The Bank of America® Customized Cash Rewards credit card offers a flexible and rewarding cashback program tailored to individual spending preferences. Cardholders can earn a $200 online cash rewards bonus after making at least $1,000 in purchases within the first 90 days of account opening. The card's cashback structure allows for 3% cash back in a category of choice, 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases, with the ability to change the choice category monthly. Additionally, there's a 0% introductory APR for the first 15 billing cycles on purchases and balance transfers made within the first 60 days, making it an appealing option for those seeking both rewards and financial flexibility.
Key Features
- $200 Online Cash Rewards Bonus. Earn a $200 online cash rewards bonus after spending $1,000 on purchases within the first 90 days of opening the account, providing an immediate boost to rewards earnings.
- Customizable Cash Back Categories. Enjoy the flexibility to choose a category for earning 3% cash back, including options such as gas, dining, travel, and more, allowing cardholders to maximize rewards based on their spending habits.
- Tiered Cash Back Rewards. Earn 3% cash back in the chosen category, 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases, providing competitive rewards rates across various spending areas.
Pros and Cons
Pros
No Annual Fee. Enjoy the benefits of cash-back rewards without worrying about an annual fee, ensuring that rewards earned aren't offset by additional costs.
Introductory APR Offer. Benefit from a 0% introductory APR for the first 15 billing cycles on purchases and balance transfers made within the first 60 days, providing a period of interest-free financing for new purchases or balance transfers.
Preferred Rewards Bonus. Bank of America Preferred Rewards members can earn 25%-75% more cash back on every purchase, boosting rewards earnings even further for eligible customers.
Cons
Quarterly Category Limit. While the quarterly cap on bonus cash rewards encourages spending in select categories, it may limit earning potential for high spenders or those with diverse spending habits.
Variable APR After Introductory Period. Once the introductory APR period ends, the variable APR, ranging from 19.24% to 29.24%, may be higher than average, potentially offsetting the benefits of the rewards program for those carrying a balance.
Balance Transfer Fees. While the introductory balance transfer fee is competitive at 3%, subsequent balance transfers incur a higher fee of 4%, which could deter individuals seeking to consolidate debt from other accounts.
How to Apply for a Bank of America® Premium Rewards® Credit Card
Online
Explore Credit Card Options. Browse through the available credit card options to find the Bank of America® Customized Cash Rewards Credit Card. Click on the card to access more details.
Review Card Details. Take your time to review the features, benefits, and terms of the Bank of America® Customized Cash Rewards Credit Card to ensure it meets your needs.
Initiate Application. Look for the "Apply Now" button to start the application process. Click on it to proceed.
Fill Out Application Form. Complete the online application form with accurate personal, financial, and contact information as required. Ensure all fields are filled correctly.
Submit Application. After filling out the form, review the information provided to avoid any errors. Once satisfied, submit your application.
Wait for Approval. After submission, the bank will review your application. You may receive an instant decision or have to wait a few days for a response.
Receive Card. If approved, your Bank of America® Customized Cash Rewards Credit Card will be mailed to the address provided during the application process.
Mobile App
Log In or Register. Open the Bank of America mobile app and log in to your existing online banking account. If you're a new user, you may need to register for mobile banking by providing your account details and creating login credentials.
Navigate to Credit Cards. Once logged in, navigate to the section of the app dedicated to credit cards or banking products. This may be accessible from the main menu or homepage.
Find Bank of America® Customized Cash Rewards Card. Look for the Bank of America® Customized Cash Rewards Credit Card among the available options. Tap on the card to view more details.
Start Application. Locate the option to apply for the Bank of America® Customized Cash Rewards Credit Card within the app. It may be labeled as "Apply Now" or something similar. Tap on it to initiate the application process.
Complete Application Form. Fill out the application form provided in the app with accurate information, including personal, financial, and contact details. Double-check for accuracy before proceeding.
Submit Application. After completing the form, review the information provided to ensure accuracy. Once verified, submit your application through the mobile app.
Wait for Response. The bank will review your application. Depending on their process, you may receive an instant decision or have to wait for a few days to receive a response.
Receive Confirmation. If approved, you'll receive confirmation within the app or via email. Your Bank of America® Customized Cash Rewards Credit Card will be mailed to the address provided during the application process.
Branch application
Research and Preparation. Begin by researching the various credit cards offered by Bank of America to determine which best suits your needs and preferences. Consider factors such as rewards, interest rates, annual fees, and benefits.
Gather Necessary Documents. Collect all required documents, such as a valid photo ID (e.g., driver's license or passport), Social Security number, proof of income (e.g., pay stubs or tax returns), and any other relevant financial information.
Visit a Bank of America Branch. Locate the nearest Bank of America branch by using the Bank of America website or mobile app. Plan your visit during the branch’s operating hours.
Meet with a Bank of America Representative. Once at the branch, request to speak with a representative about applying for a credit card. The representative will guide you through the process, answer any questions, and provide you with the necessary forms.
