Both the Bank of America Customized Cash Rewards Credit Card and the Bank of America Unlimited Cash Rewards Credit Card offer appealing cash back rewards without an annual fee, coupled with introductory APR offers. However, if you're drawn to customizing your rewards, the BofA Customized Cash edges out with its higher cash back in categories you can select. On the flip side, the BofA Unlimited Cash flat-rate cash back on all purchases offers simplicity and consistency. While both cards are strong contenders, the BoFa Customized Cash card's tailored rewards may provide greater value for those who can maximize the category choices. The BofA Unlimited Cash still remains a solid choice for its straightforward rewards approach.
Bank of America® Customized Cash Rewards Credit Card
vs. Bank of America® Unlimited Cash Rewards Credit Card
Updated: July 26, 2024
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Bank of America® Customized Cash Rewards Credit Card
Bank of America® Unlimited Cash Rewards Credit Card
- Regular APR19.24%–29.24% variable19.24%–29.24% variable0% APR Offer0% intro for 15 billing cycles0% for 15 billing cycles on purchasesIntro OfferEarn $200 online cash rewardsEarn $200 online cash rewards if you spend $1,000 in the first 90 daysEarn $200 cash backEarn $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.Rewards SummaryEarn 1% – 3% cash backEarn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). Earn unlimited 1% on all other purchases.Earn 1.5% cash backEarn unlimited 1.5% cash back on all purchases.Balance Transfer Offer0% intro for 15 billing cycles for any balance transfers made in the first 60 days0% for 15 billing cycles on balance transfersBalance Transfer Fee3% of the amount of each transaction3% for the first 60 days, then 4%Annual Fee$0$0Recommended Credit670–850 (Good to Excellent)670–850 (Good to Excellent)Penalty APRUp to 29.99% variable APRUp to 29.99% variable APRNot sure?
Which Card Is Better for You?
You might prefer the BofA Customized Cash if you're strategic about your spending and can maximize the 3% cash back in categories you frequently use. With the added bonus for Preferred Rewards program members, this card is a strong contender for those who spend heavily in the chosen categories.
You might prefer the BofA Unlimited Cash if you value simplicity and consistency in your rewards. The 1.5% cash back on all purchases means you won't have to keep track of categories or spending caps. This card is a good fit for those who want a straightforward cash back experience.
Head-to-Head Comparison: Card Details and Features
Evaluating APRs, fees, credit requirements, rewards and other features will help you find a card that suits you Use this section to pinpoint the differences, such as the BofA Customized Cash's higher cash back in select categories versus the BofA Unlimited Cash's flat-rate reward on all purchases.
Regular APR: Tie
Both the Bank of America Customized Cash and BofA Unlimited Cash cards offer a starting lower APR range of 18.24%.
Annual Fee: Tie
Both cards have no annual fee, making them equally attractive for users looking to save on costs.
Introductory 0% APRs: Tie
Both the BofA Customized Cash and BofA Unlimited Cash offer a 0% introductory APR for 15 billing cycles on both purchases and balance transfers. However, the Unlimited Cash card increases the balance transfer fee to 4% after the first 60 days, compared to a consistent 3% fee with the Customized Cash card.
Rewards: Bank of America Customized Cash
The BofA Customized Cash offers higher potential rewards for those who spend heavily in specific categories, with 3% cash back on a category of choice and 2% back at grocery stores and wholesale clubs (up to $2,500 quarterly in combined purchases), compared to the BofA Unlimited Cash card's flat 1.5% cash back on all purchases. This makes the Customized Cash card more advantageous for maximizing rewards in chosen spending areas.
Welcome Offers: Tie
Both cards offer a $200 bonus for spending $1,000 in the first 90 days, making them equally appealing for their welcome offers.
Recommended Credit Score: Tie
Both cards require a credit score of 670 to 850, indicating they are equally accessible to individuals with good to excellent credit.
Penalties and Fees: Tie
Both cards impose up to $40 in late fees and up to 29.99% variable APR for penalties. Cash advance fees are set at 3% of each transaction, and foreign transaction fees are 3%.
Issuer Satisfaction: Tie
Since both the Customized Cash Rewards Credit Card and the Unlimited Cash Rewards Credit Card are issued by Bank of America, they share the same issuer satisfaction rating of 4.5.
Other Features & Perks: Tie
Both the BofA Customized Cash and BofA Unlimited Cash cards offer no annual fee, rewards that do not expire and contactless payments for convenience. Preferred Rewards members benefit from extra cash back on purchases with both cards. Additionally, the BofA Unlimited Cash card has an exclusive online offer, highlighting its appeal for digital-savvy users.
Rewards Comparison
The BofA Customized Cash edges out the BofA Unlimited Cash when it comes to maximizing rewards in specific categories. With the ability to choose a 3% cash back category, it caters to strategic spenders. The BofA Unlimited Cash, while not as high in specific categories, offers a consistent 1.5% back on all purchases, making it a solid choice for those who prefer simplicity over maximizing category bonuses.
For the Customized Cash card, you can select one category to earn 3% cash back each quarter, from options like gas (including EVC stations), online shopping (including cable, streaming, internet, and phone services), dining, travel, drug stores, or home improvements and furnishings. This flexibility can be particularly beneficial if your spending is concentrated in one of these areas.
Below, you'll find a table of bonus categories to help you compare the rewards programs at a glance.
Category | BofA Customized Cash | BofA Unlimited Cash |
|---|---|---|
Choice Category | 3% on a category of choice (gas, online shopping, dining, travel, drug stores, or home improvements and furnishings) | 1.5% on all purchases |
Grocery Stores | 2% at grocery stores | 1.5% on all purchases |
Wholesale Clubs | 2% at wholesale clubs | 1.5% on all purchases |
All Other | 1% on all other purchases | 1.5% on all purchases |
Redeeming Rewards
Transitioning from how rewards are earned to how they can be enjoyed, both the BofA Customized Cash and BofA Unlimited Cash cards offer flexible redemption options. With either card, you can redeem your cash back directly into a Bank of America or eligible Merrill account, or as a statement credit to offset your bill. Importantly, the cash back you earn does not expire as long as your account remains open, giving you the freedom to use your rewards at your convenience.
Methodology
MoneyGeek evaluates credit cards like the BofA Customized Cash and BofA Unlimited Cash using a tailored scoring system for various use cases. In this comparison, both cards are assessed based on their cash back potential.
The most significant factors in this scoring include the effective reward rate and the return on investment for offers. For a deeper understanding of our comprehensive ranking process, you can explore our ranking methodology.
FAQ: BofA Customized Cash vs. BofA Unlimited Cash Card
What are the cash back rewards for each card?
The Customized Cash card offers 3% on a chosen category, while the Unlimited Cash card provides 1.5% on all purchases. There are other cards that are also the best for earning cash back.
Do either of the cards have an annual fee?
No, both cards are on par with some of the best cards with no annual fee.
What are the introductory offers for these cards?
Both cards offer a $200 bonus and 0% APR for 15 billing cycles. Many of the best cards are zero interest card.
How do the APRs compare after the introductory period?
Both cards have a variable APR range of 18.24% to 28.24% after the intro period.
Can I benefit from balance transfers with these cards?
Yes, both offer 0% intro APR on balance transfer.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.