Bank of America Customized Cash Rewards credit card provides an impressive welcome bonus of $200 online cash rewards after spending $1,000 within 90 days and provides a competitive cash back reward rate with no annual fee.
This card offers 3% cash back categories such as gas (including heating oil and marine fuel), online shopping, dining, travel, drug stores and home improvement/furnishings; its 2% categories include groceries and wholesale.
0% introductory APR on purchases and balance transfers
An offer with 0% APR on purchases and balance transfers is an attractive perk that can help you manage credit card debt without incurring interest charges. This benefit is especially advantageous if your credit score is high, since card issuers take this into consideration when reviewing credit applications. Unfortunately, however, it may not be available to all applicants; one card that provides such advantages is the Bank of America Customized Cash Rewards credit card.
This card not only offers a 0% introductory APR on purchases and transfers, but it also features 3% cash back in any chosen category every quarter – this could be particularly valuable to those who spend heavily in one category (like gas or online shopping)! Plus there’s no annual fee and even an attractive $200 signup bonus!
Cardholders of the Customized Cash Rewards credit card can choose among several spending categories to earn their 3% cash back, such as gas (including heating oil and marine fuel), online shopping, dining out, travel, drug stores and home improvement/furnishings. Furthermore, this card allows cardholders to switch up their selection categories up to once per month.
This card is best for those looking to manage their reward rates by choosing which category they spend most each month, though note that there is a maximum quarterly spending cap of $2,500 on both categories, making this card less suitable for big spenders in those categories, who may benefit more from cards without caps imposed.
Customized Cash Rewards credit cardholders also enjoy access to a travel and emergency assistance hotline, providing medical referrals, legal services and transportation assistance when traveling abroad. In addition, there is also a security feature which alerts cardholders of any suspicious account activity such as unusual transactions.
Cardholders can redeem their rewards in various ways: statement credits or direct deposits into Bank of America or Merrill Investing accounts are both options available to cardholders who would like to take advantage of Bank of America or Merrill Investing accounts as savings/investment vehicles using reward earnings. Cardholders may also take advantage of Preferred Rewards to increase reward rates from 25%-75%.
$200 cash rewards bonus
Being able to select your rewards category can be an exciting benefit of this card, yet it’s important to note that spending caps may apply. If you tend to incur high spending in those categories, another card might be better suited.
One of the key features of this credit card is its introductory APR of 0% for 18 billing cycles on purchases and balance transfers, making this card especially helpful if you plan to make large purchases or pay down high-interest debt with it. But keep in mind that eventually this offer will expire and your balance must be settled fully by then.
The $200 cash rewards bonus is one of the easiest and most lucrative introductory offers for new cards, making it easy to earn. Simply charge at least $1,000 within 90 days of account opening to qualify – however it should be noted that this card has some restrictions, including its $2,500 quarterly limit on choice category purchases that could prevent you from earning enough rewards to cover its annual fee.
Bank of America Customized Cash Rewards card provides higher rewards rates than many flat-rate cards on the market, but falls short of industry leaders such as Chase Sapphire Preferred. Nonetheless, you have the flexibility to adjust your 3% cash back category each month – something which could prove particularly helpful if your spending patterns change regularly.
Preferred Rewards membership of this card can be especially advantageous to consumers with large balances at Bank of America or Merrill. Preferred members can earn anywhere between 25 percent to 75 percent more cash back based on the balances in their deposit or investment accounts with these institutions; additionally, this card boasts no annual fee – an attractive feature that appeals to consumers seeking higher cash back rewards rates without incurring an annual fee fee.
3% cash back on a category of your choice
Few credit cards provide you with the option to select your own 3% cash back categories; but Bank of America Customized Cash Rewards card does. Each month you can select from six categories (gasoline, heating oil and marine fuel are eligible as 3% categories), such as online shopping, dining, travel drug stores or home improvement/furnishings; this applies up to $2,500 of combined spending on these categories in one quarter plus grocery store/wholesale club purchases; thereafter all eligible spending earns you only 1% back.
This card provides many advantages, such as free access to your FICO score and mobile and online banking, plus a $200 online cash-back bonus after spending $1,000 within 90 days of opening an account. Furthermore, there’s no annual fee attached.
To qualify for this card, you must hold at least $20,000 in Bank of America deposit or investment accounts with at least an $20,000 minimum balance and three-month average of at least that much across them. By fulfilling these requirements, the Preferred Rewards tier will open up which provides 5.25% cash back on selected categories and 3.5% at grocery stores; additionally you can earn 2% cash back at gas stations and on cable, streaming internet and phone plans!
Bank of America Customized Cash Rewards card easily makes itself worthwhile for many cardholders due to its generous 3% cash back on selected categories of spending, especially given that reaching the quarterly cap of $2,500 should be relatively straightforward. If you find yourself frequently exceeding this cap however, another card with no such restrictions might be better suited.
Redeem your cash-back as statement credits or direct deposits into a Bank of America checking or savings account or Merrill Lynch or Merrill Edge 529 account. There is no minimum redemption amount required for statement credit redemption; however there is a $25 minimum redemption requirement when redeeming through check or direct deposit; automatic redemption can also be registered for.
No annual fee
For cash back rewards without annual fees, Bank of America Customized Cash Rewards credit card could be the ideal solution. Offering up 3% in selected categories (3% on choice items; 2% at grocery stores/wholesalers; and 1% for all purchases). Plus a generous $200 welcome offer which is easily earned by spending $1,000 within 90 days!
However, it does have some drawbacks: It charges a 3% foreign transaction fee that may prove costly for travelers; its 3% choice category spending caps prevent big spenders from benefiting fully; for instance if you charge over $2,500 at grocery stores and wholesale clubs each quarter in either category combined, your earnings drop from 3% earnings down to 1% earnings instead.
Even with its drawbacks, Bank of America Customized Cash Rewards card can still be an ideal credit card choice for people with large deposit and investment accounts with Bank of America or Merrill Lynch. Customers with such accounts can earn bonuses of 25% to 75% when redeeming rewards – making this card even more rewarding than others.
For you to qualify for the bonus, you must hold either a Bank of America checking or savings account with an average three-month average balance of $20,000 or greater and meet minimum requirements in both Bank of America or Merrill Lynch investment accounts – these requirements must all be fulfilled during your initial six months as card member and your bonus earned accordingly.
Another advantage of the card is that it offers an introductory APR of 0% for 18 billing cycles for purchases and balance transfers, which can help you pay off debt faster without incurring interest charges on outstanding balances. But this offer won’t last forever so make sure to clear off your outstanding balance before its terms have expired!
Bank of America Customized Cash Rewards credit card is an enduring favorite among consumers looking for ways to earn rewards on everyday purchases. Offering generous 3% cash back in choice categories and 2% at grocery stores and wholesale clubs, this card does not charge an annual fee and makes life simpler by eliminating multiple card accounts with different rewards structures.
