Both the Bank of America Customized Cash Rewards Credit Card and the Chase Freedom Unlimited offer decent cash back rewards, but they have different strengths and weaknesses.
Here is a comparison of the two cards to help you decide which one is right for you.
Chase Unlimited vs. BofA Cash Rewards: Comparison
The Bank of America Customized Cash Rewards card stands out for its flexibility, offering no annual fee and a generous welcome bonus. Cardholders can customize their cashback, earning higher percentages in categories they choose. However, there is a cap on the amount of cashback you can earn.
On the other hand, the Chase Freedom Unlimited is a great choice for travelers, offering better rewards on travel purchases with no caps or limits, making it ideal for high spenders.
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Cashback Rewards Battle: A Side-by-Side Analysis
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| |
|---|---|---|
Spend Per Category | BofA Customized Cash Rewards | Chase Freedom Unlimited |
$15,000 – U.S Supermarkets | $200 ** | $225 |
$5,000 – Restaurants
| $150 * | $150 |
$5,000 – Airline | $50 | $250 |
$5,000 – Hotels | $50 | $250 |
$4,000 – Gas | $40 | $60 |
Estimated Annual Value | $490 | $935 |
* 3% On Restaurants ** 2% On Supermarkets up to $5,000
Which Extra Benefits You'll Get With Each Card?
Bank of America Customized Cash Rewards
Balance Connect® for overdraft protection: Link your Bank of America checking account to your credit card to prevent declined purchases and overdrafts, with no transfer fees, though other fees may apply.
- Account Alerts: Receive email or text alerts to stay informed about your balances and payment due dates, ensuring you never miss a payment.
- FICO® Score: Opt-in to access your free monthly FICO® Score through your Mobile Banking app or Online Banking, helping you track your credit health.
Chase Freedom Unlimited
- Instacart+ Benefit: The Unlimited card provides a complimentary 3-month Instacart+ membership, offering unlimited deliveries with $0 delivery fees and reduced service fees on eligible orders.
- 5% Cash Back/5x Points on Lyft Rides: It offers enhanced rewards for Lyft rides through March 31, 2025, giving you 5% cash back or 5x points on these purchases.
- Cellular Telephone Protection: The Unlimited card provides up to $600 in cell phone protection when you pay your monthly cell phone bill with the respective card, subject to a $25 deductible.
- Purchase Protection: The card offer purchase protection, covering your new purchases for 120 days against damage or theft, up to $500 per claim and $50,000 per account.
- Extended Warranty Protection: The Freedom Unlimited card extends the time period of the U.S. manufacturer's warranty by an additional year on eligible warranties of three years or less.
- Auto Rental Collision Damage Waiver: Get coverage for theft and collision damage when you decline the rental company's insurance and charge the entire rental cost to your card, applicable to most cars in the U.S. and abroad.
- Trip Cancellation/Interruption Insurance: The card provide reimbursement for pre-paid, non-refundable passenger fares up to $1,500 per person and $6,000 per trip if your trip is canceled or interrupted due to covered situations.
- My Chase Plan: It also offer the option to use My Chase Plan, allowing you to pay off eligible purchases of $100 or more in equal monthly payments with no interest, just a fixed monthly fee
When You Might Want the Chase Freedom Unlimited Card?
You might prefer the Chase Freedom Unlimited over the Bank of America Customized Cash Rewards card in these situations:
- You Spend On Travel and Dining: If travel and dining are big parts of your spending, the Chase Freedom Unlimited offers solid cashback rates in these categories, making it a great option for frequent travelers and food enthusiasts.
- You Want No Category Caps:
The Chase Freedom Unlimited has no limits on cashback for categories like dining and drugstores, so you can earn unlimited rewards regardless of how much you spend.
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When You Might Want the Customized Cash Rewards Card?
You might prefer the Bank of America Customized Cash Rewards card over the Chase Freedom Unlimited card in several situations:
- You Want Control: If you want more control over your rewards, the Bank of America Customized Cash Rewards card allows you to choose and customize your cashback categories. This flexibility is ideal for individuals who spend heavily in specific areas and want to maximize their rewards in those categories.
- You Have Another Travel Card: If your spending patterns align with the available cashback categories offered by the Customized Cash Rewards card and you carry another travel card, you may prefer this card.
Compare The Alternatives
It's always a good idea to be aware of other options before determining the most suitable choice for your needs.
 |
|
| |
|---|---|---|---|
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% – 5%
5% percent cash back on hotels and rental cars booked through Capital One Travel and 1.5% cash back on all purchases everyday.
|
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 Travel, 3x points on dining, online grocery purchases and select streaming services. 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases.
|
Welcome bonus |
$200
$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 | 19.74% – 29.74% (Variable)
| 18.49% – 29.49% Variable
| 20.99% – 27.99% variable APR
|
Compare BofA Customized Cash Rewards
Both cards have no annual fee, but when it comes top redemption value – the Customized Cash Rewards gives you more. Here's our analysis.
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