Bank of America® Customized Cash Rewards Credit Card Review for [ United States ]

Bank of America® Customized Cash Rewards Credit Card

The Bank of America® Customized Cash Rewards Credit Card is a powerful financial tool tailored for those who value flexibility and rewards. With this card, you can earn cash back in a way that suits your lifestyle, choosing from a variety of bonus categories like gas, online shopping, dining, travel, drug stores, or home improvement. It also offers additional cash back on everyday spending at grocery stores and wholesale clubs, along with unlimited rewards on all other purchases. For Bank of America Preferred Rewards® members, the benefits are even greater, with an opportunity to earn 25% to 75% more cash back on every purchase.

This card doesn’t just reward you; it also helps you save. A generous 0% introductory APR applies to purchases and balance transfers for the first 15 billing cycles, giving you time to pay down large expenses or consolidate high-interest debt. After the intro period, competitive variable APR rates apply, based on your creditworthiness.

Managing your rewards is simple and convenient. Redeem cash back as statement credits, direct deposits to Bank of America® checking or savings accounts, or contributions to Merrill® investment accounts or 529 plans. You can also use rewards for online purchases at Amazon.com or PayPal. With no annual fee, flexible redemption options, and enhanced earnings potential, this card is designed to meet a variety of financial needs while rewarding you for everyday spending.

Bonus or Welcome Offer

With the Bank of America® Customized Cash Rewards Credit Card, you can earn a $200 bonus in cash rewards. To qualify, simply use your new credit card to make purchases totaling $1,000 or more within the first 90 days after opening your account. Keep in mind that returns, credits, and adjustments will reduce your qualifying purchase total, even if they involve another payment method. Fees are not counted toward the purchase requirement.

Reward Points of Bank of America® Customized Cash Rewards Credit Card

You earn cash rewards whenever you use the Bank of America® Customized Cash Rewards Credit Card for purchases. However, the amount of rewards is based on your “Net Purchases,” which means returns, credits, and adjustments will reduce the qualifying amount, even if another payment method was used. Certain transactions, like balance transfers, cash advances, fees, interest charges, fraudulent transactions, and some other charges, are not considered purchases and will not earn cash rewards.

Base Cash Rewards

You earn 1% cash back on all your net purchases with the Bank of America® Customized Cash Rewards Credit Card. This means you receive $0.01 for every $1 spent during each billing cycle on eligible purchases.

2% Bonus Category

In addition to the base rewards, you can earn 2% cash back on purchases made at specific types of stores. This includes:

• Eligible grocery stores
• Wholesale clubs
• Supermarkets
• Meat and seafood stores
• Candy, nut, or confectionery shops
• Dairy stores
• Bakeries

The 2% cash back is a combination of:

• 1% base cash rewards
• 1% bonus cash rewards

Exclusions from the Bonus Category

The following types of stores and purchases do not qualify for the 2% bonus category:

• Superstores (such as large retail chains that sell groceries along with other items)
• Smaller stores, like drugstores, that sell groceries alongside other products

These purchases will still earn the standard 1% cash back.

3% Bonus Category

You can earn 3% cash back (equal to $0.03 for every $1 spent) on purchases made at eligible merchants within a single Choice Category of your selection. This 3% cash back includes:

• 1% base cash rewards
• 2% bonus cash rewards

Eligible Choice Categories

When using your card, you will earn 3% cash back at merchants whose primary business falls into one of the following Choice Categories:

• Gas & Electric Vehicle (EV) Charging Stations (this is the default category)
• Online Shopping
• Dining
• Travel
• Drug Stores
• Home Improvement/Furnishings

Default and Category Selection

• When you open your account, the default Choice Category is Gas & EV Charging Stations.
• If you receive Instant Access to your card information (temporary card), you can start using it immediately. However, you may not be able to change your Choice Category until the full account setup is complete.
• To change your Choice Category for future purchases:
  • Visit Online Banking or use the Mobile Banking App.
  • You can change your Choice Category once per calendar month.
  • If no changes are made, your Choice Category will remain the same.

