Bank of America® Customized Cash Rewards Credit Card Review
The Bank of America® Customized Cash Rewards Credit Card is a good option for individuals with good or excellent credit who want to earn rewards and bonuses from their purchases. The card doesn’t charge an annual fee, making it a convenient addition to almost any wallet.
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 16.99% and 26.99%, and you need good credit to qualify.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Cash Back Rewards
- Travel Rewards
Bank of America® Customized Cash Rewards Credit Card at a Glance
Apart from the 0% introductory APR and no annual fee, Bank of America® Customized Cash Rewards credit card customers receive other generous rewards. Cardholders can use the bank’s rewards calculator to determine how much cash back they can earn each time they use the card.
- Bank of America® Customized Cash Rewards credit card
A great no-annual-fee card for earning high cash back on bonus categories
- Good-ExcellentCredit Needed
- $0Annual Fee
- 1% - 3% Cash BackRewards Rate
- 15 monthsAPR Offer Duration
- 15 monthsBalance Transfer Duration
Pros & Cons Explained
The Bank of America® Customized Cash Rewards credit card provides various benefits and perks to cardholders. However, it also has some drawbacks that you need to be aware of before applying for the card.
- No annual feeThe card has no annual fee, which is competitive with some other cards that offer above-average rewards.
- Exceptional cashback rewardsThe card features 3% cash back on purchases made in a category of your choice. Categories can include online shopping, gas, travel, dining, home improvements or travel. The card also gives cardholders 2% cash back at wholesale clubs and grocery stores as well as 1% for all other purchases.
- 0% introductory APRThe card offers a 0% introductory APR for the first 18 billing cycles for all new accounts. It offers the same rate for balance transfers that are completed within 60 days of opening an account.
- Cash reward bonusCardholders can receive a $200 online cash bonus for making at least $1,000 in purchases during the first 90 days of opening an account.
- FICO scoreCard users can access their FICO score monthly to monitor their credit health.
- Good credit score requiredTo get approval for this card, you have to have a good credit score. However, it’s preferable if you have an excellent score.
- Best rewards limited to specific individualsPreferred reward members can earn between 25% and 75% more cash back on purchases.
- Foreign transaction feesCardholders will pay a 3% foreign transaction fee on every purchase made outside of the United States.
- High APROnce the introductory APR period is over, your APR will be between 16.99% and 26.99%. This is high compared to some of the other cards on the market.
- Late feeIf you’re late making a payment, you could pay up to $40 in late fees.
MoneyGeek analyzes the best cards in various categories. The Bank of America® Customized Cash Rewards credit card doesn’t rank among the best cash rewards cards. As a result, it may make sense for you to review other cash back cards so you can find the right one for your spending habits.
Bonuses & Rewards Explained
The Bank of America® Customized Cash Rewards credit card offers some excellent bonuses and rewards. Here’s a breakdown of what the card offers.
You will receive 3% cash back for purchases in one category of your choosing. This can include online shopping, gas, travel, dining, drug stores and home improvements. You can also earn 2% cash back at wholesale clubs and grocery stores and 1% on all other purchases.
Cardholders who are preferred rewards members can earn bonus rewards, giving them anywhere from 25% to 75% more cash back on each of their purchases.
Cash Rewards Bonus Offer
The card has a $200 online cash rewards bonus offer for new customers who spend at least $1,000 in the first 90 days of opening an account.
Other Features Explained
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.
- Card FeatureDescription
- Fraud liability protectionIf unusual activity is detected on your account, the bank will block potential fraud by alerting you to the suspicious transaction.
- FICO scoreCardholders can access their FICO scores from their online account or mobile app. The bank updates these details monthly and offers this feature free of charge.
- Contactless chip technologyYou can make purchases quickly and securely by tapping your card on the contactless symbol at paypoints.
The Bank of America® Customized Cash Rewards credit card is good for individuals who want to earn rewards on most purchases. Unlike many other cards, this card allows you to select your own 3% bonus category. This can help you earn rewards even faster.
Understanding the Fine Print
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.
- Card FeatureAmount or Rate
- APR13.99% - 23.99%
- Annual Fee$0
- Cash Back Rewards
- Rewards Rate1% - 3% Cash Back
- Airline Benefits
This card has an APR of 16.99%–26.99% 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.
The Bank of America® Customized Cash Rewards credit card has a 3% balance transfer fee in addition to the APR of 16.99%–26.99%.
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.
If you want to compare the Bank of America® Customized Cash Rewards credit card benefits with other card options, you can find the information you need on your billing statement, online account or Bank of America’s mobile app. You can also check the Consumer Financial Protection Bureau’s credit card agreement database.
Who Should & Shouldn’t Consider Bank of America® Customized Cash Rewards Credit Card?
Other Considerations for Bank of America® Customized Cash Rewards Credit Card
If you’re thinking about applying for the Bank of America® Customized Cash Rewards credit card, you should consider several factors, including how you plan to use the card. The implications of having this card can vary based on if it’s your first card, your only card or an addition to your wallet.
Things to Consider if This Will Be Your First or Only Credit Card
If you’re considering the Bank of America® Customized Cash Rewards credit card as your first or only card, a big factor to consider is whether or not you will qualify for it. If it’s your first card, you might not have the credit score required to get approved for this card. However, if you’ve had other cards before and you have a good credit score, you’ll probably qualify for the card.
Another factor to consider will be its APR, which is between 16.99% and 26.99%. Also, while the card offers several rewards, there is a spending cap of $2,500 across combined bonus categories.
Furthermore, if you intend to use the card to travel or make purchases outside the United States, a 3% fee will apply.
Things to Consider if This Will Be an Additional Card in Your Wallet
The Bank of America® Customized Cash Rewards credit card may be a good addition to your card options if you need a card with no annual fees plus an attractive introductory APR. If you have a big purchase coming up and intend to carry a balance for a bit while you pay it off, this card might be helpful.
Cardholders can earn cash back rewards on all purchases, which is good for regular shoppers. The welcome bonus is also a good feature for new cardholders.
Make sure to use this card as a complement to the other cards in your wallet. This is a good option to use in the spending category you select as your 3% cash back option as well as grocery stores and warehouses. However, a different card with better rewards might be a better choice for all your other purchases.
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.
How 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.
Quick Comparison of Bank of America® Customized Cash Rewards credit card
Bank of America® Customized Cash Rewards credit card
- Annual fee: $0
- Purchase APR: 16.99%–26.99%
- Intro APR offer: 0% for 18 billing cycles
- 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: 16.99% – 26.99%
- 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
Other Helpful Decision-Making Q&As
MoneyGeek’s Bank of America® Customized Cash Rewards credit card review shows that the card provides good rewards to those who regularly use the card for shopping. However, if you are still not convinced that the card is right for you, here are some frequently asked questions that may provide some clarification.
Still not sure about this card? Consider these options.
Although this card offers various benefits and rewards, its features may not meet some of your needs, especially if you are interested in international travel. In this case, you can consider reviewing the best options across other categories, like travel cards or other rewards cards. MoneyGeek’s research includes the best cards across a wide variety of categories, so you’re bound to find exactly what you need.
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Learn more about credit cards in general
- 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.
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.
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