Bank of America
Bank of America® Customized Cash Rewards Credit Card
Key Features
| Annual Fee | $0.00 |
| Sign-up Bonus | $200 cash rewards bonus |
| Rewards Rate | 1-6% Cash Back |
| Intro APR | 0% Intro APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account. |
| Regular APR | Standard APR 17.49% - 27.49% variable |
| Other Fees | 3% of each transaction intro balance transfer fee for the first 60 days your account is open. After the intro balance transfer fee offer ends, the fee for all future balance transfers is 5%. |
About this card
The Bank of America® Customized Cash Rewards Credit Card earns an 'Excellent' overall rating of 4.1 out of 5.0. This card stands out as a highly versatile and rewarding option, particularly for consumers seeking flexibility in their cash back earnings and especially for those who are Bank of America Preferred Rewards members.Its most compelling strengths lie in its exceptional rewards program and strong fee structure. The card offers a unique customizable 3% cash back category (6% in the first year) that can be changed monthly, allowing cardholders to maximize earnings on their highest spending areas. The additional 2% cash back at grocery stores and wholesale clubs, combined with a competitive $200 sign-up bonus, provides substantial value. For Bank of America Preferred Rewards members, the earning potential is significantly boosted, making this card truly outstanding for that segment. The absence of an annual fee is a major advantage, enhancing its overall value proposition. Furthermore, the 0% Intro APR for 15 billing cycles on purchases and balance transfers is a strong temporary benefit.The primary drawback is the card's high regular variable APR (17.49% - 27.49%), which can be costly for those who carry a balance. Additionally, the $2,500 quarterly cap on bonus category spending, while manageable for many, limits earning potential for high spenders. A 3% foreign transaction fee and a higher ongoing balance transfer fee (5%) are also minor detractions.However, for a no-annual-fee cash back card, its ability to customize rewards, combined with its strong introductory offers and significant upside for Preferred Rewards members, makes it a top-tier choice. The card's positive reputation and the backing of a major financial institution further solidify its excellent standing in the market. While not perfect due to the high regular APR and spending cap, its strengths overwhelmingly outweigh its weaknesses, delivering exceptional value for its target audience.
Pros & Cons
What's great
- No annual fee
- Intro APR period
- Generous sign-up bonus
- High cashback rates
- Customizable bonus categories
- Rewards do not expire
Things to consider
- High regular APR
- High balance transfer fee
What this card offers
Sign-up bonuses
- Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
Rewards
- 6% cash back in the category of your choice – for the first year.
- Earn 3% cash back + 3% first-year cash back bonus in the category of your choice
- Automatic 2% cash back at grocery stores and wholesale clubs
- Unlimited 1% cash back on all other purchases
- Earn 6% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter.
- After the first year from account opening, you'll earn 3% cash back on purchases in your choice category.
- Choose which category you want to earn 6% cash back in – for the first year: gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; or home improvement and furnishings
Other features
- $0 Liability Guarantee for fraudulent transactions.
- Balance Connect® for overdraft protection: An optional service to help prevent declined purchases, returned checks or other overdrafts when you link your eligible Bank of America® checking account to your credit card. No transfer fees. Other fees may apply.
- Paperless Statement Option
- Digital Wallet Technology: Discover more ways to pay by adding your Bank of America® credit card to your mobile device then shop in-store or in-app using Apple Pay®, Google Pay™ or Samsung Pay.
- Online & Mobile Banking: Access to our award-winning Online and Mobile Banking. Bank on the go from almost anywhere quickly and securely. Pay your credit card bill online, transfer funds, check available credit and more.
- Account Alerts: Stay on top of your balances and due dates. Choose from several types of customer email or text alerts and let your phone tell you when payments are due and paid.
- There's no annual fee and your cash rewards don't expire as long as your account remains open.
- To change your choice category for future purchases, you must go to Online Banking, or use the Mobile Banking app. You can change it once each calendar month, or make no change and it stays the same.
- Redeem your cash rewards for any amount, anytime for statement credits, deposits made directly into a Bank of America® checking or savings account, or for credit to an eligible account with Merrill, or to pay for eligible purchases when you shop at Amazon.com or check out with PayPal.
- Redemptions for a contribution to a qualifying 529 account with Merrill or for a check start at $25.
- You may set up automatic redemptions into an eligible Bank of America® or Merrill® account. Automatic redemptions start at $25. Statement credits, checks and contributions into a qualifying 529 account are not eligible for automatic redemption enrollment.
- 25% Gold Tier Preferred Rewards Bonus
- 50% Platinum Tier Preferred Rewards Bonus
- 75% Platinum Honors Tier and Higher Preferred Rewards Bonus
Additional Notes
This offer may not be available elsewhere if you leave this page. You can take advantage of this offer when you apply now.