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- Bank of America® Customized Cash Rewards credit card
A great no-annual-fee card for earning high cash back on bonus categories
- 1% – 3% Cash BackRewards Rate
- 18.24% – 28.24% VariableAPR
- $0Annual Fee
- Good–ExcellentRecommended Credit
MoneyGeek ranked the best credit cards using a streamlined methodology that incorporates various factors. Our process starts with collecting credit card details from the Consumer Finance Protection Bureau and generating standard data points and ideal spend profiles. We then review the benefits and rewards of each card and continuously update the data on a monthly basis.
MoneyGeek reviewed the Bank of America® Customized Cash Rewards credit card’s benefits to help you determine if this card is a good choice for you. It offers a 0% introductory APR on regular purchases for up to 18 billing cycles as well as balance transfers within the first 60 days of opening an account. However, this card has a relatively high APR of 17.99% - 27.99%, and you need good credit to qualify.
Bank of America® Customized Cash Rewards credit card Overview
The Bank of America® Customized Cash Rewards credit card offers some excellent bonuses and rewards. Here’s a breakdown of what the card offers.
Quick Take
- $0 annual fee
- Get an online cash rewards bonus of $200 if you spend $1,000 on purchases in the first 90 days
- Earn up to 3% cash back on up to $2,500 you spend on bonus categories every quarter
- Choose from gas, online shopping, dining, travel, drug stores, and home improvement & furnishings as your 3% bonus category
- Higher cash back for Preferred Rewards members
- Redeem cash back as a statement credit, a direct deposit into a Bank of America checking/savings account or a contribution to an eligible Merrill account
- Intro 0% APR on purchases and balance transfers for the first 18 billing cycles, then a variable APR of 17.99% - 27.99% after that
- 3% balance transfer fee
- 3% foreign transaction fee (5% for overseas cash advances)
Important Card Details
While the Bank of America® Customized Cash Rewards credit card charges no annual fee, there are some limitations to the card that you should understand before applying. Here are a few key points within the fine print you’ll want to consider.
Below are some of the fees associated with the card.
Regular APR
This card has a variable APR of 17.99% - 27.99% on regular purchases. For individuals who are likely to make late payments, this may result in high interest rates. However, keep in mind that Bank of America provides a 0% intro APR offer on this card for the first 18 billing cycles.
Balance Transfer
The Bank of America® Customized Cash Rewards credit card has a 3% balance transfer fee in addition to the variable APR of 17.99% - 27.99%.
Rewards limitations
The higher rewards rate of 2% and 3% only apply to your first $2,500 in purchases each quarter. Then, the rewards rate drops down to 1%.
Late Payment Fees
Bank of America charges up to $40 in late fees.
Foreign Transaction Fee
You will pay 3% in international fees for all purchases made outside of the United States.
Additional Benefits
Besides the numerous rewards and benefits that this card offers, Bank of America® Customized Cash Rewards credit card customers can access the following unique features.
How the Bank of America® Customized Cash Rewards credit card Compares To Other Cards
The Bank of America® Customized Cash Rewards credit card offers generous rewards on purchases while also charging no annual fees. However, some other cards in the cash back category may offer better rewards and features. It can be helpful to compare cards before deciding which one to apply for in order to make sure you choose the right one for your spending habits.
How the Bank of America® Customized Cash Rewards credit card Compares
Bank of America® Customized Cash Rewards credit card
- Annual fee: $0
- Purchase APR: 17.99% - 27.99% variable
- Intro APR offer: 0% for 18 billing cycles, then a variable APR of 17.99% - 27.99%
- Foreign transaction fee: 3%
- Cash back rate: Up to 3%
- Best for: Anyone who wants a more robust rewards program to get more cash back on their spending
Susan G. Komen Customized Cash Rewards
- Annual fee: $0
- Purchase APR: 17.99% - 27.99% variable
- Intro APR offer: 0% for 18 billing cycles
- Foreign transaction fee: 3%
- Cash back rate: Up to 3%
- Best for: Supporting a worthwhile cause while getting rewards in the process
Frequently Asked Questions
sources
- Bank of America. "Cash Back Rewards Credit Card Cash Back Categories & Exclusions." Accessed April 13, 2022.
- Bank of America. "Cash Back Rewards Credit Card with 3% Choice Category." Accessed April 13, 2022.
- Bank of America. "Credit Card FAQ and Features." Accessed April 13, 2022.
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