The Bank of America® Customized Cash Rewards credit card stands out with its unique approach to rewards by allowing cardholders to select and switch their bonus categories to suit their spending habits. This level of customization, combined with its generous reward rates in popular spending categories and the absence of an annual fee, makes it a highly appealing option for strategic spenders.
$0
1%-3%
$200
Good, Excellent (690 – 850)
CreditFinder’s Rating: 4.2/5
Bank of America® Customized Cash Rewards Overview
Bank of America’s Customized Cash Rewards card offers an adaptable rewards program that is especially beneficial for those who closely manage their credit card usage to maximize returns. This card not only provides flexibility but also offers significant earning potential in everyday spending categories such as grocery stores, dining, and even online shopping.
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 rates apply on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then 1%.
This structured yet flexible rewards system ensures that active cardholders can benefit from their most frequent types of spending, adjusting as their purchasing behaviors change through the year.
Key Benefits and Features
- Welcome Offer: Earn a $200 online cash rewards bonus after spending $1,000 in purchases within the first 90 days of account opening, providing an immediate boost to new users.
- Introductory APR: 0% intro APR for 15 billing cycles on purchases and any balance transfers made within the first 60 days, followed by a variable APR of 18.24% – 28.24%. This feature is particularly attractive for those planning significant purchases or looking to manage existing debt.
- No Annual Fee: Enhances the overall value of the card by reducing overhead costs.
Additional Cardholder Perks
- Customizable Cash Back Categories: Change your top earning category once per month to adapt to shifting spending patterns.
- Bank of America Preferred Rewards: Increase reward rates significantly (up to 75% more cash back) for members.
- Visa Signature Benefits: Including concierge service, extended warranty, and more.
- BankAmeriDeals and Museums on Us: Offering additional savings and free access to cultural institutions.
Why Choose Bank of America Customized Cash Rewards?
The card’s customizable rewards categories make it ideal for users who have variable spending or specific purchasing plans, providing the opportunity to maximize cash back in the areas where they spend the most frequently. Additionally, the integration with Bank of America’s Preferred Rewards program can significantly enhance the value of every dollar spent for eligible customers, making it a potentially lucrative option for high-balance customers.
Flexibility in Redemption: Rewards are straightforward to redeem and can be applied as a statement credit, check, or deposit into a Bank of America checking or savings account, providing flexibility and ease of use.
Potential Drawbacks
While the Customized Cash Rewards card offers many benefits, there are a few considerations:
- Quarterly Spending Cap: The cap on higher cash back rates may limit benefits for high spenders who could exceed the $2,500 quarterly limit.
- Foreign Transaction Fees: The card incurs a fee on international transactions, which might not make it the best choice for frequent travelers.
Conclusion
The Bank of America® Customized Cash Rewards credit card offers an excellent combination of flexible cash back options, rewarding introductory offers, and valuable cardholder benefits, making it a compelling choice in the competitive no-annual-fee credit card market. It is particularly suited for those who are already Bank of America customers or who spend regularly on the card’s bonus categories.
This card’s ability to adapt to the cardholder’s spending habits, coupled with the benefits of the Preferred Rewards program, presents a unique value proposition that can significantly enhance the cash back earnings for diligent users. Whether you’re looking to maximize returns on everyday spending or manage larger purchases with an intro APR, the Customized Cash Rewards card offers a robust set of features that can meet a variety of financial needs.
