Bank of America Cash Rewards Visa Card Review
Snapshot
four.0
Lesser line
Option category greenbacks back cards seem to be picking up a piddling steam, but the Bank of America Customized Greenbacks bill of fare keeps its unique degree of flexibility by being the only card that allows you to swap your boosted greenbacks dorsum categories each month. It's peculiarly suited for big month-to-month expenses and Bank of America Preferred Rewards members, only the shared bonus categories' quarterly spending limit could be a bit low for many cardholders.
15 billing cycles of intro APR | Choice of cash back category
Bank of America® Customized Cash Rewards credit bill of fare
Regular Apr
14.24% - 24.24% Variable April on purchases and balance transfers
Recommended Credit Score
Good to Excellent (670 - 850)
Bank of America® Customized Cash Rewards credit card overview
If y'all want a higher reward rate than is offered by the standard ane.5 percent flat-rate cash back card but need more consistency month-to-calendar month than a five percent rotating category card, you're in luck.
The Banking company of America Customized Greenbacks Rewards credit bill of fare is i of the few cash back cards on the marketplace that allows you to non only option one of six 3 percent cash back bonus categories, but too bandy out your choice once per calendar month. This can be incredibly helpful for both big purchases on the horizon and a range of everyday expenses—especially once you consider the bill of fare's ongoing 2 percent cash back rate at grocery stores and wholesale clubs.
However, there's a grab that could be a bargain-breaker for big spenders. Your 3 percent and 2 percent categories share a $ii,500 spending limit on combined purchases per quarter before dropping to 1 per centum cash back. Read on to run across if the Bank of America Customized Cash Rewards card's benefits outweigh this drawback.
What are the advantages and disadvantages?
Pros
- Earns 3 percent greenbacks dorsum on gas, online shopping, dining, travel, drugstores or home improvement/furnishing purchases, plus two percent at grocery stores and wholesale clubs
- You tin can swap 3 percentage categories in one case per calendar month
- Bank of America Preferred Rewards members tin earn up to 75 percent more cash back on all purchases
- Generous intro APR periods on purchases and balance transfers
- No annual fee
Cons
- The 3 percentage and 2 pct categories share a combined $2,500 spending limit per quarter
- Sign-up bonus spending requirement is double that of rival cards
- Few major perks outside the rewards program
A deeper wait into the current bill of fare offer
Quick highlights
- Rewards rate: 3 percent cash back on category purchases of choice, including gas, online shopping, dining, travel, drugstore or home improvement; 2 pct cash dorsum at grocery stores and wholesale clubs (up to $ii,500 of combined iii and 2 percent category purchases each quarter, then i percent), plus 1 percent on all other purchases
- Welcome offering: $200 online greenbacks rewards after spending $1,000 within the commencement 90 days of account opening
- Annual fee: $0
- Buy intro APR: 0 pct intro APR for 15 billing cycles
- Balance transfer intro APR: 0 percent for 15 billing cycles for whatsoever balance transfers (if fabricated within the first sixty days, a 3 pct fee [minimum $10] applies)
- Regular Apr: fourteen.24% – 24.24% (variable)
Current sign-up bonus
You tin earn $200 online bonus cash dorsum by spending at least $1,000 in combined purchases during your first xc days.
That'south a solid payday and the spending requirement should exist easy to meet for about cardholders. That said, several other competing cards award the same $200 sign-up bonus in the same timeframe for one-half the spending requirement.
Only if you're looking to transfer your balance to a new card, the Bank of America Customized Cash Rewards takes a huge lead thanks to its 15-billing cycle 0% intro APR on any balance transfers made within the first 60 days and on purchases (14.24% – 24.24%) variable Apr after the introductory period ends).
Rewards rate
Although bonus category cash back cards are a dime a dozen, the Bank of America Customized Cash Rewards card has the distinct reward of allowing you to change your 3 percent category each month. That makes information technology more flexible than rewards cards with quarterly rotating categories that you must actuate every three months. If you're a Preferred Rewards member, yous can earn 25 percent to 75 percent more cash dorsum on every buy. That means you lot could earn up to five.25 percentage cash back on purchases in your choice category.
