Auburn University Customized Cash Rewards from Bank of America Review

In the world of credit cards, the Auburn University Customized Cash Rewards from Bank of America offers a compelling blend of flexibility, rewards, and savings. This card is designed to cater to a diverse range of spending habits, allowing cardholders to tailor their cash back categories and maximize their financial benefits. As a financial expert, I’ll provide a comprehensive review of this credit card, diving deep into its features, benefits, and potential drawbacks. Whether you’re a seasoned credit card user or someone exploring your options, this review will help you make an informed decision.

Auburn University Customized Cash Rewards Key Takeaways

Before we delve into the details, let’s highlight the key takeaways of the Auburn University Customized Cash Rewards credit card:
– 3% Cash Back in a category of your choice (on the first $2,500 each quarter).
– 2% Cash Back at grocery stores and wholesale clubs (on the first $2,500 each quarter).
– 1% Cash Back on all other purchases.
– $200 Cash Rewards Bonus after making at least $1,000 in purchases within the first 90 days of account opening.
– 0% Introductory APR for the first 15 statement closing dates following the opening of your account.
– Variable APR ranging from 18.24% to 28.24%.
– No annual fee.
– Balance transfer and cash advance fees apply.
– Rewards flexibility and customization.
– Suitable for individuals with good to excellent credit scores (670-799).

Auburn University Customized Cash Rewards Pros and Cons

Pros:

1. No Annual Fee: One of the most attractive features of this card is the absence of an annual fee. This means you can enjoy all the benefits and rewards without worrying about an annual cost eating into your earnings.
2. Customizable Cash Back Categories: The ability to earn 3% cash back in a category of your choice each quarter is a standout feature. You can tailor your rewards to match your spending habits, whether it’s dining, travel, gas, or another category.
3. Generous Introductory APR: The 0% introductory APR for the first 15 statement closing dates is a significant advantage for those looking to make large purchases or transfer balances without incurring interest during the promotional period.
4. Cash Rewards Bonus: The $200 cash rewards bonus after spending $1,000 within the first 90 days is a great incentive for new cardholders. It provides an immediate return on your spending.
5. Wide Acceptance: As a Bank of America credit card, it enjoys wide acceptance, making it easy to use for everyday purchases and travel.

Cons:

1. Foreign Transaction Fee: The card comes with a foreign transaction fee, which can be a drawback for frequent international travelers. Each transaction made abroad will incur additional charges, reducing the overall value of the rewards.
2. High Variable APR: After the introductory period, the variable APR ranges from 18.24% to 28.24%. This is relatively high, and carrying a balance on this card could result in significant interest charges.
3. Quarterly Spending Caps: The 3% and 2% cash back categories are limited to the first $2,500 in combined purchases each quarter. Once you exceed this limit, the rewards drop to 1%, which might reduce the overall value for high spenders.
4. Balance Transfer and Cash Advance Fees: While balance transfers can be an effective tool for managing debt, the card charges a fee of 3% of the transferred amount. Similarly, cash advances come with fees ranging from 3% to 5%.

Auburn University Customized Cash Rewards Benefits

Customizable Cash Back Categories

One of the standout features of the Auburn University Customized Cash Rewards credit card is its flexibility in earning cash back. Each quarter, cardholders can select a category to earn 3% cash back on up to $2,500 in combined purchases. This customization allows you to align your rewards with your spending habits. Common categories include:
– Gas
– Online Shopping
– Dining
– Travel
– Drug Stores
– Home Improvement/Furnishings
This flexibility ensures that you can maximize your cash back in the areas where you spend the most, making the card highly adaptable to your lifestyle.

Grocery Stores and Wholesale Clubs

In addition to customizable categories, the card offers 2% cash back at grocery stores and wholesale clubs on up to $2,500 in combined purchases each quarter. This is particularly advantageous for individuals and families who spend a significant portion of their budget on groceries. Wholesale club purchases also include popular stores like Costco and Sam’s Club, providing added value for bulk shoppers.

All Other Purchases

For all other purchases, the card offers a flat 1% cash back. While this rate is not as high as the 3% or 2% categories, it ensures that every dollar spent still earns you rewards. This makes the card a solid option for everyday spending.

Introductory APR Offers

The Auburn University Customized Cash Rewards card comes with an attractive 0% introductory APR for the first 15 statement closing dates. This applies to both purchases and balance transfers made within the first 60 days of opening your account. This feature can be particularly beneficial for those planning large purchases or looking to consolidate existing debt without accruing interest during the promotional period.

Cash Rewards Bonus

New cardholders can earn a $200 cash rewards bonus by spending at least $1,000 in purchases within the first 90 days of account opening. This initial bonus provides an immediate boost to your rewards balance and can be a great way to offset initial spending.

No Annual Fee

The absence of an annual fee is a significant benefit of this card. It means you can enjoy all the features and rewards without worrying about an annual cost reducing your overall earnings. This makes the card an attractive option for both moderate and heavy spenders.

Wide Acceptance and Security

As a Bank of America credit card, the Auburn University Customized Cash Rewards card enjoys wide acceptance, both domestically and internationally. Additionally, Bank of America offers robust security features, including fraud protection and zero liability for unauthorized transactions. Cardholders can also manage their accounts easily through the Bank of America mobile app and online banking platform.

How to Maximize Your Rewards

To make the most of the Auburn University Customized Cash Rewards credit card, consider the following strategies:
1. Plan Your Categories: Choose your 3% cash back category wisely each quarter. Review your spending habits and select the category where you anticipate the most expenses. This will help you maximize your rewards.
2. Utilize Grocery and Wholesale Club Benefits: Take advantage of the 2% cash back at grocery stores and wholesale clubs. Plan your grocery shopping to fall within the quarterly cap to maximize your rewards.
3. Pay Off Balances: To avoid high-interest charges once the introductory period ends, aim to pay off your balance in full each month. This will ensure that you don’t erode your rewards with interest payments.
4. Leverage the Introductory APR: If you have a large purchase or existing debt, use the 0% introductory APR period to your advantage. Make your purchases or transfer balances early to maximize the interest-free period.
5. Earn the Bonus: Aim to reach the $1,000 spending threshold within the first 90 days to earn the $200 cash rewards bonus. This can provide an excellent return on your initial spending.

Conclusion

The Auburn University Customized Cash Rewards credit card from Bank of America is a versatile and rewarding option for individuals with good to excellent credit scores. Its customizable cash back categories, generous introductory APR, and lack of an annual fee make it a compelling choice for a wide range of consumers. However, the card’s high variable APR and foreign transaction fees may be potential drawbacks for some users.
Ultimately, the value of this card lies in its flexibility and ability to adapt to your spending habits. By strategically selecting your cash back categories and managing your spending, you can maximize your rewards and enjoy significant financial benefits. Whether you’re looking for a card to complement your everyday spending or one to help you manage large purchases, the Auburn University Customized Cash Rewards credit card is a strong contender worth considering.