The Bank of America® Customized Cash Rewards Credit Card is a versatile cash-back credit card designed for individuals looking to maximize their earnings in spending categories that matter most to them.
With the flexibility to choose a top earning category and solid rewards on everyday purchases, this card is a great option for those who want personalized benefits without an annual fee.
About the Financial Institution
Bank of America is one of the largest and most well-established financial institutions in the United States.
With a history dating back to 1904, the bank has evolved into a global leader in banking and financial services.
It offers a wide range of products, including credit cards, checking and savings accounts, investment services, and mortgage solutions.
Known for its strong customer support, digital banking innovations, and extensive branch network, Bank of America provides reliable and rewarding financial products for consumers and businesses alike.
Who is This Card For?
The Bank of America® Customized Cash Rewards Credit Card is ideal for individuals who want more control over their cash-back earnings. This card is best suited for:
- Everyday Shoppers: Those who frequently spend on categories like gas, dining, travel, or online shopping.
- Budget-Conscious Consumers: People who want a rewarding credit card with no annual fee.
- Bank of America Customers: Existing clients who can take advantage of the Preferred Rewards program to earn even more cash back.
- Custom Rewards Seekers: Individuals who want the flexibility to choose their top cash-back category based on changing spending habits.
Main Advantages of the Card
The Bank of America® Customized Cash Rewards Credit Card offers a unique set of features that make it a strong option in the cash-back credit card market:
- 3% Cash Back: Earn 3% cash back in a category of your choice, including gas, online shopping, dining, travel, drug stores, or home improvement/furnishings.
- 2% Cash Back: Earn 2% cash back at grocery stores and wholesale clubs.
- 1% Cash Back: Earn unlimited 1% cash back on all other purchases.
- Bonus Offer: New cardholders can qualify for a generous sign-up bonus after meeting the minimum spending requirement.
- No Annual Fee: Enjoy rewards and benefits without worrying about an annual fee.
- Introductory 0% APR: Take advantage of an introductory 0% APR period on purchases and balance transfers for a specified time.
Additional Benefits
Beyond its cash-back rewards, the Bank of America® Customized Cash Rewards Credit Card provides additional perks to enhance the user experience.
Exclusive Bank of America Benefits
- Preferred Rewards Program: Bank of America customers enrolled in the Preferred Rewards program can earn 25% to 75% more cash back on every purchase.
- Digital Wallet Compatibility: Easily link your card to Apple Pay, Google Pay, and Samsung Pay for secure, contactless transactions.
- Online & Mobile Banking: Manage your account, track spending, and redeem rewards through the highly rated Bank of America mobile app.
Security and Convenience
- Fraud Protection: Zero liability fraud protection ensures you are not responsible for unauthorized transactions.
- Free FICO® Score: Monitor your credit score for free through Bank of America’s online banking platform.
- Overdraft Protection: Link your card to a Bank of America checking account to help avoid overdraft fees.
- Alerts & Account Monitoring: Set up real-time account alerts for added security and budgeting control.
The Bank of America® Customized Cash Rewards Credit Card is an excellent choice for individuals who want flexible cash-back options, solid earning potential, and valuable perks without an annual fee.
Whether you’re looking to maximize rewards on daily purchases or take advantage of the Preferred Rewards bonus, this card offers a customizable and rewarding experience.
Fees and charges
Late Payment: Up to $40;
● Introductory APR: 0% for 15 billing cycles;
● Standard APR: 18.24% - 28.24%;
● Balance Transfer Fee: 3% fee on balance transfers in the first 60 days; afterward, 4%;
● Cash Advance: 4% of the amount of each transaction.
Expert review
The Customized Cash Rewards Card by Bank of America is a great choice for those seeking flexibility in earning rewards.
It offers 3% cashback on a category of your choice (like gas, online shopping, dining, etc.), and 2% cashback on groceries and wholesale clubs, on up to $2,500 in combined choice category and grocery purchases each quarter.
With no annual fee, it's accessible for many users.
However, the card's APR can be high, and it requires category selection each month to maximize rewards.
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+Positive points
- 3% Cashback on Selected Category: Earn 3% cashback on a category of your choice, such as gas, dining, or online shopping.
- 2% Cashback on Groceries: Earn 2% cashback on grocery and wholesale club purchases, on up to $2,500 per quarter.
- No Annual Fee: Enjoy cashback benefits without the burden of an annual fee.
- Flexible Rewards: Choose your preferred category each month to maximize cashback in areas that suit your spending.
- Cash Back Redemption: Redeem rewards for statement credits, gift cards, or even travel purchases.
- Negative points
- High APR: The variable APR can be high for those carrying a balance.
- Quarterly Spending Limit: The 2% cashback on groceries is capped at $2,500 per quarter, limiting earning potential.
- Requires Category Selection: To maximize cashback, you must select your preferred category every month, which can be a hassle.