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Your spending can change a lot month-to-month. In January, for example, you might focus only on essentials like groceries and utility bills to recoup from holiday spending. But by April, you\u2019re ready to book your summer vacation or splurge on dinner at a new restaurant.<\/p>\n
With a card like the Bank of America Customized Cash Rewards credit card, you can tailor your rewards so they evolve alongside your spending. Instead of standard bonus categories, you can choose your top 3% cash back category each month and earn up to 2% cash back on necessities at grocery stores and wholesale clubs \u2014 all for no annual fee.<\/p>\n
Annual fee<\/p>\n
$0<\/p>\n<\/li>\n
Welcome offer<\/p>\n
Earn a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening<\/p>\n<\/li>\n
Introductory APR<\/p>\n
0% intro APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account (variable APR of 17.49% – 27.49% after the intro APR ends)<\/p>\n<\/li>\n
Purchase APR<\/p>\n
17.49% – 27.49% variable<\/p>\n<\/li>\n<\/ul>\n
Rewards rate<\/p>\n
Benefits<\/p>\n
In addition to the Bank of America Customized Cash Rewards card\u2019s cash welcome bonus, you can save money on interest as a new cardholder with an introductory 0% APR.<\/p>\n
This card\u2019s 0% APR offer applies to both new purchases and eligible balance transfers for the first 15 billing cycles after account opening. You should complete your balance transfer within the first 60 days to qualify, and you\u2019ll pay a balance transfer fee of 3% of the amount transferred. After the first 60 days, the fee goes up to 4%.<\/p>\n
At the end of the first 15 billing cycles, the standard APR of 17.49% to 27.49% applies to any remaining balances.<\/p>\n
Aside from the introductory offer and ongoing rewards, this Bank of America credit card has limited benefits. Primarily, those include standard credit card features like overdraft protection, account alerts, and zero liability for fraudulent transactions.<\/p>\n
You\u2019ll earn cash back on your spending with the Bank of America Customized Cash Rewards credit card in eligible categories. Here\u2019s the breakdown:<\/p>\n
3% cash back in your choice category<\/p>\n<\/li>\n
2% cash back at grocery stores and wholesale clubs<\/p>\n<\/li>\n
1% cash back on all other purchases<\/p>\n<\/li>\n<\/ul>\n
This card\u2019s 3% and 2% bonus rewards only apply to your first $2,500 spent on combined purchases each quarter. That means you\u2019ll earn bonus rewards only up to $2,500 in purchases per quarter across your choice category, groceries, and wholesale clubs. After you reach that max, each purchase earns an unlimited 1% cash back.<\/p>\n
You\u2019ll earn the maximum 3% rewards in one category of your choice. There are six categories to choose from:<\/p>\n
Gas and EV charging stations<\/p>\n<\/li>\n
Online shopping, including cable, internet, phone plans, and streaming<\/p>\n<\/li>\n
Dining<\/p>\n<\/li>\n
Travel<\/p>\n<\/li>\n
Drug stores and pharmacies<\/p>\n<\/li>\n
Home improvement and furnishings<\/p>\n<\/li>\n<\/ul>\n
You can change your bonus category once a month through the bank’s website or mobile app. If you don\u2019t change the category, it remains the same.<\/p>\n
Read more: <\/em><\/strong>The best rewards credit cards<\/em><\/strong><\/p>\n As a new cardholder, you can earn a $200 cash bonus after spending at least $1,000 within the first 90 days of account opening. That\u2019s equal to about $334 each month for the first three months.<\/p>\n Read more: <\/em><\/strong>Best credit card sign-up bonuses<\/em><\/strong><\/p>\n On top of the cash welcome bonus, you\u2019ll also get a rewards boost throughout your first year with 6% rewards (instead of 3%) in your choice category. That\u2019s double the rewards you\u2019ll earn in your top spending category over the first year.<\/p>\n For example, say you spend $2,500 in your choice 3% category each quarter, maxing out the bonus rewards. That\u2019s a total of $10,000 in category purchases each year, which would normally earn $300 in cash back. But with the extra 3% first-year bonus, you\u2019ll earn a total of $600 bonus cash back in your choice category.<\/p>\n As a Bank of America Preferred Rewards member, you can earn even more with the Customized Cash Rewards card. Preferred Rewards membership is based on your combined balances across eligible Bank of America deposit accounts and Merrill investment accounts.<\/p>\n Depending on the tier you qualify for, you can earn between 25% and 75% extra cash back on each purchase. Here\u2019s what that looks like with this card:<\/p>\n 3.75% – 5.25% cash back in your choice category (up from 3%)<\/p>\n<\/li>\n 2.50% – 3.50% cash back on groceries and at wholesale clubs (up from 2%)<\/p>\n<\/li>\n 1.25% – 1.75% cash back on all other purchases (up from 1%)<\/p>\n<\/li>\n<\/ul>\n Let\u2019s say you have the top Preferred Rewards tier and you max out the $2,500 quarterly limit in your choice 3% category. Instead of the standard $300 in annual rewards for this category, you\u2019ll earn up to $525 back each year.