[Starts June 1st] Bank of America Increased Cashback Rates For One Year on Unlimited & Customized Cash Rewards Cards + $200

The Offer

Press Release 

Coming soon on June 1, 2025, Bank of America is offering a special increased signup bonus offer cashback rates for one year on the Customized Cash Rewards and Unlimited Cash Rewards cards. These offers apply only for those approved to a new card.

• Unlimited Cash Rewards – Get the standard $200 signup bonus after spending $1,000 within 90 days. Plus get 2% everywhere unlimited for the first year. After the first year you’ll get the regular 1.5% unlimited cashback everywhere.
• Customized Cash Rewards – Get the standard $200 signup bonus after spending $1,000 within 90 days. Plus, get 6% in the category of your choice (double the regular earning rate), 2% on grocery and wholesale clubs, and 1% everywhere unlimited for the first year. After the first year you’ll get the regular 3% in the category of your choice, 2% on grocery and wholesale clubs, and 1% everywhere.

The 3%/6% category and 2% category have a combined limit of $2,500 each quarter. After that it goes down to 1%. Eligible categories for the 3%/6% rate are: gas and EV charging station, online shopping/cable/streaming/internet/phone plan, dining, travel, drug store/pharmacy, or home improvement/furnishings.

Card Details

• No annual fee
• 3% foreign transaction fee
• Rewards do not expire.
• Cash rewards can be redeemed as a statement credit to your credit or a deposit to your Bank of America checking, savings, or Merrill investing account.
• Low Introductory APR Offer of 0% APR for your first 15 billing cycles for purchases, and for any balance transfers made within 60 days of opening your account. After that, a Variable APR that’s currently 13.99% to 23.99% will apply. 3% fee (min $10) applies to balance transfers.

Our Verdict

These types of signup bonus offers are always interesting, especially since it retains the regular $200 bonus.

A big question to me is whether the double cashback will be eligible for the 75% boost for those with Platinum Honors relationship status. Typically signup bonuses (e.g. $200 bonus) are not subject to the 75% boost, but I’m not sure how it works with this type of percentage increase. I’ll play out the cashback rates for those with the 75% boost:

• Unlimited Cash Rewards:
  • If boost applies to the bonus – 3.5% everywhere for one year, then 2.62% everywhere
  • If boost does not apply to the bonus – 3.12% everywhere for one year, then 2.62% everywhere
• Customized Cash Rewards:
  • If boost applies to the bonus – 10.5% on your chosen category, 3.5% on grocery/wholesale, 1.75% everywhere
  • If boost does not apply to the bonus – 8.25% on your chosen category, 3.5% on grocery/wholesale, 1.75% everywhere

The 3.5%/3.12% rate everywhere for a year is very interesting (though some of us have the Smartly card with 4% everywhere). The 10.5%/8.25% is also excellent, albeit with the $2,500 quarterly limits.

Hat tip to FrostieWaffles