Bank of America's Limited-Time Cash Back Boost: Double Rewards for a Full Year

If you've been eyeing a new cash back card, Bank of America just made things a lot more interesting. For a limited time, new applicants for the Unlimited Cash Rewards and Customized Cash Rewards cards can earn double the usual cash back for their entire first year—on top of the standard $200 sign-up bonus. That's not a typo. We're talking 2% on every purchase with no caps, or 6% in a category you pick. Here's the breakdown and what you need to know before you apply.

The Deal: Double Cash Back for a Year

Bank of America is pulling out the stops to attract new cardholders. If you're approved for either the Unlimited Cash Rewards or Customized Cash Rewards card, you'll earn double the standard cash back rate for your first 12 months. The Unlimited card gives you a flat 2% on everything—no categories to track, no spending caps. The Customized card lets you pick a category (like gas, dining, or online shopping) and earn 6% there, plus 2% on groceries and wholesale clubs, and 1% on the rest.

This isn't a temporary promotional rate that drops after a few months. You get the boosted rate for a full year, which is a solid chunk of time to rack up serious rewards. And the best part? The $200 sign-up bonus is still there, so you're not sacrificing the standard welcome offer to get these enhanced rates.

• Unlimited Cash Rewards: 2% everywhere, then 1.5% after year one
• Customized Cash Rewards: 6% in your chosen category, 2% on groceries/wholesale, 1% elsewhere
• Both cards have no annual fee

How the Customized Card's Categories Work

If you go with the Customized Cash Rewards, you'll need to pick a category that earns the top rate. Your options are gas and EV charging, online shopping (which includes cable, streaming, internet, and phone plans), dining, travel, drugstores, or home improvement and furnishings. You can change your choice once a month, so it's flexible if your spending habits shift.

Just be aware that the 3%/6% and 2% categories share a combined $2,500 quarterly cap. Once you hit that, everything drops to 1% for the rest of the quarter. That's fine for most people, but if you're a big spender, you might hit the ceiling sooner than you'd like.

• Category choices: gas, online shopping, dining, travel, drugstores, home improvement
• Change your category monthly
• $2,500 combined quarterly limit for bonus categories

What About Preferred Rewards?

If you're a Bank of America Preferred Rewards member, you might be wondering if the 75% bonus on cash back applies to these boosted rates. The official word is no. The bank explicitly states that Preferred Rewards bonuses are not applied to the first-year bonus rates. So if you have Platinum Honors, you won't get 3.5% on the Unlimited card or 10.5% on the Customized card during that first year.

That said, after the first year, your Preferred Rewards boost kicks in on the standard rates. So you'll earn 2.62% on the Unlimited card (1.5% plus 75%) and 5.25% on your chosen category with the Customized card. It's still a great long-term setup, but don't expect the double-dip during the promo period.

• Preferred Rewards boost does not apply to first-year bonus rates
• After year one, boost applies to standard rates
• Platinum Honors: 75% boost on regular cash back

Is This Offer Worth It?

Let's do the math. With the Unlimited card, you're getting an extra 0.5% on all spending for a year. If you charge $2,000 a month, that's an extra $120 in cash back—on top of the $200 bonus. Not bad for a no-annual-fee card. The Customized card is even more lucrative if you max out the 6% category. With the $2,500 quarterly cap, you could earn up to $150 per quarter in that category alone, plus 2% on groceries. Over a year, that's potentially $600+ in rewards.

The catch? You need to be approved for a new card, and the offer is only available for a limited time. It's not clear when it'll end, so if you're interested, you might want to act sooner rather than later. Also, remember that the 3% foreign transaction fee makes these cards poor choices for international travel.

• Potential extra earnings: $120+ on Unlimited, $600+ on Customized
• No annual fee means no cost to hold
• Foreign transaction fee is a downside for travelers

Bottom Line

• Double cash back for a full year on two popular no-annual-fee cards
• Standard $200 sign-up bonus still applies
• Preferred Rewards boost doesn't stack with the promo rates
• Customized card has a $2,500 quarterly cap on bonus categories

Common Questions