Bank of America® Customized Cash Rewards credit card full review
If you are the kind of person that loves cashback but has different needs from time to time, you need to learn about this card.
What do I need to know about the Bank of America® Customized Cash Rewards credit card?
With high cash-back rates across a number of spending categories and an excellent sign-up bonus, the Bank of America® Customized Cash Rewards credit card is no slouch when it comes to credit card rewards.
The ideal candidates for this card may be customers who want gas rewards.
Furthermore, you may increase those cash-back rates even further if you have any banking or investment accounts with Bank of America. But do you really need this card?
Learn more in our credit card review of the Bank of America® Customized Cash Rewards.
How do the Bank of America® Customized Cash Rewards credit card works?
Although it comes with advantages and benefits specifically designed for the company’s banking and investing clients, the Bank of America Customized Cash Rewards credit card offers flexible and hefty cash-back rewards.
The first $2,500 in combined bonused-category spending per quarter earns an above-average 2% cash back at grocery stores and wholesale clubs, and you can choose from one of six categories for 3% cash back.
The tempting introductory offers include 0% APR financing for a respectable amount of time and a cash incentive that, can be achieved quite cheaply and fast. There is no annual charge.
How do the rewards works?
The following categories are eligible for the 3% cash-back bonus: gas (which also includes heating oil and marine fuel), internet shopping, restaurants, travel, drug stores, and home improvement/furniture.
Category changes are permitted once per month.
When defining its retail categories, Bank of America is fairly lenient. For instance, you may be able to earn premium benefits for dining at places like bars, cocktail lounges, discotheques, nightclubs, and taverns in addition to restaurants and fast food chains.
The 2% cash back at grocery stores is not applicable at superstores like Walmart, Target, and convenience stores, as it is with many other cards.
Although many credit cards exempt purchases from wholesale clubs from their premium rewards category, you can still earn a higher rate on those purchases.
There is a limit, however. The combined cap for the 3% and 2% earning categories is $2,500 per quarter. For every other purchase you make, you get 1% cashback.
The Preferred Rewards program from Bank of America offers members the chance to raise their rate if they meet the requirements and enroll.
A three-month average balance of $20,000 to $49,999 is required for a Bank of America personal checking account or Merrill account, and customers in the Gold tier receive a 25% rewards incentive.
A 50% rewards boost is given to Platinum tier members who have average balances between $50,000 and $99,999.
A 75% rewards bonus is given to Platinum Honors members with average balances of $100,000 or greater.
This can make the 3% cashback turn into up to 5.25%
Bank of America® Customized Cash Rewards credit card benefits
Good cashback rewards
You can choose from the following bonus categories: gas (which includes heating oil and marine fuel), online shopping, dining, travel, drug stores, or home improvement/furniture.
This card offers 3% cash-back on the bonus category of your choosing. You can switch the category at any time, but you must commit to each for at least one month.
The card offers 1% cash back on all other transactions and 2% cash back at supermarkets and wholesale clubs.
No annual fee
The Bank of America Rewards credit card provides better rewards than typical for a card without an annual fee. In contrast to cards that only waive the fee for the first year, you won’t have to decide whether to pay a fee to renew the card in the future.
A nice bonus for new cardholders
One of the simplest beginning cash offerings to acquire is the bonus. A $200 incentive is given for making only $1,000 in purchases with the card in the first 90 days.
And that’s in addition to the cashback you would receive for making those purchases.
0% intro APR
For a card that already offers a comprehensive list of benefits, the inclusion of a 0% initial APR offer for 18 billing cycles on purchases and debt transfers done within 60 days is a remarkable feature.
In contrast, several cash-back cards provide 0% introductory APRs for 12 months, while having substantially poorer cash-back schemes.
How to apply for the Bank of America® Customized Cash Rewards credit card
So, If you want to apply for the Bank of America® Customized Cash Rewards credit card, make sure to take a look at our article on the subject