$200 Credit Card Bonus Offers for February 2024

Earning a $200 credit card bonus puts more money in your pocket.

These bonuses are easy to earn, and most credit cards offer further rewards, making it a rewarding choice for your personal finances.

Top $200 Credit Card Bonuses for February 2024

Find our round-up of the top banks offering $200 credit card bonuses below.

1. Capital One Quicksilver Rewards capital one quicksilver card art

  • Annual fee: $0
  • Bonus Offer: $200

The Capital One Quicksilver Rewards card pays a $200 cash bonus after you spend $500, and you can earn unlimited 1.5% back on all purchases. This card is great for those who don’t want to manage categories or worry about which credit card will pay them the most points.

If you like to travel, you can also get 5x points on hotels and car rentals, but you must book them through Capital One Travel.

The card also has a 0% APR for 15 months on purchases and balance transfers (then 19.99% – 29.99% variable), in addition to the $200 credit card bonus if you spend at least $500 on purchases in the first three months. Unlike most other cards, that’s a low threshold to earn the bonus.

  • Six months of an Uber One monthly membership (good through 11/14/24)
  • Redeem rewards to pay via PayPal or make purchases on Amazon.com
  • Exclusive access to Capital One entertainment
  • Access to exclusive dining reservations and culinary experiences
  • No foreign transaction fees

2. Bank of America® Customized Cash Rewards chase freedom unlimited card art

  • Annual fee: $0
  • Bonus Offer: $200

The Bank of America® Customized Cash Rewards card provides the unique opportunity to choose one category to earn 3% cash back, including gas, online shopping, cable, internet or streaming plans, travel, dining, drugstore purchases, and home improvement or furnishings.

All card members earn 2% back on groceries and wholesale clubs and 1% back on everything else. However, the 3% and 2% categories have limits of $2,500 in combined purchases per quarter, then the rewards revert to 1% back.

All card members get a 0% intro APR on purchases and balance transfers. This only lasts for the first 15 months, and balance transfers must be made in the first 60 days.

Bank of America offers a $200 credit card bonus. You must spend $1,000 in purchases within the first 90 days to earn it.

  • Cash rewards don’t expire
  • $0 liability guarantee
  • Balance Connect® overdraft protection if you have a Bank of America checking account and link your credit card
  • Free credit score access
  • Customized alerts

3. Citi Custom Cash® citi custom cash card art

  • Annual Fee: $0
  • Bonus Offer: $200

The Citi Custom Cash® card allows you to choose your monthly cash back category by offering 5% back on your highest spend category each billing cycle. You also earn 1% back on all other purchases.

New cardholders get a 0% APR for 15 months on purchases and balance transfers, but balance transfers must occur within the first four months.

The Citi Custom Cash® offers a $200 credit card bonus if you spend $1,500 in the first six months. This is longer than most credit cards allow for bonuses, so it’s a nice change of pace.

  • Customized alerts
  • $0 liability coverage
  • Free credit score access
  • Access to exclusive Citi entertainment events

4. Capital One SavorOne Rewards

  • Annual Fee: $0
  • Bonus Offer: $200

The SavorOne Rewards credit card pays a high 3% cash back on dining, streaming services, grocery stores, and entertainment. Cardholders also earn 1% on all other purchases. The nice thing is the 3% cash back is unlimited.

New cardholders can earn a $200 bonus if they spend $500 on purchases in the first three months.

  • 10% back on Uber Eats or Uber through November 14, 2024
  • Extended warranty on items purchased with the Capital One card
  • No foreign transaction fees
  • 24/7 concierge service
  • Travel accident insurance
  • Use rewards on Amazon or PayPal
  • Access to Capital One Travel for travel deals

What Is a $200 Credit Card Bonus?

A $200 credit card bonus is a statement that companies pay new cardholders. It incentivizes more people to apply for and use the credit card. The bonuses usually have requirements, such as how much you must spend within a short timeframe to earn the bonus.

Why Do Credit Cards Give a $200 Bonus?

Credit card companies give bonuses to get more customers. The more people that apply for the card, the more business they get.