<\/p>\n However, while your Preferred Rewards bonus does apply to each of the Customized Cash Rewards card\u2019s regular bonus categories, you won\u2019t get a Preferred Rewards boost on the extra 3% first-year bonus for your choice category.<\/p>\n Since this is a cash-back credit card, redeeming your rewards is easy.<\/p>\n Simply redeem cash back for statement credits to your card account, a deposit into a Bank of America checking or savings account, or a deposit to your eligible Merrill account. You can make these redemptions at any time, with no minimum required.<\/p>\n Other redemption options do have a minimum $25 redemption. This includes deposits into a qualifying Merrill 529 account, a check mailed to your address on file, or automatic redemptions to an eligible Bank of America or Merrill account.<\/p>\n The Bank of America Customized Cash Rewards card is a good choice for you if your spending varies throughout the year and you don\u2019t mind a bit of strategizing to maximize your rewards.<\/p>\n Remember, you can update your choice category every month. By tracking your spending and taking the time to log in and update your top spending category when you need to, you can make sure you\u2019re getting the most from your rewards.<\/p>\n For example, maybe your top category is usually dining out, but you\u2019re planning to do a home DIY project in March that will take most of your restaurant budget. You can change your top category to home improvement for that month, before changing it back to your standard choice category in April.<\/p>\n And remember, the 2% grocery store and wholesale club category also count toward your overall $2,500 quarterly cap. Tracking your spending can help you make sure you\u2019re maximizing rewards across all categories.<\/p>\n For example, if you spend the full $2,500 in your 3% choice category each quarter, you can earn as much as $300 in bonus cash back each year (before counting any additional 1% cash back). But if you split the $2,500 each quarter with $1,000 spent in your 3% choice category and $1,500 in the 2% grocery category, you\u2019ll max out at $240 in bonus cash back annually ($120 for the 3% category and $120 for the 2% category). That\u2019s a $60 difference, but it can add up over time.<\/p>\n Aside from rewards, the Customized Cash Rewards card is also a great choice if you\u2019re looking for a 0% APR credit card. It has a relatively long introductory period for both new purchases and balance transfers, so you can use it for a large, upcoming expense (and also earn rewards) or to start paying down an existing debt balance. Until the intro period ends, 100% of your monthly payments go towards eliminating that balance instead of paying bank interest charges.<\/p>\n Finally, this card is best for consumers with a solid credit history and good credit score. If you\u2019re a small business owner looking for rewards or a student just starting to build credit, make sure you also consider other versions of the Customized Cash Rewards card which might be a better fit:<\/p>\n Flexible rewards structure:<\/strong> Customize your bonus cash back categories based on where you spend the most each month. You can update your selection once per month; otherwise, your previous selection continues until it is changed.<\/p>\n<\/li>\n Solid welcome bonus and first-year rewards bonus:<\/strong> The $200 welcome bonus when you spend $1,000 within the first 90 days is competitive with other cash-back cards today. On top of the cash bonus, you\u2019ll also earn boosted 6% rewards in your choice category over the first year.<\/p>\n<\/li>\n 0% intro APR offer:<\/strong> New cardholders can save on interest charges with a 0% intro APR offer on purchases and balance transfers (APR of 18.24% to 28.24% after the first 15 billing cycles). Avoid interest on purchases and eliminate interest on debt owed to other credit cards.<\/p>\n<\/li>\n<\/ul>\n Bonus cash back is limited<\/strong>. You\u2019ll only earn bonus 3% and 2% rewards on the first combined $2,500 spent each quarter. This limits how much cash back you can earn if you have a larger monthly budget.<\/p>\n<\/li>\n Only one 3% cash back category at a time<\/strong>. You can only pick one eligible spending category per month to earn the highest cash back rate. If your needs change quickly or you often spend in multiple categories, you could miss out on extra rewards.<\/p>\n<\/li>\n No transfer partners<\/strong>. This Bank of America credit card does not offer any hotel or airline transfer partners to get more potential value out of your rewards.<\/p>\n<\/li>\n Balance transfer deadline<\/strong>. To qualify for the 0% intro APR promotion, you must complete your balance transfers within 60 days of opening your account.<\/p>\n<\/li>\n<\/ul>\n The Bank of America Customized Cash Rewards credit card can be used anywhere Visa credit cards are accepted. The card also has tap-to-pay functionality, so it can be used at terminals that permit contactless payments.