Bank of AmericaĀ® Customized Cash Rewards Credit Card Review

Cash Rewards from Bank of America ā€” all information about the credit card.

By Hanna Volkava
Updated January 17, 2023

Good Choose for Gas

Bank of AmericaĀ® Cash Rewards
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Our Rating:
5 out of 5
scorer
Recommended credit score
Excellent (740-799)
  • Rewards Rate:
    • 3% Cash Back rewards in a selected purchase category.
    • 2% Cash Back at grocery stores and wholesale clubs.
    • 1% Cash Back on all other purchases.
  • Intro Offer:
    • $200 Online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
  • Annual Fee:
    $0
  • Purchase Intro APR:
    0% Introductory APR for the first 18 Statement Closing Dates following the opening of your account
  • Regular APR:
    18.24% - 28.24% Variable
  • Balance Transfer APR:
    18.24% - 28.24% Variable
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Bank of America Cash Rewards Rewards Calculator

How do you record your expenses?
Enter your monthly spendings on:
3%
Rotating categories
$
2%
Grocery
$
2%
Wholesale Club
$
1%
All other purchases
$
Have you already recieved the Bank of America intro bonus?
Calculate
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All benefits

  • Cash back
    • 3% In a selected purchase category.
    • 2% At grocery stores and wholesale clubs.
    • 1% On all other purchases.

Rate and fee information

  • Purchase Intro APR
    • 0% Introductory APR for the first 18 Statement Closing Dates following the opening of your account
  • Purchase APR
    • 18.24% - 28.24% Variable
  • Intro Balance Transfer APR
    • 0% Introductory APR for the first 18 Statement Closing Dates following the opening of your account for transactions made within 60 days of opening your account
  • Balance Transfers APR
    • 18.24% - 28.24% Variable
  • APR for Cash Advances
    • 21.24% - 31.24% Variable for Direct Deposit and Check Cash Advances
      31.24% Variable for Bank Cash Advances
  • How to Avoid Paying Interest
    • Your due date is at least 25 days after the close of each billing cycle. You will not be charged any interest on purchases if you pay your entire balance by the due date each month.

Fees

  • Annual Fee
    • $0
  • Fees for Balance Transfer
    • Either $10 or 3% of the amount of each transaction, whichever is greater
  • Fees for Cash Advances
    • Either $10 or 3% of the amount of each transaction, whichever is greater
  • Penalty Fees
    • 29.99%
  • Return Payment
    • Up to $29
  • Late Payment
    • Up to $40
View all Rates & Fees

Pros & Cons

Pros:
  • No Annual Fee
  • 0% intro APR for purchases and balance transfers
  • Flexible selection of 3% cashback category
  • Preferred Rewards program for Loyal Bank of America customers
  • Intro Bonus
Cons:
  • Bonus Category Spending Caps
  • Foreign Transaction Fee

Features

Classic
Visa
Contactless
  • 0% Intro APR
  • Low interest
  • No Annual Fee
  • Cashback
  • Payment Flexibility
  • Fraud Protection
  • Rewards
  • Purchase Protection
  • Extended Warranty Protection
  • Excellent Credit

About the issuer

Bank of America has several card types depending on your needs.
Manage your Account & Pay your Bill
You can usually pay your bill online on your

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Recommended credit score
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  • None
    Annual Fee
  • 17.74% - 31.74%
    Regular APR
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  • None
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Recommended credit score
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  • $75
    Annual Fee
  • 34.99%
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3.32 out of 5
Recommended credit score
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  • $164
    Annual Fee
  • 35.99%
    Regular APR
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    Purchase Intro APR
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Bank of AmericaĀ® Customized Cash Rewards Credit Card Review

Bank of AmericaĀ® Cash Rewards Credit Card gives 3% cashback on the category of your choice, 2% cashback on groceries, and 1% on all the remaining purchases. Overall, itā€™s a great card with a balanced rewards system.

To have high approval odds for this card, you need to have an excellent credit history.

Bank of AmericaĀ® Customized Cash Rewards: pros and cons

Pros: Cons:
No Annual Fee. Bank of AmericaĀ® Customized Cash Rewards Credit Card has zero annual fee. Bonus Category Spending Caps. 3% and 2% cashback is capped at $2,500 per quarter in combined spending. Once the limit is reached, cardholders are entitled to 1% cashback only.
0% intro APR for purchases and balance transfers. New cardholders get introductory 0% APR for purchases and balance transfers for the first 18 billing cycles. Balance transfers have to be made within 60 days from account opening for a fee of 3% (min $10). After the intro period ends regular APR of 18.24% - 28.24% will be applied. Foreign Transaction Fee. Bank of AmericaĀ® Customized Cash Rewards Credit Card charges a 3% foreign transaction fee.
Flexible selection of 3% cashback category. Cardholders get the option to select the 3% cashback category. Available categories are Gas, Dining, Drug Stores, Travel, Home improvement & furnishing, and Online shopping. The default category is Gas. Category can be changed once in a calendar month using online banking or Mobile App. All the remaining purchases are subject to 1% cashback (or 2% in case of groceries and wholesale clubs).
Preferred Rewards program for Loyal Bank of America customers. Bank of Americaā€™s Preferred Rewards Program works for clients with a minimum combined average balance of at least $20,000 in the Bank of AmericaĀ® checking, deposit, or investment accounts. Program members can maximize their 3% cashback up to 5.25%; 2% groceries tier can reach 3.5%, while 1% for all purchases can extend to 1.75%.
Intro Bonus. Cardholders get an intro bonus of $200 cash rewards. However, they need to spend $1,000 in the first 90 days of their account opening.