How you earn
Y'all can choose to earn 3 percent greenbacks back on gas, online shopping, dining, travel, drugstore or dwelling improvement and furnishing purchases. You'll too earn 2 per centum back at eligible grocery stores and at wholesale clubs—which can be a hard-to-come-past category for ongoing rewards (up to $2,500 in combined choice category, grocery store and wholesale club quarterly purchases). Naturally, y'all'll net 1 percent cash back on all other purchases, as well.
Bank of America also defines its bonus categories much more than broadly than many other issuers. The Banking company of America Customized Greenbacks Rewards has established itself as ane of the all-time cards for online shopping because its bonus category encompasses a diversity of retailers in addition to staples like Amazon.com, Walmart.com and Target.com, including specialty merchants like Etsy and Ticketmaster.com.
If you desire to make the most of your Customized Cash Rewards carte du jour and you have an eligible Bank of America, Merrill or Merrill Edge account, aim for a Bank of America Preferred Rewards membership. On elevation of a pile of other benefits, you tin earn up to 25 per centum to 75 percent more greenbacks back on all purchases depending on your membership tier.
How you redeem
True to its name, the Bank of America Customized Cash Rewards card only allows you to redeem for cash rewards. You can redeem your rewards at any time or amount for statement credits, directly deposits to a Banking company of America checking or savings business relationship or for credit to an eligible Merrill business relationship.
How much are the rewards worth?
Like other cash back programs, your Bank of America cash back rewards are worth 1 cent per one pct earned. For example, your 3 per centum category purchases will earn iii cents per dollar.
Yous'll need a minimum of $25 to redeem for automatic Banking company of America business relationship straight deposits or a qualifying Merrill 529 business relationship, however.
Other cardholder perks
The Bank of America Customized Greenbacks Rewards menu's primary focus is greenbacks dorsum, so it's a fleck light on the extra perks outside its intro April offers and typical features as a Visa carte.
Banking company of America Preferred Rewards
Bank of America'due south most valuable perk unique to their rewards cards is the Preferred Rewards program. By maintaining a specific 3-month boilerplate balance across your Banking company of America accounts, you lot may authorize for i of three Preferred Rewards status tiers that come up with a variety of perks, including a 25 to 75 percent rewards rate bonus:
- Preferred Rewards Gold (at to the lowest degree a $20,000 balance): 25 percent boost for 3.75 percent on choice category purchases, 2.5 percentage on grocery shop and wholesale social club purchases along with one.25 percent on all other purchases (2.06 percentage average rewards rate)
- Preferred Rewards Platinum (at least a $50,000 residue): 50 pct boost for 4.5 percentage on choice category purchases, 3 percentage on grocery shop and wholesale club purchases along with 1.5 percent on all other purchases (2.47 percentage average rewards rate)
- Preferred Rewards Platinum Honors (at least a $100,000 balance): 75 percent boost for five.25 percent on choice category purchases, 3.5 percentage on grocery store and wholesale lodge purchases forth with 1.75 pct on all other purchases (2.88 percent average rewards charge per unit)
BankAmeriDeals
BankAmeriDeals is Banking concern of America's version of a card-linked limited-fourth dimension offer programme similar Amex Offers or Chase Offers. By logging into your business relationship and activating certain promotional offers, you tin can typically earn 5 to 15 percentage extra cash dorsum at select restaurants and other participating merchants. BankAmeriDeals too grants y'all "coins" for using the plan, which allow you to access fifty-fifty better deals.
Although yous won't make stacks of cash back with BankAmeriDeals, it can provide an extra sprinkle of rewards.
Visa Signature Benefits
Since the Banking concern of America Customized Cash Rewards is a Visa Signature credit carte, y'all have access to a roster of Visa perks based on your credit limit, almanac fee and other factors. Contact your issuer to be certain of which features your bill of fare carries.
