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The Bank of America® Customized Cash Rewards credit card has several great features including no annual fee, a flexible rewards program, a generous welcome bonus, and 0% APR for the first 15 months.
It’s a great credit card for some, but the limiting rewards structure and good credit requirement make it difficult to recommend across the board.
Quick Review
For strategic spenders, especially those who qualify for Bank of America’s Preferred Rewards program, the Bank of America® Customized Cash Rewards credit card is a great option for cash back on everyday purchases.
Cardholders get:
- 2% cash back on groceries
- 3% back on a bonus category (such as gas or online shopping) for the first $2,500 spent each quarter
- Unlimited 1% cash back on all other purchases
For customers who qualify for Preferred Rewards, bonus earnings will increase by 25%–75%.
Considering additional features like the long introductory 0% APR period, no annual fee, and a $200 online cash bonus when you spend $1000 in the first 90 days, the Customized Cash Rewards card shapes up to be a nice option. However, the quarterly spending caps on bonus rewards mean some would benefit more from a credit card with a different rewards structure.
Bank of America® Customized Cash Rewards Important Details
Basic Card Details
- Credit card issuer: Bank of America
- Regular APR: 16.99%–26.99% (variable)
- Annual fee: $0
- Intro APR: 0% for the first 15 billing cycles
- Rewards rate: 1%–3%
Additional Information
- 1% cash back on all purchases, 2% on groceries, and 3% on your chosen category
- $200 cash rewards when you spend $1,000 in the first 3 months
- 25%–75% more cash back for Preferred Rewards members
- $0 liability for fraud
- Optional free monthly FICO score through mobile app
- Contactless payment
- Digital wallet technology
- Optional overdraft protection for Bank of America checking accounts
Bank of America® Customized Cash Rewards Feature Breakdown
Fees
- Annual fee: $0
- Balance transfer fee: $10 or 3% (whichever is greater)
- Cash advance fee: $10 or 3% (whichever is greater)
- Same-day cash advance fee: $10 or 5% (whichever is greater)
- Foreign transaction fee: 3%
- Late payment fee: Up to $40
Note that this card charges the Bank of America foreign transaction fee of 3%. If you frequently use a credit card abroad, consider one without foreign transaction fees.
Interest Rates
- Regular APR: 16.99%–26.99% (variable)
- Balance transfer APR: 16.99%–26.99% (variable)
- Introductory APR: 0% for 15 months
- Introductory balance transfer APR: 0% for 15 months, but only for transactions made in the first 60 days
- Cash advance APR: 19.24%–29.24% for direct deposit and check cash advances; 31.24% for same-day cash advances
- Penalty APR: Up to 29.99%
If you don’t pay your credit card balance in full each statement period, you’ll pay interest on your remaining balance.
The Bank of America® Customized Cash Rewards card offers an introductory 0% APR (annual percentage rate) for the first 15 months that applies to both purchases and balance transfers. After that, your APR will depend on your creditworthiness.
Rewards
The Bank of America® Customized Cash Rewards card offers potentially high rewards, but the rewards system is fairly complex, so you’ll have to plan ahead to maximize benefits.
Customized Cash Rewards cardholders can earn 3% cash back in an area of their choice, which can be rotated monthly. The categories are:
- Gas
- Dining
- Online shopping
- Drug stores
- Travel
- Home improvement/furnishings
The card also offers 2% cash back on groceries and 1% cash back on all other purchases.
Keep in mind, there is a cap on bonus rewards, so the 3% and 2% cash back rewards drop to 1% after the first $2,500 in applicable purchases each quarter.
Preferred Rewards
Bank of America’s Preferred Rewards program has three tiers — Gold, Platinum, and Platinum Honors, which correspond to increased rates of bonus rewards.
To qualify for Gold rewards, you must hold an average daily balance of at least $20,000 in eligible Bank of America accounts or Merril investment accounts for three months. Once you qualify, your Customized Cash Rewards bonuses will increase by 25%.
As your account balances grow, Platinum and Platinum Honors rewards will increase your bonus rewards earnings by 50% and 75% respectively.
Redeeming Rewards
Your rewards will never expire, and you can redeem them in several ways:
- As a statement credit to any account
- As a check (minimum $25)
- Direct deposit into a Bank of America account
- Credit to an eligible account with Merril
- As a contribution to a 529 account with Merril (minimum $25)
Welcome Bonus
If you spend at least $1,000 in the first 90 days after opening your Customized Cash Rewards card, you’ll receive a $200 online cash bonus.
Introductory APR
The Bank of America® Customized Cash Rewards card offers an introductory 0% APR for the first 15 billing cycles, which also applies to balance transfers made in the first 60 days after opening the card.
This makes it a good credit card option for consolidating credit card debt through a balance transfer, or paying off large upcoming purchases over time without accruing interest.
Cash Advance
This card allows cash advances if you need to use your credit card to withdraw money from an ATM or bank.
You should only get a credit card cash advance when you have no other options, as they’ll come with significant fees and interest. The Bank of America® Customized Cash Rewards card charges $10 or 5% of the cash advance amount (whichever is more) as a transaction fee and 31.24% APR.
Keep in mind, the introductory 0% APR period doesn’t apply to cash advances, so you’ll always have to pay interest on credit card advances.
Balance Transfers
For those who want to consolidate credit card debt, the Bank of America® Customized Cash Rewards card offers balance transfers at a generous introductory 0% APR.
If you want to use the Customized Cash Rewards card to consolidate your debt, it’s best to do so in the first 60 days after opening the card so you can benefit from 0% APR for the first 15 billing cycles and only pay the initial balance transfer fee of $10 or up to 3% of the transaction amount.
After this introductory offer has expired, your APR for balance transfers will be 16.99%–26.99% (variable), depending on creditworthiness.
Benefits
The Bank of America® Customized Cash Rewards card comes with the following benefits:
- Fraud protection and $0 liability for fraudulent transactions
- Free monthly FICO score in the mobile app
- Contactless payment for quick purchases where available
- Online & Mobile banking and optional paperless statements
- Optional overdraft protection for Bank of America checking accounts
Application & Approval
To qualify for the Bank of America® Customized Cash Rewards card, applicants must:
- Be at least 18 years old (or 21 if you live in Puerto Rico)
- Live in the United States or its territories
- Have good to excellent credit
To apply for a card, simply fill in your personal details on the online form or call the number listed on the card website.
Should You Get the Bank of America® Customized Cash Rewards?
FinanceJar verdict
If you already have a decent amount of savings or investments in a Bank of America or Merril account, the Customized Cash Rewards card is an excellent choice for a cashback rewards credit card.
If you don’t have or don’t plan to open a Bank of America account in order to qualify for Preferred Rewards, you’d likely have to plan your spending strategically around the rotating 3% bonus category to truly maximize benefits. Still, with a generous rewards program and a 15-month 0% intro APR, this is an all-around good card for those who can qualify.
Who is this card for?
The following borrowers can especially benefit from the Bank of America® Customized Cash Rewards card:
- Preferred Rewards customers: Increased bonus rewards plus added convenience features make this card a no-brainer for Bank of America or Merril customers.
- Online shoppers: If you frequently shop online, selecting this bonus category could bring you better bonus rewards compared to rewards cards that don’t have this feature.
- Organized budgeters: One of the unique features of this card is the rotating 3% bonus rewards category, which allows you to maximize bonus rewards if you’re able to plan home improvement projects or travel spending accordingly.