Additional Information

For more details about the Choice Categories or how to make changes, visit bankofamerica.com/choosemycategory.

Bonus Category Cap

The Bank of America® Customized Cash Rewards Credit Card provides bonus cash rewards for purchases made in the 2% and 3% Bonus Categories, but there is a spending limit to how much can earn these higher rewards:

• You can earn bonus cash rewards on the first $2,500 of combined Net Purchases in the 2% and 3% Bonus Categories during each calendar quarter.
• This means that every purchase in these categories contributes toward the $2,500 cap, regardless of how it is divided between the two categories.
• Once your combined spending in these categories reaches the $2,500 limit, any additional purchases will earn the standard 1% base cash rewards for the remainder of the quarter.

At the start of a new calendar quarter, the bonus rewards cap resets, and you can begin earning the higher rewards in these categories again on up to $2,500 in purchases.

3% Bonus Category Qualifications (Online Shopping)

If you choose Online Shopping as your 3% Choice Category, your purchases must meet specific criteria to qualify for the higher rewards rate. Here’s how it works:

What Qualifies as Online Shopping?

To earn 3% cash back, your purchase must:

1. Be made online using a website or a digital application (app).
2. Be identified by the merchant as an online purchase based on the information they provide to the bank.

What Does NOT Qualify?

Certain types of transactions are not considered online purchases and will not earn 3% cash back. These include:

1. Phone or mail orders: Purchases made by calling the merchant or sending an order via mail are ineligible.
2. In-person purchases:
   • Even if you order online, if you pay for or pick up the item in-store, it does not count as an online purchase.
   • This includes curbside pickups or transactions finalized at the store’s register.
3. Mobile wallet or contactless payments:
   • Payments made in-store using digital wallets (e.g., Apple Pay, Google Pay) or contactless payment devices are not categorized as online purchases.

Excluded Non-Retail Services

In addition to the above, some non-retail services and categories do not qualify for the 3% Online Shopping bonus, even if they are paid for online. These include:

• Medical and healthcare services: Doctors, hospitals, and clinics.
• Government services and taxes: Payments to government agencies, including tax bills.
• Insurance: Payments for premiums, deductibles, or claims.
• Membership organizations: Charges from non-profits, clubs, or other member-based organizations.
• Education and school payments: Tuition fees, school-related costs, or donations.
• Utilities: Payments for electricity, water, or other utility services.

Examples of Online Shopping That Qualifies

Eligible transactions might include:

• Buying clothes or electronics from an online retailer’s website or app.
• Ordering groceries online and having them delivered (as long as the transaction occurs entirely online).
• Purchasing a subscription to a streaming service like Netflix or Spotify through their website or app.

Changing Your Choice Category

If you wish to change your 3% Choice Category to better suit your spending habits, here’s how:

• You can switch your Choice Category once per calendar month.
• To make the change, log in to Online Banking or use the Mobile Banking App.
• If no changes are made, the current category will remain in place.

Key Reminder

Always review the merchant’s category and payment method to ensure your purchases qualify for the 3% cash back. If you’re unsure whether a purchase will earn bonus rewards, check with the merchant or refer to your account activity to confirm.

Identifying Bonus Categories

When earning bonus cash rewards with the Bank of America® Customized Cash Rewards Credit Card, it is important to understand how merchant category codes (MCCs) affect your rewards. Here’s what you need to know:

How Bonus Categories Are Identified

• Merchants who accept Visa or Mastercard are assigned a merchant category code (MCC) based on the type of products or services they primarily sell.
• These MCCs determine whether your purchases qualify for bonus cash rewards in specific categories, such as grocery stores, dining, or gas.

Merchant Control Over MCCs

• Merchants, not Bank of America, assign and submit MCCs for their transactions.
• This means some purchases may not fall into the category you expect. For example:
  • A grocery store located inside a larger retail chain may be categorized as a general retailer rather than a grocery store.
  • Similarly, a restaurant located in a hotel might process under the hotel’s MCC instead of the dining category.

