The Bank of America® Customized Cash Rewards Credit Card is a versatile card that allows you to tailor your cash-back rewards to your spending habits. With the ability to choose your own bonus category, this card is designed for those who want more control over how they earn rewards. In this post, we’ll dive into the features of the Bank of America Customized Cash Rewards Credit Card, how you can make the most of its benefits, and how it compares to other top cash-back cards.
Key Features of the Bank of America Customized Cash Rewards Credit Card:
This card offers a unique approach to cash-back rewards, with flexible earning potential based on your spending preferences. Below is a breakdown of its primary features:
| Feature | Details | How to Utilize |
|---|---|---|
| 3% Cash Back on a Category of Your Choice | Earn 3% cash back on your choice of one of six categories, including gas, online shopping, dining, travel, drug stores, or home improvement. | Choose a category that aligns with your highest spending to maximize cash-back earnings. |
| 2% Cash Back on Groceries and Wholesale Clubs | Earn 2% cash back on grocery store and wholesale club purchases, up to $2,500 in combined purchases each quarter. | Use the card for groceries and wholesale club shopping to earn additional cash back. |
| 1% Cash Back on All Other Purchases | Earn 1% cash back on all other purchases with no limits on earnings. | Use the card for everyday purchases to accumulate cash back consistently. |
| Introductory 0% APR Offer | 0% introductory APR for 18 billing cycles on purchases and balance transfers. | Take advantage of the 0% APR for large purchases or to pay down existing balances. |
| No Annual Fee | Enjoy all the card’s benefits without paying an annual fee. | Maximize value by not having to worry about an annual fee eating into your rewards. |
| Preferred Rewards Members Bonus | Earn a 25% to 75% rewards bonus on every purchase if you’re a Bank of America Preferred Rewards member. | Enroll in Bank of America’s Preferred Rewards program to significantly boost your cash-back earnings. |
How to Maximize the Bank of America Customized Cash Rewards Credit Card:
Here are some strategies to help you get the most out of this card:
- Select Your Bonus Category Wisely: Every month, you have the option to choose your 3% cash-back category. Analyze your spending habits to select the category where you spend the most. If your spending patterns change, don’t hesitate to switch categories to keep your cash-back earnings optimized.
- Take Advantage of the Grocery and Wholesale Club Bonus: The 2% cash back on groceries and wholesale clubs is an easy way to rack up rewards, especially if you regularly shop for household essentials. Remember, there’s a $2,500 quarterly cap on combined 3% and 2% category spending, so plan accordingly.
- Leverage the Preferred Rewards Program: If you’re a Bank of America customer, it’s worth looking into the Preferred Rewards program. Depending on your qualifying balances, you can earn a significant bonus on your cash-back rewards, increasing your total earnings by up to 75%.
- Utilize the 0% APR Period: The card’s introductory 0% APR on purchases and balance transfers for 18 billing cycles is ideal for managing large purchases or paying off existing high-interest balances. Just be sure to pay off the balance before the promotional period ends to avoid interest charges.
Comparing the Bank of America Customized Cash Rewards Credit Card to Other Cash-Back Cards:
To help you understand how this card stacks up against its competitors, here’s a comparison with other popular cash-back credit cards:
| Card | Annual Fee | Cash-Back Rewards | Bonus Categories | Additional Perks |
|---|---|---|---|---|
| Bank of America® Customized Cash Rewards Credit Card | $0 | 3% cash back in a category of your choice, 2% on groceries and wholesale clubs, 1% on all other purchases | Select one of six categories: gas, online shopping, dining, travel, drug stores, or home improvement | 0% intro APR for 18 billing cycles, Preferred Rewards bonus, no annual fee |
| Citi® Double Cash Card | $0 | 2% cash back on all purchases (1% when you buy, 1% when you pay) | No specific categories | No annual fee, no category restrictions |
| Chase Freedom Flex℠ | $0 | 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate, 5% on travel through Chase Ultimate Rewards, 3% on dining and drugstores, 1% on all other purchases | Rotating quarterly categories like gas stations, grocery stores, and more | No annual fee, intro APR, Chase Ultimate Rewards portal access |
| Blue Cash Everyday® Card from American Express | $0 intro annual fee for the first year, then $95 | 3% cash back on U.S. supermarkets (up to $6,000 per year), 2% on U.S. gas stations, 1% on other purchases | Supermarkets, gas stations | Intro APR on purchases, Amex Offers, no annual fee in the first year |
| Discover it® Cash Back | $0 | 5% cash back on up to $1,500 in purchases each quarter in rotating categories (activation required), 1% on all other purchases | Rotating quarterly categories like gas, restaurants, and Amazon.com | Cashback Match for the first year, no annual fee, no foreign transaction fees |
| Capital One Quicksilver Cash Rewards Credit Card | $0 | 1.5% cash back on every purchase, every day | No specific categories | No annual fee, no foreign transaction fees, intro APR on purchases and balance transfers |
| Wells Fargo Active Cash® Card | $0 | 2% cash back on all purchases | No specific categories | No annual fee, intro APR on purchases and balance transfers, cell phone protection |
| U.S. Bank Cash+® Visa Signature® Card | $0 | 5% cash back on your first $2,000 in combined eligible purchases each quarter on two categories of your choice, 2% on one everyday category, 1% on everything else | Choose two 5% categories, one 2% category | No annual fee, customizable rewards categories, intro APR on balance transfers and purchases |
| American Express® Cash Magnet® Card | $0 | 1.5% cash back on all purchases | No specific categories | No annual fee, intro APR on purchases and balance transfers |
| Citi Custom Cash℠ Card | $0 | 5% cash back on purchases in your top eligible spend category each billing cycle (up to $500), 1% on all other purchases | Automatically adjusts to your top spending category each month | No annual fee, intro APR on balance transfers and purchases |
Why the Bank of America Customized Cash Rewards Card Stands Out:
The Bank of America Customized Cash Rewards Credit Card is especially appealing for:
- Customizable Rewards: The ability to choose your 3% cash-back category gives you the flexibility to earn more rewards where you spend the most.
- No Annual Fee: This card offers valuable cash-back rewards without the burden of an annual fee, making it a cost-effective option for most consumers.
- Preferred Rewards Program: If you’re a Bank of America customer, the Preferred Rewards bonus can significantly enhance your cash-back earnings, making this card even more rewarding.
Potential Drawbacks:
- Quarterly Spending Cap: The $2,500 quarterly cap on combined 3% and 2% category spending limits your earning potential if you’re a big spender in these categories.
- Less Attractive for Non-BOA Customers: Without the Preferred Rewards bonus, the rewards structure is less competitive compared to other cards that offer flat-rate cash back or higher rewards in popular categories.
Conclusion:
The Bank of America Customized Cash Rewards Credit Card is a solid choice for those who value flexibility in their cash-back rewards. By carefully selecting your 3% category and maximizing the Preferred Rewards program, you can tailor this card to fit your spending habits and enhance your cash-back earnings. With no annual fee and an attractive intro APR offer, this card offers a well-rounded package that’s worth considering for anyone looking to boost their cash-back rewards.
For other cash rewards, offers and benefits, please visit our Rewards and Offers complete posts