The
Bank of America® Customized Cash Rewards credit card is a good credit card for people with excellent credit who want to earn up to 6% cash back in a category of their choice during the first year (up to a limit). Plus, the
Bank of America Customized Cash Rewards credit card is easily worthwhile given its
$0 annual fee and initial bonus. New cardholders get
$200 for spending $1,000 in the first 90 days.
That is not to say the Bank of America Customized Cash Rewards card is right for everyone. It’s not ideal for big-spenders given the bonus-rewards limits, for example, and it has a high regular APR. You can learn more about the pros and cons of the offer below.
Bank of America Customized Cash Rewards credit card Review Highlights
$200 initial bonus if you apply online
Online applicants who charge at least
$1,000 to their Bank of America Customized Cash Rewards credit card within
90 days of account opening currently stand to receive a
$200 bonus. Few C-notes ever come so easy.
Ongoing rewards not quite as simple as 1-2-3
For the first year after account opening, you’ll earn an additional 3% cash back in a category of your choice - bringing your total to 6% cash back in that category.
You will also earn 2% back on at grocery stores and wholesale clubs, while all other purchases earn 1% cash back. One limitation to keep in mind: the 6% and 2% rewards rates apply only to the first $2,500 in combined purchases across those categories each quarter. After hitting the cap, you’ll earn just 1% cash back on additional purchases. If you spend more than that, you might want to find a different card.
Once the first-year bonus ends, you’ll continue to earn 3% in your chosen category and 2% at grocery stores and wholesale clubs - still subject to the same $2,500 quarterly cap on combined purchases.
Above-average 0% intro rates
This Bank of America cash card also has financing appeal, thanks to its 0% intro rates on new purchases and balance transfers for the first
15 billing cycles your account is open. You shouldn’t get too excited, though, as you need to transfer your balance within the first 60 days. Furthermore, there is a balance transfer fee of
3% for 60 days from account opening, then 4%, that spoils the transfer part of the deal. And after the intro APR offer ends, a
17.99% - 27.99% Variable APR will apply.
No annual fee, but not free
Although the Bank of America Customized Cash Rewards credit card is about
$26.75 per year cheaper than the average credit card, by virtue of it not charging an annual fee, that’s neither uncommon for a cash back credit card, nor the only fee you’ll need to watch out for. For instance, Bank of America Customized Cash Rewards is ill-suited for traveling abroad or making purchases through internationally based merchants given its
3% foreign-transaction fee.
Excellent credit is a must
Make sure to
check your credit score before applying because only the roughly 40% of people who have excellent credit can qualify for the Bank of America Customized Cash Rewards credit card.
Above-average regular APR
The average credit card for excellent credit has a
17.68% regular APR, according to WalletHub’s latest
Credit Card Landscape Report. That means you are bound to overpay if you carry a balance from month to month with the Bank of America Customized Cash Rewards credit card, because of its regular rate.
At the end of the day, the Customized Cash Rewards card is a solid option for saving on gas and groceries. The card also has some appeal if you want to save on interest, but it can't hurt to look at the
best credit card rates out there.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