Purchases That Won’t Qualify for Bonus Rewards

Certain situations may prevent your purchases from earning bonus rewards, even if the purchase itself aligns with a bonus category. These include:

1. Incorrect or Ineligible MCCs:
   • If a merchant processes your transaction under an MCC that is not eligible for bonus rewards, the purchase will not qualify.
2. Third-Party Payment Methods:
   • Purchases made through third-party accounts, such as PayPal, or through digital wallets (e.g., Apple Pay, Google Pay) that are not supported by Bank of America, may not qualify.
   • If the technology used does not transmit MCCs accurately, the transaction cannot be categorized for bonus rewards.
3. “Buy Now, Pay Later” Installments:
   • Purchases made using third-party installment programs like buy now, pay later may not qualify for bonus rewards. These services often process transactions in a way that bypasses the original MCC.

Key Considerations

• Always check with the merchant to ensure their transactions process under the correct MCC.
• If you use a third-party payment method, digital wallet, or installment plan, keep in mind that these may impact your eligibility for bonus rewards.

By being aware of how MCCs and payment methods work, you can maximize your ability to earn bonus cash rewards.

Rewards Redemption

The Bank of America® Customized Cash Rewards Credit Card gives you the flexibility to redeem your cash rewards in a variety of ways. Whether you want to reduce your credit card balance, save or invest for the future, or even shop online, you can choose the option that best fits your needs. Below is a detailed breakdown of the redemption options, their requirements, and additional information.

1. Redemption Options

A. Statement Credits

• Use your cash rewards to directly reduce your credit card balance.
• This option helps lower the amount you owe and is ideal if you want to save money on your monthly payment or reduce interest charges.

B. Deposits to Bank of America Accounts

• Redeem your rewards as an electronic deposit into your Bank of America® checking or savings account.
• This option provides immediate access to your rewards and is perfect for everyday financial needs or emergencies.

C. Deposits to Merrill Accounts

• Apply your cash rewards to your Merrill Cash Management Account® for investing or saving.
• Contribute to a qualifying Merrill 529 account to help fund future educational expenses, such as tuition or books for college.

D. Checks

• Request your rewards in the form of a paper check.
• This is a convenient option if you prefer a physical payment you can deposit or cash as needed.

E. Pay with Rewards for Purchases

• Use your cash rewards to pay for eligible purchases at Amazon.com or during checkout with PayPal.
• This seamless integration allows you to shop online and instantly use your rewards to reduce the amount you owe, making it a great option for frequent online shoppers.

2. Redemption Requirements and Minimums

While Bank of America offers flexibility in how you can redeem your rewards, certain options come with specific requirements or minimum thresholds:

A. No Minimum Redemption Amount

• Electronic Deposits: Redeem any amount for deposits into your Bank of America checking or savings account.
• Merrill Cash Management Accounts: No minimum required for deposits into these accounts.
• Statement Credits: Apply any amount to your credit card balance.

B. $25 Minimum Redemption Amount

• Merrill 529 Accounts: One-time contributions to a qualifying 529 account require a minimum of $25.
• Check Redemptions: Paper checks mailed to you require at least $25 in rewards.
• Automatic Redemptions: Set up automatic deposits into a Bank of America checking or savings account or a Merrill Cash Management Account®; each redemption must be at least $25.

3. Automatic Redemption Options

Bank of America allows you to automate the process of redeeming your cash rewards:

• Set up recurring deposits into a Bank of America® checking or savings account.
• Automate contributions to a Merrill Cash Management Account® or Merrill 529 account.
• Automatic redemptions require at least $25 in cash rewards for each transfer.

This option is particularly useful for building savings, funding long-term investments, or managing cash flow.

4. Flexibility in Timing

Cash rewards can be redeemed on-demand whenever you have accumulated enough rewards to meet the required threshold. This means:

• You control when and how your rewards are redeemed.
• There’s no need to wait for specific redemption dates or cycles.

5. Example Scenarios of Redemption

A. Scenario 1: Reducing Debt with Statement Credits

• You earn $50 in rewards this month. You apply it as a statement credit, immediately lowering your credit card balance by $50.

