Although its rules can confuse new cardholders, the Bank of America (BoA) Customized Cash Rewards credit card is a terrific alternative to other cash back cards.
The $0 annual charge card gives you more flexibility than other cards by letting you pick your 3% bonus category from a list and swap it out as often as once a month. Customers having a lot of money in their accounts at Bank of America or Merrill may earn many rewards.
Learn more about the BoA Customized Card Rewards card’s features, perks, and benefits below. In this article, you can also find out how to apply for a BoA Customized Card Rewards card.
- BoA Customized Cash Rewards Card
- What Are the Pros of the BoA Customized Cash Rewards Card?
- What Are the Benefits of the BoA Customized Cash Rewards Card?
- Fees for the BoA Customized Cash Rewards Card
- Eligibility Criteria for the Bank of America
- Other Features of the BoA Credit Cards
BoA Customized Cash Rewards Card
At a glance, the BoA Customized Cash Rewards card gives you 3% cash back in the eligible category of your choice, 2% cash back at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and 1% cash back on all other purchases.
Customers of Bank of America can easily carry the Bank of America Customized Cash Rewards credit card in their wallets. With Bank of America’s Preferred Rewards program, you can increase these earning rates by up to 75% if you keep a lot of cash in eligible accounts.
If you don’t have Preferred Rewards, you might get a better return on your spending with other cards. The Bank of America Customized Cash Rewards credit card might appeal to people who are only interested in cashback rewards because it does not have a complicated points system or luxurious travel rewards.
Even though the cashback system isn’t perfect, its simplicity makes it a good choice for people who don’t need many extras.
How Do You Select Categories for Your BoA Customized Cash Rewards Card?
One nice thing about the “select your category” option is that Bank of America lets you choose from many options. You can select one of the six options below when picking a 3% back bonus category.
- Online shopping
- Home improvement and furnishings
This category can be changed up to once a month. The card issuer states that the default 3% cash back category will be set to “Gas” if you don’t make a selection. Unless you change it, the category you choose will stay the same from month to month.
What Are the Pros of the BoA Customized Cash Rewards Card?
There are a lot of choices for the 3% cash back categories. You can choose from categories like gas stations, online stores, restaurants, travel, drug stores, home improvement, and furniture stores. You can change your choice online or through the mobile app every month.
Members of Bank of America Preferred Rewards can get 25% to 75% more points on everything they buy. Note that you will need a total of $20,000 in assets for a 25% increase, $50,000 for a 50% increase, and $100,000 for a 75% increase.
There is also a welcome bonus for the first year. If you spend at least $1,000 in the first 90 days after opening your account, you can get a $200 online cash rewards bonus.
How Do You Redeem Rewards of BoA Customized Cash Rewards Card?
With the Bank of America Customized Cash Rewards credit card, it’s simple and easy to cash in your rewards. You can choose how you want your rewards sent to you.
- As a credit on your bill for any amount
- As a direct deposit into a Bank of America account that qualifies for it
- As a credit of any amount to an eligible Merrill account
- As a check, with a $25 minimum to cash in
- As a deposit to a 529 account with Merrill, with a $25 minimum withdrawal
You can also set up automatic withdrawals to a Bank of America or Merrill account, as long as each withdrawal is at least $25. None of the other ways to get your money back can be automated.
If you forget to use your rewards, it’s not a problem. As long as your account is open, it will not expire.
What Are the Benefits of the BoA Customized Cash Rewards Card?
From the get-go, you can pick your own 3% category. There aren’t many credit cards with rewards that let you pick your bonus categories, and none enable you to change your choice as often as the Bank of America Customized Cash Rewards credit card, which is once a month.
This makes the card useful for people who want many options, especially since the card’s reward categories are pretty broad. Take the category of online shopping as an example. This category includes, among other things, purchases made at the following stores.
The same is true of the dining category. This bonus category isn’t just for sit-down restaurants, but also includes other places to eat, fast-food restaurants, bars, cocktail lounges, nightclubs, taverns, and places to drink. The issuer confirms that this would include stores like Starbucks, GrubHub, and McDonald’s, among many others.
