Rewards Plan
Sign up Bonus
Credit Rating
0% Intro
Annual Fee
APR
- Sign-Up Bonus
- Cashback Rewards
- Cap on Rewards
- Balance Transfer Fee
Rewards Plan
Sign up Bonus
0% Intro
PROS
- Sign-Up Bonus
- Cashback Rewards
CONS
- Cap on Rewards
- Balance Transfer Fee
APR
18.24% - 28.24% Variable APR will apply. A 3% fee (min $0) applies to all balance transfers
Annual Fee
$0
Balance Transfer Fee
3% or $10
Credit Requirements
Good – Excellent Credit
If you are looking to have a bit more control over what categories in which you are going to be earning rewards, the Bank of America® Customized Cash Rewards credit card could be for you. You are able to choose the category in which you get spending rewards. The signup offer allows you to get $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening.
You will be able to get 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 and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%) Another great advantage of this card is that you do not have to pay an annual fee.
This rewards card is a good option for people who want to be able to customize their credit earnings since you get to choose your own 3% cashback earning category. That means you can tailor your credit card to the kind of spending you’re most likely to need, maximizing your returns from that credit card.
- Cashback Sign-Up Bonus
- Cashback Rewards
- No Annual Fee
- APR Introductory Rate
- Preferred Rewards Program
- Fraud Protection
- Cap on Rewards
- High APR
- Balance Transfer Fee
- Foreign Transaction Fee
Can I get pre-approved for Bank of America Customized Cash Rewards?
Yes, you can get pre-approved for a Bank of America Cash Rewards Card through the website, which allows you to avoid getting a hard credit check straight away.
What is the initial credit limit?
The initial credit limit when you get a Bank of America Cash Rewards Card will normally be at least $500. The exact limit depends on your financial situation.
What are the top reasons NOT to get it?
If you spend a considerable amount on relevant purchases each month then the Bank of America Cash Rewards Card might not be the best fit for you as you might earn higher cashback rates on certain purchases with another card.
What purchases don't earn cash back?
All purchases are covered when you are using the Bank of America Cash Rewards Card to make purchases. This allows you to have a great level of coverage.
In this Review..
Benefits
Let’s take a look at the benefits of the Bank of America Customized Cash Rewards and see if it’s the right one for your wallet or not.
- Cashback Sign-Up Bonus
Bank of America Customized Cash Rewards offers a $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
- Cashback Rewards
Bank of America Customized Cash Rewards card allows cardholders to choose a purchase cargatory in which to earn cashback.
The card offrers 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 and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
- No Annual Fee
Bank of America Customized Cash Rewards does not have an annual fee. You can start putting cash back in your pocket immediately.
- APR Introductory Rate
If you are looking to save money on interest, the Bank of America Customized Cash Rewards offers a 0% introductory rate for 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account. on balance transfers (18.24% – 28.24% Variable APR will apply. A 3% fee (min $0) applies to all balance transfers
after the intro period).
If you have a credit card that you are trying to pay down, you can transfer the account and pay no interest on the transfer for 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account. This introductory rate also applies to purchases.
- Preferred Rewards Program
If you also qualify for the Bank of America Customized Preferred Rewards Program your rewards can go 25% to 75% further. To be a part of this program you need to have $20,000 to over $100,000 in a Bank of America account.
- Fraud Protection
Bank of America Customized Cash Reward has fraud protection, chip technology, and overdraft protection.
Card holders can also shop securely online by creating temporary card numbers – this way your actual card number stays safe.
Drawbacks
Here are the most important cons you should consider before apply to the Bank of America Cash Rewards card:
- Cap on Rewards
The category has a spending limit per quarter. If you are a big spender and that amount is not hard to hit, then your rewards are limited.
- High APR
The APR for the Bank of America Customized Cash Reward is a 18.24% – 28.24% Variable APR will apply. A 3% fee (min $0) applies to all balance transfers variable rate, which is high for a card that requires borrowers with excellent credit histories.
Cash advance is a 16.99%-26.99% variable rate.
