Us bank business credit card credit score requirements -
Credit score required for the Bank of America Customized Cash Rewards card
If you are in the market for a new rewards credit card, the Bank of America® Customized Cash Rewards credit card could be a strong contender among the many higher-earning cash back credit card choices out there. With no annual fee and the option to customize the categories for your cash back earnings, you might think about applying for the card as soon as you possibly can.
Even if you feel like the Customized Cash Rewards card is a good fit for your needs right now, you don’t want to apply for it only to be rejected and suffer a hit to your credit report from a hard inquiry.
If you don’t have access to a prequalified or preapproved offer for this card, you’ll want to approach your application with caution. To increase your approval odds, you should know the credit score required for this card, along with other factors in your application that could harm your approval odds.
Why apply for the Bank of America Customized Cash Rewards credit card?
The Bank of America Customized Cash card can help you earn a substantial amount of cash back on purchases in common spending categories. Instead of fixed bonus categories, this card allows you to choose the spending categories where you’ll earn your cash back rewards.
Customized bonus categories
The unique earning structure on the Bank of America Customized cash card includes:
- 3% on a category of your choice (you can change once per month) including gas, online shopping, dining, travel, drug stores or home improvements and furnishings
- 2% on grocery story and wholesale club purchases
- Combined $2,500 spend limit on 2% and 3% categories each quarter, then 1%
- 1% on all other purchases
The nice thing about this card is that you can maximize your Bank of America Customized Cash Rewards card earnings by switching categories based on your upcoming expenses.
For instance, around the holidays, you might switch over to online shopping. If you’ve got any upcoming trips or outings planned, you could switch over to travel or dinner the next month. (There’s a 3% foreign transaction fee, however.)
Also, if you’re unsure exactly what bonus spending category to choose and when to choose it, the Bank of America app provides regular reports on your spending across the six bonus category options. Here, you can see where you spend the most money and how you can earn the most rewards.
Preferred rewards boost
It’s worth noting that as a Bank of America Preferred Rewards member, you could boost your cash back rate depending on the tier you fall into. In some cases, you could earn up to 5.25% cash back with the Customized Cash Rewards card.
The Preferred Rewards tiers are based on the total balances you maintain across your eligible Bank of America and Merrill accounts:
|Tier||Balance required||Rewards boost||Average earning rate|
Welcome bonus and introductory APR
If you decide to apply for this card, you’ll get a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. Also, there’s a 0% introductory APR on new purchases for the first 15 billing cycles (13.99% to 23.99% variable thereafter).
Other features and perks
The Customized Cash Rewards card also features fraud protection, overdraft protection, paperless statements, account alerts, mobile banking and text banking options.
What credit score do I need for the Customized Cash Rewards card?
This credit card requires a credit score in the range of “good to excellent.” According to the FICO, a leading credit score rating company, a good credit score is 670 to 739, while a very good or excellent credit score is 740 or higher. If you don’t fall into this range, your approval odds for the Customized Cash Rewards card could be lower.
In some cases, card issuers may consider other factors like an existing relationship with the bank. If you are already using other products from Bank of America, like a mortgage, deposit account or other credit cards, it can help your approval odds. If you are in good standing with these accounts, display healthy money management tendencies and have a good or better credit score, your chances of being approved will be higher.
What happens if my card application is denied?
Even if you’ve got all your financial ducks in a row, your application for the Bank of America Customized Cash Rewards card can be denied. This is frustrating because you may feel like you’ve wasted a hard inquiry hit to your credit without any positive outcome to show for it.
If this happens to you, don’t fret. There are ways to bounce back and recover from this seemingly failed attempt.
Understand why you were denied
The first step to understanding what to do from here means getting a complete understanding of why your credit card application was denied. In some cases, it could be that your application was incomplete, or the bank could not verify some of the information you provided in your application.
Either way, the bank is required, by law, to explain to you why your application was not approved. Typically, you can expect correspondence regarding your credit card application in the mail within seven to 10 business days. In this letter, you can expect an explanation with the exact reason or reasons for the denial.
If given the invitation, you may be able to call a customer service representative who can give you more clarity around your denied application. They can explain if you are missing information or if part of your application is incomplete. Other explanations that have to do with your credit profile are not always addressed by the issuer over the phone. So you may ultimately end up waiting for the mail communication for the complete denial explanation.
Improve your credit score
If your application for the Bank of America Customized Cash rewards card was denied because of your credit score, the good news is that there are plenty of remediation strategies to help you get back on track.
