The Customized Cash Rewards Credit Card from Bank of America is a highly flexible cashback credit card designed to offer cardholders the ability to earn rewards based on their personal spending habits.
This card is ideal for those who prefer to have control over how their cashback is earned, with the option to choose a category where they can earn 3% cashback on purchases.
Whether you spend more on gas, online shopping, or dining out, you can tailor the rewards to match your lifestyle.
In addition to the 3% cashback category, the card also offers 2% cashback on groceries and wholesale club purchases, making it a strong contender for individuals who spend a significant portion of their monthly budget in these areas.
For all other purchases, cardholders earn 1% cashback, which is a standard rate for most credit cards.
One of the most appealing features of the Customized Cash Rewards Credit Card is its no annual fee.
Reasons to Choose the Customized Cash Rewards Credit Card
- Flexible 3% Cashback Category
- The Customized Cash Rewards Credit Card stands out due to its flexible cashback structure. Unlike many other cards that limit cashback to specific categories, this card allows you to choose which category earns 3% cashback. You can select from categories like gas, online shopping, or dining out, giving you more control over how you maximize your rewards. This flexibility makes the card suitable for a variety of spending habits, as it allows you to tailor the rewards to your unique lifestyle.
- 2% Cashback on Groceries
- In addition to the customizable 3% category, the card offers 2% cashback on purchases made at grocery stores and wholesale clubs. Since most people spend a significant portion of their budget on groceries, this feature is an attractive bonus that adds extra value to everyday purchases. Earning 2% cashback on these expenses is a great way to boost your rewards without needing to think too much about your spending.
- 1% Cashback on Other Purchases
- For all other purchases, the Customized Cash Rewards Credit Card earns 1% cashback. While this rate is standard for many credit cards, it still provides an opportunity to earn rewards on your everyday expenses. The key here is that the card makes it easy to earn cashback on all purchases, whether they fall into the 3% or 2% categories or not.
- No Annual Fee
- One of the most appealing aspects of the Customized Cash Rewards Credit Card is that it comes with no annual fee. Many cashback cards charge annual fees that can eat into your rewards earnings, but with this card, you can keep all the cashback you earn without worrying about extra costs. This makes it an excellent choice for people who want to avoid fees while still enjoying great rewards.
- Generous Sign-Up Bonus
- The Customized Cash Rewards Credit Card offers a $200 online cash rewards bonus if you make at least $1,000 in purchases within the first 90 days of account opening. This is a great way to jumpstart your rewards earning and get a head start on your cashback balance.
- Easy Redemption Options
- You can redeem your cashback earnings as a statement credit, direct deposit, or even a gift card to popular retailers. This makes the redemption process incredibly flexible and convenient. Plus, you can set up automatic redemptions for statement credits, so you don’t have to think about it.
Negative Factors of the Customized Cash Rewards Credit Card
- High APR for Carrying a Balance
- One of the drawbacks of the Customized Cash Rewards Credit Card is its high APR. The variable APR for purchases and cash advances can range from 15.24% to 25.24%, depending on your creditworthiness. If you tend to carry a balance from month to month, the interest charges can quickly outweigh the value of the cashback you earn. It’s best to pay off your balance in full each month to avoid these high-interest charges.
- Limited Categories for 3% Cashback
- While the 3% cashback category is customizable, it still has a limited selection of options, such as gas, online shopping, or dining out. If your main spending categories fall outside these options, you may not be able to take full advantage of the card’s most lucrative rewards rate. Other cards offer more varied bonus categories, which may be a better fit for some consumers.
- $1,000 Minimum Spend for Sign-Up Bonus
- To earn the $200 cash rewards bonus, you must spend $1,000 in the first three months. This is a fairly high threshold, and some users may find it challenging to meet this requirement without making unnecessary purchases. While this bonus is generous, it may not be as accessible for those who don’t plan on making significant purchases in the first few months.
What Are the Requirements to Apply for the Customized Cash Rewards Credit Card?
To apply for the Customized Cash Rewards Credit Card, you must meet certain eligibility requirements:
- Credit Score
- You generally need a good credit score (typically 700 or higher) to be approved for the card. Applicants with lower scores may still be approved, but they might face a higher APR or a lower credit limit.
- Income
- You must demonstrate a reliable source of income to show that you can afford to make monthly payments on the card. While there is no minimum income requirement, having a stable income will improve your chances of approval.
- Age
- You must be at least 18 years old to apply for the card and meet the age requirements in your state of residence.
- Residency
- Applicants must be U.S. residents with a valid Social Security number or Individual Taxpayer Identification Number (ITIN).
- Credit History
- Bank of America will evaluate your overall credit history, including your payment history, existing debt, and other factors, when making a decision about your application.
Fees and Costs
Here is a breakdown of the fees and costs associated with the Customized Cash Rewards Credit Card:
- Annual Fee: $0.
- APR: 15.24% to 25.24% (variable), depending on creditworthiness.
- Late Payment Fee: Up to $40.
- Cash Advance Fee: 3% of the amount or $10, whichever is greater.
- Foreign Transaction Fee: $0.
- Returned Payment Fee: Up to $40.
- Cash Rewards Sign-Up Bonus: $200 when you make $1,000 in purchases in the first 90 days.
Frequently Asked Questions
- How do I redeem my cashback rewards?
- You can redeem your cashback rewards as a statement credit, direct deposit, or for gift cards from various retailers.
- What is the cashback rate on this card?
- The card offers 3% cashback in a category of your choice, 2% cashback on grocery store and wholesale club purchases, and 1% cashback on all other purchases.
- Is there an annual fee for the Customized Cash Rewards Credit Card?
- No, this card has no annual fee, making it a cost-effective option for earning rewards.
- Is there a sign-up bonus for the card?
- Yes, you can earn $200 in cash rewards when you spend $1,000 in the first 90 days.
- Are there any foreign transaction fees?
- No, the Customized Cash Rewards Credit Card has no foreign transaction fees, making it great for international use.
Conclusion
The Customized Cash Rewards Credit Card from Bank of America is an excellent choice for individuals who want flexibility and control over their cashback rewards.
With the ability to choose your 3% cashback category, 2% on groceries, and 1% on other purchases, it provides a versatile rewards structure.
The no annual fee and generous sign-up bonus further enhance its appeal.
While there are some limitations, such as the high APR and limited 3% categories, the card offers great value for those who make everyday purchases in the right categories.