Complete the Application Form. Fill out the application form provided by the representative. Ensure all information is accurate, including personal details, employment information, and financial data.
Submit Your Application. After completing the form, submit it to the representative along with your supporting documents. The representative will review your application for completeness and accuracy.
Wait for Approval. The representative will submit your application for processing. Approval times can vary; in some cases, you may receive an instant decision, while others may require further review. You will be notified of the decision by mail or email.
Receive Your Card. If approved, your new Bank of America credit card will be mailed to you. Upon receiving your card, follow the instructions to activate it and begin using it to earn rewards and manage your finances effectively.
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Eligibility Requirements
Age Requirement. Applicants must be at least 18 years old or 21 years old if a permanent resident of Puerto Rico to be eligible for the Bank of America® Customized Cash Rewards credit card.
Residential Address. To qualify for the card, the applicant's residential address must be in one of the following locations. any of the 50 United States, Washington D.C., APO/FPO/DPO, Guam, Puerto Rico, Northern Mariana Islands, American Samoa, or U.S. Virgin Islands.
Creditworthiness. Approval for the credit card is based on the applicant's creditworthiness, including factors such as credit history, income, and debt obligations.
Credit Report Authorization. By applying for the card, the applicant authorizes Bank of America to obtain their credit report(s), employment history, and any other relevant information to assess their creditworthiness and manage the account.
Existing Account Status. The card may not be available to individuals who currently have or have had the card in the preceding 24-month period.
Authorization for Information Sharing. Applicants consent to the sharing of information about them and their account with relevant organizations, as permitted by law, including credit reporting agencies and affiliated companies.
Reasons You May Be Denied a Credit Card
Insufficient Credit History. If you have a limited credit history or no credit history at all, the issuer may be unable to assess your creditworthiness, which could result in a denial of your credit card application.
Low Credit Score. A low credit score, often indicative of past financial difficulties or missed payments, may lead to a denial of your credit card application. Credit scores below a certain threshold may be considered risky by the issuer.
High Debt-to-Income Ratio. If you have a high debt-to-income ratio, meaning you have significant outstanding debt relative to your income, the issuer may view you as a higher credit risk and deny your application.
Recent Bankruptcy. If you have filed for bankruptcy recently, you may be denied a credit card as it indicates financial instability and an increased risk for the issuer.
Delinquent Accounts. If you have a history of late payments, defaults, or delinquent accounts on your credit report, it may signal to the issuer that you are not financially responsible and may lead to a denial of your application.
Multiple Recent Credit Applications. Applying for multiple credit cards or loans within a short period, especially if accompanied by rejections, may raise concerns for the issuer about your financial stability and lead to a denial.
How to Pay Off Credit Card Debt
Access Your Account. Sign in to your Bank of America online banking account or mobile app to access your credit card information.
Review Your Balance. Take a moment to examine your outstanding balance, including any accumulated interest or fees.
Choose a Payment Method. Determine how you wish to proceed with your payment. Bank of America provides several convenient options, such as online banking, mobile banking, in-person at a financial center or ATM, by phone, or through the mail.
Online Payment. If you opt for online payment, log in to your account, proceed to the bill pay section, and follow the prompts to initiate a payment. You can select to pay the minimum amount due, the full balance, or a customized amount.
Mobile Payment. Alternatively, you can utilize the Bank of America mobile banking app to complete a payment. Choose your Bank of America® Customized Cash Rewards credit card account and follow the prompts to finalize the payment process.
In-Person Payment. For those preferring in-person transactions, visit a Bank of America financial center or ATM. You can make a payment using cash, a check, or your debit card at the ATM, or seek assistance from a representative at the financial center.
Phone Payment. To make a payment over the phone, dial the Bank of America customer service number and follow the automated instructions to navigate to the payment section. From there, you can complete the payment using your checking account or debit card.
Mail Payment. Lastly, if mailing your payment suits your preference, utilize the payment address provided on your billing statement. Ensure to include your Bank of America® Customized Cash Rewards credit card account number on the check or money order and allow adequate time for delivery.
Confirm Payment. Following your payment submission, verify that it has been successfully processed. You can check your account balance online or via the mobile app to confirm the payment's application to your Bank of America® Customized Cash Rewards credit card debt.
Editorial Opinion
The Bank of America® Customized Cash Rewards credit card presents a versatile cashback program that adapts to individual spending habits. With a $200 cash rewards bonus available after $1,000 in purchases within the first 90 days, the card offers an attractive incentive. Its cashback structure is competitive, providing 3% in a selected category, 2% at grocery stores and wholesale clubs, and 1% on other purchases, with the flexibility to change the chosen category monthly. The 0% introductory APR for 15 billing cycles on purchases and balance transfers made in the first 60 days further enhances its appeal for those prioritizing rewards and financial flexibility.
Additional Resources
- Bank of America Review
- Bank of America Account Review
- How to PayOff Bank of America
- Bank of America Mobile App
- Bank of America Credit Cards
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