Bank of America® Customized Cash Rewards Credit Card Review

In the highly competitive world of credit cards, the Bank of America® Customized Cash Rewards Credit Card stands out for its flexible cashback rewards structure, introductory offers, and a host of other appealing features. This card is particularly attractive for consumers who enjoy customizing their rewards to fit their spending habits. Here, we’ll dive deep into the various aspects of this card, breaking down its benefits, drawbacks, and everything in between.

Bank of America® Customized Cash Rewards Credit Card Review

The Bank of America® Customized Cash Rewards Credit Card is designed to provide maximum flexibility and rewards for its users. The card offers a tiered cashback system, allowing cardholders to earn up to 3% cashback in their selected spending category, 2% at grocery stores and wholesale clubs, and 1% on all other purchases. These rewards can be tailored to the cardholder’s spending habits, making it a versatile tool for everyday use.
Moreover, the card comes with a 0% introductory APR for the first 15 statement closing dates on purchases and balance transfers made within 60 days of account opening. After the introductory period, a variable APR of 18.24% – 28.24% applies. The card also boasts a $200 online cash rewards bonus after spending at least $1,000 within the first 90 days of account opening. Let’s delve deeper into the key takeaways, pros and cons, benefits, and other essential aspects of this card.

Bank of America® Customized Cash Rewards Credit Card Key Takeaways

– Customizable Cashback Rewards: Earn 3% cashback in a selected category, 2% at grocery stores and wholesale clubs, and 1% on all other purchases.
– Introductory Offers: 0% intro APR for the first 15 statement closing dates on purchases and balance transfers.
– Sign-Up Bonus: $200 online cash rewards bonus after spending $1,000 in the first 90 days.
– No Annual Fee: Enjoy all the benefits without an annual fee.
– Variable APR: After the intro period, the APR ranges from 18.24% to 28.24% based on creditworthiness.
– Penalty Fees: Late payment fees up to $40 and returned payment fees up to $29.

Bank of America® Customized Cash Rewards Credit Card Pros and Cons

Pros:

1. No Annual Fee: This card does not charge an annual fee, making it a cost-effective option for those looking to maximize their cashback rewards without incurring additional costs.
2. 0% Intro APR: The introductory 0% APR for the first 15 statement closing dates on purchases and balance transfers is an excellent feature for those looking to finance a large purchase or transfer high-interest balances.
3. Customizable 3% Cashback Category: Cardholders can select from various categories for their 3% cashback, allowing for tailored rewards that match individual spending habits.
4. Preferred Rewards Program: Bank of America customers who are part of the Preferred Rewards program can earn even higher cashback rates.
5. Sign-Up Bonus: The $200 online cash rewards bonus is a generous incentive for new cardholders.

Cons:

1. Bonus Category Spending Caps: The 3% and 2% cashback rewards are limited to the first $2,500 in combined spending per quarter. After reaching this limit, all purchases earn 1% cashback.
2. Foreign Transaction Fee: This card charges a foreign transaction fee, making it less suitable for international travel.
3. High APR after Intro Period: The variable APR of 18.24% – 28.24% can be high for those who carry a balance beyond the introductory period.

Bank of America® Customized Cash Rewards Credit Card Benefits

Flexible Cashback Rewards

The standout feature of the Bank of America® Customized Cash Rewards Credit Card is its flexible cashback rewards system. Cardholders can choose one category to earn 3% cashback from several options, including gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. This flexibility allows users to maximize their rewards based on their unique spending patterns.
Additionally, the card offers 2% cashback at grocery stores and wholesale clubs, and 1% cashback on all other purchases. However, it’s important to note that the 3% and 2% cashback rewards are limited to the first $2,500 in combined spending per quarter. After reaching this limit, all purchases earn 1% cashback.

Introductory Offers

New cardholders can take advantage of a 0% introductory APR for the first 15 statement closing dates on purchases and balance transfers made within the first 60 days of account opening. This is a valuable feature for those looking to finance a large purchase or transfer balances from higher-interest credit cards. After the introductory period, the APR ranges from 18.24% to 28.24%, depending on the cardholder’s creditworthiness.

Sign-Up Bonus

The Bank of America® Customized Cash Rewards Credit Card offers a $200 online cash rewards bonus for new cardholders who spend at least $1,000 within the first 90 days of account opening. This bonus is relatively easy to achieve and adds significant value for new users.

No Annual Fee

One of the most attractive features of this card is the absence of an annual fee. This means cardholders can enjoy all the benefits and rewards without incurring additional costs, making it an excellent choice for those seeking a cost-effective cashback card.

Preferred Rewards Program

Bank of America customers who are part of the Preferred Rewards program can earn even higher cashback rates with this card. Depending on the tier of the Preferred Rewards program, cardholders can earn an additional 25% to 75% rewards bonus on every purchase. This can significantly boost the overall cashback earnings for loyal Bank of America customers.

Additional Benefits

– Payment Flexibility: The card offers flexible payment options, allowing cardholders to set up automatic payments or pay online, by phone, or by mail.
– Fraud Protection: Advanced security features help protect against unauthorized transactions, providing peace of mind to cardholders.
– Rewards Redemption: Cashback rewards can be redeemed for statement credits, direct deposits into a Bank of America checking or savings account, or credit to an eligible Merrill account.
– Purchase Protection: Purchases made with the card are protected against damage or theft for a limited time.
– Extended Warranty Protection: The card extends the manufacturer’s warranty on eligible purchases, providing additional coverage and protection.

Conclusion

The Bank of America® Customized Cash Rewards Credit Card is a versatile and rewarding option for consumers seeking a flexible cashback card without an annual fee. Its customizable 3% cashback category, generous introductory offers, and robust benefits make it an attractive choice for a wide range of users. However, potential cardholders should be aware of the spending caps on bonus categories and the foreign transaction fee. Overall, this card offers excellent value, especially for those who can take advantage of the Preferred Rewards program and maximize their cashback earnings.
In summary, the Bank of America® Customized Cash Rewards Credit Card is a solid choice for those looking to earn flexible cashback rewards tailored to their spending habits. With no annual fee, a generous sign-up bonus, and a host of additional benefits, this card is a strong contender in the cashback credit card market. Whether you’re a Bank of America loyalist or simply seeking a versatile rewards card, the Bank of America® Customized Cash Rewards Credit Card is worth considering.