Though many factors go into calculating your credit score, the two main culprits that can bring down your credit score include having a negative payment history or carrying high balances across all of your lines of available credit.
If your balances are too high, you’ll want to pay them down as aggressively as you can. One such strategy could include making extra payments or even utilizing a balance transfer offer to stop high-interest payments from hindering your payment progress.
If your credit score is low due to a bad payment history, unfortunately, you’ll have to let enough time pass to build up a positive record of on-time payments. There’s no real shortcut to seeing this process through.
Other issues that can affect your credit score include having incorrect or fraudulent information on your credit report. You should check your credit profile regularly to ensure that all of the information is up-to-date and that there is no mistaken or fraudulent activity appearing on your credit profile. Correcting these issues could increase your credit score – especially if there’s particularly harmful activity reported there.
Consider other cards until your credit score improves
If you are trying all of these approaches to improve your credit profile and it doesn’t seem to be helping your credit score, consider getting another card until your score improves. If you choose your “in the meantime” card strategically, it could even help boost your credit score.
You should consider credit cards for those with fair credit scores like the Capital One QuicksilverOne Cash Rewards Credit Card (which has a low annual fee and earns 1.5% cash back on purchases) or Petal® 2 “Cash Back, No Fees” Visa® Credit Card (which earns 1% cash back on eligible purchases and then bumps up to 1.5% cash back after 12 on-time, monthly payments).
You can also opt for a secured credit card which requires you to give the card issuer an initial deposit as collateral for the credit line. With a secured credit card, your card activity is reported to credit bureaus and can help you build up a positive credit profile if you use the card responsibly. This means you should be committed to making payments on time and keeping your balance low on your secured card.
Fortunately, there is a secured version of the card: Bank of America® Customized Cash Rewards Secured Credit Card. The secured version of the card can help strengthen your credit while you still earn cash back – not a common feature for secured credit cards. If you use it responsibly, it could provide an upgrade path to the unsecured version of the card at some point in the future.
The Bank of America Customized Cash Rewards card can certainly be a beneficial card to have in your wallet. But because of all the perks and benefits, it’s crucial to have at least a “good” credit rating to qualify.
If you don’t yet have an eligible credit score for this card, all is not lost. If you take time to improve your financial habits overall, an improved credit score should follow. And a higher credit score means you could have access to better rewards cards in the long run, like the Bank of America Customized Cash Rewards card.
The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.
Aja McClanahan is a CreditCards.com personal finance contributor.
With Online Banking, you have the flexibility to make a same-day payment, schedule a future payment or sign up for AutoPay, where your payment is scheduled on the same day each month. You can use a U.S. Bank checking account or an external account to make payments to your credit card. If you choose to set up an external payment account, it only needs to be set up once for all future payments.
To make a payment:
- Log in to Online Banking.
- Under the "Bill Payments" tab, select "Pay My Account" or "Pay a U.S. Bank Account".
- Select the Account you are paying, and the Account you are paying from.
- Select the frequency, either "Once" for a onetime payment, or "Recurring" to set up AutoPay.
- Complete the remaining payment information and select "Continue".
- Submit your payment.
The cut-off time for same day Web (non-AutoPay) payments varies but generally ranges between 5 pm and 8 pm CT. Please contact Cardmember Service if you have questions about your applicable cut-off time.
Or, you can make a payment using your mobile phone (see Mobile Banking below).
U.S. Bank announces two new secured cards: Build your credit and earn rewards at the same time
U.S. Bank launched two new secured credit cards for consumers who want the flexibility of a credit card without having the credit score to get one.
A secured credit card is a great way to help build (or rebuild) your credit score to be able to qualify for a credit card with a higher credit limit or better rewards. And while solidifying your credit takes time, the two new secured cards from U.S. Bank are worth considering for your daily expenses.
While many secured cards do not offer rewards, the U.S. Bank Altitude® Go Visa® Secured Card and U.S. Bank Cash+® Visa® Secured Card both offer a solid return for every dollar you spend.
Select analyzed both cards to help determine whether or not they are worth a spot in your wallet, and how you can pick the best secured credit card for yourself.
Our best selections in your inbox. Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here.
U.S. Bank introduces two new secured credit cards
Regardless of which card you decide is best for you, keep in mind that a secured card requires an initial upfront deposit of $300 to $5,000. This serves as your spending limit as well as collateral for the bank in case you cannot pay off your card. However, if you decide to cancel your card at any point, you will receive your deposit back.
The cards are issued by Visa, and are accepted anywhere Visa is taken.
