Bank of America Launches Enhanced Cash Back Rewards Offerings for New Cardholders

Strategic Insights -

Bank of America has rolled out updated cash back rewards programs for its Customized Cash Rewards credit card and Unlimited Cash Rewards credit card, providing significant benefits to new cardholders. The enhanced offerings will be available nationwide on June 1, allowing new cardholders to earn higher cash back rewards and enjoy a welcome bonus. The Customized Cash Rewards card offers 6% cash back in the category of choice for the first year, while the Unlimited Cash Rewards card provides unlimited 2% cash back on all purchases during the first year.

Key Takeaways:

  • New cardholders of the Customized Cash Rewards credit card will earn 6% cash back in the category of their choice during the first year, up from the previous 3%.
  • Clients who open an Unlimited Cash Rewards card will earn 2% cash back on all purchases during the first year, up from 1.5% previously.
  • Both cards offer a $200 welcome bonus after spending $1,000 or more on purchases within the first 90 days.
  • Cardholders can earn double cash back in the first year in various categories, including gas & EV charging stations, online shopping, dining, travel, drug stores, home improvement, and furnishings.
  • After the first-year bonus offer ends, cardholders will earn 3% cash back on purchases in their category of choice and 1% on all other purchases.
  • The Unlimited Cash Rewards card offers unlimited 2% cash back on all purchases for the first year, with no limit on cash back earned.
  • The benefits of the cash back rewards programs include no expiration on rewards as long as the account remains open and the ability to switch the category of choice once per month.

Statistics:

  • 69 million: The approximate number of consumer and small business clients served by Bank of America.
  • 3,700: The number of retail financial centers operated by Bank of America.
  • 59 million: The number of verified digital users of Bank of America's digital banking services.
  • 15,000: The number of ATMs operated by Bank of America.
  • $200: The welcome bonus offered to new cardholders who spend $1,000 or more on purchases within the first 90 days.
  • $1,000: The minimum amount of spending required to qualify for the $200 welcome bonus.

Sources:

  • [1] M2 EQUITYBITS, "BofA Launches Enhanced Cash Back Rewards Offerings", May 19, 2025.