Bank of America Customized Cash Rewards Card Review
Bank of America
- 1% to 3% cash back on purchases
- Intro APR period on purchases and balance transfers
- No annual fee
- $200 welcome bonus after spending $1,000 during the first 90 days of a new account
- Preferred Rewards members receive the highest rewards
- Caps on categories that earn the highest rewards limit earnings potential
- Requires good to excellent credit
Anyone who has the Bank of America Customized Cash Rewards credit card can earn rewards quickly on a tiered cash-back basis, generating 3% on purchases in the category of their choice. Cardholders can choose from the following options: online shopping, dining, gas, drugstores, travel or home improvement and furnishings. They can also earn 2% cash back on grocery store and wholesale club purchases. Cardholders will only earn the two highest rates on the first $2,500 in combined purchases in the listed categories each quarter, though. All other purchases — as well as purchases after the first $2,500 in the high earnings categories each quarter — will generate the standard 1% cash back.
There’s no annual fee attached to this Bank of America, Member FDIC, card, which also brings a few generous introductory offers for new cardholders, like a 0% APR on purchases made during the first 18 billing cycles. That same 0% introductory APR is also extended to balance transfers that are made within the first 60 days of account opening.
Once the introductory period ends, cardholders will have rates of . Anyone looking to use this card for a balance transfer will have a 3% fee — at a minimum of $10.
Bank of America customers who are Preferred Rewards members can earn between 25% and 75% more cash back on every purchase, generating up to 5.25% cash back on purchases made in their chosen category. Cardholders can redeem their rewards over the phone or online for a statement credit, a direct deposit into a Bank of America checking or savings account, a check or credit to a qualifying Merrill account.
Key Features of the Bank of America Customized Cash Rewards Card
Here are the details on some of the most important features of the Bank of America Customized Cash Rewards card.
The Bank of America Customized Cash Rewards card has no annual fee, so you keep all of the cash rewards you earn on purchases. However, there are some fees you should be aware of:
- Wire transfer from a non-financial institution: Greater of 5% or $10
- Balance transfer: Greater of 3% or $10
- Direct deposit and check cash advances: Greater of 3% or $10
- Foreign transaction fee: 3% of U.S. dollar amount
- Late fee: Up to $40
With the Bank of America Customized Cash Rewards card, anyone can earn at least 1% cash back on all purchases. Cardholders also earn 2% or 3% on eligible purchases, up to the first $2,500 spent per quarter.
Cardholders earning the 1% rate have no maximum on the amount of cash they can earn. Moreover, rewards earned with this Bank of America card will never expire.
The only downside to earning rewards with the Bank of America Customized Cash Rewards card is the quarterly limit imposed on 2% and 3% earnings. While those who tend to be more frugal in their spending should have no problem with this $2,500-per-quarter limit, those who spend more than $833 per month using this credit card may view this limit as a drawback.
Generous cash-back rewards aren’t the only perk you get with the Bank of America Customized Cash Rewards card.
$200 Welcome Bonus
Cardholders who spend $1,000 within the first 90 days of opening the account will receive an online welcome bonus of $200. While $200 is a compelling bonus, other cash-back credit cards offer higher bonuses. One such example is the , Member FDIC, from which you can earn $250 back as part of its welcome offer. Terms apply.
0% Introductory APR
The Bank of America Customized Cash Rewards card offers a 0% introductory APR on purchases made during the first 18 billing cycles and extends that rate to balance transfers made during the first 60 days of a new account opening. After the promotional period ends, a rate will apply based on the cardholder’s creditworthiness.
Security and Customer Service
Bank of America is one of the longest-standing financial institutions in the United States, and in 1958, it was the first in the country to offer a general-purpose credit card. Over the years, this financial institution has perfected the art of providing comprehensive security features and quality customer service to its members.
Bank of America gives you two ways to report a lost or stolen card: log into online banking or call 800-732-9194. Your card will be cancelled immediately, and a new one will be mailed to you. In the meantime, you won’t be responsible for fraudulent charges made to your card.
The online banking app is equipped with location-based anti-fraud and security permissions you can enable by turning on location services. You can also have the app alert you whenever a charge is made to your account.
Those with a Bank of America Customized Cash Rewards card have access to a knowledgeable customer service staff that you can reach by calling 800-732-9194 seven days a week during these hours:
- Monday-Friday: 8 a.m. to 9 p.m. EST
- Saturday: 8 a.m. to 8 p.m. EST
- Sunday: 8 a.m. to 5 p.m. EST
If you would prefer to get in-person assistance, you can drop by a Bank of America branch or schedule an appointment via the bank’s mobile app or online banking platform. You can also send a private message from Bank of America’s Facebook page or direct message @BofA_Help on Twitter.
How the Bank of America Customized Cash Rewards Card Stands Out
The Bank of America Customized Cash Rewards card stands out for generous 3% rewards in the category of your choice. Although you have just a handful of categories to choose from, they cover many of the the most common — and expensive — purchases you’re likely to make on a regular basis, such as gas, online shopping and travel. The $200 online bonus and introductory APR period provide additional value. Plus, there’s no annual fee.
