Both the Bank of America Customized Cash Rewards Credit Card and the Discover it Cash Back Card offer enticing rewards and introductory APRs, which is likely why you're considering them. In this matchup, the BofA Customized Cash card edges ahead due to its higher cash back in customizable categories, making it particularly rewarding for strategic spenders. However, the Discover it Cash Back card is a strong contender with its unique first-year cash back match, which can be lucrative for new cardholders. While both cards are excellent choices, your decision may hinge on whether you prefer customizable rewards or the potential for a significant first-year bonus.
Bank of America® Customized Cash Rewards Credit Card
vs. Discover it® Cash Back Card
Updated: June 5, 2024
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Bank of America® Customized Cash Rewards Credit Card
Discover it® Cash Back Card
- Regular APR19.24%–29.24% variable18.24%–28.24% variable0% APR Offer0% intro for 15 billing cycles0% intro APR for 15 monthsIntro OfferEarn $200 online cash rewardsEarn $200 online cash rewards if you spend $1,000 in the first 90 daysMatches cash back earned at the end of the first 12 monthsMatches cash back earned at the end of the first 12 monthsRewards 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 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.Balance Transfer Offer0% intro for 15 billing cycles for any balance transfers made in the first 60 days0% intro APR for 15 monthsBalance Transfer Fee3% of the amount of each transaction3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)Annual Fee$0$0Recommended Credit670–850 (Good to Excellent)670–850 (Good to Excellent)Penalty APRUp to 29.99% variable APRNoneNot sure?
Which Card Is Better for You?
You might prefer the BofA Customized Cash if you're looking for a card that lets you choose your high cash back categories and you're a Bank of America customer, which could net you even more rewards. The card's new cardholder bonus and introductory APR offer add to its appeal for those who can meet the spending requirements and want to save on interest.
You might prefer the Discover it Cash Back if you enjoy the challenge of maximizing cash back in rotating categories and want the unique benefit of having your first year's cash back matched. This card is a strong contender for those who plan their spending around the bonus categories and are looking for a card with no annual fee and a generous introductory APR period.
Head-to-Head Comparison: Card Details and Features
Evaluating APRs, fees, credit requirements, rewards, introductory offers and additional features will show you which card may suit you best. For instance, if maximizing cash back is your goal, compare the rewards structures; frequent travelers might prioritize cards with no foreign transaction fees. This section equips you with the details to pinpoint the card that fits your spending habits.
Regular APR: Discover it Cash Back
The Discover it Cash Back offers a lower starting APR of 17.24%, compared to the BofA Customized Cash's starting APR of 18.24%. Both cards cap their APR at 28.24%.
Annual Fee: Tie
Both the BofA Customized Cash and Discover it Cash Back cards have no annual fee, making them equally appealing for those looking to save on yearly costs.
Introductory 0% APRs: Tie
Both cards offer a 0% introductory APR on purchases and balance transfers for nearly the same duration, with the BofA Customized Cash providing 0% intro for 15 billing cycles, and the Discover it Cash Back offering 0% intro APR for 15 months. Both cards also have a 3% balance transfer fee initially, though Discover's can increase to up to 5% on future transfers.
Rewards: Discover it Cash Back
The Discover it Cash Back card is better for rewards, offering 5% cash back on up to $1,500 in combined quarterly purchases in rotating categories upon activation, then 1%. Categories change quarterly and have included groceries, gas, restaurants and Amazon.com. Additionally, Discover matches all cash back earned at the end of the first year, effectively doubling the rewards. In contrast, the BofA Customized Cash offers 3% cash back on a category of choice and 2% at grocery stores and wholesale clubs (up to $2,500 quarterly in combined purchases), with rewards not expiring as long as the account remains open.
Welcome Offers: BofA Customized Cash
For welcome offers, the BofA Customized Cash card outperforms with its $200 online cash rewards after spending $1,000 in the first 90 days, offering a higher ROI compared to Discover it Cash Back's match offer at the end of the first year.
Recommended Credit Score: Tie
Both cards require a credit score range of 670 to 850, indicating they are accessible to individuals with good to excellent credit.
Penalties and Fees: Discover it Cash Back
Discover it Cash Back is better for penalties and fees, offering a first late payment waiver and no foreign transaction fees. Unlike BofA Customized Cash, it also does not impose a penalty APR.
Issuer Satisfaction: Tie
Both Bank of America and Discover have an issuer satisfaction rating of 4.5, making this a tie. Customers can expect a similar level of satisfaction from the services provided by both issuers.