B. Scenario 2: Building Savings

• You accumulate $100 in rewards over a few months. You redeem it directly into your Bank of America savings account, boosting your emergency fund.

C. Scenario 3: Shopping Online with Rewards

• While shopping on Amazon.com, you use $25 in rewards to pay for a portion of your purchase, reducing the out-of-pocket cost.

D. Scenario 4: Investing for the Future

• You choose to transfer $200 in rewards to your Merrill Cash Management Account®, where it can be invested in stocks, bonds, or other financial instruments.

6. Advantages of Bank of America’s Rewards Redemption Program

1. Variety of Options: You can choose from statement credits, direct deposits, checks, or even paying for online purchases, offering unmatched flexibility.
2. No Minimums for Certain Redemptions: Unlike many other programs, Bank of America allows you to redeem rewards with no minimum amount for electronic deposits or statement credits.
3. Automation: The ability to set up automatic redemptions makes it easier to manage your finances consistently.
4. Seamless Online Shopping Integration: Direct integration with Amazon and PayPal simplifies the process of using rewards for everyday purchases.

7. How to Redeem Rewards

To redeem your cash rewards:

1. Log in to Online Banking or the Bank of America Mobile Banking App.
2. Navigate to the “Rewards” section of your account.
3. Select your preferred redemption method (e.g., statement credit, deposit, check, etc.).
4. Follow the prompts to confirm your redemption.

For additional information or to explore your rewards redemption options, visit bankofamerica.com/rewards or contact customer support.

Pay with Rewards

The Bank of America® Customized Cash Rewards Credit Card gives you the option to use your rewards seamlessly for online shopping or charitable giving. Here are the details:

Using Rewards with Amazon.com

• You can use your cash rewards to pay for eligible purchases directly on Amazon.com.
• Amazon and all related trademarks are the property of Amazon.com, Inc. or its affiliates.

Using Rewards with PayPal

• Bank of America offers integration with PayPal Pay with Rewards, allowing you to:
  • Use your rewards for eligible purchases when checking out with PayPal.
  • Donate your rewards to support charitable causes through PayPal Giving Fund.
• To learn more about the PayPal Pay with Rewards program, including terms and conditions, visit www.paypal.com/us/pay-with-rewards-terms.

Important Notes

• All reward redemptions, whether for Amazon, PayPal, or other options, are subject to Bank of America’s rewards program rules.
• Ensure that your card is eligible for PayPal Pay with Rewards before proceeding with redemption.

How You May Lose Rewards

While Bank of America’s cash rewards do not expire as long as your account remains open and active, certain scenarios could cause you to lose your accumulated rewards:

1. Voluntary Account Closure
   • If you choose to close your credit card account, you must redeem all cash rewards within 90 days of the account closure.
   • After the 90-day period, any unredeemed rewards will be forfeited.
2. Involuntary Account Closure for Inactivity
   • If Bank of America closes your account due to inactivity, the same rule applies: You must redeem all rewards within 90 days of the account closure.
3. Immediate Loss of Rewards
   • If Bank of America closes your account for any other reason (e.g., default, policy violation, or suspected fraudulent activity), you will immediately forfeit all accumulated rewards.

Rewards Program Rules

The Bank of America rewards program has specific rules and terms you should be aware of.

1. Program Details Provided with Your New Account
   • A full copy of the Rewards Program Rules will be sent to you along with your new account materials.
   • These rules outline all significant terms, including how rewards are earned, redeemed, and maintained.
2. Program Changes
   • Bank of America reserves the right to modify or update the rewards program at any time.
   • Any significant changes will be communicated to cardholders as required.
3. Additional Significant Terms
   • All redemptions are subject to the program’s terms, which may include restrictions on eligibility, minimum redemption amounts, and specific qualifying transactions.

Key Reminders

• To avoid losing your rewards, keep your account in good standing and redeem rewards promptly if you decide to close the account.
• Stay informed about program rules by reviewing the materials sent with your account or visiting bankofamerica.com for updates.
• Use flexible options like Amazon Pay with Rewards or PayPal Pay with Rewards to make the most of your accumulated rewards.

