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Bank of America® Customized Cash Rewards Credit Card Review

Kale Havervold
Jun. 05, 2024
4 min read
Kale Havervold
Bank of America® Customized Cash Rewards credit card Summary
Founded in 1998 but with roots that trace back to 1784 and tens of millions of customers, Bank of America is among the largest banks in the world. The Bank of America® Customized Cash Rewards Credit Card has no annual fee while offering up to 3% cash back in your chosen category. It is a good choice for those who want a card with rewards for everyday spending.

Pros

  • No annual fee
  • Ability to change bonus category each month

Cons

  • Quarterly caps for bonus rewards
  • Best rewards exclusively for Preferred Rewards members

Bank of America® Customized Cash Rewards credit card at a glance

9.6
Editorial score

Fees

No annual fee
10.0

APR

19.24%-29.24% Variable
10.0

Security

FDIC insured, SSL encryption, supports both two-factor and biometric authentication.
10.0

Customer service

Customer service available seven days a week through phone, social media, live chat, and email.
9.0

Online experience

User-friendly online experience with a comprehensive help center and detailed FAQs
9.0

Overview

Bank of America is one of the world's largest banks and companies. It has over 200,000 employees, nearly 4,000 branches, and over $3 trillion in total assets. 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 3% cash back within your chosen category between online shopping, travel, dining, home improvement/furnishing, and others. Wholesale club and grocery store purchases earn 2%, and all others earn 1%.

It’s important to note that you only earn the 3% and 2% interest on the initial $2,500 in merged spending within the chosen category/grocery/wholesale 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 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 19.24%-29.24% Variable 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%.

Annual fee
$0
Interest rate
19.24%-29.24% Variable
Foreign transaction fee3%
Balance transfer fee
3% for the first 60 days from account opening, then 4%
Cash advance interest rate
22.24% - 29.24%


Rewards and Cash Back

The card offers 3% cash back in your choice of category between online shopping, gas stations, dining, home improvement/furnishing, pharmacies, EV charging, drug stores, or travel. Each month, you can change this bonus category if you want. You also get 2% cash back at wholesale clubs and grocery stores and 1% on the rest of your purchases ($2,500 spend cap for 3%/2% categories).

If you spend $1,000 within the initial 90 days of creating an account, you can also get a $200 rewards bonus.

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 tier members need $1,000,000 to $10,000,000 and 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.

FAQs

How long does it take to receive a credit card?

After being approved, you’ll receive your credit card in the mail within 10 days.

How to redeem credit card rewards?

You can redeem rewards over the phone or on the Bank of America website or mobile app.

Conclusion

The Bank of America® Customized Cash Rewards Credit Card has no annual fee and offers up to 3% cash back inside a category you choose, 2% at wholesale clubs/grocery stores and 1% on everything else ($2,500 spend cap for 3%/2% categories). It has a $200 welcome bonus and 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 19.24%-29.24% Variable 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%.

Methodology

This review was created using information from the Bank of America website.


Kale Havervold
Written by
Kale Havervold
Kale Haverold is a freelance writer with over 5 years of experience crafting articles about credit cards, loans, debt, and a raft of other personal finance topics. His work has been featured on Top10.com, BestMoney, Yahoo, Hardbacon, and Loans Canada. Kale’s easy-to-digest, research-driven articles stem from his passion to share knowledge that helps readers make informed financial decisions.
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