Credit cards are one of the most versatile tools in your financial portfolio that can open up a world of possibilities for you. They provide convenience, access to cash, and the capability to build a positive credit history that can help you obtain future forms of credit. In addition, many credit cards come with cash back rewards, discounts, and other opportunities if used responsibly.
With many credit cards out there, you may wonder which one suits you and your needs best. After all, not all cards are created equally: each has a different purpose. And if you are a credit card minimalist and just want some cash back rewards on everyday purchases, without any luxurious travel rewards or advanced point systems, we have just the right credit card for you.
Introducing the Bank of America® Customized Cash Rewards credit card that comes with no annual fee and a welcome bonus of a whopping $200. This card is a treat for cardholders looking for lucrative cashback rewards potential with no expiration date. So dive in and discover the features of this credit card to enjoy cashback on your everyday purchases.
- Bank of America Credit Card: Customized Cash Rewards
- Credit Card with Advanced Contactless Chip and Digital Wallet Technology
- How Do You Apply for the Card?
- Fees and Interest
- Pros and Cons of the Bank of America Customized Cash Rewards Credit Card
Bank of America Credit Card: Customized Cash Rewards
The Bank of America® Cash Rewards Credit Card is an easy way to get more from your credit card, with flexible cash rewards that can be customized to fit your lifestyle. Plus, you are rewarded with a $200 bonus after you spend $1,000 in net purchases within the first ninety days of card membership.
With this customized credit card, you can watch your cash rewards increase as you earn 3% cash back in your preferred category. Besides, you get 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% cash back on all other purchases.
With the Bank of America Credit Card, we offer a wide variety of 3% cash back category options, including Gas, Online Shopping, Dining, Travel and Drug Stores, or both Home Improvement & Furnishings. It's a perfect choice for Rewards beginners! Even better is that your choice can be changed month-to-month online or via a mobile app.
From rewards to more ways to earn cash, this card provides tailored rewards options with the flexibility to choose what matters most. It's never been easier to earn rewards that fit your lifestyle and spending patterns.
Bank of America's Preferred Rewards Program
We're always looking for different ways to earn more rewards, aren't we? And if you are a Preferred Rewards member of Bank of America, you can earn 25%-75% more cash back on every purchase through the Customized Cash Rewards program. So you could make anywhere from 3.75% to 5.25% cash back on your favorite spending category.
It's essential to note that to get the full bump, you'll need $20k in combined assets. So if you have $50k, you'll get a 50% increase, and if you have $100k, you'll get a 75% bump. Customers must maintain an active Bank of America checking account to be accepted for the Preferred Rewards program.
They should also have a three-month combined average daily balance of $20,000 or more in qualifying deposit accounts and/or Merrill investment accounts. If you meet the criteria, you may want to log in to your account and check if you are eligible. And if you qualify, you will become a Preferred Rewards member without paying any fee.
Credit Card with Advanced Contactless Chip and Digital Wallet Technology
The Bank of America Credit Card: Customized Cash Rewards has innovative features that make your life easier. And the issue of cards with contactless chip technology, at the time of delivery, conveniently allows you to tap on a contactless reader and pay for your purchases. So you no longer have to take the time to dig out your card and swipe!
If you've ever been caught off-guard and your card is lost or stolen, have no fear. You won't be accountable for any unauthorized transactions because your account is protected by the bank's $0 Liability Guarantee. All you have to do is immediately file the report of the missing card.
Yet another innovative feature of this card's convenience is the Digital Wallet Technology. What you have to do is add your Bank of America Credit Card: Customized Cash Rewards to your mobile device, and you'll be able to make purchases in-store or online using Apple Pay, Google Pay, or Samsung Pay.
To provide you with a great sense of security, your card number is not stored on your smartphone or shared with most merchants. With this enhanced security of contactless payments, protecting your information is as easy as waving your credit card.
FICO Score, Overdraft Protection, and Account Alerts
Bank of America® Credit Card: Customized Cash Rewards has a personalized FICO® Score each month, so you can see any changes that may have occurred since your last score. Plus, with key factors affecting your score included in free monthly statements, you'll know exactly what needs work to get your credit where it needs to be.