U.S. Bank Altitude® Go Visa® Secured Card
The Altitude Go Visa Secured Card comes with the following spending categories:
- 4X points per dollar spent on dining
- 2X points per dollar spent at grocery stores, gas stations and streaming services
- 1X points per dollar spent on all other eligible purchases
These points can be redeemed for travel, gift cards, cash back and other purchases and are worth 1 cent each, regardless of the redemption choice you make
Cardmembers are also eligible for a $15 credit for annual streaming service purchases.
The card doesn't have an annual fee or foreign transaction fees, and you can choose the due date for your bill.
U.S. Bank Altitude® Go Visa® Secured Card
4X points per dollar spent on dining, 2X points per dollar spent at grocery stores, gas stations and streaming services and 1X points per dollar spent on all other eligible purchases. Cardmembers are also eligible for a $15 credit for annual streaming service purchases.
Balance transfer fee
Either 3% of the amount of each transfer or $5 minimum, whichever is greater.
Foreign transaction fees
U.S. Bank Cash+® Visa® Secured Card
The Cash+ Visa Secured Card is a simple cash-back credit card that earns rewards at the following rates:
- 5% cash back on your first $2,000 in combined eligible purchases each quarter in two categories you choose. Some categories include: tv, internet and streaming, home utilities, cell phone providers, fast food restaurants and movie theatres.
- 2% cash back on eligible purchases in your choice of one everyday category (like gas stations, grocery stores and restaurants)
- 1% cash back on all other eligible purchases
The cash back you earn can be redeemed in one of three ways: A statement credit to your account, direct deposit to your U.S. Bank checking, savings or money market account, or a U.S. Bank rewards card (similar to a Visa gift card).
This card has no annual fee, and you can choose the due date for your bill.
U.S. Bank Cash+® Visa® Secured Card
5% cash back on your first $2,000 in combined eligible purchases each quarter in two categories you choose, 2% cash back on eligible purchases in your choice of one everyday category (like gas stations, grocery stores and restaurants) and 1% cash back on all other eligible purchases
Balance transfer fee
Either 3% of the amount of each transfer or $5 minimum, whichever is greater.
Foreign transaction fees
How to pick a secured credit card
There are dozens of secured credit cards available to choose from. But with so many options, how do you pick the right one for you?
Here are a couple factors to consider:
- Credit reporting: The most important part of a secured credit card is to ensure your payments are reported to the credit bureaus. The more payments you make on time, the more your credit score will increase. And once your credit score is above 660 (which is considered "good"), you will have better odds of being approved for an unsecured credit card like the Citi® Double Cash Card.
- Affordable deposit: A secured credit card is obtained through an upfront deposit on your end. However, each secured credit card has varying security deposit minimums. Before selecting and applying for a secured credit card, check to see what the minimum deposit requirement is, and be sure it fits into your budget.
- Fees: Find out to see if the card you selected has foreign transaction fees or an annual fee. These fees can eat into the value of the rewards you earn, and can easily be avoided by selecting the right card.
- Conversion: Some credit card issuers give you the option of upgrading your secured credit card to the unsecured version after your credit score has improved. Not all issuers do this, so be sure to call the bank's customer service line if this is something you're interested in doing.
- Rewards: Some secured credit cards offer rewards, while others do not. If you are interested in earning travel rewards or cash back, be sure to find a secured credit card like the two U.S. Bank cards offered.
Which Credit Report Does U.S. Bank Pull?
U.S. Bank is most likely to use your TransUnion credit report when considering your credit card application for approval. We reviewed 210 consumer-reported credit inquiries from January 2015 to December 2017 and found that the bank relies on all three major U.S. credit bureaus for consumer credit data, but U.S. Bank appears to check consumers’ TransUnion credit reports most frequently.
Knowing this piece of key information, you can polish your credit report to improve your chances of getting approved for a U.S. Bank credit card.
Where We Got the Data
Generally, financial institutions and lenders do not disclose the specific U.S. credit bureaus that they use when reviewing someone’s credit card application. U.S. Bank is no exception. So, we must turn to people who share their own experiences when applying for a U.S. Bank credit card. They’re able to see which of their credit reports had recorded a hard inquiry from U.S. Bank -- they can offer this data point to help others who are about to apply for a U.S. Bank credit card too.
We turned to the credit pull database at CreditBoards.com, where anyone can submit the results of their applications to various credit card companies. While the data goes back many years, we chose to collect results from the last 3 years for the latest credit inquiry practices by U.S. Bank.
