Only certain credit cards offer you the ability to choose and change your bonus spending categories monthly, although some cards might come with quarterly spending caps or lower regular APR rates that limit earnings.
However, if you hold multiple large Bank of America deposit and investment accounts, considering which options could improve rewards rates may be worth your while.
No annual fee
Bank of America Customized Cash Rewards credit card provides above-average rewards without charging an annual fee, while also boasting one of the easiest introductory bonus offers out there, requiring only $1,000 in purchases to unlock its $200 cash back reward introductory offer. This makes this credit card especially appealing if you prefer rewards cards without annual fees – or are hesitant about incurring one!
The card’s 3% category spending cap may limit its appeal for big spenders, but can make an ideal choice for frugal shoppers who wish to personalize their rewards strategy. Furthermore, this card earns 2% back at grocery stores and wholesale clubs (on up to the first $2,500 of combined choice category/grocery store/wholesale club purchases per quarter), and 1% on all other eligible purchases.
Cardholders can redeem their cash back earnings with Bank of America as statement credits or direct deposits into either their checking or savings account, or to Merrill Lynch Cash Management 529 accounts to reduce balance transfer fees.
Bank of America customers could find Bank of America’s card an attractive solution, as it enables you to choose your own 3% cashback categories and switch them on a monthly basis to suit changing needs. Furthermore, this card includes an annual travel protection benefit and $100 airline incidental statement credit; in addition, an application fee credit for Global Entry or TSA PreCheck could be given every five years – though to qualify this requires having good to excellent credit score.
Flexible bonus categories
The Bank of America Customized Cash Rewards card gives you more control than most cards in how you earn rewards. You can select an area of spending that earns 3% cash back each month; and can change this choice up to once each month. In addition, this card offers 2% back on grocery store and wholesale club purchases (up to the first $2,500 spent each quarter in these combined categories combined), and 1% back for other purchases; you can redeem this cash as statement credits or direct deposits into your Bank of America account.
However, while it’s an effective choice for many consumers, it may not suit everyone. Quarterly spending caps limit how much can be earned in the 3% and 2% categories respectively and overall rewards rate isn’t as competitive with cards with rotating or flat-rate bonus categories. While having an account with Bank of America could potentially increase rewards rates significantly; this benefit only applies if one already maintains significant balances there.
Keep in mind that this card imposes a 3% foreign transaction fee in addition to its 3% cash advance and $10 minimum balance transfer fees, along with its relatively high credit score requirement, making it unsuitable for those with limited or poor credit histories. Larger budgets might consider one of our premium cards that offers higher cash back rates instead; we have an exhaustive list here of our recommended cards that cater for every spending preference.
$200 cash-back welcome offer
Bank of America Customized Cash Rewards credit card provides an attractive welcome offer with its $200 online cash-back welcome offer for spending $1,000 within 90 days after opening an account. While the bonus may seem modest compared with other no-annual fee cards, it can help you reach your spending limit quickly and effortlessly.
The Customized Cash Rewards card from Bank of America gives you up to 3% cash back in any of six categories – gas (which includes heating oil and marine fuel), online shopping, dining, travel, drug stores, home improvement/furnishings and home improvement/furnishings – that you select each month. Plus you get 1% back for all other purchases; your categories can even be switched once each month! In addition, pool your rewards with other Bank of America accounts to increase earnings further; redeem rewards any time for statement credit statement credit direct deposit into a Bank or savings account directly or contribution towards an eligible Merrill account contribution – you can even register automatic redemption!
Customized Cash Rewards credit card stands out with its flexible choose-your-category rewards program and other attractive features, making it a desirable option for many people. There’s no annual fee and its 3% cash-back rate makes it competitive against 1.5 percent flat-rate credit cards for earning extra rewards.
This card is best suited for people with good to excellent credit who can maximize its rewards earning potential. In order to qualify, a FICO score of 670 or higher should be reached; those with lower scores may still qualify for another issuer who does not charge foreign transaction fees.
No foreign transaction fees
Bank of America Customized Cash Rewards credit card provides no foreign transaction fees, saving travelers significant sums when traveling overseas. While this feature is advantageous for travelers, be aware that other fees exist as well – these include 5% cash advances fees and 3% balance transfers fees – these costs could quickly add up and make this card less appealing – particularly for frequent travellers.
Bonus categories offer an easy way to boost rewards rates on everyday purchases with cash back rewards rates at zero annual fees – and this card’s $0-annual-fee makes it a suitable option for those wanting to maximize rewards rates. Unfortunately, its quarterly spending caps may make this unprofitable for larger spenders, while it lacks features common among no-annual-fee cards like travel insurance coverage and annual credits.
Although limited, Bank of America’s cash back rate remains above-average for rewards cards without an annual fee. Furthermore, cardholders can increase their rewards rate from 25%-75% via Preferred Rewards program – meaning it could be an ideal solution for frequent users of Bank of America products like deposit accounts and Merrill Investment accounts.
Bank of America Customized Cash Rewards credit card provides not only an outstanding rewards rate but also a generous welcome offer to new cardholders – it can offer up to $200 cash-back! Cardholders can redeem this reward as statement credits or deposits into qualifying Bank of America accounts.
No minimum spending requirement
This card stands out among its peers by providing users with the freedom to select their spending categories themselves. You have access to gas (including heating oil and marine fuel), online shopping, dining, travel, drug stores and home improvement/furnishings; up to once every month your choices can also be updated – making this card ideal for people seeking rewards based on shifting purchasing patterns.
The card offers a modest welcome bonus of $200 in online cash rewards after you make at least $1,000 in purchases in your first 90 days – not the most competitive offer but still manageable and comparable with many no-annual-fee credit card bonuses. In addition, its generous 3% choice category and 2% grocery/wholesale club spending rewards make this card particularly useful for frequent spenders in these categories.
Bank of America Customized Cash Rewards credit card also features several other benefits that could be useful to its customers, including travel and restaurant protection plans, identity theft monitoring service and Visa Signature benefits. Although these may be useful to some individuals, their value may not cover its annual fee entirely.
Bank of America Customized Cash Rewards credit card can be an ideal option for people with average to excellent credit who travel frequently, although its purchase caps for bonus categories limit its full potential value. Furthermore, its higher 3% foreign transaction fee than similar cards may mean better options may exist – consider alternative cards when traveling frequently!