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Credit card rewards programs run the gamut from flat-rate cash back to changing categories of bonuses, airline miles and everything in between.
Some rewards credit cards have what we call a “choose your adventure” earning structure that gives you more control over your top bonus category. Having the flexibility to earn a higher reward rate on the purchases you make the most can help you rack up points faster than you would probably do with a card with a fixed bonus tier.
The Bank of America® Customized Cash Rewards Credit Card provides just that: the ability to choose a cashback category from a list of six options. What’s more, you can change your chosen category once a month, allowing you to maximize your bonus income as your spending habits change over time.
Here’s what you need to know to decide if this Bank of America card is right for your wallet.
Customizable reward categories
The Bank of America Customized Cash Card is a so-called tiered bonus tier card, which means it offers higher reward rates on certain types of purchases. In this case, you can get cashback at three different levels:
- 3% Cashback on your chosen category: Gasoline, Online Shopping, Restaurants, Travel, Pharmacy or Home/Furniture
- 2% cashback at grocery stores and wholesale clubs
- 1% cashback on all other purchases
This type of rewards card can be a great option for those whose everyday purchases fit one or more of these categories. For example, large families with large grocery bills, couples who dine out frequently, and consumers who shop a lot online may find the Bank of America Customized Cash card particularly lucrative.
However, there is one potential deal-breaker that big spenders in particular should be aware of: The 3% and 2% bonus rates have a combined quarterly spending limit of $2,500. After that, you will receive a cashback of only 1 percent on purchases that fall under these categories.
Promotional Offers and Entry Perks
The Bank of America Cash credit card with no annual fee is pretty easy to use. The good news is that with a Visa Signature card, you get some purchase protection, including an extended warranty that doubles the manufacturer’s warranty for up to an extra year.
You will also have access to BankAmeriDeals, a card-linked offer program that can help you earn additional cashback—up to 15 percent in some cases—on qualifying purchases at select restaurants and other stores without having to use a promo code or coupon. Here’s how:
- Sign in to the Bank of America mobile app or online account.
- Browse current promotions and activate the offers you like. (There is no limit on the quantity you can choose.)
- Link them to your Bank of America Customized Cash credit card.
- Use the linked card to pay for the purchase.
The credit statement will be added to your account automatically within 30 days. In addition, you will receive a BankAmeriDeals coin for every purchase you make. By collecting coins, you get additional cash bonuses as you continue to use promotions.
One of Bank of America’s lesser-known perks is the issuer’s Museums on Us program, which gives cardholders free general admission to hundreds of “cultural institutions” on the first weekend of every month. Simply show your Bank of America Customized Cash card and photo ID to participating partners including the Whitney Museum of American Art and the Liberty Science Center.
A modest signup bonus
The Bank of America Customized Cash credit card offers a few other features worth mentioning. First, new cardholders can earn a modest $200 signup bonus in online cash rewards when they spend $1,000 on purchases within the first 90 days of opening an account.
APR Introductory Proposal for Balance Transfers
The card also has a 0% starting annual interest rate on balance transfers for 15 months, which can come in handy if you’ve accumulated high-interest debt on another card. Please note, however, that you will have to pay a balance transfer fee of 10 or 3 percent, whichever is greater, and request a transfer within the first 60 days.
Who should get a Bank of America Customized Cash card?
A Bank of America Customized Cash credit card may be suitable if you prefer a hands-on approach to earning rewards and want to avoid annual fees. Even better, if you have a Bank of America or Merrill account and are eligible for Preferred Rewards. If you do this, depending on your account balance, you can increase your earnings in all categories, including your 3 percent choice, by as much as 75 percent. And if you have a large balance on another card and want some interest-free time to pay it off, the card’s introductory APR can be especially attractive.
Who Should Not Buy a Customized Cash Card from Bank of America?
On the other hand, those who don’t mind putting in a little extra effort to maximize their earnings may do better with a card that has a 5% cashback rate on changing spending categories like Discover it® Cash Back or Chase Freedom Flex℠. You can also steer clear if you want to use your rewards to pay for travel—the Bank of America Customized Cash card has limited redemption options—or if you think you’ll regularly spend over $2,500 a quarter for 2 percent and 3 percent bonuses. categories.
The Bank of America Customized Cash Card lives up to its name by making it easy to set up cash back. If you’re looking to earn more rewards while doing less, this card might be for you, especially if you’re an existing Bank of America customer who can take advantage of higher earning rates. However, the card has its limitations, and you’ll probably want to stay away if you want unlimited cashback potential or are looking for a more travel-focused card.