Financial institution of America Personalized Money Rewards bank card evaluation: Full particulars

The Bank of America® Customized Cash Rewards credit card is a strong cash-back bank card, providing a customizable rewards construction that’s nice for anybody whose spending habits change all year long. The cardboard can turn into particularly profitable for anybody with vital banking or investing relationships with Financial institution of America. Card Score*: ⭐⭐⭐½

*Card Rating relies on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.

Though Bank of America’s credit card lineup is probably not as flashy because the journey playing cards supplied by issuers like Chase or Amex, that does not imply you must rely them out when contemplating your rewards technique.

A few of these playing cards have so much to supply — particularly in case you’re an present Financial institution of America buyer. Particularly, the Bank of America Customized Cash Rewards credit card affords a novel choose-your-bonus-spending-category rewards construction and sign-up bonus for no annual payment, that means it’d earn it a spot in your pockets. Word that permitted cardholders usually have a credit score of 670 or increased.

Let’s dig into the cardboard particulars to see if it is a good match for you.

The Customized Cash Rewards Card presently affords a $200 money again bonus after spending $1,000 on purchases inside the first 90 days of account opening. It is definitely not probably the most aggressive bonus, nevertheless it’s straightforward to earn and on par with different no-annual-fee credit card bonuses.

If you happen to’re enthusiastic about journey, particularly, a $200 bonus is not going to get you a round-trip ticket internationally. Nonetheless, you’ll find some home fares for below $200, relying on the place you reside. Plus, $200 is a pleasant low cost on a costlier aircraft ticket. You may as well use the bonus money again to cowl basic bills, which can be preferable for these not touring quickly.

Associated: Cash-back vs. points-and-miles credit cards

The Customized Cash Rewards Card fees no annual payment, so do not anticipate premium advantages like lounge entry or journey credit.

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The cardboard’s most important asset is its rewards construction, which we’ll dig into under. In any other case, the cardboard affords normal bank card protections and advantages, together with account alerts, a technique to check your FICO score for free and fraud protection.

For a card with no annual fee, the Customized Cash Rewards Card fields a beneficiant rewards construction — particularly for Financial institution of America prospects who qualify for the Preferred Rewards program.

Cardholders earn 3% money again on one of many following classes: fuel and EV charging stations, on-line purchasing (together with cable, streaming, web, and cellphone providers), eating, journey, drugstores or residence enchancment/furnishings. You may additionally earn 2% money again at grocery stores and wholesale clubs. Word that there is a $2,500 cap on mixed 3% and a pair of% money again purchases every quarter. Past that, you will earn 1% money again.

Financial institution of America means that you can change your chosen 3% money again class every month, so you’ll be able to simply customise this rewards construction to suit your wants. Are you happening a visit within the winter? Choose journey as your bonus class for the month you e book your journey. Plan on changing a number of the plumbing in your lavatory within the fall? Choose residence providers that month to earn bonus rewards on the service.

Maximizing money again with Most popular Rewards

If you’re eligible to enroll in Bank of America Preferred Rewards, this card might earn much more money again. To enroll, you will want an eligible Financial institution of America private checking account and a three-month common mixed stability of $20,000 or extra in a Financial institution of America or Merrill funding account. You possibly can fall into three tiers based mostly in your three-month common account stability, and also you earn a money again bonus of 25%-75%, relying in your tier. This is the way it all provides up.

The Most popular Rewards program additionally affords an interest-rate booster for eligible financial savings accounts, amongst different banking and funding perks.

If you happen to qualify for Platinum Honors or increased, you’ll be able to earn as much as $131.25 in bonus money every quarter. That is $525 yearly for less than $10,000 in annual bonus-category spending. Do not forget that this card does not cost an annual payment, so for many who already qualify for the Most popular Rewards program, you are basically getting as much as $525 in free bonus money again yearly.

Associated: Stop ignoring Bank of America’s Preferred Rewards program

Sadly, the redemption choices for the Customized Cash Rewards Card are restricted. You presently have 4 choices:

1. Redeem your money again as an announcement credit score.
2. Deposit your money again into an eligible Financial institution of America checking or financial savings account or Merrill account.
3. Redeem as a contribution to a qualifying 529 plan with Merrill.
4. Redeem for a test.

Word you could redeem your rewards for an announcement credit score with no minimal, however there’s a minimal of $25 per redemption with any of the opposite three choices.

If you’re an present Financial institution of America or Merrill buyer, you’ll be able to simply use your money again to contribute to your accounts. Nevertheless, in case you’re hoping to search out added worth by redeeming for journey, this card is not one of the best match.

You may get a fixed-rate worth of 1 cent per greenback no matter the way you redeem your rewards. Though savvy vacationers may discover money again lackluster as a rewards choice, beginner travelers or these simply seeking to save on everyday expenses will benefit from the simplicity of the rewards program. You do not have to fret about reward valuations shifting or subpar redemption choices. Regardless of how you propose on redeeming, you are getting the identical worth out of money again.

As an illustration, TPG bank card author Emily Thompson makes use of cash-back playing cards in her bank card technique due to their versatility to cowl something from journey bills to sudden residence repairs.

Associated: Why you should keep a cash-back card in your wallet

For present Financial institution of America prospects, different Bank of America credit cards are probably the most direct opponents of the Customized Cash Rewards Card and different issuers’ money again playing cards.

The data for the U.S. Financial institution Money+® has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.

For added choices, see our full record of the best Bank of America and cash-back credit cards.

Associated: Best credit cards with customizable rewards

With no annual fee and a excessive incomes potential for cardholders who qualify for Bank of America Preferred Rewards®, this card is nice for busy households or these whose spending habits fluctuate all year long. Nevertheless, the cardboard limits its bonus classes to $2,500 in mixed spending every quarter, so those that spend greater than which may discover extra worth with one other card.

If you happen to qualify for Most popular Rewards by Financial institution of America, the Bank of America Customized Cash Rewards Card has the potential to supply profitable rewards for smaller budgets. Nevertheless, those that do not financial institution with Financial institution of America will most likely get extra worth from one in every of our different favorite credit cards.

Apply right here: Bank of America Customized Cash Rewards credit card