The
Bank of America® Customized Cash Rewards credit card is a good card to apply for if you have excellent credit and you want to earn up to 6% cash back in a category of your choice. The card is easily worthwhile given its
$0 annual fee and
$200 initial bonus offer. Big spenders won’t love the quarterly limit for ongoing bonus rewards on purchases, and there’s a high regular APR, but it’s a good card overall.
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.
What I Like About Bank of America Customized Cash Rewards Credit Card
$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 opening an account currently stand to receive a
$200 bonus.
Such savings seldom come ever come so easy. If you’re going to spend that much in that timeframe anyway, why not get a little something extra out of it?
Ongoing rewards not quite as simple as 1-2-3
If you get this card, you will earn 3% cash back in the category of your choice and 2% back at grocery stores and wholesale clubs, up to $2,500 spent per quarter. You’ll get 1% back on everything else.
That’s a very good rewards setup, and it’s actually even better the first year your account is open. Instead of 3% in your chosen category, you get 6% after a first-year bonus is tacked on.
The categories you get to choose from include:
• Dining
• Drug stores and pharmacies
• Gas and EV charging stations
• Home improvement and furnishings
• Online shopping, including cable, internet, phone plans and streaming
• Travel
Longer-than-average 0% intro APR promotions
This Bank of America cash card also has financing appeal, thanks to 0% intro rates on new purchases and balance transfers that last for the first
15 billing cycles your account is open. That gives you months longer than average without interest and could save you a lot of money in the process. After the intro APR offer ends, a
17.49% - 27.49% Variable APR will apply.
No annual fee
The Bank of America Customized Cash Rewards credit card is about
$28.25 per year cheaper than the average credit card, by virtue of it not charging an annual fee. That’s not uncommon for a cash back credit card, but it’s still better than the alternative.
What I Don’t Like About Bank of America Customized Cash Rewards Credit Card
Foreign fee
This card is ill-suited for traveling abroad or making purchases through internationally based merchants given its
3% foreign transaction fee. Use a
credit card without foreign fees instead.
Rewards limitations
The card’s bonus rewards are capped, and the minimum reward rate is nothing special. If you plan to spend more than $2,500 per quarter, you might want to find a different card.
Balance transfer limitations
If you want to transfer a balance to this card, you need to do it within the first 60 days, or else you won’t get the low introductory APR. There’s also a balance transfer fee of
3% for 60 days from account opening, then 5%, which spoils the deal a bit. Similarly, after the intro APR offer ends, a
17.49% - 27.49% Variable APR will apply.
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.
High regular APR
The average credit card for excellent credit has a
17.11% 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. Its regular rate is even higher than average.
Bottom Line: Is Bank of America Customized Cash Rewards a Good Credit Card?
At the end of the day, the Customized Cash Rewards card is a solid option for saving on groceries, supplies from wholesale clubs, and purchases in your pick of categories. 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 there before making up your mind.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
