Bank of America® Customized Cash Rewards credit card full review
This card is essential for individuals who appreciate cashback but have varying needs from time to time.
Bank of America® Customized Cash Rewards credit card: A Unique Overview
If you’re looking for a credit card with high cash-back rates and an appealing sign-up bonus, the Bank of America® Customized Cash Rewards credit card is worth considering. With its attractive rewards program, this card is particularly appealing to customers who prioritize gas rewards. Plus, if you have banking or investment accounts with Bank of America, you can even boost your cash-back rates. But is this card the right fit for you? Let’s dive deeper into our in-depth review of the Bank of America® Customized Cash Rewards credit card.
How Does the Bank of America® Customized Cash Rewards Credit Card Work?
The Bank of America Customized Cash Rewards credit card is designed to provide flexible and generous cash-back rewards, while also offering specific advantages and benefits to Bank of America’s banking and investing clients. Here are the key features of this credit card:
- Earn 2% cash back at grocery stores and wholesale clubs on the first $2,500 in combined bonused-category spending per quarter.
- Choose one of six categories to earn 3% cash back on.
- Enjoy enticing introductory offers, including 0% APR financing for a significant length of time and a reasonably attainable cash incentive.
- There is no annual fee for this card.
How Do the Rewards Work?
The Bank of America® Customized Cash Rewards credit card offers a 3% cash-back bonus on eligible purchases in various categories:
- Gas (which includes heating oil and marine fuel)
- Internet shopping
- Restaurants
- Travel
- Drug stores
- Home improvement/furniture
Category changes are allowed once per month. Bank of America is flexible in defining its retail categories, so you may even earn premium benefits for dining at bars, cocktail lounges, discotheques, nightclubs, and taverns, in addition to traditional restaurants and fast food chains. However, the 2% cash back at grocery stores does not apply to superstores like Walmart and Target, or convenience stores, as it does with some other credit cards. That being said, you can still earn a higher cash-back rate on purchases from wholesale clubs. The combined cap for the 3% and 2% earning categories is $2,500 per quarter. All other purchases receive 1% cash back.
Bank of America’s Preferred Rewards program allows members to increase their cash-back rate by meeting certain requirements and enrolling in the program. Here’s how the rewards boost works:
- Gold tier: Requires a three-month average balance of $20,000 to $49,999 in a Bank of America personal checking account or Merrill account, and offers a 25% rewards bonus.
- Platinum tier: Provides a 50% rewards boost for members with average balances between $50,000 and $99,999.
- Platinum Honors tier: Offers a 75% rewards bonus for members with average balances of $100,000 or more.
With the Preferred Rewards program, you can potentially elevate your 3% cash back to up to 5.25%.
Benefits of the Bank of America® Customized Cash Rewards Credit Card
1. Good Cashback Rewards
This credit card allows you to choose from several bonus categories, including gas, online shopping, dining, travel, drug stores, and home improvement/furniture. You’ll receive 3% cash back on your chosen bonus category. While you can switch the category at any time, you must commit to each category for at least one month. Additionally, the card offers 1% cash back on all other transactions and 2% cash back at supermarkets and wholesale clubs.
2. No Annual Fee
Unlike many other credit cards, the Bank of America® Customized Cash Rewards credit card provides attractive rewards without an annual fee. This means you don’t have to decide whether to renew the card in the future and continue paying an annual fee.
3. A Nice Bonus for New Cardholders
This credit card offers one of the easiest-to-obtain introductory cash bonuses. Simply spend $1,000 with the card in the first 90 days, and you will receive a $200 bonus. This is in addition to the regular cash back you earn on those purchases.
4. 0% Intro APR
In addition to its comprehensive list of benefits, the Bank of America® Customized Cash Rewards credit card includes a remarkable feature: a 0% introductory APR offer for 18 billing cycles on purchases and balance transfers made within 60 days. This is particularly impressive since many other cash-back cards offer 0% introductory APRs for just 12 months, while having less rewarding cash-back programs.
How to Apply for the Bank of America® Customized Cash Rewards Credit Card
If you’re interested in applying for the Bank of America® Customized Cash Rewards credit card, be sure to check out our detailed article on the subject.