Stepping upward to the Visa Signature level grants yous buy protections like extended warranty coverage, purchase security, concierge, roadside dispatch, lost baggage reimbursement and travel and emergency assistance.
Museums On United states of america
This benefit is a bit on the obscure side, but frequent museum visitors volition be certain to dearest it. For over xx years, all Bank of America credit cards and debit cards have provided free general access to 225-plus "cultural institutions" during the outset weekend of every month. All you have to do is present your Banking concern of America carte du jour and a valid photograph ID.
Rates and fees
The Banking concern of America Customized Greenbacks Rewards card is a relatively low-cost card—in that location is no annual fee, a 15-billing-cycles 0% intro APR on purchases and whatsoever balance transfers (fabricated within the first 60 days) and a reasonably low-interest xiv.24% – 24.24% variable ongoing APR.
Its intro APR periods provide plenty jerk room to make the Customized Cash Rewards card a viable balance transfer card, and the minimum interest rate that follows is a skilful chip below the electric current average credit carte du jour interest rate. At that place's a standard iii percent ($ten minimum, whichever is greater) balance transfer fee to picket out for, likewise as a iii percentage foreign transaction fee.
Bankrate staff feel
Flexible cash dorsum that you tin can adapt to your upcoming expenses is reason enough to beloved the Customized Cash carte du jour, and Bankrate editor Mariah Ackary has found that its pick categories are a rewarding match for her upkeep.
The ability to customize my iii percent category is super valuable. I usually keep my choice rewards category ready on dining. I know that's where I consistently spend the most considering the app shows my average spending in each of the rewards categories. Nevertheless, when I'm about to book a flight that costs a few hundred dollars, I'll change the rewards category to travel to get an easy lump of cash back. Then I'll revert back to dining the next month.
For me, the $1,500 quarterly limit on the 2 and 3 percent categories isn't restrictive. I try to budget about $70 per calendar week for groceries ($840 per quarter) and $thirty per week for dining ($360 per quarter). That leaves me $300 short of the quarterly limit. Just if y'all're feeding a family unit, you might surpass this limit pretty quickly.
— Mariah Ackary, Editor at Bankrate
How the Bank of America Customized Cash Rewards carte du jour compares to other cash back cards
The Banking company of America Customized Cash Rewards card stands out among no annual fee credit cards for its versatile rewards programme. Perchance the closest in greenbacks back structure is the U.S. Bank Greenbacks+™ Visa Signature® Card with its 5 percent back on two option categories (up to $2,000 in purchases per quarter) that can be swapped once per quarter and two percentage on either gas station, grocery shop or eating house purchases. However, new approaches to flexible categories and more comprehensive flat-rate cards are gaining traction, which may provide other versatile alternatives to the Customized Cash bill of fare.
Bank of America Customized Cash Rewards credit carte du jour vs. Hunt Freedom Unlimited
If y'all're a big spender, the Bank of America Customized Cash card's $2,500 quarterly spending cap in ii and 3 percent rewards categories and thin benefits may curtail the potential value yous'd get from the carte.
A solid flat-rate cash back card volition aid you avert these limitations y'all typically find with bonus category cards. The Chase Freedom Unlimited bill of fare is a prime number choice for its unlimited cash dorsum in several categories on top of its 1.v percent base cash back rate for all purchases and platter of valuable perks. For starters, y'all'll rake in an actress 5 pct cash back on Hunt Ultimate Rewards travel and Lyft rides (Lyft offer through March 2022), plus 3 percentage on dining and drugstore purchases. These rewards can then be redeemed for upward to 50 per centum more value toward travel when paired with an eligible Ultimate Rewards credit card.
The Customized Greenbacks card does have notable a leg up over the Freedom Unlimited if you lot spend a adept bargain of your budget at wholesale clubs, online retailers and gas stations, and our formula for computing each card's boilerplate ongoing rewards value (based on Agency of Labor Statistics spending data and an assumed $15,900 yearly spend) shows that the Customized Greenbacks card could be slightly more than valuable on boilerplate if y'all routinely maximize your bonus categories' quarterly spending limit. However, that would only earn you $6 more in cash back per yr on average ($359 versus $353) when the Freedom Unlimited would take much less effort for a like rewards yield.