Low Introductory APR Offer

The Bank of America® Customized Cash Rewards Credit Card offers a special introductory APR and balance transfer fee for new cardholders. Here are the details:

Introductory APR for Purchases

• Enjoy a 0% Introductory APR for the first 15 billing cycles on all purchases made with your new credit card.
• This allows you to make purchases without incurring interest during the promotional period, giving you time to pay down your balance.

Introductory APR for Balance Transfers

• You also receive a 0% Introductory APR for the first 15 billing cycles on balance transfers made within the first 60 days after opening your account.
• This is an excellent opportunity to transfer high-interest balances from other credit cards and save on interest charges.

Post-Introductory APR

• After the 0% Intro APR period ends, a Variable APR will apply to both purchases and balance transfers.
• The Variable APR is based on your creditworthiness and is currently between 18.24% and 28.24%.

Balance Transfer Fees

1. Introductory Balance Transfer Fee
   • For balance transfers made within the first 60 days after account opening, you’ll pay an introductory fee of 3% of the amount transferred (with a minimum fee of $10).
2. Standard Balance Transfer Fee
   • After the introductory period ends, the fee for all future balance transfers will increase to 4% of the amount transferred (with a minimum fee of $10).

Key Benefits of the Intro APR Offer

1. Interest-Free Financing for Purchases
   • The 0% Intro APR period gives you the flexibility to make large purchases and pay them off over time without accruing interest.
   • Great for planned expenses like furniture, appliances, or travel.
2. Lower Costs for Balance Transfers
   • Transfer balances from higher-interest credit cards and save money on interest during the 0% Intro APR period.
   • The reduced 3% balance transfer fee during the first 60 days can make this option even more cost-effective.

Important Considerations

• Timing Matters: To take advantage of the 0% Intro APR for balance transfers, ensure that you initiate the transfer within the first 60 days of opening your account.
• Interest on Balances After the Intro Period: Any remaining balances after the 0% Intro APR period ends will accrue interest at the standard Variable APR (18.24% to 28.24%).
• Balance Transfer Fee Increase: Transfers made after the first 60 days will incur a 4% fee, so it’s beneficial to complete transfers early.

Example Scenario

• If you transfer a $5,000 balance from another credit card within the first 60 days:
  • The fee will be 3% of $5,000, or $150.
  • You’ll have 15 billing cycles (approximately 15 months) to pay down the balance without accruing any interest.
• If you wait beyond the 60-day window:
  • The fee will increase to 4% of $5,000, or $200, and standard Variable APR will apply.

Final Reminder

The introductory APR and balance transfer fee offer can help you save significantly on interest and fees if used strategically. Be sure to review your account terms carefully and plan your purchases or transfers accordingly to maximize this benefit.

Earn Even More Rewards

As a Bank of America Preferred Rewards® member, you can enjoy 25% to 75% more cash back on every purchase made with your Bank of America® Customized Cash Rewards Credit Card. This program significantly boosts your earning potential based on your Preferred Rewards tier.

Enhanced Cash Back Rates

Preferred Rewards members can increase their cash back rates as follows:

1. 3% Choice Category
   • Earn between 3.75% and 5.25% cash back in your selected Choice Category (e.g., gas, online shopping, dining, travel, drug stores, or home improvement).
   • The enhanced rewards rate applies to eligible purchases up to the first $2,500 in combined spending per calendar quarter in your Choice Category, grocery stores, and wholesale clubs.
2. 2% Grocery Stores and Wholesale Clubs
   • Earn between 2.50% and 3.50% cash back on purchases made at grocery stores and wholesale clubs.
   • This also applies to combined spending within the same $2,500 quarterly limit as the 3% Choice Category.
3. 1% Base Cash Back
   • Earn between 1.25% and 1.75% cash back on all other purchases that do not fall into the bonus categories.

Preferred Rewards Tiers

The exact percentage of your cash back boost depends on your Preferred Rewards tier, which is based on your total qualifying balances across Bank of America® deposit accounts and/or Merrill® investment accounts.