What Our Research Means for You
We want you to be well-informed when it comes to the credit report that determines your chances of approval for a U.S. Bank credit card. Refer to the table above to find your state of residence to see which credit bureaus is favored by U.S. Bank in your state. This allows you to prepare the specific credit report to increase the chances that your credit card application get approved -- preferably with the lower interest rate possible.
Note, however, that U.S. Bank may decide to pull more than one credit report. Therefore, we believe that everyone should be diligent in maintaining solid credit reports at all U.S. credit bureaus. This research just shows which credit report should be prioritized when you’re thinking about applying.
How to Check Your Own Credit Reports
The only source that we recommend for free credit reports is AnnualCreditReport.com. It is a government-sanctioned website that was created to provide the public with a place to retrieve their credit reports. Everyone is eligible to receive one credit report from each of the three U.S. credit bureaus -- Equifax, Experian, and TransUnion -- every 12 months. You don’t have to enter any credit card information nor will you be subscribed to some costly credit-monitoring service.
I’ve used the website regularly for the past decade and these are some tips I can share with you when you’re pulling your own credit reports.
- Double check the personal information that you enter. If you provide incorrect details multiple times, you may be temporarily prohibited from accessing your credit reports because the website suspects identity fraud.
- You will be asked several questions regarding your personal information and credit history to verify your identity. These questions may not make any sense for you because they don’t apply to you. So, don’t be afraid to answer “none of the above.”
- You may not be able to view your credit report again if you close your browser window. Save the report to your computer, take a screenshot, or print it out for future reference.
- If you want to monitor your credit throughout the year, consider spreading out the way that you pull your reports -- every 4 months from a different credit bureau.
You can also request your credit report through the phone by calling 1-877-322-8228.
If you prefer mail, you must fill out this form and mail it to:
- Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Phone and mail requests will be mailed within 15 days of the request.
How to Get Additional TransUnion Credit Reports
If you’ve already pulled your free TransUnion credit report for the year, because that’s the one more relevant for U.S. Bank credit card applications, there are additional ways that you may be allowed to pull another TransUnion for free or a reduce fee.
TransUnion: Free or Reduced Fee Credit Reports
|State||1st request||Additional requests||Time frame|
|Puerto Rico||Free||$11.50||Calendar year|
|Virgin Islands||$1||$1||Any time|
In the event that you were denied for any credit line, you can ask the bank for a copy of the credit report that was used for rejecting your application. (It is your legal right to ask for this.)
Once you have the opportunity to review your credit report, there are steps you can take to improve your credit. We’ll share some of the tried-and-true methods of polishing your credit report.
Ways to Improve Your Credit Reports
Now that you’ve pulled the credit report that is most likely to be used by U.S. Bank, you can take the steps to increase your chances of getting your application approved. Here are the ways that can lead to a significant positive impact on your credit profile:
- Dispute all errors. Review your credit report thoroughly to see if any information on it is inaccurate. Is your personal information wrong? Is the payment history incorrect on one of your credit lines? These are examples of the errors that could hurt your credit. At the end of each and every credit report, the credit bureaus provide detailed instructions to fix those errors.
- Erase any and all delinquencies. If there any negative records that show a past default or unpaid debt, It is best to negotiate with those creditors (past or present) to have the remark deleted from your file.
- Pay down debt as much as possible. Those who carry high balances on their credit lines may signify that they are extremely dependent on borrowed funds. Furthermore, a lower debt balance tends to bump up your credit score.
- Increase your credit limits. By raising the amount that you can borrow, it will appear as if you’re using a smaller percentage of your credit limits. Many credit card companies allow you to submit a request for a credit limit increase through your online account or by phone. It is important to note that this request may require a hard credit inquiry -- you can cancel the request and not have it affect your credit.
When you’re finished, don’t go immediately to U.S. Bank to complete your credit application. You’ll understand why in the next section.
When Your Credit Report is Updated
Changes to your existing credit accounts are not reported to credit bureaus on a daily basis. In fact, it can take up to 30 days for your credit reports to update. Usually, your credit report logs the most recent changes after a statement cycle with any particular lender.
So, if you’ve made the effort to polish your credit report(s), it can still take some time before the changes are reflected in your credit reports.
Your Income and Expenses Matter Too
When applying for any loan, your credit is important. But, it isn’t the only factor that banks use to determine your risk for defaulting on your debt. U.S. Bank also needs to know your annual income and monthly expenses to estimate your monthly cash flow.
Surely, applicants with higher income and fewer expenses are more likely to get approved for a credit card or loan. U.S. Bank doesn’t appear to verify income and expenses immediately during the application process, but be prepared to prove these two pieces of financial information.
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