The Bank of America Customized Cash Rewards credit card offers a unique approach to rewards, allowing cardholders to choose their bonus category and maximize the value of their spending. This flexibility, combined with a reasonable $200 cash-back bonus after spending $1,000 within the first 90 days of account opening, makes this card an attractive option for those looking to boost their cash rewards based on their specific spending habits.

With no annual fee, the card provides a competitive 3% rewards rate in a chosen category and 2% back on grocery store and wholesale club purchases. Additionally, Bank of America Preferred Rewards clients have the opportunity to earn a 25% to 75% bonus on their rewards. The regular APR ranges from 17.99% to 27.99% variable, which is in line with similar cash rewards credit cards on the market.

Overall, the Bank of America Customized Cash Rewards credit card offers a distinct advantage for consumers who value flexibility in their rewards programs, as well as attractive earning potential for those who strategically select their bonus category and manage their spending.

Overview and Key Features

Annual and Transaction Fees

The Bank of America Customized Cash Rewards credit card is an attractive choice for those looking for a rewards card with no annual fee. With a regular APR of 17.99%-27.99% Variable on purchases and balance transfers, it caters to individuals with good or excellent credit scores.

Cash Back Rewards and Bonus Categories

The standout feature of the Customized Cash Rewards card is its flexibility in earning cash back. Cardholders can choose one category from a list of six options to earn 3% cash back. They can change this category once a month as their spending habits evolve, allowing for maximized bonus earnings. Additionally, cardholders can earn 2% cash back on grocery store and wholesale club purchases, and 1% cash back on all other purchases. However, there is a $2,500 combined spending cap on the bonus category rewards each quarter, limiting the overall earning potential.

Redemption Options

The cash back earned through the Customized Cash Rewards credit card can be redeemed in several ways, including statement credits, direct deposit into a Bank of America checking or savings account, or deposited into an eligible Merrill Lynch, Merrill Edge, or Merrill Guided Investing account. This provides a variety of options for cardholders when deciding how to access their earned rewards.

Preferred Rewards Program

One notable aspect of the card is the opportunity for Bank of America Preferred Rewards clients to enjoy even more benefits. Cardholders who are part of this program can receive a 25%-75% bonus on their credit card rewards, significantly boosting their overall earning potential. This makes the Customized Cash Rewards card especially lucrative for those with substantial banking or investing relationships with Bank of America.

Earning and Redeeming Rewards

Cash Back on Purchases

The Bank of America Customized Cash Rewards credit card allows cardholders to earn cash back on a variety of purchases. You can earn 3% cash back in a choice category, 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases.

Choice Category and Spending Caps

Cardholders have the option to choose their 3% cash back bonus category each month. Some of the available categories include:

• Online shopping
• Dining
• Home improvement
• Travel
• Gas
• Drug stores

It’s important to note that the combined 3% and 2% cash back rewards apply to the first $2,500 in purchases each quarter. After reaching this spending cap, cardholders will continue to earn 1% cash back on all other purchases.

Rewards Structure and Expiration

The cash rewards earned through this card do not expire as long as the account remains open and in good standing. To change your chosen bonus categories, simply use the online banking platform or the mobile banking app¹.

Additionally, if you’re enrolled in the Bank of America Preferred Rewards program, you can earn even more cash back. Preferred Rewards clients have the potential to earn a 25% to 75% cash rewards bonus on their purchases, further enhancing the value of this credit card.

In summary, the Bank of America Customized Cash Rewards credit card offers a unique and flexible rewards structure that allows cardholders to maximize their cash-back earnings in categories that suit their spending habits.

Signup Bonus and Introductory Offers

Welcome Bonus

The Bank of America Customized Cash Rewards Credit Card offers a welcome bonus of $200 online cash rewards after you make at least $1,000 in purchases within the first 90 days of account opening. This bonus offer provides an extra incentive for new cardmembers and can be a significant jumpstart to your rewards-earning journey.