You're in control with the Bank of America Credit Card, supported by Account Alerts. This fantastic feature lets you program your payments to come due on the same day each month or on a range of dates, so you never miss another deadline or get stuck paying late fees ever again. The bank sends alerts via text or email, and you can choose to receive one-off notifications or weekly ones.
That's not all! You can also sign up for Balance Connect®. This optional service allows you to link your eligible Bank of America® checking account to your credit card and reimburse you for transaction fees you may incur due to your overdraft balance without paying a transfer fee.
How Do You Apply for the Card?
After learning about some really incredible features the card offers besides the tempting cashback rewards, you must be wondering how you can apply for the Bank of America Customized Cash Rewards Credit Card.
If you are 18 years old or older, you can visit the Bank of America's website and apply now for this card. You will have to provide your personal information, including your name, contact details, and residential address.
You will also have to provide information regarding your employment status, annual income, and source of income. Additionally, you have an option to choose if you are a US citizen or hold dual citizenship. You can also provide the aforementioned details by calling 800-932-2775.
Deciding Factors
When you apply for the Bank of America Customized Cash Rewards Credit Card, the issuer examines your unique credit profile and considers various financial factors. The bank evaluates your total annual income – not just your income at the current time.
They also look at other factors like how many bank accounts you have, what types of payments you make, and whether or not you have been identified as a possible fraud risk by any other bank. When it comes to credit score, you should have a score of at least 690 to get approved for this card.
Fees and Interest
While the credit card comes with no annual fee, it sure does come with many other fees.
So let's go through some quick numbers:
- Sign-up Fee - 0;
- Welcome Bonus - $200;
- Annual Fee - 0;
- Regular APR: 16.24% - 26.24% Variable APR on purchases and balance transfers;
- Purchase Intro APR: 0% Intro APR for 18 billing cycles for purchases;
- Balance Transfer Intro APR: 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days;
- Balance Transfer Fee: Either $10 or 3% of the amount of each transaction, whichever is greater;
- APR for Cash Advances - 19.24% to 29.24%;
- Foreign Purchase Transaction Fee - 3%;
- Late Payment Fee - Up to $40.
Redeem Your Rewards
Talking about the numbers, it's essential to know you can redeem the reward points to get the most out of the credit card. With Bank of America, you can choose to receive your rewards in several different ways.
You can opt to redeem the rewards as a statement credit or as a direct deposit into your eligible Bank of America account. You can also earn the rewards as a credit to an eligible account with Merrill. If you prefer a check, you can redeem rewards with a minimum redemption of $25.
The next option to earn cashback rewards is as a contribution to a 529 account with Merrill, with a minimum redemption of $25. Fret not if you are cobwebbed with work and forget about your reward. Bank of America Customized Cash Rewards Credit Cards' rewards come with no expiration date.
Pros and Cons of the Bank of America Customized Cash Rewards Credit Card
The Bank of America® Customized Cash Rewards credit card is a solid choice if you like the idea of earning cash back rewards and having the flexibility to switch your 3% bonus categories every month. All the rewards, none of the hassle.
However, the card comes with bonus spending caps, so it's not a good pick for individuals planning to spend more than $2,500 on groceries or wholesale club purchases in a single quarter. And once you reach the $2,500 quarterly limit, you will earn an additional 1% on your purchases.
Address and Contact
If you have any queries regarding the credit card, you can schedule an appointment, get a call back by phone or use the mobile app.
In case you'd like to get on a call, you can reach the credit card customer service, available 24/7 at 800-732-9194. You can also write your concerns at Bank of America PO Box 25118 Tampa, FL 33622-5118.
Conclusion
An all-around solid credit card for the banking savvy, the Bank of America® Credit Card - Customized Cash Rewards delivers on the promise of a high reward rate and zero annual fees. This card makes a fantastic addition to their wallet for those looking for a branded cash rewards card on top of their current credit cards.
Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult the bank's terms and conditions before agreeing to anything.
Spanish version: Tarjeta de crédito de Bank of America - ¿Por qué solicitarla?
