Customized Cash Rewards Credit Card from Bank of America Review

Introduction

If you’re on the hunt for a versatile rewards credit card that offers substantial cashback opportunities and a range of beneficial features, the Customized Cash Rewards Credit Card from Bank of America may be just what you need. With a unique structured rewards program, no annual fee, and a host of other enticing benefits, this card is designed to cater to a broad spectrum of spending habits. In this comprehensive review, we’ll delve into the nitty-gritty details of this credit card, providing you with all the information you need to decide if it’s the right fit for your financial lifestyle.

Customized Cash Rewards Credit Card Review

The Customized Cash Rewards Credit Card from Bank of America stands out in the crowded field of cashback credit cards. One of its most attractive features is the ability to earn 3% cash back in a category of your choice, making it ideal for those who want to maximize rewards based on their spending habits. Additionally, it offers 2% cash back at grocery stores and wholesale clubs, and 1% on all other purchases.
The card also comes with a $200 cash rewards bonus after making at least $1,000 in purchases within the first 90 days of account opening, which is a generous welcome offer. Coupled with a 0% introductory APR on purchases and balance transfers for the first 15 statement closing dates, this card provides a compelling mix of rewards and financial flexibility.

Key Features

– 3% Cash Back: In the 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 on purchases and balance transfers.
– Variable APR: 18.24% – 28.24% after the introductory period.
– No Annual Fee: There is no annual fee for this card, making it a low-cost option for consumers.
– Flexible Redemption Options: Cash rewards can be redeemed as a statement credit, direct deposit into a Bank of America checking or savings account, or for credit to an eligible Merrill account.

Customized Cash Rewards Credit Card Key Takeaways

Before diving deeper into the specifics, here are some key takeaways that summarize the Customized Cash Rewards Credit Card from Bank of America:
– Flexible Rewards Program: The ability to choose your 3% cashback category each month allows for personalized rewards that align with your spending habits.
– Generous Introductory Offers: A $200 bonus and a 0% APR introductory period make this card appealing for new cardholders.
– No Annual Fee: This card offers valuable rewards and features without the burden of an annual fee.
– High Variable APR: Post-introductory APR can be high, so it’s important to pay off balances to avoid interest charges.
– Foreign Transaction Fee: This is not the ideal card for international travel due to its foreign transaction fee.

Customized Cash Rewards Credit Card Pros and Cons

Pros

1. No Annual Fee: Cardholders can enjoy all the benefits without any annual cost.
2. Customizable Cashback: The ability to earn 3% cash back in a category of your choice each month is a standout feature, allowing for flexibility based on changing spending patterns.
3. Generous Welcome Bonus: A $200 cash rewards bonus after spending $1,000 in the first 90 days is a significant perk.
4. Introductory APR: The 0% APR on purchases and balance transfers for the first 15 statement closing dates provides financial breathing room.
5. Multiple Redemption Options: Cash back can be redeemed as a statement credit, direct deposit, or for credit to an eligible Merrill account, providing flexibility in how you use your rewards.

Cons

1. Foreign Transaction Fee: A fee applies to purchases made outside the U.S., making it less ideal for international travel.
2. High Variable APR: After the introductory period, the APR ranges from 18.24% to 28.24%, which can be high if balances are not paid off in full each month.
3. Spending Caps on Higher Cashback Rates: The 3% and 2% cash back categories are capped at $2,500 per quarter combined, limiting the amount of high-rate cash back you can earn.

Customized Cash Rewards Credit Card Benefits

1. Customizable 3% Cash Back Category

One of the most distinctive features of the Customized Cash Rewards Credit Card is the ability to choose your 3% cash back category. Each month, you can select from six categories:
– Gas
– Online shopping
– Dining
– Travel
– Drug stores
– Home improvement/furnishings
This flexibility allows you to tailor your rewards to match your spending habits. For instance, if you have a month where you’re planning a trip, you can choose travel as your 3% category. Or, if you’re working on home renovations, you can opt for home improvement/furnishings.

2. 2% Cash Back at Grocery Stores and Wholesale Clubs

In addition to the 3% category, the card offers 2% cash back at grocery stores and wholesale clubs. This is particularly advantageous for families and individuals who spend a significant portion of their budget on groceries and bulk purchases. The 2% cash back is also capped at $2,500 per quarter combined with the 3% category, after which you earn 1% cash back.

3. 1% Cash Back on All Other Purchases

For all other purchases, the card provides 1% cash back. This ensures that every dollar you spend earns you some reward, even if it’s not in one of the higher-earning categories.

4. $200 Cash Rewards Bonus

A significant benefit of the Customized Cash Rewards Credit Card is the $200 cash rewards bonus. To qualify, you need to make at least $1,000 in purchases within the first 90 days of account opening. This is a relatively low spending threshold compared to other cards, making it accessible for many consumers.

5. 0% Introductory APR

The card offers a 0% introductory APR on both purchases and balance transfers for the first 15 statement closing dates. This can be particularly useful if you have a large purchase planned or if you want to transfer a balance from a high-interest credit card. It provides a window of time to pay off balances without incurring interest charges.

6. No Annual Fee

Another significant advantage is that there is no annual fee. This makes the card a cost-effective option, as you can enjoy the rewards and benefits without having to offset the cost of an annual fee.

7. Flexible Redemption Options

The rewards you earn can be redeemed in several ways, adding to the card’s flexibility. You can choose to redeem your cash back as:
– A statement credit
– A direct deposit into a Bank of America checking or savings account
– Credit to an eligible Merrill account
This flexibility allows you to use your rewards in a manner that best suits your financial needs.

8. Additional Benefits for Preferred Rewards Members

Bank of America Preferred Rewards members can earn even more cash back. Depending on your tier, you can get a 25% to 75% rewards bonus on every purchase. This can significantly increase the value of your rewards, making it worth considering if you already have a relationship with Bank of America.

9. Security Features

The card comes with several security features to protect your account and personal information. These include:
– Zero Liability Protection: You won’t be held liable for unauthorized transactions.
– Free FICO® Score: Access your FICO® Score for free through online banking.
– Overdraft Protection: Link your credit card to your Bank of America checking account to help prevent overdrafts.

10. Customer Service

Bank of America offers robust customer service options, including:
– 24/7 Customer Service: Reach out anytime for assistance.
– Online and Mobile Banking: Manage your account, pay bills, and track spending through Bank of America’s online and mobile platforms.
– Alerts: Set up customized alerts to stay informed about your account activity.

Conclusion

The Customized Cash Rewards Credit Card from Bank of America is a versatile and rewarding option for those who want to maximize their cash back based on their spending habits. With the ability to choose your 3% cash back category, earn 2% at grocery stores and wholesale clubs, and 1% on all other purchases, it offers a well-rounded rewards program. The $200 cash rewards bonus and 0% introductory APR for the first 15 statement closing dates add significant value, especially for new cardholders.
While the card does have some drawbacks, such as a high variable APR and a foreign transaction fee, the benefits and flexibility it offers make it a compelling choice. The no annual fee structure ensures that you can enjoy the rewards without any additional cost, and the multiple redemption options allow you to use your cash back in a way that best suits your financial needs.
Overall, the Customized Cash Rewards Credit Card from Bank of America is an excellent option for those looking for a customizable rewards card that can adapt to their spending habits. Whether you’re a frequent traveler, a grocery shopper, or someone who enjoys dining out, this card has the potential to offer significant rewards and benefits tailored to your lifestyle.