Best Rewards Credit Cards

Bank of America Customized Cash Rewards Review: Tailor Your Cash Back

Customize rewards with no fee; best for BofA customers.

Rickie C. Keys, Ph.D., MPH

Mar 31, 2024 — 1 min read

Features

Annual Fee: $0, making it a cost-effective choice for many.
Cash Back: 3% in a category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and 1% on all other purchases.
Intro APR: 0% on Purchases for 15 billing cycles and on Balance Transfers for 15 billing cycles (for transfers made in the first 60 days).
Regular APR: 18.24%-28.24% Variable APR, based on creditworthiness.
Sign-Up Bonus: $200 online cash rewards after $1,000 purchases within the first 90 days.

Benefits

Flexible Cash Back: For 3% cash back, choose from six categories, including online shopping and dining, which can be changed monthly.
Bonus for Banking Customers: Preferred Rewards members can earn 25%-75% more cash back on every purchase.
Intro APR Period: Offers a break on interest for new purchases and balance transfers.
Accessibility: Good to excellent credit scores (690-850) can qualify, broadening appeal.

Drawbacks

Spending Caps: A $2,500 quarterly cap on combined 3% and 2% categories could limit earning for high spenders.
Complicated Rewards: The multi-tier rewards system may require more management than flat-rate cards.
Best Rewards for Bank Customers: Maximum rewards are reserved for Bank of America Preferred Rewards members, potentially limiting its value for others.

Product Summary

The Bank of America Customized Cash Rewards card stands out with its unique feature, allowing cardholders to select their 3% cash back category, tailoring rewards to individual spending habits. This card is particularly advantageous for Bank of America Preferred Rewards members, who can significantly boost their rewards rate. With no annual fee and a generous intro APR period, it offers considerable savings and flexibility. However, its spending caps on bonus categories and the complexity of maximizing rewards may deter some. Overall, it's an excellent option for those who prefer personalized rewards and are willing to use the card's features to maximize benefits.

Apply Now!

Insurance: Protecting Your Financial Future

Introduction Insurance is essential for protecting yourself and your family from unexpected financial burdens. This blog post will guide you through understanding different types of insurance and choosing the right policies and strategies to manage insurance costs effectively. By the end, you’ll have the knowledge to secure your financial

Identity Theft: Safeguarding Your Financial Future

Introduction Identity theft is a growing concern in our digital age, and protecting your personal information is essential to safeguarding your financial future. This blog post will guide you through best practices for protecting your identity, monitoring for identity theft, and recovering if your identity is stolen. By the end,

Home Ownership: A Journey to Financial Security

Introduction Owning a home is a significant financial milestone and a key component of financial security. This blog post will guide you through home-buying, managing home expenses, and exploring real estate investment opportunities. By the end, you’ll have the knowledge to make informed decisions about home ownership and build

Creating Wealth: Strategies for Long-Term Financial Success

Introduction Building wealth involves making informed investment decisions and understanding the long-term strategies that can lead to financial success. This blog post will guide you through different types of investments, the importance of risk and diversification, and key strategies for creating wealth. By the end, you’ll have the knowledge