Here are the tiers:

Tier	Boost to Cash Back	Example 3% Rate	Example 2% Rate	Example 1% Rate
Gold	25%	3.75%	2.50%	1.25%
Platinum	50%	4.50%	3.00%	1.50%
Platinum Honors	75%	5.25%	3.50%	1.75%

Example of Enhanced Rewards Earning

Here’s how your rewards could increase as a Preferred Rewards member:

• If you spend $2,000 in your Choice Category (3%) in a quarter:
  • Standard Rewards: $2,000 × 3% = $60 cash back.
  • Gold Tier (25% Boost): $60 × 1.25 = $75 cash back.
  • Platinum Tier (50% Boost): $60 × 1.50 = $90 cash back.
  • Platinum Honors Tier (75% Boost): $60 × 1.75 = $105 cash back.
• If you spend $500 at grocery stores (2%) in a quarter:
  • Standard Rewards: $500 × 2% = $10 cash back.
  • Gold Tier (25% Boost): $10 × 1.25 = $12.50 cash back.
  • Platinum Tier (50% Boost): $10 × 1.50 = $15 cash back.
  • Platinum Honors Tier (75% Boost): $10 × 1.75 = $17.50 cash back.

How to Join Preferred Rewards

To become a Preferred Rewards member and enjoy these enhanced cash back rates:

1. Maintain qualifying balances in Bank of America® deposit accounts or Merrill® investment accounts.
2. Visit Bank of America Preferred Rewards to learn more about program requirements and how to enroll.

Key Benefits of Preferred Rewards

1. Maximize Cash Back: Earn significantly more rewards on everyday purchases and in bonus categories.
2. Easy Enrollment: Once you qualify, the enhanced rewards are automatically applied to your eligible transactions.
3. Tier-Based Rewards: As your qualifying balances grow, you can move up to higher tiers for even greater cash back rates.

Bank of America® Customized Cash Rewards Credit Card Interest Rates & Fees Charges

1. Annual Percentage Rate (APR) for Purchases

• Introductory Rate:
  • 0% Introductory APR for the first 15 statement closing dates following the opening of your account.
• Post-Introductory Rate:
  • After the intro period, your APR will range from 18.24% to 28.24%, depending on your creditworthiness at the time of account opening.
  • This APR is variable and will fluctuate with the market based on the Prime Rate.

2. APR for Balance Transfers

• Introductory Rate:
  • 0% Introductory APR for 15 statement closing dates on balance transfers made within 60 days of account opening.
• Post-Introductory Rate:
  • After the intro period, your APR will range from 18.24% to 28.24%, based on your creditworthiness.
  • This APR is variable and will adjust with the Prime Rate.

3. APR for Cash Advances

• Direct Deposit and Check Cash Advances:
  • APR ranges from 21.24% to 28.24%, depending on your creditworthiness.
• Bank Cash Advances (e.g., ATM withdrawals, Over-the-Counter transactions, Same-Day Online Advances, etc.):
  • Fixed APR of 28.24%.
• All Cash Advance APRs are variable and will adjust with the Prime Rate.

4. Penalty APR

• Rate:
  • Up to 29.99%, based on your creditworthiness.
  • This APR is variable and will fluctuate with the Prime Rate.
• When It Applies:
  • The Penalty APR may be triggered if you make a late payment.
• Duration of Penalty APR:
  • Once applied, the Penalty APR will remain in effect indefinitely for new transactions.

5. Paying Interest

• Your due date is at least 25 days after the close of each billing cycle.
• No interest will be charged on Purchases if you pay your entire balance by the due date each month.
• Interest on Cash Advances and Balance Transfers begins accruing from the transaction date.

6. For More Information

To learn more about factors to consider when applying for or using a credit card, visit the Consumer Financial Protection Bureau’s website at:

http://www.consumerfinance.gov/learnmore

Bank of America® Customized Cash Rewards Credit Card Fees

1. Annual Fee

• None

2. Transaction Fees

A. Balance Transfer Fees

• Introductory Fee:
  • 3% of the transaction amount for transfers made within the first 60 days of opening your account.
• Standard Fee:
  • 4% of the transaction amount after the intro period.