Since not everyone pays off their balances in full, credit card companies make money on the interest charged, so paying a $200 credit card bonus is a marketing method that helps them get more business.

How Do Banks Benefit From Providing These Incentives to Customers?

Banks benefit from credit card bonuses by bringing in more income. Banks earn money not only from interest but also from merchant fees charged for allowing the use of their card.

Banks may also get other business from credit card customers by developing relationships with them and being able to market other products to increase their profits.

What Can the Welcome Bonus Be Redeemed For?

Most welcome bonuses are statement credits, but some rewards cards allow bonuses on things like airline tickets, hotel stays, and points at stores like Amazon or Bestbuy.com. Read the fine print to see what a credit card company allows.

How To Qualify for a $200 Credit Card Bonus: 5 Steps

Qualifying for a $200 credit card bonus is easy with these steps:

  1. Research your options, considering your credit score and typical spending. Look for a credit card with rewards you’d use and for spending you do regularly rather than a card that would make you spend more than normal
  2. Apply for the credit card. Most credit card companies offer their applications online with instant answers. If you’re approved, you can often use the card immediately online while you wait for the physical card in the mail
  3. Read the fine print to understand how to earn the bonus. Most credit cards require a spending threshold in a short timeframe. Make sure you can meet the requirements to earn your bonus
  4. Use the credit card as normal, and be sure to make your payments. It’s best to pay the balance in full if you can. If not, make sure to make the payments on time to keep your account in good standing
  5. Receive your credit card bonus and use it how you want, whether as a statement credit or to book travel through the credit card company’s travel service

What To Consider When Applying

Consider these factors before applying for credit cards for the $200 credit card bonus.

  • Don’t apply for a card you can’t afford: Most cards offering a small bonus, like $200, don’t have annual fees, but always check. Also, look at the APR if you plan to carry a balance
  • Don’t apply for a card with high spending requirements: Look for cards that require spending you normally do so you can naturally earn the bonus and not overspend just to earn $200
  • Make sure you qualify: Not all credit cards require perfect credit, but most want good credit scores. Be sure to apply for the cards you have a good chance of securing
  • Read the fine print: All credit cards have different guidelines and rules. Make yourself familiar with them to get the most from the card

Pros and Cons

You might wonder if chasing credit card bonuses is worth it. Here are the pros and cons.

Pros

  • You can earn free money if you satisfy the initial requirements
  • You may find a credit card with a promotional APR
  • You may secure a credit card with rewards you don’t already earn

Cons

  • You can get into debt quickly if you don’t manage your credit cards properly
  • You may not qualify for every credit card available
  • Annual fees can be high for some cards, depleting your bonus

Tips To Maximize Your $200 Credit Card Bonus

So, how do you maximize your $200 credit card bonus? Here are some quick tips.

Use the credit card for everyday spending, money you would already spend, so you can earn the free $200

  • Only apply for credit cards every six months (or at least 90 days apart) to get bonuses; otherwise, you could hurt your credit score
  • Don’t apply for credit cards that offer rewards you won’t use; the hassle of owning the card won’t be worth it, especially if there is an annual fee
  • Learn to manage your cards, making your payments on time and keeping your balance within reason (usually 30% or less of the credit line)

Frequently Asked Questions

A $200 credit card bonus puts a little extra money in your pocket. Here are some common questions about them.

How Are $200 Credit Card Bonuses Taxed?

Unlike bank bonuses, you don’t have to pay taxes on credit card bonuses! The IRS considers credit card bonuses a refund since you must spend money to earn it. In their eyes, it’s not ‘earned income,’ but instead is money back on your purchases.

How Can I Redeem the $200 Credit Card Bonus, and Are There Any Specific Requirements?

You can redeem the $200 credit card bonus as a statement credit, or with some credit card companies, you can use it to book travel through their travel services for an even higher level reward.

Some companies even let you use the points to pay for things on Amazon, Bestbuy.com, or to pay with PayPal.

Can I Apply for More Than One of These Credit Cards With $200 Bonuses?

You are free to apply for as many credit cards as you want; however, it’s best to put 90 days to six months between applications. This will damage your credit score the least and give you time to earn the reward on one card, and then stop using it if you want to pursue a reward on another.

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