The Bank of America® Customized Cash Rewards Credit Card is designed for individuals seeking versatile cashback rewards without the burden of an annual fee. This card offers personalized earning potential, making it a standout choice in the crowded rewards card market.
Bank of America Customized Cash Rewards
No annual fee Get even more rewardsWith its flexible rewards structure and various benefits tailored to your spending habits, the Bank of America® Customized Cash Rewards Credit Card provides a compelling option for those looking to maximize their cashback earnings.
Benefits of the Bank of America® Customized Cash Rewards Credit Card
- 3% Cash Back in a Category of Your Choice: Select from gas and EV charging stations, online shopping, dining, travel, drug stores, or home improvement and furnishings.
- 2% Cash Back at Grocery Stores and Wholesale Clubs: Automatically earn on everyday essentials.
- 1% Unlimited Cash Back on All Other Purchases: Enjoy consistent rewards on every other purchase you make.
- Quarterly Cap on Higher Earnings: Earn 3% and 2% cash back on the first $2,500 in combined purchases each quarter in your choice category and at grocery stores and wholesale clubs. After reaching this limit, earn unlimited 1% cash back.
- No Annual Fee: Keep more of your earnings with no yearly fee.
- Rewards Never Expire: As long as your account remains open, your cash rewards won’t expire.
- Customizable Rewards Category: Change your 3% cash back category once each calendar month via Online Banking or the Mobile Banking app.
- 0% Introductory APR: Benefit from a 0% introductory APR for the first 18 billing cycles on purchases and balance transfers made within the first 60 days. After that, a variable APR of 18.24% to 28.24% applies.
- Bank of America® Preferred Rewards Bonus: Earn 25% to 75% more cash back on every purchase if you’re a Bank of America® Preferred Rewards member.
- Contactless and Digital Wallet Capabilities: Convenient and secure payment options.
- Bank of America® Preferred Rewards members can earn even more with a rewards bonus of 25% to 75% on every purchase, depending on their tier.
Fees and Charges
While the Bank of America® Customized Cash Rewards Credit Card is celebrated for its rewards, it’s equally important to understand the fees and charges associated with the card. The good news is that there is no annual fee, which means you can enjoy all the rewards without worrying about a yearly cost.
The card offers a 0% introductory APR for the first 18 billing cycles on purchases and balance transfers made within the first 60 days. This can be a valuable feature if you plan to make a large purchase or transfer a balance from another card to save on interest. After the introductory period, the variable APR for purchases and balance transfers ranges from 18.24% to 28.24%, based on your creditworthiness.
Other fees to be aware of include a balance transfer fee of either $10 or 3% of the amount of each transaction, whichever is greater, and a cash advance fee of either $10 or 5% of the amount of each transaction, whichever is greater. Additionally, there is a foreign transaction fee of 3% of each transaction in U.S. dollars, which is important to consider if you frequently travel abroad.
Rewards Summary
With the Bank of America® Customized Cash Rewards Credit Card, you can earn 3% cash back in a category of your choice, such as 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.
Additionally, you automatically earn 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back apply to the first $2,500 in combined purchases each quarter in your chosen category and at grocery stores and wholesale clubs; after that, you earn 1% cash back on all purchases.
There is no annual fee, and your rewards do not expire as long as your account remains open. To change your choice category for future purchases, you can use Online Banking or the Mobile Banking app, with the option to update it once each calendar month.
How to Apply and Requirements
Applying for the Bank of America® Customized Cash Rewards Credit Card is a straightforward process. Applicants must be at least 18 years old and have a valid Social Security number. A good to excellent credit score is typically required, which generally means a FICO score of 670 or higher.
To apply, you can visit the official Bank of America website and complete the online application form. The form will ask for personal information, including your name, address, income, and employment details. Once submitted, you will usually receive a decision within minutes.
If approved, you will receive your card in the mail within 7 to 10 business days. Once you have your card, you can activate it online or by phone and start enjoying the benefits and rewards immediately.
Conclusion
The Bank of America® Customized Cash Rewards Credit Card is an excellent choice for individuals seeking a versatile and rewarding cashback card without the hassle of an annual fee. Its customizable rewards structure allows you to tailor your earning potential to match your spending habits, making it a highly flexible and valuable option.
With the added benefit of a 0% introductory APR on purchases and balance transfers, along with no annual fee, this card stands out as a top contender in the rewards card market. Whether you’re looking to earn more on everyday purchases or maximize your cashback in specific spending categories, the Bank of America® Customized Cash Rewards Credit Card offers a comprehensive solution to meet your needs.
Explore the benefits and see how this card can help you achieve your financial goals while earning valuable rewards. Apply today and start enjoying the flexibility and rewards that come with the Bank of America® Customized Cash Rewards Credit Card.
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