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The Bank of America Custom Cash Rewards Card offers flexibility for those who want more control over their rewards categories. Here’s what you should know.
Bank Of America Visa Guide To Benefits
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Credit card rewards programs range from flat-rate cash back to rotating bonuses to airline miles and everything in between.
Some rewards credit cards come with what we call a choose-your-own-adventure earnings structure. This gives you more control over your maximum bonus type. Having the flexibility to earn a higher rewards rate on the purchases you make the most can help you accumulate points faster than using a flat bonus category card.
The Bank of America® Custom Cash Rewards Credit Card offers just that: The ability to choose a cash back bonus category from a list of six options. What’s more, You can also change the category you choose once a month. This allows you to maximize your bonus earnings 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.
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Bank of America’s custom cash card is called a tiered rewards card. This means the card will increase rewards rates for certain purchases. In this case, you can get cash back at three different levels:
This type of rewards card can be a great choice for people whose daily spending fits into one or more of these categories, such as a large family with a high grocery bill. Couples who frequently eat out and consumers who frequently shop online may find the Bank of America Custom Cash card especially lucrative.
That means there’s a deal-breaker that big spenders should especially be aware of: The 3% and 2% bonus rates have a combined quarterly spending limit of $2,500, after which you will get paid. Only 1% back on sale purchases into those categories.
The Bank of America cash credit card has no annual fee which is quite light on exclusivity. The good news is that, as a Visa Signature card, you get some protections when making purchases. Includes additional warranty coverage This doubles the manufacturer’s warranty up to one year.
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You can also visit Bank of America Offers which is a card-linked incentives program that can help you earn extra cash back, in some cases up to 15 percent, on qualifying purchases at select restaurants and other retailers without using a code. :
The statement credit will be automatically added to your account within 30 days. You will also receive coins. Bank of America Offers For Every Qualifying Purchase Collect Coins Earn More Bonuses When You Redeem Next Promotions.
A little-known Bank of America benefit is the issuer’s Museums on Us program, through which cardholders receive admission. Hundreds of “cultural academies” are free the first weekend of every month. Simply present your Bank of America Custom Cash Card and photo ID at participating partners. This includes the Whitney Museum of American Art and the Liberty Science Center.
The Bank of America Custom Cash Credit Card has other features worth mentioning. For starters New cardholders can receive a small $200 sign-up bonus as an online cash bonus. When they spend $1,000 on purchases in the first 90 days of opening an account
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The card also has a 0 percent introductory APR on balance transfers for 18 billing cycles for any balance transfers made in the first 60 days (variable APR from 18.24% to 28.24% later), this can be helpful if you have high levels of other card interest debt. However, keep in mind that you will have to pay a balance transfer fee of $10 or 3 percent, whichever is greater. than. and request the transfer within the first 60 days
The Bank of America Custom Cash Credit Card may be a good fit if you want an easy way to earn rewards. and want to avoid annual fees It’s even better if you’re a Bank of America or Merrill account holder and if you qualify for the Preferred Rewards program. You can increase your earning rate in every category. Additionally, your 3 percent option can go up to 75 percent, depending on your account balance. And if you have a large balance on another card and need interest-free time to pay off your debt, the card’s introductory APR can be especially attractive.
On the other hand, those who don’t mind doing a little extra to maximize their earnings may be better off with a card with a 5% cash back rate on recurring spending categories, like the Discover it® Cash Back or the Chase Freedom Flex. . ℠. You may want to avoid the obvious if you intend to use your rewards to redeem travel rewards. The Bank of America Custom Cash Card has limited redemption options. Or, if you think you’ll regularly spend more than $2,500 per quarter, the 2 percent and 3 percent bonuses.
The Bank of America Custom Cash Card is exactly what it sounds like. It allows you to customize your refund without much hassle. If you want to get more rewards while doing less this could be the card for you. This is especially true if you are a Bank of America customer and can take advantage of increased earning rates. And you might want to avoid that if you want to get your money back comfortably. Or are you looking for a card that focuses more on travel?
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The editorial content on this site is based solely on the objective judgment of our authors. And it’s not driven by advertising dollars. It has not been offered or authorized by any credit card issuer. However, we may receive compensation when you click on links to products from our partners.
Kelli Pate is a former contributor, freelance writer and editor living in Kansas City. Even though she is a Jersey girl. When she’s not writing about personal finance and credit cards, she dabbles in the world of travel hacking.
On This Page Go to Customizable Rewards Categories Promotions and Special Offers Small Sign-up Bonuses APR Incentives Balance Transfer Basics Who Should Get Them?Who Should Avoid Them?
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