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Bank Of America Customized Cash Rewards Credit Card Review

The Bank of America Customized Cash Rewards Credit Card will not be your common cash-back credit score card. With a really aggressive sign-up bonus provide, an unusually lengthy 0% intro APR promotion for each purchases and steadiness transfers, and a tiered rewards program that pays as much as 3% money again on eligible purchases, it’s effectively above common.

If you’re within the market for a brand new rewards credit score card, it’s excessive time you took a take a look at Bank of America Customized Cash Rewards. If you’re a present Bank of America banking buyer or keen to open a qualifying banking relationship with the monetary companies large, the deal may very well be even sweeter.

Keep studying for every part it’s good to know to make an knowledgeable determination about this card.

Key Features

The Bank of America Customized Cash Rewards Credit Card’s signature options embrace a tiered rewards program, a aggressive sign-up bonus for brand spanking new cardholders, and an introductory APR promotion overlaying purchases and steadiness transfers.

Sign-up Bonus

Qualify for an internet $200 money rewards bonus after making a minimum of $1,000 in purchases within the first 90 days your account is open.

Earning Rewards

Bank of America Customized Cash Rewards has a three-tiered rewards program:

First, earn 3% money again in a single spending class of your alternative. Choose from:

  • Gas
  • Online buying
  • Dining
  • Travel
  • Home furnishings/residence enhancements
  • Drugstores

Second, earn 2% money again on all eligible grocery retailer and wholesale membership purchases.

Third, earn 1% money again on all different eligible purchases.

Your earnings within the 2% and three% money again classes are capped at $2,500 in whole mixed class spending every quarter. After hitting the quarterly spending cap, you’ll earn 1% money again on purchases in these spending classes.

When you open your card account, your 3% money again class will default to gasoline. You can change your 3% class as typically as as soon as monthly in your on-line account dashboard or Bank of America cellular app.

Redeeming Rewards

The greatest method to redeem your collected rewards is for money equivalents like assertion credit or direct deposits to an eligible Bank of America account.

Bonus Rewards for Preferred Rewards Program Members

Bank of America Preferred Rewards members earn cash-back rewards at a better rate than common Bank of America clients. The cash-back increase tiers work as follows:

  • Gold Preferred Rewards members (a minimum of $20,000 in qualifying funding, checking, and financial savings account balances with Bank of America and/or Merrill Lynch) earn 25% more money again on Bank of America Customized Cash Rewards purchases
  • Platinum Preferred Rewards members (a minimum of $50,000 in qualifying account balances with BofA or Merrill Lynch) earn 50% more money again on card purchases
  • Platinum Honors Preferred Rewards members (a minimum of $100,000 in qualifying account balances) earn 75% more money again on card purchases

Introductory APR Promotion

Enjoy 0% APR on purchases and steadiness transfers for 15 billing cycles. Qualifying steadiness transfers should happen inside 60 days of your account opening date. Thereafter, variable common APR applies.

Additional Features

Bank of America Customized Cash Rewards Credit Card has some further options and capabilities value noting, together with:

  • Complimentary month-to-month FICO rating (accessible by the Bank of America cellular app or on-line banking sprint) if you decide in
  • Optional overdraft safety tied to your credit score card, topic to overdraft switch charges and different restrictions
  • Complimentary fraud safety and $0 liability assure for fraudulent transactions
  • Your alternative of account alerts despatched on to your cellphone or inbox

Important Fees

There’s no annual payment. Foreign transactions value 3% of the transaction worth. Balance transfers value 3% or $10, whichever is larger.

Credit Required

This card requires a good to glorious credit score rating. Applicants with restricted credit score histories or credit score scores under the prime cutoff are unlikely to qualify.

Advantages

The Bank of America Customized Cash Rewards Credit Card has rather a lot going for it: a wonderful sign-up bonus, a beneficiant ongoing cash-back rewards program, and an unusually lengthy 0% APR promotion for brand spanking new cardholders, amongst different advantages.

  1. No Annual Fee. The Bank of America Customized Cash Rewards Credit Card doesn’t cost an annual payment. Although it’s a wonderful on a regular basis spending card, it received’t weaken your funds should you don’t use it fairly often both.
  2. Very Good Sign-up Bonus. Of all of the no-annual-fee Bank of America bank cards on the market, Bank of America Customized Cash Rewards has essentially the most beneficiant and simply attainable sign-up bonus. Of course, that is topic to alter at BofA’s discretion.
  3. Unusually Long 0% APR Promotion for Purchases and Balance Transfers. This card’s 0% APR provide is sort of lengthy for a no-annual-fee rewards card: 15 months for each purchases and steadiness transfers. That’s greater than sufficient time to pay down high-interest credit score card debt or finance a serious buy made shortly after account opening.
  4. Broad 3% Bonus Categories. True to its identify, the Bank of America Customized Cash Rewards Credit Card permits cardholders to decide on one of six pretty broad 3% bonus classes. With budgetary cornerstones like gasoline, on-line buying, and eating, it’s not troublesome for many customers to discover a 3% class that matches their wants. And Bank of America lets cardholders replace their preferences each month, offering welcome flexibility as spending wants change.
  5. Permanent 2% Bonus Categories Benefit Grocery Shoppers and Wholesale Club Members. Bank of America Customized Cash’s everlasting 2% bonus classes qualify as budgetary cornerstones as effectively. If you’re not a wholesale membership member, the grocery shops class is a fantastic fallback.

Disadvantages

The Bank of America Customized Cash Rewards Credit Card will not be good. Its downsides embrace its international transaction payment and rewards caps that might influence heavy-spending cardholders.

  1. 3% Bonus Category Selection Isn’t Automatic. The Bank of America Customized Cash Rewards Credit Card requires cardholders to manually choose a well-liked 3% bonus class. Otherwise, the class defaults to gasoline, which could not work for cardholders who don’t drive a lot, hardly ever patronize gasoline stations, or don’t personal automobiles in any respect.
  2. Bonus Cash Back Earnings Capped at $2,500 in Quarterly Spending. Bank of America caps bonus money again at $2,500 in mixed quarterly purchases throughout all 2% and three% bonus classes. Assuming you max out your 3% bonus class spending, that’s a tough restrict of $75 in bonus cash-back earnings per quarter.
  3. Has a Foreign Transaction Fee. This card prices a 3% international transaction payment on purchases made outdoors the United States, together with some on-line purchases made with international distributors. If you frequently patronize non-U.S. companies, this may very well be a major downside, particularly with so many international transaction fee-free playing cards on the market as we speak.
  4. Low Baseline Cash Back Rate. Bank of America Customized Cash Rewards earns simply 1% on eligible spending outdoors the two% and three% bonus classes and when you hit the quarterly spending cap in these classes. That’s decrease than competing playing cards just like the Citi Double Cash Card and the Capital One Quicksilver Cash Rewards Credit Card.

Final Word

The Bank of America Customized Cash Rewards Credit Card has rather a lot going for it: an excellent sign-up bonus, a beneficiant ongoing rewards program, a alternative 0% APR introductory provide, and doubtlessly priceless perks for Bank of America banking clients.

Is it good? It’s not — no cash-back credit score card is. Bank of America Customized Cash has a low baseline rewards rate, prices a international transaction payment, and caps bonus cash-back earnings at a comparatively low stage every quarter. It’s not splendid for heavy spenders or frequent vacationers, nor for anybody who can’t match its bonus cash-back classes into their budgets.

Still, it’s higher than your common cash-back card. And which means it’s worthy of consideration, even should you finally determine to go along with one other card or issuer.

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