CHARLOTTE, N.C.—Bank of America is making it easier for consumers to receive the maximum cash back on their rewards card.
The bank has introduced a new version of its Bank of America Cash Rewards credit card that allows cardholders to choose which category they earn 3% cash back rewards.
The bank now has six maximum rewards categories:
- Gas
- Online shopping
- Dining
- Travel
- Drugstores
- Home improvement and furnishings
Consumers will be able to change their choice of category up to once a month, reported Nerdwallet.
If consumers don’t elect to make a change, the category will remain the same.
In addition, cardholders will continue to earn 2% back on grocery store and wholesale club purchases. Both the 3% and 2% rewards only apply to the first $2,500 in combined quarterly category/grocery store/wholesale club purchases; after that, consumers earn only 1% back on those purchases, Nerdwallet explained.
Currently, the card doesn’t give consumers the option of selecting their own categories. Instead, it offers 3% back on gas and 2% back on grocery stores and wholesale clubs on up to $2,500 in combined quarterly gas/grocery store/wholesale club spending.