The Bank of America® Customized Cash Rewards Credit Card offers an appealing option for those seeking flexibility in their rewards structure along with competitive perks, making it a robust choice for everyday consumers.
$0
1%-3%
$200
690-850 (Good – Excellent)
CreditFinder’s Rating: 4/5
Bank of America® Customized Cash Rewards Credit Card Overview
The Bank of America® Customized Cash Rewards Credit Card stands out for its personalized approach to rewards. It allows cardholders to choose and switch their top earning category, which can adapt to changing spending habits, making it an excellent card for maximizing cash back based on personal expenditure.
Rewards Structure:
- 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings.
- 2% cash back at grocery stores and wholesale clubs.
- 1% cash back on all other purchases.
The 3% and 2% cash back benefits apply on up to $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then 1%.
This tiered rewards system not only offers high-value returns in popular spending categories but also encourages cardholders to strategically plan their purchases each quarter.
Key Benefits and Features:
- Introductory Offer: New cardholders can earn a $200 online cash rewards bonus after spending $1,000 in purchases in the first 90 days of account opening—a straightforward and attainable bonus.
- 0% Intro APR: Enjoy 0% APR on purchases and balance transfers for the first 15 billing cycles. After the introductory period, a variable APR of 18.24% to 28.24% applies.
- No Annual Fee: The absence of an annual fee makes it easier to maximize rewards without worrying about an offset.
Additional Cardholder Perks:
- Flexibility in Changing Categories: Cardholders can change their 3% cash back category once each calendar month, providing flexibility and control over reward maximization.
- Bank of America Preferred Rewards: Members can earn 25% to 75% more cash back on every purchase, which means the effective reward rates can be significantly higher.
- Online Banking Bonus: An additional 10% customer bonus on every purchase when you redeem your cash back into a Bank of America® checking or savings account.
Why Choose Bank of America® Customized Cash Rewards?
- Versatility and Control: The ability to choose and change your top earning category monthly is particularly valuable for adapting to seasonal spending or changing financial priorities.
- Robust Introductory Offers: The combination of a substantial cash bonus and a lengthy 0% intro APR period provides excellent initial value and flexibility in managing finances.
- Enhanced Rewards for Banking Customers: The added bonuses for redemption into Bank of America accounts and for Preferred Rewards members make it one of the most rewarding no-annual-fee cards available, provided you meet the banking requirements.
Potential Drawbacks:
- Quarterly Cap on Higher Rewards Rates: The $2,500 limit on combined 3% and 2% categories may restrict the earning potential for high spenders.
- Foreign Transaction Fee: The card includes a 3% foreign transaction fee, which is less ideal for international travelers.
Conclusion:
The Bank of America® Customized Cash Rewards Credit Card is an excellent choice for individuals who value flexibility and high rewards in specific categories without an annual fee. It is particularly well-suited for Bank of America customers who can take full advantage of the additional bonuses offered. This card not only supports effective budget management through its customizable features but also provides significant earning potential, making it a leading contender in the competitive rewards card market.
In a diverse credit card landscape, the Customized Cash Rewards card distinguishes itself by offering tailored rewards that can adapt to your spending, underscored by robust benefits that enhance its appeal beyond mere cash back.
