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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, and others. Wholesale club and grocery store purchases earn 2% (up to $2,500), 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.
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 no-fee card that still offers cashback rewards on every purchase.
The Bank of America® Customized Cash Rewards Credit Card has no annual fee. It has an introductory APR of 0% for your initial 15 billing cycles. Once the intro offer ends, the variable interest rate is 18.24%-28.24% variable for purchases and 21.24% - 29.24% for cash advances.
Annual fee | Interest rate | Foreign transaction fee | Balance transfer fee | Cash advance interest rate |
$0 | 18.24%-28.24% variable | 3% | 3% | 21.24% - 29.24% |
The card offers 3% cash back in your choice of category between online shopping, gas stations, dining, home improvement, pharmacies, 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 (up to $2,500) and 1% on the rest of your purchases.
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 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.
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.
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.
After being approved, you’ll receive your credit card in the mail within 10 days.
You can redeem rewards over the phone or on the Bank of America website or mobile app.
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 (up to $2,500), and 1% on everything else. It has a $200 welcome bonus and 0% introductory APR for 15 billing cycles.
This review was created using information from the Bank of America website.