Other Features & Perks: Tie
BofA Customized Cash includes benefits like no expiration on rewards and extra cash back for Preferred Rewards members. Discover it Cash Back offers a first-year cash back match and tools to minimize online personal data exposure. Each card's perks cater to different user preferences.
Rewards Comparison
When it comes to rewards, the BofA Customized Cash card edges out with its customizable 3% cash back category. This is valuable if you spend heavily in one area. However, the Discover it Cash Back card's rotating 5% categories can be advantageous if your spending aligns with those categories each quarter. The Discover card's lack of an annual fee and the cash back match feature in the first year are compelling, especially for those who can maximize the 5% cash back on rotating categories.
For those who prefer to tailor their rewards, BofA Customized Cash allows you to choose one category to earn 3% cash back in, such as gas — now including electric vehicle charging stations, online shopping — including cable, streaming, internet and phone services, dining, travel, drug stores, or home improvements and furnishings.
On the other hand, the Discover it Cash Back card announces its 5% cash back categories quarterly, which may include gas stations and grocery stores, among others, up to a quarterly maximum when you activate.
Below is a table of bonus categories to help you compare the rewards programs at a glance.
Category | BofA Customized Cash | Discover it Cash Back |
|---|---|---|
Category | 3% on choice category (up to $2,500 in combined choice category/grocery/wholesale club quarterly purchases, then 1%) | 5% for the first $1,500 in rotating categories quarterly/1% thereafter |
Grocery Stores | 2% (up to $2,500 in combined choice category/grocery/wholesale club quarterly purchases, then 1%) | 5% for the first $1,500 in rotating categories quarterly/1% thereafter |
Wholesale Clubs | 2% (up to $2,500 in combined choice category/grocery/wholesale club quarterly purchases, then 1%) | 1% |
Gas | 3% on choice category (up to $2,500 in combined choice category/grocery/wholesale club quarterly purchases, then 1%) | 5% for the first $1,500 in rotating categories quarterly/1% thereafter |
Online Shopping | 3% on choice category (up to $2,500 in combined choice category/grocery/wholesale club quarterly purchases, then 1%) | 1% |
Dining | 3% on choice category (up to $2,500 in combined choice category/grocery/wholesale club quarterly purchases, then 1%) | 1% |
Travel | 3% on choice category (up to $2,500 in combined choice category/grocery/wholesale club quarterly purchases, then 1%) | 1% |
Drug Stores | 3% on choice category (up to $2,500 in combined choice category/grocery/wholesale club quarterly purchases, then 1%) | 1% |
Home Improvement and Furnishings | 3% on choice category (up to $2,500 in combined choice category/grocery/wholesale club quarterly purchases, then 1%) | 1% |
All Other Purchases | 1% | 1% |
Redeeming Rewards
Moving from earning to redeeming rewards, both cards offer flexibility but differ slightly in their options. The Bank of America Customized Cash allows redemption into Bank of America accounts, as statement credits, or for gift cards, with no expiration as long as the account is active. In contrast, the Discover it Cash Back provides various redemption choices, including direct deposit and paying at select retailers, with the caveat that rewards will be forfeited if the account is inactive for 18 months. Understanding these nuances can guide you to a card that aligns with your redemption preferences.
Methodology
MoneyGeek evaluates credit cards like the Bank of America Customized Cash and Discover it Cash Back for various use cases, such as cash back and balance transfers. Each card receives a score for the use case where it performs best. For the Bank of America Customized Cash, the highest score is in cash back, with a significant portion of the score determined by the effective reward rate. The Discover it Cash Back scores highest for balance transfers, with introductory purchase APR and regular APR being key factors. For a deeper understanding of our scoring process, you can review our ranking methodology. This approach ensures that you can make an informed decision based on specific, tailored advice.
FAQ: BofA Customized Cash vs. Discover it Cash Back Card
What are the cash back rewards for each card?
Bank of America Customized Cash offers up to 5.25% for Preferred Rewards members, while Discover it Cash Back offers 5% on rotating categories. Details on cash back rewards.
Do either of the cards have an annual fee?
No, both cards come with no annual fee.
How do the introductory offers compare between the two cards?
Both cards offer 0% intro APR; Bank of America Customized Cash for 15 billing cycles, and Discover it Cash Back for 15 months. More on introductory offers.
Are there foreign transaction fees for either card?
Bank of America Customized Cash has a 3% fee, while Discover it Cash Back has no foreign transaction fees.
What is the required credit score for each card?
Both cards recommend a credit score of 670–850. Learn about required credit scores.
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.