Comparable Cash-Back Credit Card Options
There’s no such thing as a one-size-fits-all financial option. Those who aren’t interested in the Bank of America Customized Cash Rewards card may want to consider one of the following alternatives.
The Wells Fargo Active Cash card allows its members to earn 2% cash back on all purchases with no quarterly or annual limits. Cash-back rewards never expire and are easy to redeem. Like the Bank of America Customized Cash Rewards card, the Wells Fargo Active Cash card offers the potential to earn a after spending $1,000 in purchases in the first three months.
Those who are likely to spend more than $833 every month using a cash-back credit card will likely find this Wells Fargo card much more appealing than the Bank of America Customized Cash Rewards card, which imposes a quarterly limit on cash-back earnings.
American Express Blue Cash Preferred Card Members earn 6% cash back on up to $6,000 in purchases at U.S. supermarkets each year, followed by rates of 1% cash back after that. They also earn 6% cash back on select U.S. streaming services, 3% cash back on transit purchases and at U.S. gas stations and 1% cash back on all other purchases. They can also earn a $250 welcome bonus when they spend $3,000 during the first six months of their new account. In addition, Card Members receive a low introductory APR and a low introductory plan fee on Buy Now, Pay Later Plan It purchases for 12 months.
Unlike the Bank of America Customized Cash Rewards card, the American Express Blue Cash Preferred card has a . Anyone who uses cash-back credit cards often may find that annual fee worth paying if they’re interested in the generous earnings rates that American Express offers compared to Bank of America.
How To Apply for the Bank of America Customized Cash Rewards Card
Applying for the Bank of America Customized Cash Rewards card is easy. From the card’s application page, fill in your name and contact information, employment status, income information and house payment. If you’re already a Bank of America customer, you can log into your account to save time.
You’ll have an opportunity to designate an additional cardholder, if you want, and enter account information for any existing balances you want to transfer. Then follow the prompts to submit your application. You could have a response in as soon as 30 seconds.
If you received a credit card offer in the mail, head to the special page for claiming mail offers and enter your 15-digit personal secure code and your zip code.
The Bank of America Customized Cash Rewards Card Is a Great Choice for Thrifty Shoppers
The Bank of America Customized Cash Rewards card is a perfect option for the frugal shopper who’s interested in earning a reasonable amount of cash back on purchases but doesn’t want to rack up high credit card balances. Its introductory APR period makes it a great option for those looking to transfer high-interest credit card balances and pay the amount off quickly.
Who Should Pass on the Bank of America Customized Cash Rewards Card
This credit card may not be the best option for big spenders, as there are relatively small caps placed on the categories that earn the highest rewards. Anyone with less than stellar credit might look elsewhere, too — you’ll need good to excellent credit for this card.
Bank of America Customized Cash Rewards FAQHere are the answers to some commonly asked questions about the Bank of America Customized Cash Rewards card.
- How does Bank of America Cash Rewards work?
- Cash Rewards give cardholders cash back -- in the case of the Bank of America Customized Cash Rewards card, they get 1% to 3% back on all their purchases. Preferred Rewards members get a rewards bonus on eligible cards. Rewards are paid as a statement credit, direct deposit or transfer from a Bank of America bank account.
- How do I redeem my Bank of America cash-back rewards?
- You can redeem rewards by logging into your account from the mobile app and tapping the "View My Rewards" link. Erica can also help you -- just tap the icon and say, "I want to redeem card rewards." Alternatively, log into online banking from the Bank of America website and then select your card and the "Rewards" tab. If you're not enrolled in online banking, you can redeem rewards by calling 800-434-8313.
- How do I get my $200 cash rewards from Bank of America?
- Claim your $200 cash rewards bonus by spending at least $1,000 on your card within the first 90 days of opening your account. The bonus will post to your Rewards balance within eight to 12 weeks after you qualify.
- What is the Bank of America Cash Rewards bonus?
- The Bank of America Cash Rewards bonus is a promotional cash bonus offered to new cardholders who meet qualifying criteria.
- How do I use my Bank of America Customized Cash Rewards card?
- The Bank of America Customized Cash Rewards card can be used for purchases made in-store, online and over the phone, earning cash-back rewards with every dollar spent.
- Is a cash rewards card a credit card?
- It can be, but that distinction depends on whether the lender requires a full payment every month. If full monthly payments are required, it's a charge card. If partial monthly payments are allowed, it's a credit card.
- The Bank of America Customized Cash Rewards Card is considered a credit card because full monthly payments aren't required.
- What happens when I withdraw cash from my credit card?
- That depends on how you make the withdrawal. Fees are not charged when a cardholder withdraws their cash rewards. Those who withdraw money from their Bank of America card's credit line do so at an interest rate of between 19.24% and 29.24% and also have a transaction fee of either 3% to 5% or $10, whichever is greater.
Daria Uhlig contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of October 10, 2022.
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