University of Miami Customized Cash Rewards from Bank of America Review

In the vast ocean of credit cards, it can be challenging to find one that perfectly suits your financial habits and lifestyle. The University of Miami Customized Cash Rewards from Bank of America aims to stand out by offering a customizable cash back feature. For those who are diligent about managing their finances and want a credit card that adapts to their spending, this card might just be the ideal pick. In this comprehensive review, we’ll dissect every aspect of the University of Miami Customized Cash Rewards card to help you decide if it aligns with your needs.

University of Miami Customized Cash Rewards from Bank of America Key Takeaways

Customizable Cash Back

– 3% Cash Back: Earn 3% cash back in the category of your choice. Categories include gas, online shopping, dining, travel, drug stores, or home improvement/furnishings.
– 2% 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, then 1%.
– 1% Cash Back: Earn 1% cash back on all other purchases.

Introductory Offers

– $200 Online 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 made within 60 days of opening your account.

Variable APR and Fees

– Purchase APR: 18.24% – 28.24% Variable
– Balance Transfer APR: 18.24% – 28.24% Variable
– Cash Advance APR: 21.24% – 29.24% Variable (for Direct Deposit and Check Cash Advances), 29.24% Variable (for Bank Cash Advances)
– Annual Fee: $0
– Balance Transfer Fee: Either $10 or 3% of the amount of each transaction, whichever is greater.
– Cash Advance Fee: Either $10 or 3% of the amount of each transaction, whichever is greater.
– Penalty Fees: Up to 29.99% for late payments, with a late payment fee of up to $40.

University of Miami Customized Cash Rewards from Bank of America Pros and Cons

Pros

– No Annual Fee: A significant advantage for those who want to maximize their rewards without being burdened by an annual fee.
– 0% Intro APR: On purchases and balance transfers for the first 15 statement closing dates, providing a substantial period for interest-free borrowing.
– Customizable Cash Back: The ability to choose a 3% cash back category allows cardholders to tailor rewards to their spending habits.
– Sign-Up Bonus: A $200 online cash rewards bonus after meeting the spending requirement is a generous incentive.

Cons

– Foreign Transaction Fee: This card charges a foreign transaction fee, making it less ideal for international travel.
– Spending Cap on Bonus Cash Back: The 2% cash back at grocery stores and wholesale clubs is limited to the first $2,500 in combined purchases each quarter, then downgrades to 1%.

University of Miami Customized Cash Rewards from Bank of America Benefits

Customizable Cash Back Categories

One of the standout features of the University of Miami Customized Cash Rewards card is the ability to choose your 3% cash back category. Every month, you can select a category that aligns with your spending patterns. This flexibility ensures that you can maximize your rewards based on your lifestyle changes or specific needs during different times of the year. The eligible categories are:
– Gas
– Online Shopping
– Dining
– Travel
– Drug Stores
– Home Improvement/Furnishings

Grocery and Wholesale Club Rewards

Grocery shopping is a significant expense for most households, and the University of Miami Customized Cash Rewards card caters to this by offering 2% cash back at grocery stores and wholesale clubs. However, it’s essential to note that this 2% cash back is only applicable on the first $2,500 in combined purchases each quarter. After reaching this threshold, subsequent purchases will earn 1% cash back.

Introductory APR and Online Cash Rewards Bonus

The card’s 0% introductory APR for the first 15 statement closing dates is a considerable benefit for those looking to make a large purchase or transfer a balance from another card. This interest-free period provides a buffer to pay off balances without incurring interest charges. Additionally, the $200 online cash rewards bonus is a compelling incentive for new cardholders, especially since the spending requirement of $1,000 within the first 90 days is relatively attainable.

No Annual Fee

The absence of an annual fee is a significant advantage for those who want to maximize their rewards without additional costs. This feature makes the University of Miami Customized Cash Rewards card accessible to a broader audience, including students, young professionals, and budget-conscious consumers.

Payment Flexibility and Good Credit Requirement

This card is designed for individuals with good to excellent credit, typically a score ranging from 670 to 799. It offers flexible payment options, allowing cardholders to manage their finances effectively. The introductory 0% APR period provides an opportunity to make significant purchases or consolidate debt without immediate interest concerns.

Online Account Management and Customer Service

Bank of America provides robust online account management tools, making it easy for cardholders to track their spending, make payments, and manage their accounts. The bank’s customer service is also readily accessible, ensuring that any issues or questions can be addressed promptly.

Conclusion

The University of Miami Customized Cash Rewards from Bank of America is a robust credit card offering a high degree of flexibility and customization. Its standout feature is the customizable 3% cash back category, allowing cardholders to tailor their rewards to their spending habits. The 2% cash back at grocery stores and wholesale clubs, combined with a competitive $200 sign-up bonus and 0% introductory APR, make it an attractive option for many consumers.
However, potential cardholders should be mindful of the foreign transaction fee, which makes it less ideal for international travel. Additionally, the spending cap on the 2% cash back category may be a limitation for those with higher grocery and wholesale club expenditures.
Overall, the University of Miami Customized Cash Rewards card is an excellent choice for individuals with good to excellent credit who want a no-annual-fee card that adapts to their spending patterns. Its combination of rewards, introductory offers, and flexible payment options make it a compelling option in the competitive credit card market.
If you have further questions or need personalized advice, feel free to reach out. As a financial expert, I’m here to help you make the best decisions for your financial future.