $1,000, or more? What is the timeframe (e.g., 90 days, 3 months)? Are there any excluded purchase categories (e.g., balance transfers, cash advances typically don't count)?
- For Checking Accounts: What constitutes a "qualifying direct deposit"? Often, peer-to-peer payments (like Zelle), ATM deposits, or internal bank transfers do not count. What is the total direct deposit amount required and the timeframe? If a balance needs to be maintained, for how long and what is the minimum?
- Bonus Payout Timeline: When can you expect to receive the bonus after fulfilling the requirements? It's typically within 60-90 days after meeting the criteria and the qualifying period ends.
- Account Maintenance Fees: Does the account have a monthly maintenance fee? If so, what are the ways to waive it (e.g., minimum balance, direct deposit, student status, Preferred Rewards)? You don't want the fee to eat into your bonus!
- Offer Code: Is there a specific offer code you need to use during the application process? If so, ensure it's automatically applied or you enter it correctly.
Phew! That's a lot, but taking the time now will save you headaches later.
Step 4: Applying for the Account
Once you're confident in your eligibility and understanding of the terms, it's time to apply!
Tip: Reread complex ideas to fully understand them.
- Online Application (Recommended): Most bonus offers are "online-only." Using the specific promotional link ensures you're linked to the offer.
- Provide Accurate Information: Fill out the application completely and accurately. Any discrepancies could cause delays or rejection.
- Credit Check (for Credit Cards): Be aware that applying for a credit card will involve a hard inquiry on your credit report, which can temporarily impact your credit score.
- Proof of Identity: Be prepared to provide identification documents (like a driver's license or state ID) and Social Security number.
Step 5: Fulfilling the Bonus Requirements
This is where you earn your $200! Stay diligent and track your progress.
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Sub-heading 5.1: For Credit Cards
- Meet the Spending Threshold: Start making eligible purchases as soon as your card arrives. Keep track of your spending to ensure you hit the required amount within the specified timeframe. Don't forget that purchases usually need to post to your account, not just be pending.
- Regular Spending: Integrate the card into your everyday spending where appropriate. Groceries, gas, bills – anything that counts towards the spending requirement. Avoid making unnecessary purchases just to hit the bonus.
- Monitor Your Account: Keep an eye on your online banking portal to see your spending activity.
Sub-heading 5.2: For Checking Accounts
- Set Up Direct Deposits: Contact your employer, benefits provider, or other income sources to set up qualifying direct deposits into your new Bank of America account.
- Crucial Tip: Confirm with your payroll department that the deposits will be coded as "direct deposits." Transfers from other bank accounts, services like Zelle, or cash deposits often do not count.
- Track Direct Deposit Totals: Monitor your account statement to ensure the total amount of qualifying direct deposits meets the requirement within the specified timeframe.
- Maintain Required Balance (if applicable): If the offer requires maintaining a certain balance, ensure your account balance doesn't drop below that threshold for the duration of the maintenance period.
Step 6: Receiving Your $200 Bonus!
Patience is a virtue here.
- Allow Processing Time: Bank of America typically states that the bonus will be credited to your account within 60 to 90 days after you have met all the requirements and the qualifying period has ended.
- Monitor Your Account: Check your account statements or online banking periodically for the bonus deposit. It will usually appear as a "cash rewards bonus" or similar credit.
- Contact Customer Service (if needed): If the specified timeframe passes and you haven't received your bonus, gather all your documentation (application date, dates of meeting requirements, screenshots of offer terms) and contact Bank of America's customer service. Politely explain the situation and provide your proof.
10 Related FAQ Questions:
How to check if I am eligible for a Bank of America bonus?
You are typically eligible if you haven't been an owner or co-owner of a Bank of America personal checking or credit card account within the last 12-24 months, depending on the specific offer's terms.
QuickTip: Slow down when you hit numbers or data.
How to find the current Bank of America $200 bonus offers?
Visit the official Bank of America website's "Credit Cards" section for credit card bonuses or the "Checking" or "Promotions" section for checking account offers. Financial news websites also track these promotions.
How to ensure my direct deposits qualify for a checking account bonus?
Verify with your employer or benefits provider that your payments are sent as official direct deposits. Transfers from other banks or services like Zelle often do not count.
How to track my spending for a credit card bonus?
Monitor your credit card statement or online banking portal regularly. Many credit card apps also show your spending activity in real-time.
QuickTip: Read line by line if it’s complex.
How to avoid monthly maintenance fees on a Bank of America checking account?
Common ways to waive fees include maintaining a minimum daily balance, having qualifying direct deposits, or being enrolled in the Preferred Rewards program. Check the specific account's terms.
How to redeem the $200 cash rewards bonus once I receive it?
For credit card bonuses, cash rewards are usually redeemable as a statement credit, direct deposit into a Bank of America account, or a check. For checking account bonuses, it's typically a direct deposit to the account.
How to know if an offer code is required for a bonus?
The offer's terms and conditions will explicitly state if an offer code is necessary. If so, ensure it's applied automatically or manually entered during the online application process.
How to contact Bank of America if my bonus doesn't arrive?
Gather all relevant documentation (offer terms, application date, proof of meeting requirements) and call Bank of America's customer service number or visit a local branch.
How to close my Bank of America account after receiving the bonus?
You typically need to keep the account open and in good standing for a certain period (e.g., 6 months or more) after receiving the bonus to avoid clawbacks. Read the offer terms carefully.
How to learn about other Bank of America benefits for new customers?
Explore Bank of America's Preferred Rewards program if you have significant assets with them, as it can offer additional benefits and boosted rewards on various products.
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