- Balance Transfer Fee
There is a balance transfer fee required if you want to take advantage of the introductory 0% APR rate. The fee is incurred when you transfer debts from one or more credit cards to your Bank of America Customized Cash Reward.
This fee is 3% or $10 of the transfer, whichever is bigger. This fee is upfront and will be added to your debt load when transferred.
- Foreign Transaction Fee
Bank of America Customized Cash Reward has a 3% fee for each transaction in another country. If you are traveling outside of the US, you may want to leave this card at home.
Simulate Your Rewards: How Much You Earn?
Working out the breakdown of rewards when using different types of cards and covering varying expenses can be a useful exercise. Here's a look at the rewards offered by Customized Cash Rewards card:
However, keep in mind that the numbers should be adjusted to your regular spending categories, which may differ – so the exact calculation is dependent on your personal habits.
| |
|---|---|
Spend Per Category | Bank of America Customized Cash Rewards |
$15,000 – U.S Supermarkets | $250 |
$3,000 – Restaurants
| $30 |
$1,500 – Airline | $15 |
$1,500 – Hotels | $15 |
$4,000 – Gas | $120 (3% preffered category) |
Estimated Annual Value | $530 |
Cash back can be redeemed for a statement credit, a check, a direct deposit into a Bank of America® checking or savings account, an eligible 529 account, or a contribution to a Merrill account. You can also sign up for automatic redemption.
Get The Most Of Your Customized Cash Rewards
With the Customized cash rewards card, cardholders earn 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 and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%).
Here are some pointers to help you make the most of your Cash Rewards card:
- Hit the quarterly cap: to get the most out of the premium cashback reward rates, make sure to hit the quarterly cap on purchases each month.
- Be Aware of Exclusions: Certain major grocery stores are not eligible for the premium cashback rates.
- Maximize the Signup Offer: Make sure to take advantage of the signup offer before it expires.
How To Apply For Bank of America Customized Cash Rewards Card?
- 1.
Visit the Bank of America Customized Cash Rewards Card homepage and click “Apply Now.”
- 2.
This takes you to the next page, where you can fill in your “Personal Information” such as your Names, date of birth, etc.
- 3.
The next step is your financial details – you’ll need to share some details about your income and more relevant info such as employment status and annual income.
- 4.
Then click on “Continue” to complete the process.
Is the Customized Cash Rewards Card Right for You?
Bank of America Customized Cash Rewards is great for card holders that like to control what spending category they want to get the most cash back from and spend a big portion of the budget on a specific category.
For example, if you are on the road frequently, choosing gas as your spending category will get you the most cash back on this card.
Current Bank of America Customized customers will find the most rewards with this card if they qualify for Bank of America Preferred Rewards Program.
Compare The Alternatives
There are other credit cards that do offer comparable cash back rewards – we’ve summarized the most popular cards which can use as an alternative to the Bank Of America Cash Reward card:
 |
|
| |
|---|---|---|---|
Capital One Quicksilver Cash Rewards Credit Card | Blue Cash Preferred® Card from American Express | Chase Sapphire Preferred® Card | |
Annual Fee | $0
| $95 ($0 intro for the first year)
| $95
|
Rewards |
1.5%
1.5% cash back on all purchases
|
1-6%
6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit
and U.S. gas stations, 1% cash back on other purchases
|
2X – 5X
5x total points on travel purchased through Chase Ultimate Rewards, 3x points on dining and online grocery purchases and 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases
|
Welcome bonus |
$250
$200 cash bonus once you spend $500 on purchases within 3 months from account opening
|
$250
$250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months
|
60,000 points
60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
|
Foreign Transaction Fee | $0 | 2.70% | $0
|
Purchase APR | 19.99% – 29.99% variable
| 19.24% – 29.99% Variable
| 21.24%–28.24% variable APR
|
FAQ
There is no cap in place when it comes to earning rewards through the Customized Cash Rewards Card when making different types of purchases.
The Bank of America Customized Cash Rewards Card does not carry any out and out income requirements and normally you will not have to provide proof of income.
If you spend a lot on everyday purchases then the Bank of America Cash Rewards Card can be a good fit for you as all types of purchases earn rewards.
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