The Bank of America Customized Cash Rewards credit card is a cash-back credit card that offers a customizable rewards structure. This makes it a great option for individuals whose spending habits change throughout the year. While Bank of America’s credit card lineup may not be as flashy as those offered by other issuers, such as Chase or Amex, they still have a lot to offer, especially for existing Bank of America customers.
One of the main features of the Customized Cash Rewards card is its welcome bonus. Currently, cardholders can earn a $200 cash back bonus after spending $1,000 on purchases within the first 90 days of account opening. While this may not be the most competitive bonus available, it is easy to earn and on par with other no-annual-fee credit card bonuses.
In terms of benefits, the Customized Cash Rewards card does not charge an annual fee, so it does not offer premium benefits like lounge access or travel credits. However, it does provide standard credit card protections and benefits, including account alerts, free FICO score checks, and fraud protection.
When it comes to earning cash back, the Customized Cash Rewards card offers a generous rewards structure, especially for Bank of America customers who qualify for the Preferred Rewards program. Cardholders earn 3% cash back on one of the following categories: gas and EV charging stations, online shopping, dining, travel, drugstores, or home improvement/furnishings. They also earn 2% cash back at grocery stores and wholesale clubs, with a $2,500 cap on combined 3% and 2% cash back purchases each quarter. Beyond that, cardholders earn 1% cash back.
One of the unique features of this card is the ability to change the selected 3% cash back category each month. This allows cardholders to easily customize their rewards structure to fit their needs and maximize their cash back earnings. Additionally, if cardholders qualify for Bank of America Preferred Rewards, they can earn even more cash back. The Preferred Rewards program offers a cash back bonus of 25%-75%, depending on the tier, which can significantly increase the amount of cash back earned.
When it comes to redeeming cash back, the options are somewhat limited. Cardholders can redeem their cash back as a statement credit, deposit it into an eligible Bank of America or Merrill account, contribute it to a qualifying 529 plan with Merrill, or redeem it for a check. Regardless of how cardholders choose to redeem their rewards, they will receive a fixed-rate value of 1 cent per dollar.
In conclusion, the Bank of America Customized Cash Rewards credit card is a solid cash-back credit card option, especially for those who have significant banking or investing relationships with Bank of America. With its customizable rewards structure and the potential to earn even more cash back through the Preferred Rewards program, this card can be a lucrative option for individuals whose spending habits change throughout the year. However, it is worth noting that the card limits its bonus categories to $2,500 in combined spending each quarter, so those who spend more than that might find more value with another card.