Bank of America Customized Cash Rewards: Benefits
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What if your credit card could work like a personal assistant, tailoring rewards to fit your life without charging you a dime in annual fees? That’s the allure of the Bank of America Customized Cash Rewards, a card that hands you the reins to pick your 3% cashback category—whether it’s filling up your tank, streaming your favorite shows, or sprucing up your home. With no annual fee and a tempting introductory APR offer, it’s built to catch the eye of savvy spenders. But does this flexibility come with hidden trade-offs? Let’s peel back the layers of this card, from its standout features to the fine print, and even guide you through getting one for yourself.
Picture this: you’re racking up cashback on groceries one month, then switching to travel the next—all while enjoying a 0% APR intro period to kick things off. Sounds dreamy, right? Whether you’re a deal-hunting online shopper, a foodie who loves dining out, or a Bank of America loyalist eyeing extra perks, this article has you covered. We’ll break down how the rewards stack up, what’s in it for you, and whether this card truly delivers on its promises. Curious if it’s your financial match made in heaven—or just
What Sets the Customized Cash Rewards Apart?
The Bank of America Customized Cash Rewards stands out with its no-annual-fee design and a customizable reward system. You pick where to earn 3% cashback from a lineup including gas (and EV charging stations), online shopping (covering cable, internet, phone plans, and streaming), dining, travel, drugstores/pharmacies, or home improvement/furnishings. Unlike rigid cards, it adapts to your spending habits. On top of that, you get an automatic 2% at grocery stores and wholesale clubs like Sam’s Club, plus unlimited 1% on everything else—a versatile trio for everyday use.
Cashback Breakdown: How It Works
Here’s the deal: you earn 3% in your selected category, 2% at grocery stores and wholesale clubs, and 1% everywhere else. But there’s a limit—those 3% and 2% rates apply only to the first $2,500 in combined purchases each quarter across those categories. After that, it’s 1% until the next quarter rolls around. Say you spend $1,200 on dining (3%) and $1,300 at grocery stores (2%); you’ll max out the cap, and extra spending earns less. To switch your 3% category for future buys, log into Online Banking or the Mobile Banking app—it’s adjustable once per month, or it stays put if you don’t tweak it.
Intro APR and Bonus: A Sweet Start
New users get a double treat. First, a 0% intro APR on purchases and balance transfers (done within 60 days of opening) for 15 billing cycles—perfect for big buys or debt consolidation. Post-intro, the variable APR jumps to 18.24%-28.24%, based on your credit. Balance transfers have a 3% fee during the intro period, then 4% after. Second, snag a $200 online cash rewards bonus by spending $1,000 in the first 90 days. It’s a reachable goal for most, adding instant value to this no-fee card.
Preferred Rewards: Extra Juice for Bank Clients
Got a Bank of America or Merrill account? The Preferred Rewards program supercharges your cashback. Depending on your balance ($20,000-$100,000+), you’ll boost rewards by 25%-75%. At the top tier, your 3% category could hit 3.75%-5.25%, the 2% grocery/wholesale rate could reach 2.5%-3.5% (up to that $2,500 quarterly cap), and even the 1% base jumps to 1.25%-1.75%. It’s a game-changer for loyal customers, turning modest returns into something meatier.
Costs to Consider
No annual fee is a win, letting you maximize rewards without overhead. But watch out: a 3% fee on foreign transactions makes it less travel-friendly. The post-intro APR (18.24%-28.24%) can also pinch if you carry a balance past those first 15 cycles. For disciplined users who pay on time, these quirks are minor, but they’re worth noting.
Added Perks You’ll Love
The card packs more than just cashback. Enjoy zero-liability fraud protection, credit monitoring alerts, and easy reward redemption via the Bank of America app—opt for statement credits, deposits, or gift cards. It’s practical stuff that enhances the experience without overwhelming you.
