NEA® Customized Cash Rewards from Bank of America Review

When it comes to choosing a credit card, the myriad of options can be overwhelming. However, the NEA® Customized Cash Rewards from Bank of America stands out for its versatility and robust rewards program. This card offers a blend of cash back rewards, flexible payment options, and a generous introductory APR period that makes it an attractive option for a wide range of consumers. As a financial expert, I’ll delve into the specifics of this card, elaborate on its strengths and weaknesses, and provide my insights on how it stacks up against other credit cards in the market.

NEA® Customized Cash Rewards from Bank of America Key Takeaways

Before diving into the nitty-gritty details of this card, let’s highlight some key takeaways that make the NEA® Customized Cash Rewards from Bank of America a compelling choice:
1. Customizable Cash Back: Earn 3% cash back in a category of your choice, which can be gas, online shopping, drug stores, home improvement & furnishings, dining, or travel.
2. Additional Cash Back: Earn 2% cash back at grocery stores and wholesale clubs on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter.
3. Flat Cash Back Rate: Earn 1% cash back on all other purchases.
4. Welcome Bonus: $200 Amazon.com gift card bonus after making $500 in purchases within the first 90 days.
5. No Annual Fee: Enjoy the benefits of the card without the burden of an annual fee.
6. Introductory APR: 0% Introductory APR for the first 15 statement closing dates following the opening of your account.
7. Variable APR: Post-introductory APR ranges between 18.24% – 28.24% depending on your creditworthiness.

NEA® Customized Cash Rewards from Bank of America Pros and Cons

Pros

1. No Annual Fee: This card doesn’t charge an annual fee, making it a cost-effective option for budget-conscious consumers.
2. Customizable Cash Back Categories: The ability to choose your 3% cash back category each month sets this card apart, offering flexibility based on your changing spending habits.
3. Generous Introductory APR: The 0% introductory APR for the first 15 statement closing dates can be a lifesaver if you plan to make a large purchase or need to transfer a balance.
4. Welcome Bonus: The $200 Amazon.com gift card bonus is a great incentive for new cardholders.
5. Wide Acceptance: As a Bank of America card, it enjoys wide acceptance both domestically and internationally.
6. Additional Cash Back Opportunities: Earning 2% cash back at grocery stores and wholesale clubs is a valuable addition for regular shoppers.

Cons

1. Foreign Transaction Fee: This card charges a foreign transaction fee, which can be a drawback for frequent travelers.
2. Limited 2% and 3% Categories: The 2% and 3% cash back categories have a quarterly cap of $2,500, after which the cash back rate drops to 1%.
3. Variable APR: The post-introductory APR can be as high as 28.24%, which is relatively high compared to other cards.
4. Not Student-Friendly: Students are not eligible for this card, limiting its accessibility to a younger demographic.

NEA® Customized Cash Rewards from Bank of America Benefits

Customizable Cash Back

One of the standout features of this card is its customizable cash back categories. You can earn 3% cash back in one category of your choice, which can be gas, online shopping, drug stores, home improvement & furnishings, dining, or travel. This feature is particularly beneficial if your spending habits change throughout the year. For instance, you might choose gas during a road trip-heavy summer and switch to online shopping during the holiday season.

Additional Cash Back

In addition to the customizable 3% category, you can also earn 2% cash back at grocery stores and wholesale clubs. This is particularly advantageous for those who do a lot of shopping at wholesale clubs like Costco or Sam’s Club. However, it’s important to note that the 2% and 3% cash back categories have a combined quarterly cap of $2,500, after which the cash back rate drops to 1%.

Flat Cash Back Rate

For all other purchases, you earn a flat 1% cash back. While this rate is not as high as some other cash back cards, it’s a nice addition that ensures you’re always earning rewards, no matter what you’re buying.

Welcome Bonus

The $200 Amazon.com gift card bonus is a great way to kickstart your rewards journey. To qualify, you need to spend $500 within the first 90 days of opening your account. This is a relatively low spending requirement compared to other cards that offer similar bonuses, making it easier for most people to achieve.

No Annual Fee

One of the most appealing aspects of this card is that it doesn’t charge an annual fee. This means you can enjoy all the benefits and rewards without having to worry about offsetting an annual cost.

Introductory APR

The 0% introductory APR for the first 15 statement closing dates is a significant benefit, especially if you’re planning a large purchase or need to transfer a balance from a high-interest credit card. This gives you over a year of interest-free financing, which can be a substantial financial relief.

Variable APR

After the introductory period, the APR ranges from 18.24% to 28.24%, depending on your creditworthiness. While this is on the higher side, it’s not uncommon for cashback cards. It’s essential to pay off your balance in full each month to avoid these high-interest charges.

Additional Features

– Payment Flexibility: The card offers flexible payment options, allowing you to pay your bill online, by phone, or through the Bank of America mobile app.
– Fraud Protection: Robust fraud protection measures are in place to safeguard your account.
– Travel Benefits: While the card does charge a foreign transaction fee, it still offers some travel benefits, making it a viable option for occasional travelers.
– Credit Quality: The card is designed for individuals with good to excellent credit, typically ranging from 670 to 799.

Conclusion

The NEA® Customized Cash Rewards from Bank of America is a versatile and rewarding credit card that offers a unique blend of customizable cash back categories, a generous introductory APR period, and no annual fee. Its standout feature is the ability to tailor your 3% cash back category to suit your spending habits, which adds a level of flexibility not often seen in other cash back cards. The additional 2% cash back at grocery stores and wholesale clubs further enhances its value, especially for regular shoppers.
However, the card is not without its drawbacks. The foreign transaction fee makes it less appealing for frequent international travelers, and the high post-introductory APR could be a concern for those who carry a balance. Additionally, the quarterly cap on the 2% and 3% cash back categories may limit the rewards you can earn.
Overall, the NEA® Customized Cash Rewards from Bank of America is a strong contender in the cash back credit card market, particularly for those who can take full advantage of its customizable rewards structure and introductory APR period. It’s an excellent choice for consumers with good to excellent credit who are looking for a flexible, no-annual-fee card that rewards everyday spending.