Rewards system in a nutshell

The Bank of AmericaĀ® Cash Rewards Credit Card offers 3% cashback in one of 6 categories, with the option of changing the category once every month. 2% cashback applies to grocery stores and wholesale clubs purchases. And lastly, 1% cashback is offered for every other kind of purchase made. The 3% and 2% cashback are applicable only for the first $2,500 combined spending per quarter. Once the limit is reached, cardholders get only 1% cashback on all spending.

Considering you can earn 3% cashback for things including online shopping, gas, dining, traveling, drug stores, and home improvement makes this credit card a worthy financial instrument. In addition, there is no hassle in changing your categories. Simply use the Bankā€™s mobile app and change the category whenever you would like. Donā€™t forget it can be done only once per month.

If you feel somehow confused with the rewards system, you can calculate your rewards using the online calculator available.

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There is no limit or restrictions on the cashback rewards you can earn and redeem. They never expire as long as your account continues to be active.

The Bank of AmericaĀ® Preferred Rewards Program is designed for individuals with an eligible Bank of AmericaĀ® personal checking account, qualifying Bank of AmericaĀ® deposit account, or/and a Merrill Investment account. This program has 3 tiers:

  • Gold: 25% greater rewards; for individuals with a three-month total average daily balances of a minimum of $20,000
  • Platinum: 50% greater rewards; for individuals with a three-month total average daily balances of a minimum of $50,000
  • Platinum Honors: 75% greater rewards; for individuals with a three-month total average daily balances of a minimum of $100,000

There are three simple ways to redeem your rewards:

  1. Cash Rewards can be redeemed anytime for any amount in the form of deposits or statement credits into a Bank of AmericaĀ® savings or checking account or for credit to a qualifying Cash Management AccountĀ® with Merrill.
  2. Redemptions for a contribution to a qualifying 529 account with Merrill or for a check start at $25.
  3. Setting up automation redemptions into qualifying Bank of AmericaĀ® and Merrill accounts is easy. Automatic redemptions begin at $25. Checks, statement credits, and contributions to 529 accounts donā€™t qualify for automatic redemption enrollment.

Who can benefit from getting the Bank of AmericaĀ® Cash Rewards Credit Card?

The Bank of AmericaĀ® Cash Rewards credit card is an asset for people having significant deposits in their Merrill and Bank of AmericaĀ® accounts.

2% cashback on groceries and wholesale clubs purchases plus 3% on select categories makes this card ideal for families.

Homeowners will love the range of choices available to them with the Bank of AmericaĀ® Cash Rewards Credit Card.

Any account holder spending around $2,500 in their preferred category, grocery stores, and wholesale clubs each quarter will benefit from the credit card most of all.

In addition, new cardholders have a high incentive to use the credit card by getting a $200 cash rewards bonus for purchases of $1,000 or more during the initial 90 days of opening their account.

Are there any other benefits?

Besides already mentioned benefits of the card, The Bank of AmericaĀ® Cash Rewards Credit Card also provides:

  1. 24/7 Customer Service: Cardholders can get in touch with the Credit Cardā€™s customer representatives to clarify their concerns any time of the day, all around the week.
  2. Strong Card Security: Bank of AmericaĀ® offers automatic and effective fraud surveillance to prevent liabilities from fraudulent transactions.
  3. Digital Wallet Technology: The credit card can be added to digital wallets, helping you use it across the world even if you donā€™t physically have it at that moment. This way, you can pay through Google Pay, Apple Pay, and Samsung Pay.
  4. Free FICOĀ® Score updates: You can access your FICOĀ® with your Mobile Banking app or in Online Banking for free.
  5. Overdraft Protection: You can link your deposit account to your credit card for Overdraft Protection. In case of any overdraft or returned check, credit card funds will be used to cover it. Transactions will be treated as a Bank Cash Advance.

Conclusion

The credit card is a vital alternative for various users due to its $0 annual fee and competitive APR, and flexibility in redeeming rewards.

A 3% cashback rate is highly desirable; even a 2% rate for grocery and warehouse club purchases makes the credit card a beneficial deal.

The rewards donā€™t expire, allowing cardholders to redeem and use their cashback rewards whenever they would like to. Lastly, the credit card comes with multiple redemption alternatives, of which you can choose the one you are most comfortable with, be it checks directly emailed to you or cash deposited in your Merrill account.

Apart from users having quarterly expenses of nearly $2,500, the card may not be a practical choice for others. For instance, people spending more than $2500 will benefit more from credit cards that might be paying lower rates but on all spending categories.

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Itā€™s important to keep in mind that even though the initial APR on purchases and balance transfers is 0%, the credit card does charge a $10 or 3% fee (whichever is greater) on balance transfers.

To conclude, the Bank of America Cash Rewards Credit Card is a good choice for people with quarterly spendings in their preferred categories, grocery stores, and wholesale clubs of around $2,500. The flexibility of changing the 3% category helps cardholders to maximize rewards depending on current needs. However, for people with more requirements than these caps, the Bank of AmericaĀ® Cash Rewards credit card is not ideal.

FAQ

What is the customer service phone number for the Bank of America Cash Rewards Credit Card?

You can call Bank of America on their phone number 1-800-434-8313 from Monday to Friday 9 am ā€“ 9 pm ET.

How to check my application status for the Bank of America Cash Rewards Credit Card?

You can either check your credit card application status online or call Bank of America at 1-866-422-8089.

Is Bank of America Cash Rewards Credit Card Visa or MasterCard?

Bank of America Cash Rewards Credit Card is a Visa.

How do I redeem my Bank of America Cash Rewards?

You can log in to your Online Banking account, select the Bank of America Cash Rewards credit card option, and go to the Rewards tab. Or else, you can also call at 1-800-434-8313, enter your account number, and request redemption of your cash rewards.
Hanna VolkavaHanna Volkava

Financial and product expert

hv@myfin.us
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