<\/p>\n If you’re traveling internationally, beware of the card’s 3% foreign transaction fee. This fee increases the amount you\u2019ll pay on purchases made outside of the U.S. Consider using a different credit card that waives foreign transaction fees when you travel abroad.<\/p>\n Read more: <\/em><\/strong>Best credit cards with no foreign transaction fees <\/em><\/strong><\/p>\n There are several ways you can pay your Bank of America credit card bill:<\/p>\n Online or mobile app<\/strong>. Log into your Bank of America account and select Bill Pay, then follow the instructions.<\/p>\n<\/li>\n At a financial center<\/strong>. Bank of America has 3,700 branches where customers can make payments in person with a teller.<\/p>\n<\/li>\n Bank of America ATM<\/strong>. Insert your credit or debit card into one of the bank’s 15,000 ATMs to make a cash or check payment.<\/p>\n<\/li>\n By phone<\/strong>. Call (800) 236-6497 to make a payment by phone.<\/p>\n<\/li>\n By mail<\/strong>. Mail payments to PO Box 15019, Wilmington, DE 19850-5019.<\/p>\n<\/li>\n Overnight payments<\/strong>. For faster delivery using an overnight courier, send payments to Bank of America, Attn: Payment Processing, DE5-023-03-02, 900 Samoset Drive, Newark, DE 19713.<\/p>\n<\/li>\n<\/ul>\n If you\u2019re not sure whether the Bank of America Customized Cash Rewards credit card best suits your spending habits, take a closer look at these great rewards cards also available today.<\/p>\n Annual fee<\/p>\n $0<\/p>\n<\/li>\n Welcome offer<\/p>\n Earn a $200 statement credit after spending $2,000 within the first 6 months<\/p>\n<\/li>\n Introductory Purchases APR<\/p>\n 0% on purchases for 15 months<\/p>\n<\/li>\n Ongoing Purchases APR<\/p>\n 19.49%-28.49% Variable<\/p>\n<\/li>\n Introductory Balance Transfer APR<\/p>\n 0% on balance transfers for 15 months<\/p>\n<\/li>\n Ongoing Balance Transfer APR<\/p>\n 19.49%-28.49% Variable<\/p>\n<\/li>\n<\/ul>\n Rewards rate<\/p>\n Benefits<\/p>\n Why we like it: <\/strong>Like the Bank of America Customized Cash Rewards card, this credit card has a range of categories that earn bonus rewards up to spending limits (including online shopping). With the Blue Cash Everyday\u00ae Card from Amex, you’ll earn up to 3% cash back at U.S. supermarkets, on U.S. online retail purchases, and at U.S. gas stations (up to $6,000 spent in each category per year, then 1%). All other purchases earn 1% cash back. Unlike the Bank of America credit card’s combined limit for bonus purchases, each Blue Cash Everyday bonus category has its own $6,000 annual limit. It has no annual fee (see rates & fees), offers an introductory 0% APR on purchases and balance transfers, and you can earn a cash welcome bonus after opening.<\/p>\n Read our full review of the Blue Cash Everyday Card from American Express.<\/em><\/strong><\/p>\n Annual fee<\/p>\n $0<\/p>\n<\/li>\n Welcome offer<\/p>\n Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening<\/p>\n<\/li>\n Introductory APR<\/p>\n 0% intro APR on purchases and balance transfers for 15 months, then variable 18.49% – 28.49% APR<\/p>\n<\/li>\n Purchase APR<\/p>\n 18.49% – 28.49% variable<\/p>\n<\/li>\n<\/ul>\n Rewards rate<\/p>\n Benefits<\/p>\n Why we like it: <\/strong>If you don’t want to worry about how to maximize different bonus categories, you may find more value from a flat rewards card like the Capital One Quicksilver. You\u2019ll earn unlimited 1.5% cash back on every purchase and a boosted 5% cash back on hotels and rental cars booked through Capital One Travel. It has no annual fee, and there are no foreign transaction fees when traveling internationally. Plus, as a new cardholder you can earn a cash welcome bonus and enjoy a 0% intro APR period for purchases and balance transfers.<\/p>\n Annual fee<\/p>\n $0<\/p>\n<\/li>\n Welcome offer<\/p>\n Earn a $200 online cash rewards bonus after spending $1,000 on purchases in the first 90 days of account opening<\/p>\n<\/li>\n Introductory APR<\/p>\n 0% intro APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account (variable APR of 17.49% – 27.49% after the intro APR ends)<\/p>\n<\/li>\n Purchase APR<\/p>\n 17.49% – 27.49% variable<\/p>\n<\/li>\n<\/ul><\/div>\n Why we like it:<\/strong> For loyal Bank of America customers who want simplified rewards \u2014 and the option to boost rewards with the Preferred Rewards program \u2014 the Bank of America Unlimited Cash Rewards credit card might be a better option. You\u2019ll earn a flat 1.5% cash back on every purchase, though it\u2019s boosted to 2% cash back for your first year after account opening. Like the Customized Cash Rewards card, you\u2019ll also pay no annual fee, can earn a cash welcome bonus, and get a 0% APR introductory period.<\/p>\n This article was edited by <\/em>Kendall Little<\/em><\/p>\n Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank\u2019s website for the most current information. This site doesn’t include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.<\/em><\/p>\n<\/p><\/div>\n\n
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