Learn how to apply for the Bank of America® Customized Cash Rewards credit card
Make sure to apply for this amazing card if you are someone who wants to maximize their cashback.
Bank of America® Customized Cash Rewards Credit Card: What You Need to Know
The Bank of America® Customized Cash Rewards credit card provides flexible and generous cash-back rewards, tailored to benefit the bank’s clients in banking and investment. This card offers 2% cash back on the first $2,500 spent in bonused-category spending per quarter at grocery stores and wholesale clubs. Additionally, users can choose one of six bonus categories to earn 3% cash back.
One of the attractive features of this card are the introductory offers, including easily attainable cash incentives and 0% APR financing for a substantial period of time. Moreover, it has no annual fee.
Cashback: The Key Feature
The Bank of America® Customized Cash Rewards credit card allows you to earn 3% cash back in one of the following bonus categories: gas (including heating oil and marine fuel), online shopping, restaurants, travel, pharmacies, or home furnishings/improvements. You must spend at least one month in each category before switching.
In addition to the bonus categories, the card offers 2% cash back at supermarkets and wholesale clubs, and 1% cash back on all other purchases. However, there is a quarterly spending cap of $2,500 for earning the 2% and 3% cash back. All other purchases earn 1% cash back.
Customers who qualify for Bank of America’s Preferred Rewards program have the opportunity to boost their cash back rewards. Gold-tier customers, with a three-month average balance of $20,000 to $49,999 in a Bank of America personal checking account or Merrill account, receive a 25% rewards bonus. Platinum tier members, with average balances between $50,000 and $99,999, receive a 50% rewards bump. Platinum Honors members, with average balances of $100,000 or more, enjoy a 75% rewards bonus. This means that the 3% cash back could potentially increase to up to 5.25%.
Eligibility for Bank of America® Customized Cash Rewards Credit Card
The Bank of America® Customized Cash Rewards credit card is designed for individuals with good to excellent credit (a 670 FICO score or higher), making it a bit more challenging to get approved. However, Bank of America allows customers to check their prequalification for offers without impacting their credit score.
How to Apply for the Bank of America® Customized Cash Rewards Credit Card
Applying for the Bank of America® Customized Cash Rewards credit card can be done online, though it may take longer if you don’t have a BOA Login and apply as a guest on the Bank of America website. The application process requires providing personal information. While it may take a little longer due to its credit requirements, it’s still a relatively straightforward application. Alternatively, you can choose to submit your application by phone by calling (800) 322-7707.
Is the Bank of America® Customized Cash Rewards Credit Card Worth It?
For individuals who spend thousands of dollars each month, the Bank of America® Customized Cash Rewards credit card may not provide the best value due to the bonus category spending limits. However, for thrifty shoppers who want to choose their own 3% cash-back bonus category, this card is an excellent option, especially for those who maintain a significant balance with Bank of America® or Merrill.
Bank of America® Customized Cash Rewards Credit Card vs. Bank of America® Unlimited Cash Rewards
Deciding between these two cards ultimately comes down to your monthly spending habits. If you regularly spend thousands of dollars per month, the Bank of America® Unlimited Cash Rewards card may be more suitable. However, if you have a more limited budget, the Bank of America® Customized Cash Rewards card can potentially earn you more cash back with less spending.
Benefits of the Bank of America® Customized Cash Rewards Credit Card
- No annual fee
- Bonus for new cardholders
- Introductory APR period
- Rotating bonus categories
- Rewards for good customer relationships
Benefits of the Bank of America® Unlimited Cash Rewards Credit Card
- No minimum redemption requirement for cash back
- Cash back rewards do not expire
- Platinum Honors Preferred Rewards cardholders can earn up to 2.62% cash back
- No annual fee
How to Apply for the Bank of America® Unlimited Cash Rewards Credit Card
If you believe the Bank of America® Unlimited Cash Rewards card is the right cashback card for you, refer to our article on how to apply for detailed instructions.
