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Last updated on April 26th, 2022
Bank of America® Customized Cash Rewards Credit Card
- Regular Purchase APR 14.24% to 24.24% variable based on creditworthiness and Prime Rate
- Balance Transfer APR 14.24% to 24.24% variable based on creditworthiness and Prime Rate
- Cash Advance APR 17.24% to 27.24% variable based on the Prime Rate
- Annual Fee None
Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Excellent , Good
- Intro Purchase APR 0% for 15 billing cycles from account opening date
- Processing Network Mastercard
- 3% cash back on the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement
- Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
- 1% on all other purchases
- Introductory 0% APR for the first 15 billing cycles from the date you open your account
- Free FICO® Score reports updated monthly so you can monitor your credit score
- Intro Purchase APR: 0% for 15 billing cycles from account opening date
- Regular Purchase APR: 14.24% to 24.24% variable based on creditworthiness and Prime Rate
- Intro Balance Transfer APR: 0% for 15 billing cycles on transfers made within 60 days from account opening date
- Balance Transfer APR: 14.24% to 24.24% variable based on creditworthiness and Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
- Cash Advance APR: 17.24% to 27.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater.
- Penalty APR: Up to 29.99% variable based on creditworthiness and the Prime Rate
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
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At a Glance
The Bank of America® Cash Rewards Credit Card boasts impressively flexible cash rewards on purchases in the category of your choice, on top of cash back for groceries and other everyday purchases. This card also offers an attractive introductory APR for purchases and balance transfers, making it a great all-around rewards card for those with dynamic purchase habits.
Ideal for Those Who:
- Want the flexibility to choose their cash back category from month to month
- Are looking for a generous rewards credit card with no annual fee
- Plan to take advantage of the long introductory APR period with a significant purchase or balance transfer
- Have a Bank of America checking or savings account and qualify for a Preferred Rewards membership
Bank of America® Cash Rewards Credit Card Review
With the Bank of America® Cash Rewards Credit Card, the world of rewards is your oyster. While many rewards cards lock you into a particular category for earning cash back, this card puts the choice in your hands.
How Does the Bank of America Cash Rewards Credit Card Work?
During each billing cycle you’ll earn 3% cash back on purchases in your chosen category, with the option to select a new category for future purchases once a month. Simply log into your online banking account or mobile app and choose from any of the following options:
- Online shopping
- Drug stores
- Home improvement
You’ll also earn 2% at grocery stores and wholesale clubs, and 1% cash back on all other purchases. As these are expenses you likely already make on a weekly basis, you’ll have no problem building up your cash back cache.
The one condition to keep in mind is that Bank of America caps your cash back earnings at $2,500 per quarter on the combined 3% and 2% categories. After that, you can continue to earn 1% cash back on all your purchases. In this regards the card is somewhat of a competitor for the impressive Chase Freedom Flex (or even the Chase Freedom Unlimited) and the Citi Custom Cash℠ Card. The Citi Rewards+® Card is another popular gas rewards credit card, though it does not offer
the flexibility of the Customized Cash.
So, while you’ll want to reach that threshold to maximize your rewards, it may be beneficial to space out your purchases or look for another cash back credit card to use when you’ve reached this limit.
0% Introductory APR and No Annual Fee
Another great feature of the Bank of America® Cash Rewards Credit Card is that it offers an above-average 0% introductory APR on purchases for the first several months after opening an account. This includes balance transfers for the first 60 days as well, so don’t wait to take advantage.
Despite all these benefits, this card doesn’t carry an annual fee and there’s no expiration date on your rewards. This means you don’t have to worry about spending a certain amount to make it worthwhile, and you can use your cash back at your leisure on items like:
- Deposits into your Bank of America savings or checking account.
- Statement credits.
- Credit for your Merrill investment accounts.
The Bank of America Cash Rewards Credit Card’s foreign transaction fee and other associated costs are typical for Bank of America cards. However, it’s worth noting the hefty penalty APR for missed payments, which may be applied indefinitely. Though you’ll want to redeem as many rewards as you can, you don’t want to spend more than you can manage and incur additional this interest.
Additional Savings with Preferred Rewards
If you really want to max out your cash back rewards, you’ll need to qualify for a Bank of America Preferred Rewards membership. As a Preferred Rewards member, you can unlock an additional 25% to 75% cash back on your purchases.
In other words, you could earn up to 5.25% on the category you choose, and 3.5% on groceries. Your 1% cash back could also get bumped up to 1.75%.
Eligibility for a Preferred Rewards membership is divided into three tiers. Note that the level you qualify for depends on your combined Bank of America and Merrill investment account balances, so it can change over time. More information on the program can be found on the bank’s website.
Other Bank of America Cash Rewards Credit Card Benefits
Another benefit of this World Mastercard® credit card is the Travel Cancellation/Interruption Insurance it includes. When you pay with your card, you’re eligible for reimbursement for the nonrefundable fees from a cancelled flight, train ticket or cruise.
This means you can worry less about unexpected changes in your travel plans. Coupled with your ability to earn 3% cash back on travel expenses, this card can even function a bit like a travel rewards card if you don’t already have one.
For qualifying purchases with a manufacturer’s warranty, you can utilize the Extended Protection/Extended Warranty benefit. This allows you to double the length of the warranty up to one year (and probably the life of the item as well).
As with many credit cards these days, this card also grants you access to monthly FICO® Score updates to help you keep an eye on your credit. The $0 Liability Guarantee also means you and your rewards are protected from fraudulent activity on your account.
Should You Apply for the Bank of America® Cash Rewards Credit Card?
Overall, this is a very low-maintenance card that can easily fit into the rotation of most wallets. The lack of an annual fee and the option to choose your 3% cash back rewards category make this a great catch-all card for the more niche reward categories of drug stores, home improvement, and home furnishings.
If you’re already a part of the Bank of America ecosystem, this is a worthwhile credit card option for those with good to excellent credit and Preferred Rewards status. Alternately, students with strong credit who want to start earning rewards like these can look to its sister card, the Bank of America® Cash Rewards Credit Card for Students.
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