Are you in the market for a new card and considering the Bank of America® Customized Cash Rewards credit card? Before you apply for the card, you'll want to learn some key facts about the offer and how it compares to other cards on the market.
First, let's cover the basics. In reviewing the card, we rated it a 4.9 out of 5.0, which means that like many other cards, we found the Bank of America® Customized Cash Rewards credit card to have some solid benefits and some possible drawbacks.
This card lets you choose which purchase category earns you the top cash back rewards rate, making it a highly customizable rewards card. The only drawback is the rewards earning cap, but it makes up for it with introductory APR promotions.
Next up, let's dive into the details you should consider before applying. Here's a rundown of the card's key features, rates, and terms:
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BEST OVERALL RATING
★★★★★
4.9
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- Earn 3% cash back in the category of your choice - now with expanded categories, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
- Newly expanded categories based on Bank of America customer feedback! 3% cash back on Gas (to now include Electric Vehicle Charging (EVC) Stations) and Online Shopping (to now include Cable, Streaming, Internet and Phone Services).
- If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
- No annual fee and no expiration on rewards.
- 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR will apply. A 3% fee applies to all balance transfers.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
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0% Intro APR for 15 billing cycles for purchases
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0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
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18.24% - 28.24% Variable APR on purchases and balance transfers
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$0
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Excellent/Good
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Additional Disclosure: Bank of America is a CardRates advertiser.
There's certainly a lot to like about the Bank of America® Customized Cash Rewards credit card. But just like with other cards we review, we stress that potential applicants should pay attention to this card's rates and fees as part of the bigger overall picture.
Let's dive deeper into those rates and fees, as they could make or break whether owning the card makes sense for you and your financial situation.
The interest rate, also known as APR (annual percentage rate), tells you what percentage of your balance you can expect to pay in interest annually if you carry a balance.
According to the issuer, the Bank of America® Customized Cash Rewards credit card currently charges the following interest rates on purchases and balance transfers:
- Purchase Intro: 0% Intro APR for 15 billing cycles for purchases
- Balance Transfer Intro: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
- Regular APR: 18.24% - 28.24% Variable APR on purchases and balance transfers
Another possible expense to consider is the annual fee, which is the amount a cardholder is required to pay each year for the privilege of owning a particular card.
Here's the annual fee for the Bank of America® Customized Cash Rewards credit card as listed by the issuer:
See site for details »
So far, we've covered the Bank of America® Customized Cash Rewards credit card in great detail, from its many benefits to its current rates and fees. But what are your odds of approval? What credit score is needed to become a cardholder?
According to the issuer, the current general credit history requirement for the card is:
- Credit Level: Excellent/Good
If you feel you have the credit needed for approval and you're ready to apply, you can do so online on the issuer's secure website.
Keep in mind that rates and features may change, so if you like what the card is offering today, you may want to apply now to lock it in its current terms before it's too late.
We've discussed the many benefits, drawbacks, and requirements of the Bank of America® Customized Cash Rewards credit card, but how does it rank versus similar cards on the market? Below are all the category-specific ratings our team gives the card, along with the card's ranking within each category.
Quick hint: Want to see our best-reviewed cards in each category? Simply click the category name to see our top picks:
All told, our team's review of the Bank of America® Customized Cash Rewards credit card resulted in a rating of 4.9 out of 5.0, as the card features many pros and cons for a potential cardholder to consider. Ultimately, it's up to you to determine if the card's benefits outweigh its possible drawbacks. If you determine that it's a fit for your needs, you may want to apply soon, as terms throughout the industry change regularly.
We hope our guide has been helpful in learning all you need to know about the Bank of America® Customized Cash Rewards credit card. We wish you the very best on your financial journey!
Be sure to visit the official website for Bank of America® Customized Cash Rewards credit card to learn complete details about its features and terms. If you’re not quite sure if Bank of America® Customized Cash Rewards credit card is right for you, we encourage you to check out these guides to popular alternatives:
Before applying for the Bank of America® Customized Cash Rewards credit card offer or any other offer, be sure you understand all fees, interest rates, and terms so you can make the best decision for your own financial goals.
Toby founded Digital Brands, the parent company of CardRates.com and its sister sites, and now serves as Chairman of the Board. He lends his 15 years of credit card industry experience to educate consumers on the responsible use of credit. His knowledge base spans credit card reward programs to credit repair, lending, and credit bureau reporting.
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