Introductory APR for Purchases

This credit card features a 0% introductory APR on purchases for the first 12 billing cycles. After these initial 12 billing cycles, your standard APR will apply, which is a variable rate currently ranging from 13.99% to 23.99%, depending on your creditworthiness. This Intro APR period allows you to make large purchases without worrying about accumulating interest charges for the first year.

Introductory APR for Balance Transfers

The card also offers a 0% introductory APR on balance transfers made within the first 60 days from account opening. This introductory APR will last for the initial 12 billing cycles, after which the standard variable APR for balance transfers will apply, currently ranging between 13.99% and 23.99% based on your credit score. This feature makes the card a suitable option for those looking to consolidate and pay off credit card debt without incurring interest charges during the intro period.

In addition to the welcome bonus and the introductory APR offers, the Bank of America Customized Cash Rewards Credit Card provides:

• 3% cash back in the category of your choice
• 2% cash back at grocery stores and wholesale clubs
• 1% cash back on all other purchases

However, there is a spending cap on the 3% and 2% cash-back categories, which applies to the first $2,500 in combined purchases each quarter. Once you reach this cap, your rewards earning will drop to an unlimited 1% on all purchases.

Take advantage of these signup bonuses and introductory offers to optimize your rewards earning potential with the Bank of America Customized Cash Rewards Credit Card.

Credit Card Benefits and Perks

FICO Credit Score Access

The Bank of America Customized Cash Rewards credit card provides cardholders the advantage of accessing their FICO credit score for free, which can help them monitor and manage their creditworthiness. This access gives cardholders valuable insights and allows them to track their financial progress, especially helpful when looking to establish or maintain a strong credit score.

Digital Wallet Technology

The Customized Cash Rewards card supports digital wallet technology, enabling cardholders to efficiently and securely make purchases using their mobile devices. This includes contactless payments through popular digital wallets like Apple Pay, Google Pay, Samsung Pay, and more. This convenience of secure, fast, and seamless payments helps simplify cardholders’ everyday transactions.

Security Features

The card offers robust security features to protect cardholders’ information and accounts, such as a zero-liability guarantee. This ensures that cardholders are not held responsible for unauthorized transactions made through their card. In addition, the card benefits from Bank of America’s robust fraud protection systems, keeping cardholders’ information and accounts safe from potential threats.

Furthermore, the Customized Cash Rewards card allows cardholders to earn cash back on various spending categories. For example, they can earn 3% cash back in their chosen category, such as home improvement/furnishings, gas, online shopping, dining, travel, or drug stores. They can also earn 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases.

It is also important to note that eligible cardholders can benefit from the Bank of America Preferred Rewards Program, which can boost their cashback earnings by up to an additional 25% to 75%. This program also offers rewards on 529 accounts, making this card an excellent option for those who want to save for education expenses.

Who This Card Is Ideal For

The Bank of America Customized Cash Rewards credit card is ideal for individuals who value flexibility with their rewards program and are already part of the Bank of America ecosystem. With this card, you can customize your 3% cash back category every month to suit your spending habits, making it an attractive option for those who want to maximize their cash back rewards.

This card is particularly suitable for Preferred Rewards members. If you have a combined balance of at least $20,000 in your Bank of America and/or Merrill accounts, you can become a Preferred Rewards member, which unlocks additional benefits. There are three tiers to the program: Gold, Platinum, and Platinum Honors, with qualifying balances of $20,000, $50,000, and $100,000, respectively.

As a Preferred Rewards member, you can enjoy a boost in cash back rates. Depending on your tier level, the cash back rates can increase by 25% to 75%. For example, the 3% cashback rate on your customized category could jump to 3.75%, 4.5%, or 5.25%.

Furthermore, if you have a Merrill investment account, this added benefit makes the card more attractive since it rewards your relationship with Bank of America and Merrill.

Lastly, for those who prefer simpler redemption options, the Customized Cash Rewards credit card allows cardholders to redeem their cash back as a statement credit, check, or deposit into a Bank of America or Merrill account.

