Bank of America offers a credit card wherein customers can instantly earn at least 1% cashback for every purchase. These cashback rates vary with the type of purchase made by the holders, which can rise up to 3%.
One of the cards that provide cashback is the Customized Cash Rewards credit card. This credit card allows customers to instantly redeem rewards for deposits or payments. In addition, the collected rewards or cashback never expire.
Check out the other details of the Bank of America Customized Cash Rewards credit card, including its benefits, application eligibility, interest rates, and additional fees below.
Get to Know Bank of America
For over 240 years already, Bank of America has rendered banking and financial services to people. It caters to the banking and investment needs of its customers.
As a full-service national bank, Bank of America currently serves 10.73% of the total American bank deposits. At present, the banking institution has over 66 million customers that utilize its various services.
This second-largest banking institution in the United States is currently headquartered in Charlotte, North Carolina, since it moved from its roots in San Francisco, California. Impressively, Bank of America also lands among the top 10 largest banks globally.
Bank of America relies on the domestic market as it is the main source of its revenue, accounting for up to 90%. In recent years, Bank of America’s strategy to gain key acquisitions led them to be the top bank in terms of the domestic market.
Learn About the Services and Operations of Bank of America
Bank of America has four main operations: consumer banking, global banking, commercial banking, and investment management. The largest division in Bank of America is Consumer Banking which offers financial services to consumers and small businesses.
The banking institution allows its customers to use its banking, investments, and lending products, including credit cards, mortgages, and business loans. Meanwhile, Global Banking focuses on investment banking and lending products to businesses.
Lastly, the Global Wealth and Investment Management operation is geared towards the investment assessment of private individuals and institutions. The operation has several primary lines of business: The Private Bank, Family Wealth Advisors, Bank of America Specialist, and Premier Banking and Investments.
Also read: The Ultimate Resource for Applying for a Bank of America Loan: Requirements, Documents, and More
Discover the Customized Cash Rewards Credit Card
Bank of America offers customers lending products like credit cards as part of its main services. However, Bank of America’s credit card gained popularity with its unique offer wherein cardholders gain incredible rewards.
Anyone eligible can get ahold of the Bank of America Customized Cash Rewards credit card, which has exciting cashback and bonus offers. Imagine getting 3% cashback on any purchase or category that the cardholder selected.
There is also 2% cashback for grocery shopping. In addition, 2% back is also rewarded at wholesale clubs. Meanwhile, all other purchases guarantee no less than 1% cashback.
People often mistake the Bank of America Customized Cash Rewards credit card for having a complex points system or rewards system. However, it is simple. Every transaction or purchase made with the card has at least some amount of automatic cashback.
Check How to Redeem Rewards
Redeeming rewards using a Bank of America Customized Cash Rewards credit card is as easy as collecting them. Bank of America lets its customers enjoy the flexibility to redeem their rewards how they want to.
First, cardholders can redeem cash rewards for any amount and anytime for statement credits. This also includes deposits made directly into a Bank of America savings or checking account or as a credit to any eligible account with Merrill.
Moreover, redemptions can be made via check starting at $25 or by contributing to a qualifying 529 account with Merrill. Customers may set up automatic redemption to their eligible Bank of America or Merrill accounts.
Know the Basic Cashback Rates
Customized Cash Rewards credit cardholders can easily earn rewards through basic cashback offers. Aside from earning rewards easily, these rewards never expire.
As mentioned, customers can earn as much as 3% cashback in the category of their choice, which includes gas, travel, dining, online shopping, drug stores, home improvement, and furnishings. However, you can only change you preferred earning category one time per calendar month.
With the additional 2% cashback on purchases at wholesale clubs and grocery stores and 1% cashback on all other purchases made with the card, the Customized Cash Rewards card offers a lot of savings.
In the first 90 days of opening an account on the Bank of America Customized Cash Rewards credit card, customers are entitled to a $200 online cash reward bonus after making at least $1,000 worth of purchases.
Enjoy the Loyalty Bonuses
Bank of America customers are up for another treat with the loyalty bonuses it offers. Customers who are also qualified under the Bank of America Preferred Rewards program can enjoy 25% to 75% more on their Bank of America credit card rewards.
There are three boosts under this program: Gold (25% boosts), Platinum (50%), and Platinum Honors (75%). These boosts require a combined balance to qualify. These programs require the following balances for Gold you need $20,000 to $49,999, for Platinum the requirement is $50,000 to $99,999, and for Platinum Honors you will need $100,000 or more.
