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 | After the intro APR offer ends, a Variable APR that's currently 17.74% to 27.74% will apply |
| 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 4.6 out of 5.0. This card stands out as a top-tier choice for consumers seeking flexible cash back rewards without an annual fee, particularly those who bank with Bank of America. Its strengths are numerous and significant: an exceptional rewards program (4.8/5.0) that allows users to choose their 3% cash back category, a solid 2% on groceries and wholesale clubs, and an unlimited 1% on all other purchases. The ability to customize the bonus category monthly adds immense value and adaptability. For Bank of America Preferred Rewards members, the card's value proposition soars to 'best-in-class' status, offering a substantial boost to cash back earnings. The fee structure is also highly commendable (4.2/5.0), primarily due to its $0 annual fee, which makes it an attractive long-term hold. Furthermore, the introductory APR offer (3.7/5.0) provides a generous 0% APR for 15 billing cycles on both purchases and balance transfers, offering significant short-term financial flexibility. The card's reputation is strong, consistently being recommended by financial experts and included in 'best of' lists for its unique flexibility and overall value. The card is well-positioned for its target audience, from everyday spenders to affluent BofA clients. While the card is not without minor drawbacks, such as the $2,500 quarterly spending cap on bonus categories (after which the rate drops to 1%) and a potentially high regular APR (17.74%-27.74%) after the introductory period, these are largely offset by its compelling benefits. The higher balance transfer fee after the intro period (5%) is also a consideration. Despite these minor limitations, the Bank of America Customized Cash Rewards Credit Card delivers outstanding value, flexibility, and rewards, establishing itself as an excellent choice in the cash back credit card market, especially for those who can maximize its benefits through the Preferred Rewards program.
Pros & Cons
What's great
- No annual fee
- Intro APR period
- Generous sign-up bonus
- High rewards rate
- Cashback on purchases
- Rotating bonus categories
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
- 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
- Enrich your experience as a Bank of America customer with the BofA Rewards program—starting with a rewards bonus on every credit card purchase
- There's no annual fee and your cash rewards don't expire as long as your account remains open
- We block potential fraud if abnormal patterns are detected and let you know if we suspect fraudulent activity. Plus, you always get a $0 Liability Guarantee for fraudulent transactions
- 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
- Opt for paperless credit card statements and increase account security while reducing paper consumption
- 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
- 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
- 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
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. Note: minimum payments are applied to lower-interest balances first. Additional payments are applied to higher-interest balances first.