In summary, the Bank of America Customized Cash Rewards credit card is ideal for:

• Individuals who value customizability and flexibility in their cash back rewards program
• Bank of America customers with significant balances across banking and Merrill accounts
• Preferred Rewards members looking to maximize their cash back rates
• Individuals with a Merrill investment account seeking to strengthen their relationship with Bank of America and Merrill
• Those who prefer simple cashback redemption options such as statement credits, checks, or deposits.

Comparisons to Other Credit Cards

The Bank of America Customized Cash Rewards Credit Card competes well with other cash-back credit cards in the market. Most notably, it allows cardholders to choose their 3% cash-back category, tailoring the rewards structure to their individual spending habits. It also offers 2% cash-back on grocery store and drug store purchases, and an unlimited 1% cash-back on all other purchases.

When comparing to other no-annual-fee cash-back credit cards, the Customized Cash Rewards Card stands out with its $200 welcome bonus after spending $1,000 in the first 90 days. While there are other cards that offer a similar sign-up bonus, the Customized Cash Rewards Card’s bonus is easier to obtain with lower spending requirements.

However, some cards may offer higher rewards rates. For instance, the Citi Custom Cash Card offers 5% cash-back in your top spending category each billing cycle. In contrast, the Bank of America Customized Cash Rewards card provides 3% cash-back in the selected choice category. It is important to consider your own spending patterns when comparing rewards potential between these two cards.

Bank of America Customized Cash Rewards cardholders with good to excellent credit scores (FICO score of 670 and above) may take advantage of benefits like an introductory 0% APR offer on purchases and balance transfers for a specified period. The regular purchase APR and balance transfer APR range from 17.99% to 27.99% variable.

Direct deposit or statement credits are available for redemption of cash-back rewards with this card. Additionally, there are options to redeem rewards into a qualifying Bank of America checking or savings account, a 529 account, or through automatic redemptions at specified amounts, which provides flexibility depending on the cardholder’s preference. There is no expiration on rewards, which allows the cardholder to accumulate rewards over time without worrying about losing them.

It is important to note that the Bank of America Customized Cash Rewards card has its limitations. For instance, there are restrictions on the cash-back rewards categories: the 3% choice category and the 2% category at grocery stores and drug stores are limited to a combined $2,500 in quarterly spend. Additionally, the card may not be the best fit for individuals whose primary spending is on non-qualifying categories or who prefer more straightforward rewards cards with a flat cash-back rate on all purchases.

In conclusion, when comparing the Bank of America Customized Cash Rewards card to other cash-back credit cards, potential cardholders should consider their spending habits, personal financial goals, and compare the rewards categories and rates to ensure the best fit for their unique needs.

Frequently Asked Questions

What credit score is needed?

A good to excellent credit score is generally required for the Bank of America Customized Cash Rewards credit card. This typically means a credit score of 670 and above.

Is it hard to get?

The difficulty of getting the card varies depending on your credit history and financial profile. If you have a good to excellent credit score, a stable income, and a healthy credit utilization, your chances of approval could be higher.

What’s the average credit limit?

The average credit limit for the Bank of America Customized Cash Rewards credit card may vary based on your creditworthiness and income. While specific credit limits are not publicly disclosed, cardholders with a strong financial profile tend to receive a higher credit limit.

How does it work?

The Bank of America Customized Cash Rewards credit card allows you to earn cash back on your purchases. You can choose a 3%-back category from a list of options (e.g., gas, online shopping), and you also earn 2% cash back on grocery store and wholesale club purchases (up to $2,500 in combined purchases per quarter). All other purchases earn 1% cash back. You can change your 3%-back category each month, providing flexibility in optimizing your rewards based on your spending habits.

What are the benefits?

Some of the benefits of the Bank of America Customized Cash Rewards credit card include:

• No annual fee.
• $200 welcome bonus after spending at least $1,000 within the first 90 days from account opening.
• The ability to customize your 3% cash back category each month.
• Access to Bank of America’s Preferred Rewards program for eligible customers, which can boost your rewards potential even further.

Any foreign transaction fees?

Yes, the Bank of America Customized Cash Rewards credit card does charge a foreign transaction fee of 3%. This fee is applied to any international purchase you make with the card, making it less suitable for frequent international travelers.