The home improvement category includes stores like Ace Hardware and Williams-Sonoma, air conditioning repair, plumbers, landscapers, antique shops, florists, and much more.
Other Benefits of the Card
Don’t forget that you can only get bonus rewards on the first $2,500 you spend in the 3% and 2% categories each quarter. After that, you’ll earn only 1% on these purchases.
The Bank of America Customized Cash Rewards credit card offers many options, but its rewards rates aren’t excellent compared to other no-annual-fee cards unless you qualify for the Bank of America® Preferred Rewards program.
This program lets you earn 25% to 75% more on your eligible Bank of America® credit card rewards. You can join the Preferred Rewards program if you have enough money in your Bank of America and Merrill accounts.
Fees for the BoA Customized Cash Rewards Card
The Customized Cash Rewards card’s introductory APR periods give it enough wiggle room to be a good balance transfer card. The minimum interest rate that comes after is just below the average credit card interest rate.
Check the other fees the Bank of America set for its Customized Cash Rewards Card below to be fully in-the-know about all applicable rates.
- Annual Fee – $0
- Introductory Annual Percentage Rate – 0% for 18 billing cycles for purchases
- Regular Annual Percentage Rate – 16.24% – 26.24% (variable APR on purchases and balance transfers)
- Balance Transfer Introductory APR – 0% for 18 billing cycles for any balance transfers made in the first 60 days
- Balance Transfer Fee – Either $10 or 3% of the amount of each transaction, whichever is greater
- Foreign Transaction Fee – 3%
- Cash Advance Fee – varies
There is no annual fee for the Bank of America Customized Cash Rewards card, which makes it a fairly cheap card. You can make the credit card a top choice if you want a low-interest card.
What are the Cons of the BoA Customized Cash Rewards Card?
The Bank of America Customized Cash Rewards credit card limits how much you can spend every three months. This makes it less useful for people who spend thousands of dollars every month.
If this sounds like you, you might be better off with a flat-rate rewards card that doesn’t have these rules. Moreover, the credit card has a lot of good bonus category options, but if you don’t qualify for the Preferred Rewards program, its rewards only go up to 3% with spending caps.
Eligibility Criteria for the Bank of America
Everyone is welcome to apply for the Bank of America Customized Cash Rewards card. Those who wish to have one and enjoy its perks must meet the below criteria set by the bank.
- Must be of legal age or 18 years old
- Must be a US citizen or has a permanent US address
- Must have a reliable source of income
- Must not have a bankruptcy or bad credit history
Even though the bank does not specify it, it is best to have a good credit score rating to get its approval. A 690 credit score will be good enough.
How Do You Apply for the BoA Credit Card?
The application process for the BoA Customized Cash Rewards card is done online. You must check the bank’s website, wherein you will be asked to provide your basic information and contact details.
The bank will eventually contact you to provide the supporting documents for your eligibility. According to reports, some applications for the BoA Customized Cash Rewards card results only took hours or up to a few banking days.
Other Features of the BoA Credit Cards
Bank of America offers numerous other security perks and features for Customized Cash Rewards cardholders. For example, the bank blocks possible fraud, and will tell you if someone is trying to steal from you if they see strange patterns.
You never have to pay anything if someone steals your money from your account with the $0 Liability Guarantee. Further features of the BoA Customized Cash Rewards card include the following below.
- Contactless Chip Technology
- Balance Connect® for overdraft protection
- Digital Wallet Technology
- Paperless Statement Option
- Account Alerts
- Online & Mobile Banking
- FICO® Score
What are the Contact Details of the Bank of America?
Even though everything about the application process and features of the Customized Cash Rewards card is on the bank’s website, it is best to visit a branch if you still have questions and concerns.
Currently, the bank is headquartered in Charlotte, North Carolina, United States. You may also the Bank of America Customer Service hotline at 800-432-1000.
The Bank of America Customized Cash Rewards credit card gives you flexible and generous cash back rewards. However, some bonuses and perks are designed for the company’s banking and investment customers with their other BoA credit cards.
Note: There are risks when applying for and using a credit card. Please see the bank’s terms and conditions page for the Bank of America Customized Cash Rewards card for more information.