Bank of America® Customized Cash Rewards Review

Overview

Bank of America is one of the world's largest banks and companies. It operates across the US, its territories, and more than 35 countries with approximately 213,500 employees. The company is well-known globally and has received awards from dozens of publications and organizations.

The Bank of America® Customized Cash Rewards Credit Card has no annual fee and offers cash back for every purchase. You earn 6% cash back for the first year in the category of your choice (then 3%). You’ll automatically earn 2% cash back at grocery stores and wholesale clubs, and unlimited 1% cash back on all other purchases.

It’s important to note that you only earn the 6% and 2% on the initial $2,500 in merged spending within the chosen category, grocery, and wholesale clubs each quarter. Once the quarterly spending cap is reached, all further purchases earn 1% cash back.

Suitable For?

The card is suitable for those who spend primarily in a single category because it lets you choose where you earn the greatest rewards rate. For example, those who do most of their shopping online will benefit from the 3% cash back on sites like Amazon, Walmart, Best Buy, and more.

Similarly, those who travel frequently can enjoy 3% cash back on airfare, hotels, car rentals, and ridesharing, just to name a few.

It’s also good for those who want a card that offers cashback rewards on every purchase.

Interest Rates and Fees

The Bank of America® Customized Cash Rewards Credit Card has no annual fee. It has a 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 17.74% - 27.74% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%. Balance transfers may not be used to pay any account provided by Bank of America.

Rewards and Cash Back

The card offers 6% cash back for the first year in the category of your choice: gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; or home improvement and furnishings. You’ll automatically earn 2% cash back at grocery stores and wholesale clubs, and unlimited 1% cash back on all other purchases. After the first year from account opening, you’ll earn 3% cash back on purchases in your choice category.

You'll earn the 6% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then unlimited 1%. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.

Earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.

Preferred Rewards members at Bank of America can unlock even more rewards as they get an additional 25% - 75% of the original cash back, depending on their tier. As a result, the 3% category would earn 3.75% - 5.25%, the 2% would become 2.50% - 3.50%, and the 1% would become 1.25% - 1.75%.

To become a preferred member, you must maintain a certain average daily balance within your deposit and/or investment accounts at Bank of America. The required amount and additional cash back are as follows:

• Gold tier members need $20,000 to $50,000 and get 25% additional cash back

• Platinum tier members need $50,000 to $100,000 and get 50% additional cash back

• Platinum Honors tier members need $100,000 to $1,000,000 and get 75% additional cash back

• Diamond Honors tier members need $1,000,000+ to get 75% additional cash back

The Application Process

The online application requires that you provide your name, email, address, and phone number. You must also confirm you’re an American citizen, provide your social security number, give your date of birth, and offer details about your employment and income.

Using this information, as well as a credit check, the company will approve or deny your application. You’ll receive your credit card within 10 business days if you're approved.

Help and Support

Bank of America offers customer service over the phone, live chat, email, and social media. It’s easy and quick to get support, and the company website has a comprehensive help center and numerous FAQs to assist with various questions and topics.

Support representatives are available Mon - Fri, 8 a.m.- 9 p.m. ET, Saturday, 8 a.m.- 8 p.m. ET, and Sunday, 8 a.m.-5 p.m. ET. Customer service for lost or stolen cards is available 24/7.

Security

Bank of America takes security seriously and uses SSL encryption on its website. It also supports two-factor and biometric authentication to keep your account safe. The company lets you customize alerts and choose how your information is shared. Additionally, it helps you learn how to identify and protect yourself against scams.

It also blocks potential fraud if strange patterns are recognized, and there’s a $0 Liability Guarantee. This ensures you’re not stuck paying for fraudulent charges or transactions you didn’t authorize.

Conclusion

The Bank of America® Customized Cash Rewards Credit Card has no annual fee and offers up to 6% cash back inside a category you choose in your first year (then 3%), 2% at wholesale clubs/grocery stores and 1% on everything else ($2,500 spend cap for 6%/2% categories). It has a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.

Methodology