Earning cash back from your rewards credit cards is always a good thing, but being able to customize your cash back reward tiers on a monthly basis is even better. The Bank of America® Customized Cash Rewards credit card does just that, and it has no annual fee.
While the ability to choose the highest rewards category is a huge plus, there are other reasons to add this card to your wallet. In fact, the Bank of America Customized Cash Rewards credit card offer is very attractive, especially if you are a Bank of America Preferred Rewards member.
Read on to learn about Bank of America's custom cash rewards travel benefits and consumer protections, as well as other cardholder-exclusive perks.
Bank of America Custom Cash Rewards Card Travel Benefits While the Bank of America Customized Cash Rewards credit card isn't a high-end travel credit card, it does offer a number of Visa Signature perks that frequent travelers might find useful.
While you should read your card's terms and conditions to understand the benefits that come with your card, the main Visa Signature travel benefits that come with this card include:
Visa Signature Concierge Visa Signature's concierge service allows cardholders to receive assistance with restaurant reservations, show and event tickets, and general travel planning. Cardholders can get a variety of personalized assistance free of charge by calling the hotline, available 24 hours a day, 7 days a week.
roadside transport Cardholders can call the hotline for curbside delivery. The hotline provides drivers with various types of assistance, including refueling, tire changes, towing and more. While the roadside assistance line is free, cardholders must pay standard charges for all services used.
Travel and Emergency Assistance Cardholders also have access to the Travel and Emergency Assistance Line, which they can contact for various types of assistance. For example, they can get medical or legal referrals if they have a problem en route, or get help with emergency transportation.
While this helpline is free to use, cardholders are responsible for paying for any services they use.
Bank of America Custom Cash Rewards Card Customer Benefits While the rewards offered by the Bank of America Custom Cash Rewards Credit Card are great, there are additional perks available to shoppers.
0% Introductory APR Period Applicants who qualify for the Bank of America Custom Cash Rewards Credit Card are automatically eligible for an introductory 0% APR that applies to purchases and transfers.
Specifically, consumers get an introductory 0% APR for 18 billing cycles on purchases and balance transfers (balance transfers must be made within the first 60 days). Note that there is a 3% transfer fee. Variable effective annual percentage rate between 17.49% and 27.49% after the introductory offer closes.
Free FICO Score The card also offers cardholders a free FICO credit score, updated monthly, available online or on the Bank of America mobile app. Free credit scores help cardholders keep track of their credit history over time.
Bank of America recommends that registration is required to receive this benefit.
Extended Warranty Another benefit of Visa Signature is that your card is protected by an extended warranty. This offer is in addition to an additional year of warranty protection for products on which the manufacturer offers a three-year warranty or less. Note that you must pay for the item with a Bank of America credit card to apply for this insurance.
$0 Liability Protection Thanks to its $0 liability guarantee, Bank of America can stop scammers and notify you of any fraudulent activity. You can also customize fraud alerts in your online account or mobile app.
About our museum This benefit has actually been around for a long time. For more than two decades, Bank of America credit and debit cardholders have received free admission to more than 225 "cultural venues" on the first weekend of every month. Admission is free by showing your Bank of America card and valid photo ID.
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BankAmeriDeals is a card-based limited-time offer program similar to Amex Offers and Chase Offers. By enabling certain promotional offers in your account, you can earn an additional 5% to 15% cash back at select restaurants and other participating retailers. You won't make a lot of money back with BankAmeriDeals, but it's a feature that can boost your income.
Benefits for Bank of America Preferred Rewards Members
While the card's rewards rate itself is solid, it's worth noting that depending on your status as a member of Bank of America's Preferred Rewards program, your earning rate can increase by up to 75%. To qualify for membership, you must be the owner or co-owner of an active and eligible Bank of America, Merrill, or Merrill Edge account with at least a 3-month combined average daily balance across all eligible Bank of America accounts of at least $20,000 account type features.
Here's how to increase your cash back rate based on the Preferred Rewards tier you belong to:
Preferred Bonus Gold: 25%
Preferred Rewards Platinum: 50%
Preferred Rewards Platinum Honors: 75%
Preferred Reward Diamonds: 75%
Preferred Rewards Diamond Honors: 75%
As a Preferred Rewards member, there are additional benefits such as discounts on investment services, mortgage origination fees, HELOC and auto loan rates, and no fees on select banking services.
Maximize Bank of America Custom Cash Rewards Cards
To take full advantage of the Bank of America Customized Cash Rewards credit card, you should take the following steps:
Change your top earning category regularly based on your spending plan. The Bank of America Custom Cash Rewards Credit Card allows you to change your top income tier once per calendar month, which makes sense if your normal spending patterns fluctuate throughout the year. For example, if you're planning a trip or shopping online, you can switch the 3% back category back this month and increase your reward earnings that way. Make sure you get the welcome offer. Make sure you spend at least $1,000 in purchases within 90 days of account opening to receive a $200 cashback bonus. This requires spending at least $334 in three consecutive 30-day periods, which you can reach by charging all regular charges and bills to the card.
Avoid paying interest. While the Bank of America Custom Cash Rewards Card offers an introductory APR on purchases and eligible balance transfers, keep in mind that this offer won't last forever. You should make sure to pay off your balance before the offer ends, or you'll end up paying down debt with this card's highly variable APR.
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The Bank of America Custom Cash Rewards Card doesn't offer the highest cash back rate, as there are rotating categories of cards that offer up to 5% back in specific rewards categories. However, getting 3% cash back in your chosen category (3% on up to $2,500 per quarter and 2% on category purchases, then 1%) is much better than 1.5% to 2% cash back, other flat fees Rate Cash Back - Card bids are on the market - as long as you don't spend more than $2,500 in a quarter.
With no annual fee, a decent welcome bonus, and a generous introductory APR offer to add to its impressive cash-back rate, this Bank of America credit card deserves serious consideration for a spot in your wallet.
Is Bank of America's Custom Cash Rewards Credit Card Worth It? To be sure, you'll need to do your research and compare it to other cards.