Bank of America® Customized Cash Rewards credit card
You can earn 3% or 2% cashback on purchases upto $2,500 per quarter in combination choice categories, and grocery stores (1%) by using Bank of America card
Card Summary
Cardholders can choose the 3% cashback category they want and change their monthly payment every month with The Bank of America Customized Cash Reward credit card.
This category earns cardholders bonus rewards, 2% cashback at wholesale clubs and grocery stores on purchases up to $2,500 each quarter. Other purchases get 1% cash back. You can get 25%-75% cash back if you are a Preferred Rewards customer.
After you have made at least $1,000 of purchases within the first 90 day, cardholders will receive a $200 cash reward bonus online cash rewards bonus.
For purchases, balance transfers and payments made within the first 60-days of your card's existence, you will receive an initial 0% annual percent rate.
The Bank of America Customized cash Rewards credit card is a great option to save interest on large purchases or paying off high-interest credit cards. There is a cap on the combined rewards of 3% and 2.2%, which is the main drawback. Cardholders must pay a $10 minimum balance transfer fee and a 3% fee for the 2% rewards categories.
The card is valuable for its benefits, but be aware that the interest rates will rise. You can transfer balances and purchases to the card at a 13.99%-23.99% variable APR. After the APR promotion period ends, you will want to stop carrying any balance.
The card may be suitable for consumers who are not afraid to pay fees and spend in enough bonus categories to get the 2% or 3% rewards. However, they have to accept that the rewards can only be earned once a quarter and that any non-bonus purchases will earn 1% cashback.
This is a great place to be:
For those who wish to be able to select a category of bonus rewards. Customers who require an introductory APR. People who don't like annual fees.
The pros:
You can get 3% cashback on any category you choose from a limited list.
You will receive a $200 bonus in cash rewards online if you make $1,000 purchase within the first 90 day of your account opening.
Offers a 0% introductory APR on 15 billing cycles for purchases, and balance transfers within the first 60 Days.
Clients who are Preferred Rewards members receive 25%-75% extra cashback Charges no annual fee.
Card Summary - Cons
Caps bonus rewards:
Earns just 1% cash back on non-bonus purchases. Balance transfer fees of either 3% or $10 are charged, depending on the amount.
It's not great for:
Customers who do not spend much in card bonus categories.
People who are looking for a large sign-up bonus.
These people plan to have a balance at the end of their introductory period.
Rates and fees
Highlights
200 online cash reward bonus after making at least $1,000 purchase within the first 90 day of your account opening. Get 3% Cash Back in your chosen category, automatic 2% in grocery stores or wholesale clubs for all quarterly purchases (up to $2,500 combined category/ grocery/ wholesale store purchases), and an unlimited 1% for all other purchases
You can get 25% to 75% cash back when you are a member of Preferred Rewards. This means that you can earn as much as 5.25% on your purchases from the category of your choosing.
There is no annual fee or expiration of rewards. For purchases and balance transfers within the first 60-days, 0% intro APR. The 13.99%-23.99% variable APR applies after the intro APR deal ends. All balance transfer transactions are subject to a 3% (min $10), fee.
Contactless cards- A combination of the security and convenience of a card but with the ease of tapping.
Annual rewards valued at $296 Value of your sign-up bonus: $200Bank of America Customized cash Rewards credit card gives you 3% cashback in eligible categories, 2% at wholesale clubs and grocery stores (up to $2,500 combined category/grocery club quarterly purchases), and an unlimited 1% for all other purchases.
To earn 3% cashback, cardholders can choose one of these categories: Dining, drugstores, gas, home improvement/ furnishings, shopping online, travel. Only 1% of all non-bonus purchases earns cash back.
What is the Bank of America's Preferred Rewards Program and How Does It Work?
Customers who have a daily average balance of $20,000 in either their Merrill or Bank of America investment accounts receive a reward booster and savings on bank fees. Credit card rewards bonuses are offered to customers who have an average credit card balance of $20,000 or $50,000, $100,000, or both. This program is available to customers who have the Bank of America Customized Cash Reward credit card.