Once the boost is applied, the basic 3% cashback for Platinum Honors will be 5.25%, 4.5% for Platinum customers, and 3.75% for Gold customers.
Check the Customized Cash Rewards Credit Card Features
Bank of America ensures the safety of its customers as it provides security measures for Customized Cash Rewards cardholders. There are also other features to make the banking experience of customers convenient.
Bank of America automatically blocks potential fraud if they detect abnormal patterns. With this, the bank will automatically notify the customer if there is suspected fraudulent activity. There is also a $0 Liability Guarantee for any fraudulent transactions.
Cardholders are also entitled to the overdraft protection feature wherein Bank of America can help prevent declined purchases, returned checks, or other overdrafts when linking their eligible Bank of America checking account to the credit card.
The bank also provides account alerts for cardholders to stay on top of their balances and due dates. In addition, there is a notification once payments are paid and successfully processed. Cardholders can choose to receive alerts through email or text alerts.
Know the Other Features of the Credit Card
Customized Cash Rewards credit card has a contactless chip technology wherein cardholders may simply tap to pay whenever they see the contactless symbol. With this technology, customers can make purchases quickly and securely at millions of locations.
The cardholders can also access the online and mobile banking of Bank of America, wherein they can pay their credit card bills online, transfer funds, check available credit, and much more. Alongside this, customers can opt for paperless credit card statements.
Another interesting perk of having a Customized Cash Rewards credit card is the digital wallet technology. Customers can now have an additional way to pay on their mobile device to shop in-store or in-app with services like Google Pay, Apple Pay, or Samsung Pay.
Learn the Credit Card’s Fees and Rates
Before applying for the Bank of America Customized Cash Rewards credit card, make sure to know the fees and rates to gauge whether it is worth it. Even though there are no sign-up orannual fees, it is still advisable to check the other fine print of the credit card.
The interest rate of this credit card is variable. Customers need to remember that the due date for payment is 25 days after the close of each billing cycle. There is no interest due if the outstanding amount is paid on time.
The regular APR ranges from 18.24% to 28.24 which is a variable APR on purchases and balance transfers. Although, there is a 0% intro APR offer for the first 15 billing cycles for purchases.
In addition, the 0% intro APR for 15 billing cycles works for Balance Transfers made in the first 60 days. However, there is a 3% fee for a minimum of $10.
Check the Other Fees
The Bank of America Customized Cash Rewards credit card comes with the following fees and APRs. APR is 21.24% to 31.24% for cash advances, which is for direct deposits and check cash advances only. The cash advance APR for bank cash advances is 31.24%. The base cash advance fee is 3% of the amount taken, with a minimum charge of $10.
Bank of America considers creditworthiness when they apply fee charges for penalties. However, the Penalty APR can reach up to 29.99%. There is also a foreign transaction fee of 3% of the US dollar amount.
Also read: Chase Sapphire Reserve – How to Apply for a Credit Card
Credit Card Eligibility and Requirements
Bank of America requires interested individuals to apply only through the Bank of America website. However, individuals can also phone the bank to initiate the application process.
Those 18 years or older who reside in one of the 50 states, DC, Puerto Rico, or another US territory, or on a US military base can apply for Customized Cash Rewards credit card.
Even though the age and residence requirements are easy to achieve, Bank of America has set a high standard in terms of credit scores.
Those who have a credit score of 750 or higher and an excellent credit history are the ones eligible to apply. However, these individuals are still subject to screening processes for approval.
Find Out More About Bank of America
The Bank of America main office address is located at 100 North Tryon Street, Charlotte, NC 28255. Even though Bank of America is headquartered in Charlotte, anyone can visit their 4,300 branches scattered across the United States.
Customers and interested individuals can reach them by calling 1 (800) 732-9194 for credit card support purposes. Customers may also check the Bank of America website for more details and explanations on Customized Cash Rewards credit cards.
Conclusion
The Bank of America Customized Cash Rewards credit card offers a simple rewards system wherein cardholders are entitled to cashback with their purchases. It is enticing to get a Customized Cash Rewards credit card because it has no annual sign-up fee.
Disclaimer: There are risks involved when using credit card products. Always be sure to read the bank’s terms and conditions page for more information.
