Instead of earning 3 percent cash back on the fixed gas category, Bank of America Cash Rewards members can now select from six popular categories, including gas, online shopping, dining, travel, drug stores and home improvement and furnishings.
According to Jason Gaughan, credit card executive at Bank of America, the update will help cardholders maximize their rewards earnings by allowing them to “choose which categories best align with their life priorities.”
Bank of America Cash Rewards update
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Cardholders will continue to earn 2 percent cash back on groceries and wholesale club purchases, as well as 1 percent cash back on all other purchases.
Choosing a 3-percent bonus category
The 3-percent bonus category is automatically set to gas. However, new and existing Cash Rewards cardholders now have the ability to change the 3-percent category in the Bank of America mobile banking app or via online banking. Cardholders can change the category one time each calendar month.
A solid deal
The opportunity to earn 3 percent cash back on gas purchases is a generous offer. However, being able to select the category in which you earn the 3-percent bonus is even better. Depending on how you shop throughout the year, a little planning ahead can help maximize your earning potential. For example, if you’re planning a road trip for spring break, you can select the gas category during the months of March and April. Or, you can select the online shopping category during November to take advantage of Black Friday and Cyber Monday deals.
Just remember, once you select a bonus category, you are committed for the remainder of the month – so be sure to plan wisely.