Bank of America Launches "Double Dip" Offer, Supercharging First-Year Cash Back on Two Popular Cards

CHARLOTTE, N.C. – June 7, 2025 – In a strategic move set to capture the attention of savvy U.S. consumers, Bank of America has announced a substantial enhancement to two of its flagship no-annual-fee credit cards. Effective May 28, 2025, the Bank of America® Customized Cash Rewards and the Bank of America® Unlimited Cash Rewards credit cards will feature significantly boosted cash back rates for the first year of card membership. This creates a powerful "double dip" opportunity for new applicants, combining a generous sign-up bonus with elevated rewards on every dollar spent, with travel being a key focus.

This timely update positions these cards as formidable competitors in a crowded market, especially for individuals and families gearing up for summer vacations or simply looking to maximize the financial return on their everyday and travel-related purchases. The new structure appears designed to offer immediate and tangible value, a clear signal that Bank of America is competing aggressively for new customers. For the full details of this new offer, you can refer to Bank of America's official announcement on their cash back credit cards page.

The First-Year Rewards Overhaul: What’s New?

Bank of America isn't just dangling a standard sign-up bonus; it's fundamentally overhauling the earning potential of these cards for the first 12 months. This two-pronged approach—a welcome bonus plus a temporary rate increase—provides a compelling reason for consumers to consider adding one of these cards to their wallet.

Let's break down the specifics of what this "supercharged" offer means for you.

Deep Dive: The Bank of America® Customized Cash Rewards – A Traveler's Secret Weapon?

For U.S. travelers, the revamped Customized Cash Rewards card is the standout of this announcement. Its strength lies in its flexibility, allowing cardholders to choose their own high-reward category, which prominently includes travel.

Key First-Year Offer Details:

• Sign-up Bonus: New cardholders can earn a $200 online cash rewards bonus after spending at least $1,000 on purchases within the first 90 days of opening an account.
• Supercharged First-Year Cash Back:
  • Earn a remarkable 6% cash back in a category of your choice from a list that includes gas and EV charging stations, online shopping, dining, travel, drugstores, or home improvement.
  • Earn 2% cash back at grocery stores and wholesale clubs.
• Quarterly Cap: The 6% and 2% bonus rates are applicable to the first $2,500 in combined spending each quarter across these categories. Once you hit that cap, you'll continue to earn a standard 1% on those purchases.
• Unmatched Flexibility: You have the power to change your 6% category once every calendar month, allowing you to pivot your rewards strategy based on your upcoming spending.
• After Year One: The rewards rates revert to a still-competitive 3% cash back in your chosen category and 2% at grocery stores and wholesale clubs, subject to the same $2,500 quarterly cap.

A Real-World Travel Scenario:

Let's imagine the Chen family is planning a cross-country road trip and a flight to see relatives. They apply for the Customized Cash Rewards card.

• Month 1 (Planning): They select "Travel" as their 6% category and book $1,500 in flights and hotels. This earns them $90 in cash back ($1,500 x 6%).
• Month 2 (The Road Trip): They switch their 6% category to "Gas and EV Charging Stations." They spend $600 on fuel during their trip, earning them $36 in cash back ($600 x 6%).
• Ongoing Spending: They also spend $400 at grocery stores during this time, earning $8 ($400 x 2%).

In just two months, their combined spending of $2,500 has earned them $134 in cash back. Having easily met the minimum spend, they also secure the $200 sign-up bonus, bringing their total rewards to $334. The ability to earn such a high percentage on a broad travel category for an entire year is a genuinely powerful incentive. You can find the full list of eligible categories on Bank of America's card benefits page.

Deep Dive: The Bank of America® Unlimited Cash Rewards – Simplicity and Strength

For those who value simplicity and want to avoid the mental work of tracking categories, the enhanced Unlimited Cash Rewards card presents an equally compelling, straightforward offer.

Key First-Year Offer Details:

• Sign-up Bonus: This card also features the same $200 online cash rewards bonus after a $1,000 spend in the first 90 days.
• Supercharged First-Year Cash Back: Earn a flat 2% cash back on all purchases for the first year. There are no categories to manage and no caps on the amount of cash back you can earn at this rate.
• After Year One: The card reverts to a still-respectable unlimited 1.5% cash back on all purchases.

This card is for the "set it and forget it" consumer who wants a solid return on every single transaction, from airfare and hotels to morning coffee and souvenirs, without having to plan their spending around specific categories. A flat 2% cash back on everything with no annual fee is a very strong baseline. You can find more details on the Unlimited Cash Rewards card here.

The Preferred Rewards Multiplier: The Ultimate Power-Up

What truly elevates these offers from good to potentially market-leading is the Bank of America Preferred Rewards® program. If you have a qualifying account balance with Bank of America or Merrill, you can earn a bonus of 25% to 75% on your credit card rewards.

Let's see the impact with the highest 75% bonus (Platinum Honors tier):

• Customized Cash Rewards (at 6%): The 75% bonus transforms your 6% cash back into an incredible 10.5% on your chosen category for the first year (6% base + 4.5% bonus). This is an exceptionally high return for travel spending.
• Unlimited Cash Rewards (at 2%): Your flat 2% cash back becomes 3.5% on all purchases for the first year (2% base + 1.5% bonus).

For eligible clients, this multiplier effect is a game-changer. You can check your eligibility for the Preferred Rewards program on the Bank of America website.

Financial Advisor's Take: Which Card Should Be Your Travel Companion?

As a financial adviser, my guidance is to look past the headline numbers and match the card to your personal financial habits.

• Choose the Bank of America® Customized Cash Rewards if: You are a strategic spender. If you have significant, concentrated spending in one of the eligible categories (like travel or gas) and can consistently get close to the $2,500 quarterly cap, this card will yield the highest return. It’s also the clear winner if you are a Preferred Rewards member.
• Choose the Bank of America® Unlimited Cash Rewards if: You value simplicity above all. If your spending is spread thinly across many different categories, or if you simply don’t want to track your purchases, the 2% flat rate provides excellent, hassle-free value for the first year.

Both cards carry no annual fee, making them low-risk options to add to your financial toolkit. You can view Bank of America's no-annual-fee card options here.

Important Considerations: The Fine Print

Authentic financial advice always includes a look at the terms. Remember that these supercharged rates are an introductory offer for the first 12 months only. After that, the earning rates revert to their standard, lower levels. Furthermore, the $200 bonus is often advertised as an online-only offer, so be sure to apply through the correct digital channels to secure it. You can review sample credit card agreements for general terms here.

Conclusion: A Timely Upgrade for Your Travel Budget

Bank of America's decision to supercharge its cash back cards is a clear win for consumers. The chance to earn 6% on travel or a flat 2% on everything for a full year—on top of a $200 bonus and with no annual fee—is a compelling proposition. If you have travel plans on the horizon or are simply looking to get more back from your spending, these enhanced offers are worthy of serious consideration.