Depending on your goals for credit cards, points rewards cards might offer better value. When considering which option would provide the greatest return for you, be mindful of annual fee costs before applying.
Bank of America Customized Cash Rewards Card provides an flexible cashback program. Each quarter, you can select your 3% bonus category – changing it as your spending habits evolve each month.
3% cash back on a category of your choice
Budgeting with a credit card that rewards everyday purchases can be immensely helpful, and the Bank of America Customized Cash Rewards credit card offers just that – including a $200 welcome offer when spending $1,000 within 90 days and up to 3% cash back in any category such as groceries, gas or online shopping.
The card offers a generous 2% cash back rate at grocery stores and wholesale clubs (up to $2,500 in combined choice category purchases, grocery and wholesale club quarterly purchases) as well as 1% on all other purchases – making it a fantastic fit for people who spend heavily on food or want the freedom to choose their bonus categories themselves. Furthermore, its high cash back rates for groceries and streaming subscriptions, coupled with its generous welcome offer make this card stand out among others in this category.
Cash back rewards from Bank of America can be redeemed for statement credits or gift cards with a $25 minimum requirement, making them ideal for saving for travel costs or gifts for family. You can use them in the Bank of America app, transfer them directly into a checking or savings account, or withdraw them entirely via paper checks or direct deposit. Alternatively, Blue Cash Preferred is another great alternative that provides similar 3% cash back rewards but provides higher limits for high rate earnings and has a reduced annual fee.
The card has an initial $0 intro annual fee and then an annual fee of $95, making it simple for those who spend heavily in its categories to recoup this cost in just several months of heavy use.
2% cash back on gas
No matter whether your goals include making the most of your groceries, paying down debt or earning cash back on general purchases, Bank of America Customized Cash Rewards and Amex Blue Cash Preferred credit cards could prove invaluable. Both cards offer generous grocery and gas rewards as well as additional perks that make them top choices among credit cards; additionally both cards provide access to Amex Offers which could offer significant savings at popular merchants.
Bank of America Customized Cash Rewards card is an ideal choice for shoppers who value the flexibility to select their own spending categories each month, with up to 3% back in one category of choice and an additional 1% rebate on all other purchases. You can change it quarterly, selecting among options such as online shopping, dining out, gas stations/drugstore purchases/travel/home improvement/furnishing and much more!
Both cards offer competitive returns on gas and grocery spending, with the Blue Cash Preferred card providing higher earnings on groceries than its competitor. Furthermore, its generous welcome offer and additional travel and day-to-day perks make it the superior overall card choice for many consumers.
The Blue Cash Preferred card provides some strong rewards rates on key spending categories, including 6% back at U.S. supermarkets (for up to $6,000 of purchases annually, then 1%), 3% at transit and U.S. gas stations, and 1% back on all other purchases. Heavy spenders should quickly recoup its $95 annual fee within one year – making it a strong candidate for best gas and grocery credit card.
1% cash back on all other purchases
The Chase Sapphire Preferred credit card is among the most renowned options in America and chances are good you have at least one in your wallet. Though great rewards await those who choose it, the Bank of America Customized Cash Rewards card provides another excellent choice that may provide even greater returns for daily spending habits.
This card gives you the flexibility of selecting one 3% bonus category each month from among a list that includes gas/EVC; online shopping (cable, streaming, internet services); dining; travel; drug stores; home improvement/furnishings or auto rental. Plus it gives 2% back at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases; then it reverts back down to 1%). This makes this an excellent card for anyone spending in multiple categories each month!
Both cards offer generous welcome bonuses, with the Blue Cash Preferred card offering the larger one: $200 when spending $1,000 within 90 days for no annual fee card users. By contrast, Bank of America gives out statement credits of $350 when earnings surpass $3,000 during six months.
Blue Cash Preferred Card has an annual fee of $95 after the first year and offers higher rewards rates than Bank of America card: it provides 6% back at U.S. supermarkets, 3% at select streaming subscriptions, transit stations, and gas stations, and 1% on other purchases. As this card is considered premium credit card status, excellent credit is required in order to be approved – use WalletHub free credit score checker to see where your scores stand before applying!
No annual fee
Bank of America Customized Cash Rewards card is an ideal no annual fee cash back credit card option, providing generous introductory APR offers on purchases and balance transfers as well as one of the higher welcome bonuses on no annual fee cards – $200 online cash rewards after spending $1,000 within 90 days! Furthermore, its return protection policy lets users redeem rewards for full refunds if a merchant refuses to accept items back.
However, this card does have some restrictions: its 3% and 2% cash-back earning rates only apply to spending up to $2,500 every quarter, which is lower than some competing cards. Furthermore, bonus transactions per month are limited to 20 transactions maximum; other cards offer more flexible bonus categories.
Another limitation of the card is its low cash-back rewards; only 1% cashback on all other purchases, which may dissatisfy some consumers. While Blue Cash Preferred provides more redemption options – travel and merchandise purchases among them – Bank of America card can only be used to get statement credits or direct deposits into Bank of America banking or Merrill Investing accounts.
Depending on the size and nature of your deposits or investments held with Bank of America, considering their Customized Cash Rewards card may be worthwhile. While its rewards may not compare with that of Blue Cash Preferred, its annual fee-free nature makes this an exceptional card option.
Flexible spending categories
Bank of America Customized Cash Rewards card provides a 3% rate in one of six categories each quarter: gas, grocery, dining, home improvement/furnishing and home improvement/furnishing. You can select which category to earn at 3% using their website or app and change it on an ongoing basis. In addition to that rate there is also a 2% rebate at supermarkets and wholesale clubs; unfortunately this card doesn’t provide statement credit or any additional perks, making it less suitable for those wishing to avoid annual fees.
The Blue Cash Preferred card comes with an annual fee of $95, but its generous rewards rates and perks make it an excellent option for many cardholders. It provides 3% rewards in any chosen category per month as well as 2% cash back on groceries and gas purchases; additionally, this card provides 6% cash back for select streaming services and transit use compared with just 1% from Customized Cash Rewards cards.
Blue Cash Preferred stands out in terms of benefits and value; especially if you spend a significant amount on groceries. With its high 3% cash-back limit and generous welcome offer and 0% APR on purchases and balance transfers, this card makes for excellent debt paydown or building your credit score solutions. However, for more flexible rewards opportunities consider the Chase Sapphire Preferred card; its travel perks and everyday perks make it ideal.