What Can You Make?
According to the U.S. Bureau of Labor Statistics' average spending data, Bank of America Customized cash rewards cardholders can earn $296 annually if they select dining as their 3% category. Bank of America Customized cash Rewards Credit Card.
How do I redeem rewards?
Redeem your Bank of America Customized cash Rewards credit card rewards in any amount. This includes a statement credit or a direct deposit to a Bank of America checking, savings, or credit to an eligible Merrill account. Merrill also offers a 529-compliant account.
You may also choose to receive a $25 paper check. You can make automatic transfers of $25 or more to eligible Merrill accounts if you do not want to redeem cash back. When depositing to your Bank of America account, one-time redemptions do not require a minimum amount.
How much is the APR for Bank of America Customized cash Rewards credit card?
Bank of America Customized Cash Reward credit card has an introductory 0% interest rate for purchases, balance transfers and purchase within the first 60 calendar days. The card's variable APR of 13.99% to 23.99% applies to purchases and balance transfer transactions after the promotion period.
How much does the Bank of America Customized cash Rewards credit card cost?
There is no annual fee for this card.
Balance transfer fee: The cash advance fee is $10 for direct deposits and checks cash advances. This card charges either $10 per transaction or 3%. This card charges $10 to 5% for ATM, online, same-day, and cash equivalent cash advances.
For transactions made outside of the United States, the Bank of America Customized Cash rewards credit card charges a foreign transaction charge of 3% of any amount in U.S. Dollars or in foreign currency. The fee adds to all other fees.
Late payment fee: This card may have a late payment fee of up to $40
Comparative Analysis with Other Cards
Bank of America Customized Rewards Credit Card vs. Citi Double Cash Card - 18 Month BT Offer
Annual fees: There is no annual fee for either card.
Reward: With the Bank of America Customized cash Rewards credit card, you can earn 3% cashback on eligible categories and 2% cashback at wholesale shops and grocery stores.
All other purchases receive 1% cashback and the combined earnings of 3% and 2.2% are limited to $2,500 each quarter. Members of Preferred Rewards can get 25% to 75% more for each purchase.
Citi Double Cash Card – 18 Month BT Offer earns 2% Cash Back on Every Purchase: 1% for each purchase and 1% when it is paid. There are no restrictions on the card's category or caps.
The cards have the following benefits: Fraud protection, contactless chip technology and $0 liability. When cardholders connect the Bank of America Customized Cash Reward credit card to their Bank of America checking accounts, they can also avail an optional overdraft protection.
Citi Double Cash Card – 18-month BT Offer allows cardholders to get tickets for sporting events, concerts and other dining experiences via Citi Entertainment.
Bank of America Customized Rewards Credit Card vs. Chase Freedom Flex
Annual Fee: There is no annual fee for the card.
Reward: With the Bank of America Customized cash Rewards credit card, you can earn 3% cashback on eligible categories and 2% cashback at wholesale shops and grocery stores. All other purchases receive 1% cashback and the combined earnings of 3% and 2.2% are limited to $2,500 each quarter.
Members of Preferred Rewards can get 25% to 75% more for each purchase. Chase Freedom Flex receives 5% cashback on purchases up to $1500 combined in bonus categories every quarter, when activated. Chase also earns 5% for travel purchases through Chase.
Chase offers 5% credit on eligible flight bookings; Chase gives 5% back on purchases made via Chase. Chase provides 3% discount on restaurant orders, takeout, and drugstore purchase. All other purchases are 1% off. Chase Freedom Flex earns an additional 5% cashback on qualified Lyft rides up to March 31, 2022.
Benefits: The cards have fraud protection as well as $0 liability. When cardholders connect the Bank of America Customized Cash Reward credit card to their Bank of America checking accounts, they can also avail an optional overdraft protection.
Chase Freedom Flex has additional benefits including purchase protection and trip cancellation/interruption insurance.
Conclusion
Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.
