Bank of America Customized credit card and a great personalized cash rewards card, despite its complicated terms, stands out as a great choice among other cashback cards.
Unlike other cards, Bank of Amercia allows you, with an annual fee of $0, to select your own 3% bonus category from a list of options and change that selection once a month.
It’s an especially good deal for anyone looking to increase their reward rates by holding large Bank of America or Merrill balances. Learn more about the Bank of America Personalized Card in the next few lines.
Highlights Bank of America Customized
Generous Cashback Rewards: This card offers a 3% cashback on a bonus category of your choice; Options are gas (a category that includes heating oil and marine fuel), online shopping, restaurants, travel, pharmacies, or furniture/home improvements. The category can be changed if desired, but must be kept for at least one month. The card pays 2% cashback at supermarkets and wholesale clubs and 1% cashback on all other purchases.
Easily Obtained Bonus Offer for New Cardholders: Bonus is one of the simplest introductory cash offers. If you only charge your card $1,000 in the first 90 days, you’ll receive a $200 reward. And that’s on top of what you’d earn on those purchases.
No Annual Fee: Bank of America Rewards offers above average rewards for a card with no annual fee. Unlike cards that simply waive the fee for the first year, you don’t have to decide whether to pay a fee to renew the card in subsequent years.
Cons Bank of America Customized
Premium Premium Spending Limits: Cardholders earn 3% on categories and 2% on grocery and wholesale clubs on the first $2,500 of combined purchases per quarter. This is a higher number than most top cards and should be enough for a typical square.
However, if you’re spending a particularly large amount of money across card categories, consider a card with high, no-limit rewards. The rewards you can earn with the standard 1% cashback rate are unlimited.
Limited Redemption Options: As with most cards, rewards can be redeemed at any time and in any amount by crediting your bank statement. But while most cards offer any customer a variety of other ways to redeem a cashback, including gift cards that sometimes come with bonuses, the other options on this card are aimed exclusively at Bank of America and Merrill customers.
Rewards can be deposited directly into a Bank of America bank or savings account, or credited to a Merrill Lynch or Merrill Edge account, including automatic investments in a 529 education plan.
In-store purchases in multiple categories do not qualify for grocery awards: As with many cards, grocery stores such as Walmart and Target, as well as convenience stores, are exempt from the Bank of America grocery definition.
This means you only get the normal 1% cashback rate for groceries purchased from these stores, not the 2%. However, you can earn the 2% fee on purchases at wholesale clubs, a type of retail store where many cards are exempt from premium rewards.
Bank of America CustomizedRewards No annual fee Cashback Customized
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