B. Cash Advance Fees

• Direct Deposit and Check Cash Advances:
  • 4% of the transaction amount.
• Bank Cash Advances (e.g., ATM, Over-the-Counter, Same-Day Online):
  • 5% of the transaction amount.

C. Foreign Transaction Fee

• 3% of the U.S. dollar amount of each transaction made in a foreign currency.

3. Penalty Fees

A. Late Payment Fee

• Up to $40.
• Late payment fees are assessed as follows:
  • First late payment: $29.
  • Subsequent late payments within 6 billing cycles: $40.
  • Fee will not exceed the total minimum payment due.
  • No fee will be charged if your balance is $100 or less.

B. Penalty APR

• If your Total Minimum Payment Due is not received by the Payment Due Date, the Penalty APR of up to 29.99% will apply to new transactions.

Additional Details About Cash Advances

Bank Cash Advances include:

• ATM withdrawals, Over-the-Counter transactions, Same-Day Online Advances, and Overdraft Protection transfers.
• Cash Equivalent Transactions, such as:
  • Foreign currency, money orders, wire transfers, travelers checks, person-to-person money transfers, bets, lottery tickets purchased outside the U.S., casino gaming chips, cryptocurrency, or bail bonds.

Key Considerations

• Introductory Offers: Take advantage of the 0% Intro APR for purchases and balance transfers within the specified timeframe.
• Avoiding Fees: Make payments on time and avoid cash advances whenever possible to reduce unnecessary costs.
• Interest-Free Period: Pay your entire balance by the due date to avoid interest on purchases.

Interest Rates & Fees Summary

Annual Percentage Rate (APR) for Purchases – Introductory APR	0% for 15 billing cycles
Annual Percentage Rate (APR) for Purchases – After that APR	18.24% to 28.24% (Variable)
APR for Balance Transfers	0% for 15 billing cycles and After 18.24% to 28.24% (Variable)
Penalty APR	Up to 29.99% (Variable) if you make Late Payment
Paying Interest	Due date is at least 25 days after the close of each billing cycle.
Annual Fee	None
Balance Transfer Fees	Introductory Fee of 3% for 60 Days and after that 4% of the amount of each transaction.
Cash Advance Fees	4% of the amount of each transaction.
Foreign Transaction Fees	5% of the amount of each transaction or 3% of the U.S. dollar amount of each transaction made in a foreign currency.
Late Payment Fees	$40

Pros and Cons of the Bank of America® Customized Cash Rewards Credit Card

Pros	Cons
Customizable Rewards: Earn 3% cash back in a category of your choice (e.g., gas, dining, etc.).	Bonus Categories Have a Quarterly Cap: 3% and 2% rewards apply only to the first $2,500 per quarter.
Everyday Spending Bonuses: 2% cash back at grocery stores and wholesale clubs; 1% on all others.	Penalty APR: Up to 29.99% if a late payment is made, and it may apply indefinitely to new transactions.
Preferred Rewards Boost: Earn 25%-75% more cash back as a Preferred Rewards member.	Balance Transfer Fee: Introductory fee of 3% increases to 4% after the first 60 days.
Introductory APR Offer: 0% APR on purchases and balance transfers for the first 15 billing cycles.	High Post-Intro APR: After the intro period, the APR ranges from 18.24% to 28.24%.
Flexible Redemption Options: Redeem rewards for statement credits, deposits, investments, or shopping.	Limited Eligibility for Bonus Categories: Some purchases, like those via third-party wallets, may not qualify.
No Annual Fee: Enjoy all the benefits without an annual fee.	Foreign Transaction Fee: A 3% fee applies to purchases made in foreign currencies.
Generous Spending Cap: Bonus rewards on up to $2,500 in combined spending per quarter.	Minimum Redemption for Certain Options: $25 minimum applies for checks or automatic 529 contributions.
Widely Accepted: Usable anywhere Visa or Mastercard is supported.

Frequently Asked Questions on Bank of America® Customized Cash Rewards Credit Card