Susan G. Komen® Customized Cash Rewards Visa® from Bank of America Review

Navigating the complex world of credit cards can be daunting, but finding the right card for your financial needs and lifestyle can make a world of difference. Today, we’re diving deep into the Susan G. Komen® Customized Cash Rewards Visa® from Bank of America. This review will cover everything you need to know, from the basics to the nitty-gritty details that might help you decide if this card is the perfect fit for you.

Susan G. Komen® Customized Cash Rewards Visa® from Bank of America Key Takeaways

Before we delve into the comprehensive review, let’s highlight some key takeaways of the Susan G. Komen® Customized Cash Rewards Visa® from Bank of America:
1. Flexible Cash Back Rewards: Earn 3% cash back in a category of your choice, 2% at grocery stores and wholesale clubs, and 1% on all other purchases.
2. Sign-Up Bonus: Receive a $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening.
3. Introductory APR: Enjoy a 0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account.
4. No Annual Fee: This card comes with no annual fee, making it an attractive option for those looking to maximize rewards without extra costs.
5. Variable APR: After the introductory period, the APR varies between 18.24% – 28.24%.

Susan G. Komen® Customized Cash Rewards Visa® from Bank of America Pros and Cons

Like any financial product, the Susan G. Komen® Customized Cash Rewards Visa® has its strengths and weaknesses. Let’s break them down:

Pros:

1. No Annual Fee: One of the most appealing features is the lack of an annual fee, which means you can enjoy the card’s benefits without worrying about yearly costs.
2. Customizable Cash Back: The 3% cash back in a category of your choice is a standout feature. This flexibility allows you to tailor your rewards to match your spending habits.
3. Generous Introductory Offer: The $200 cash rewards bonus is a significant perk for new cardholders who meet the spending requirement.
4. Lengthy Introductory APR Period: The 0% Introductory APR for the first 15 Statement Closing Dates is beneficial for those who need to make large purchases or transfer balances.
5. Wide Acceptance: Being a Visa card, it is widely accepted both domestically and internationally.

Cons:

1. Foreign Transaction Fee: This card charges a foreign transaction fee, which can be a drawback for frequent international travelers.
2. High Variable APR: Post-introductory APR rates can be high, ranging from 18.24% to 28.24%, which may not be ideal for those who carry a balance.
3. Category Cap: The 3% and 2% cash back categories are capped at $2,500 in combined purchases each quarter, after which the rewards drop to 1%.

Susan G. Komen® Customized Cash Rewards Visa® from Bank of America Benefits

This card offers a range of benefits that cater to various consumer needs. Here are some of the standout features:

Customizable Cash Back

One of the unique selling points of this card is the ability to choose your 3% cash back category. Options typically include categories like gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. This flexibility allows you to maximize your rewards based on your spending patterns. For example, if you drive a lot, selecting gas as your 3% category can yield substantial savings.

Grocery Store and Wholesale Club Rewards

The 2% cash back at grocery stores and wholesale clubs is another significant benefit. Given that groceries are a regular expense for most households, this feature can help you save a considerable amount over time. It’s worth noting that the 3% and 2% cash back categories are subject to a $2,500 combined quarterly spending limit, after which all purchases earn 1% cash back.

No Annual Fee

A no annual fee structure means you can enjoy all the card’s benefits without worrying about an additional yearly cost. This is particularly advantageous for those who are budget-conscious or looking to maximize their savings.

Introductory APR Offers

The 0% Introductory APR for the first 15 Statement Closing Dates on both purchases and balance transfers is a valuable feature, especially if you’re planning a big purchase or looking to transfer a balance from a high-interest card. This can offer substantial savings on interest payments during the introductory period.

Sign-Up Bonus

The $200 cash rewards bonus is a great incentive for new cardholders. Spending $1,000 in the first 90 days is a relatively achievable target for most consumers, making this bonus an easily attainable reward.

Security Features

The card comes with robust security features, including fraud protection and zero liability for unauthorized transactions. This ensures peace of mind when using your card for both online and offline purchases.

Additional Perks

Beyond the primary rewards and benefits, the Susan G. Komen® Customized Cash Rewards Visa® also offers:
– Free FICO Score: Keep track of your credit health with free access to your FICO score.
– ShopSafe®: Generate temporary credit card numbers for safer online shopping.
– Overdraft Protection: Link your card to a Bank of America checking account to prevent overdrafts.
– BankAmeriDeals®: Earn additional cash back from participating merchants.

Conclusion

The Susan G. Komen® Customized Cash Rewards Visa® from Bank of America is an excellent option for individuals seeking a versatile cash back credit card with no annual fee. Its customizable cash back categories, generous sign-up bonus, and lengthy introductory APR period make it a compelling choice for a wide range of consumers. However, the foreign transaction fee and high variable APR post-introductory period are factors to consider, particularly for those who travel frequently or carry a balance.
In summary, if you’re looking for a card that allows you to tailor your rewards to your spending habits and offers substantial introductory benefits without an annual fee, the Susan G. Komen® Customized Cash Rewards Visa® from Bank of America is worth considering. Its combination of flexibility, rewards, and security features makes it a strong contender in the cash back credit card market.