The Bank of America® Customized Cash Rewards credit card is a good credit card for people with excellent credit who want to earn 2% - 3% cash back on up to $2,500 spent per quarter in select categories (1% otherwise). Plus, the Bank of America Customized Cash Rewards credit card is easily worthwhile given its $0 annual fee and initial bonus. New cardholders get $200 for spending $1,000 in the first 90 days.
That is not to say the Bank of America Customized Cash Rewards card is right for everyone. It’s not ideal for big-spenders given the bonus-rewards limits, for example, and it has a high regular APR. You can learn more about the pros and cons of the offer below.
Bank of America Customized Cash Rewards credit card Review Highlights
$200 initial bonus if you apply online
Online applicants who charge at least $1,000 to their Bank of AmericaCustomized Cash Rewards credit card within 90 days of account opening currently stand to receive a $200 bonus. Few C-notes ever come so easy.
Ongoing rewards not quite as simple as 1-2-3
Yes, you will earn 1% cash back on most purchases made with this Bank of America Customized Cash Rewards card, in addition to 2% back on groceries and wholesale clubs, and 3% cash back on a category of your choosing. But don’t start singing Jackson 5 songs just yet, as there is a slight catch. The 2% and 3% earning rates only apply to the first $2,500 spent in those categories each quarter. If you spend more than that, you might want to find a different card.
Above-average 0% intro rates
This Bank of America cash card also has financing appeal, thanks to its 0% intro rates on new purchases and balance transfers for the first 15 billing cycles your account is open. You shouldn’t get too excited, though, as you need to transfer your balance within the first 60 days. Furthermore, there is a balance transfer fee of 3% for 60 days from account opening, then 4%, that spoils the transfer part of the deal. And after the intro APR offer ends, a 19.24% - 29.24% Variable APR will apply.
No annual fee, but not free
Although the Bank of America Customized Cash Rewards credit card is about $22.22per year cheaper than the average credit card, by virtue of it not charging an annual fee, that’s neither uncommon for a cash back credit card, nor the only fee you’ll need to watch out for. For instance, Bank of America Customized Cash Rewards is ill-suited for traveling abroad or making purchases through internationally based merchants given its 3% foreign-transaction fee.
Excellent credit is a must
Make sure to check your credit score before applying because only the roughly 40% of people who have excellent credit can qualify for the Bank of America Customized Cash Rewards credit card.
Above-average regular APR
The average credit card for excellent credit has a 18.2% regular APR, according to WalletHub’s latest Credit Card Landscape Report. That means you are bound to overpay if you carry a balance from month to month with the Bank of America Customized Cash Rewards credit card, because of its regular rate.
At the end of the day, the Customized Cash Rewards card is a solid option for saving on gas and groceries. The card also has some appeal if you want to save on interest, but it can't hurt to look at the best credit card ratesout there.
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