If you’re on the hunt for a versatile cash-back credit card that fits your unique spending habits, the Bank of America Customized Cash Rewards Credit Card could be your perfect match. This card offers an adaptable rewards structure, allowing you to earn cash back on categories you choose. Whether you’re a foodie, a frequent traveler, or someone who spends a lot on gas, this card gives you the flexibility to earn the most rewards in the areas that matter most to you. Let’s dive into what makes this card stand out and how it compares to other top contenders on the market.
Key features of the Bank of America Customized Cash Rewards Credit Card
Before we compare this card to others, let’s take a closer look at its standout features that make it a great choice for many users.
1. Sign-up bonus
The Bank of America Customized Cash Rewards Credit Card offers a competitive sign-up bonus of $200 after making $1,000 in purchases within the first 90 days from account opening. While this bonus isn’t as large as some premium cards, it’s a solid start and can be a great way to boost your cash-back balance early on.
2. Cash-back categories
One of the most unique aspects of this card is its customizable cash-back program. Cardholders can choose one of the following categories to earn 3% cash back:
- Gas
- Online shopping
- Dining
- Travel
You’ll earn 3% cash back in the category you choose, and 2% cash back at grocery stores and wholesale clubs (on the first $2,500 spent in combined purchases in these categories each quarter). All other purchases earn 1% cash back. This flexibility is perfect for those who want to tailor their rewards to match their specific lifestyle and spending habits.
3. Annual fee
The Bank of America Customized Cash Rewards Credit Card has a $0 annual fee, which makes it even more attractive for those looking for a high-reward card without the extra cost. This makes it an excellent choice for those who want to maximize cash-back rewards without being burdened by an annual fee.
4. Introductory APR offers
New cardholders can benefit from 0% introductory APR on purchases and balance transfers for the first 15 billing cycles. After that, the APR will be 15.24% – 25.24% (variable), depending on your creditworthiness. This can be a great feature for anyone planning to make a large purchase or transfer existing balances to the card.
5. Bank of America preferred rewards program
If you’re a Bank of America customer, you can earn even more cash-back rewards by enrolling in the Preferred Rewards program. Depending on your account balance, you can earn an additional 25%-75% bonus on your cash back. This is a great incentive for loyal customers who already have a relationship with the bank and want to maximize their rewards potential.
6. Customer Service & Security
As with other Bank of America cards, this card provides robust customer service options, including access to 24/7 fraud protection and zero liability protection for unauthorized transactions. Additionally, cardholders have access to mobile alerts and other security features to keep their accounts safe.
Who is the Bank of America Customized Cash Rewards Credit Card best for?
This card is ideal for:
- Flexible Spenders: If your spending habits vary from month to month, this card allows you to select the category where you spend the most, giving you the flexibility to maximize your rewards.
- Gas & Dining Lovers: Whether you’re fueling up your car or dining out, the card’s 3% cash-back in these categories will quickly add up for frequent spenders.
- Bank of America Customers: If you already have an account with Bank of America, you can take advantage of the Preferred Rewards program, which boosts your cash-back earnings by up to 75%.
- Balance Transfer Seekers: The 0% introductory APR on balance transfers and purchases is an excellent option for those looking to manage existing debt or make big purchases without paying interest.
How does it compare to other popular cash-back cards?
When comparing the Bank of America Customized Cash Rewards Credit Card to other popular options on the market, here’s how it stacks up:
1. Chase Freedom Unlimited
The Chase Freedom Unlimited offers 1.5% cash back on every purchase, with a $200 sign-up bonus after spending $500 in the first three months. While it doesn’t offer customizable cash-back categories like the Bank of America Customized Cash Rewards Credit Card, it is a great option for those who prefer a straightforward, flat-rate rewards structure.
- Key Difference: The Bank of America Customized Cash Rewards card offers higher rewards rates in specific categories, whereas the Chase Freedom Unlimited offers a consistent 1.5% cash back on all purchases.
2. Citi Double Cash Card
The Citi Double Cash Card offers 2% cash back on all purchases—1% when you buy and 1% when you pay. This makes it a solid option for those who don’t want to track categories. The Citi Double Cash Card doesn’t require any categories to choose, making it a great option for those who prefer simplicity.
- Key Difference: The Bank of America Customized Cash Rewards card allows you to earn 3% cash back in your chosen category, whereas the Citi Double Cash Card offers a flat 2% rate across all purchases.
3. Discover it Cash Back
The Discover it Cash Back card offers 5% cash back on rotating categories each quarter (on up to $1,500 in purchases), and 1% cash back on all other purchases. While it offers a higher reward rate in certain categories, you’ll need to keep track of the rotating categories to maximize your earnings.
- Key Difference: The Bank of America Customized Cash Rewards card gives you the flexibility to choose your own 3% category rather than relying on rotating categories like the Discover it Cash Back card.
Comparison Table
| Feature | Bank of America Customized Cash Rewards Credit Card | Chase Freedom Unlimited | Citi Double Cash Card | Discover it Cash Back |
|---|---|---|---|---|
| Sign-Up Bonus | $200 after spending $1,000 in 90 days | $200 after spending $500 in 3 months | $200 after spending $500 in 3 months | First year: match all cash back earned |
| Cash Back Rate | 3% on chosen category, 2% on grocery/wholesale clubs, 1% on other purchases | 1.5% on all purchases | 1% on purchases, 1% when you pay | 5% on rotating categories (up to $1,500) |
| Annual Fee | $0 | $0 | $0 | $0 |
| Intro APR | 0% for 15 billing cycles on purchases and balance transfers | 0% for 15 months on purchases | 0% for 18 months on balance transfers | 0% for 14 months on purchases |
| Ideal For | Flexible spenders, gas & dining lovers, Bank of America customers | Simple, flat-rate earners | Simplicity seekers | Category tracker lovers |
Conclusion
The Bank of America Customized Cash Rewards Credit Card is an excellent choice for people who want to tailor their cash-back categories to their needs. Whether you spend a lot on gas, dining, or online shopping, this card offers a way to maximize your rewards in the areas that matter most to you. With a $0 annual fee, flexible cash-back categories, and solid sign-up bonuses, it’s a great option for anyone looking to earn extra cash back without paying an annual fee. If you want to keep things simple, other options like the Citi Double Cash Card might be worth considering. But for those who love a customized approach, the Bank of America Customized Cash Rewards Credit Card is a top contender.