Bank of America Customized Cash Rewards credit card gives cardholders an unparalleled way to tailor their earnings. With no annual fee and customizable earnings options such as gas stations, online shopping, dining out or travel expenses earning 3% back while groceries and wholesale clubs account for another 2% rebates on purchases made using this card.
This card offers an easily attainable welcome offer: $200 in online cash rewards after spending $1,000 within 90 days, redeemable as statement credits or direct deposits.
1. It’s a no-annual-fee card
The Bank of America Customized Cash Rewards credit card is ideal for people looking to maximize the value of no-annual-fee credit cards. Not only does it earn a solid rate of cash back, but there are additional unique perks including increasing earnings by 25% to 75% through qualifying for Preferred Rewards program – to do this you must hold either banking or Merrill Investing account with Bank of America!
The card offers rewards in three categories of your choosing – plus up to 2% at grocery stores and wholesale clubs (up to $2,500 spent combined each quarter), and 1% elsewhere. With its monthly switching feature, making adjustments easier, but potentially limiting those spending thousands every month as it could make the card less appealing as a rewards option; flat rate rewards cards that don’t impose spending limits might be better options in such instances.
This card also provides standard credit card benefits, such as free FICO scores and an online dashboard to track purchases. Redeem rewards you earn as statement credits or get direct deposits into your Bank of America checking or savings account – redeem them even for gift cards and travel-related products and services! Its sole drawback may be its lack of travel insurances or annual credit credits which might appeal to some consumers.
However, this card might offer enough perks to offset its lack of more specialized benefits. These include a competitive sign-up bonus offer as well as a long 0% APR promotion on purchases and balance transfers; in addition to long 0% APR promotions on cash advances and fees which is rare among cards with no annual fee; additionally this card features extras such as 24/7 travel assistance hotline that provides referrals for medical, legal and transportation help services.
2. It’s a cash-back card
The Bank of America Customized Cash Rewards credit card features an innovative cash-back rewards structure, allowing you to select your own preferred earning categories for maximum rewards. This way, you can increase the rewards rate when spending on products you value most such as groceries or gas; even travel and restaurant spending could earn higher reward rates! Furthermore, this card boasts an attractive 0% APR period for both purchases and balance transfers, giving those looking to avoid interest charges in the short-term an advantage.
As well as offering a selection of earning categories, the card also comes with a generous bonus offer that will kick start your account successfully. When spending $1,000 in the first 90 days after account opening, you will earn $200 bonus cash back – an impressive offering that may make the card worthwhile for many people.
This credit card stands out among others by allowing you to select your own 3-percent category and switch it once every month – an incredible perk if you like switching up your shopping and dining habits! Plus, its strong 2% rate on groceries and wholesale clubs may appeal to frequent spenders in that category.
Customized Cash Rewards card boasts a competitive 1% base rate that may not be the highest available, yet remains competitive among flat-rate cards. If you want a higher return, consider pairing the Customized Cash Rewards card with another Citi card that earns ThankYou points; together these rewards could provide greater returns than just cash back alone.
One thing that could potentially turn some people off about this card is its $2,500 combined purchase limit on 3% and 2% categories each quarter. If you’re a big spender, this may prove insurmountable; should this be the case, another solution might be more appropriate;
3. It’s a Preferred Rewards card
The Bank of America Customized Cash Rewards credit card features a versatile rewards structure that gives cardholders full control over where their bonus cash back will come from. They can select one category each month (gas, online shopping, dining, travel, drug stores or home improvement/furnishings) that earns higher reward rates; once per month this category may change. Furthermore, this card provides up to $2,500 worth of combined category/grocery store/wholesale club purchases (up to 2% cash back each quarter) plus another general purchase (1%) for general purchases made.
Preferred Rewards from Bank of America allow cardholders to increase their cash back earnings by qualifying for Preferred Rewards, an exclusive feature available only to them and which can boost earnings in specific choice categories by up to 75% depending on your tier. In order to qualify, one must hold either a checking or savings account with them and meet minimum requirements for Gold or Platinum tiers.
One of the key advantages of the card is that there’s no annual fee attached. Many rewards cards impose annual fees that can accumulate quickly over time; this one could save you significant sums over time if you can pay off your balance each month.
Reasons I like this card include its $200 sign-up bonus and 18 billing cycles of no interest on purchases and balance transfers, with no introductory APR for new purchases or balance transfers. Furthermore, its use on Visa means it is accepted almost everywhere around the globe; just be mindful that there is a 3% foreign transaction fee which may make this option less appealing if traveling internationally; otherwise if most of your spending will take place domestically then this card is an excellent choice to consider.
4. It’s a Visa Signature card
If you’re seeking a card that provides high cash back across a range of spending categories, the Bank of America Customized Cash Rewards credit card could be ideal. You will require good to excellent credit (generally 670 FICO(r) score or higher) as well as a welcome offer that justifies its annual fee and spending cap.
The Customized Cash Rewards card enables you to earn 3% cash back on any category of your choice each month, plus an additional 2% rebate when purchasing at grocery stores and wholesale clubs (up to $2,500 combined in category/grocery store/wholesale club purchases per quarter). Choose your monthly category from six broad categories like gas, online shopping, dining, travel, drug store purchases and home improvement/furnishing purchases/balance transfers – this card also features an introductory 0% APR period of 18 billing cycles on purchases/balance transfers/purchases/balance transfers/purchases/balance transfers!
Make purchases totalling $1,000 within 90 days to earn yourself an impressive sign-up bonus of $200 in online cash rewards – an easily achievable threshold and one of the biggest welcome offers available on a card without annual fees!
Cardholders can redeem rewards as statement credits or have them directly deposited into their Bank of America or Merrill accounts. Redeeming as statement credits offers the most flexibility as it reduces balances quickly while direct deposits must only be used to pay bills.
Boosting the rewards rate on your card has never been easier with Bank of America and Merrill Investing’s Preferred Rewards program, offering account holders 25%-75% additional rewards on every purchase they make.
Overall, the Bank of America Customized Cash Rewards card is an ideal solution for anyone who desires a flexible rewards card with above-average earnings on grocery and wholesale club spending. It is especially suited for individuals with strong spending patterns in at least one of the 3% categories who don’t mind managing their monthly earning options.