In fact, unless you're a Banking concern of America Preferred Rewards Platinum fellow member, our formula shows that the Liberty Unlimited card would accept a higher average rewards rate (two.22 per centum) than the Customized Cash card (ane.65 percentage base rate, 2.47 pct with Platinum condition). Unless the Customized Cash card's rewards structure resonates more with your spending habits, the Hunt Freedom Unlimited tends to offer more potential beyond the board.
Bank of America Customized Cash Rewards credit menu vs. Citi Custom Cash℠ Card
Rather than asking you to swap your categories each month, the Citi Custom Cash Carte du jour automatically adapts to your spending by earning 5 percent cash back on your acme spending category each billing cycle out of 10 possible bonus categories—which includes all of the Depository financial institution of America Customized Cash bill of fare'due south categories except online shopping and wholesale clubs. However, the drawback is that it only earns 5 percent on the offset $500 in the category you spend the virtually in each month and all other spending but earns i percent back.
The Citi Custom Cash could seem similar a more rewarding carte du jour all around considering it carries a sign-up bonus worth $200 (20,000 ThankYou points after spending only $750 on purchases within the first iii months), World Elite Mastercard benefits and a comparable 15-month 0 intro percent purchase and balance transfer Apr (then 14.24 percent to 24.24 percentage variable)—and information technology may be, depending on your spending.
Choosing betwixt the Customized Cash card and Citi'south Custom Cash menu comes down to how much you lot spend each month and how much control you want over your categories. Based on our average yearly rewards model, consistently maximizing your bonus categories volition earn yous an boilerplate of $399 with the Citi Custom Cash and $359 with Banking company of America's Customized Cash card. On the other hand, bigger spenders, Bank of America Preferred Rewards members and cardholders who desire to cull their monthly categories will probable find more value with the Customized Cash Rewards card.
Bank of America® Customized Cash Rewards credit card
Apply now
on Banking company of America's secure site
Recommended credit
Proficient to Excellent(670 - 850)
Citi Custom Greenbacks℠ Carte du jour
Recommended credit
Good to Excellent(670 - 850)
Chase Freedom Unlimited®
Intro offer
Earn an Boosted 1.five% Greenbacks Dorsum
Recommended credit
Good to Excellent(670 - 850)
All-time cards to pair the with the Bank of America Customized Cash Rewards card
A one-size-fits-all card like the Bank of America® Premium Rewards® credit card is great for picking up purchases that aren't covered by the Customized Greenbacks Rewards menu's categories or when its categories are maxed out. Similarly, the Bank of America® Unlimited Cash Rewards credit card is an fantabulous option for raking in additional rewards beyond the Customized Cash card's spending limits and any retailers that aren't covered past typical bonus categories—similar Walmart, Target and other grocery-conveying superstores, for example. Plus, both cards' reward rates can be additional if yous're a Preferred Rewards fellow member.
Otherwise, a flat-rate cash back card or a rewards bill of fare from another issuer that covers whatever of your major spending categories that the Customized Greenbacks Rewards bill of fare misses could exist a solid play.
Bankrate'due south Accept: Is the Bank of America Customized Cash Rewards card worth it?
The Banking concern of America Customized Cash Rewards credit menu is an excellent no-almanac-fee card if y'all wouldn't spend enough with a ane.5 percentage flat-charge per unit greenbacks back bill of fare to outpace the total rewards you'd earn by maximizing this card's higher bonus categories.
If y'all're not concerned virtually the quarterly spending limit, the Customized Cash Rewards bill of fare should be a winning pick thanks to its intro APR offers, broadly defined bonus categories, Banking concern of America Preferred Rewards member bonus cash back and ability to bandy bonus categories each month.
Frequently Asked Questions
Source: https://www.bankrate.com/finance/credit-cards/reviews/bank-of-america-cash-rewards-credit-card/
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