A Solid Cash-Back Card with a Straightforward Bonus: Dive into the Bank of America® Customized Cash Rewards
Welcome back, fellow travel and rewards enthusiasts! I’m always on the lookout for credit card deals that offer excellent value, whether you’re a seasoned globetrotter or just starting your journey into the world of maximizing rewards. Today, I want to bring your attention to a card that might be flying under the radar, but offers a very compelling proposition, especially for those who prefer the simplicity of cash back: the Bank of America® Customized Cash Rewards credit card. This card provides a flexible way to earn rewards on your spending and right now, it comes with a welcome bonus that’s easy to obtain.
The Offer: A $200 Cash Rewards Bonus for Meeting a Reasonable Spending Threshold
Let’s get straight to the point: the headline of this post says it all. The Bank of America® Customized Cash Rewards credit card is currently offering a $200 cash rewards bonus after you spend $1,000 or more on purchases within the first 90 days of account opening. In the world of credit card bonuses, this one strikes me as particularly attractive due to its accessibility. The spending requirement is relatively low, making it achievable for most individuals without needing to drastically alter their spending habits.
Why This Offer Appeals to Me: Simplicity and Flexibility
So, why am I highlighting this particular offer? Because, while some of us are deep into the weeds of airline miles, hotel points, and complex redemption strategies, many others simply want a straightforward way to earn rewards on their everyday spending. I find that this card provides precisely that.
The $200 bonus is a tangible reward that can be used for anything you desire. No need to worry about award availability, transfer partners, or fluctuating point values. It’s just cold, hard cash, deposited directly into your account. I appreciate the simplicity of this, as it allows you to focus on your spending without the added complexity of travel reward optimization.
Beyond the Bonus: Understanding the Card’s Ongoing Rewards Structure
The welcome bonus is a fantastic incentive, but a credit card’s long-term value lies in its ongoing rewards structure. The Bank of America® Customized Cash Rewards credit card offers a unique approach to earning cash back, providing a level of customization that many other cards lack.
Here’s a breakdown of the rewards you can earn:
* 3% Cash Back in a Category of Your Choice: This is where the card shines. You get to choose which category you want to earn 3% cash back on. The available categories include: gas and EV charging, online shopping, dining, travel, drug stores or home improvement and furnishings. You can change your selected category each month, giving you the flexibility to tailor your rewards to your spending habits. For example, if you have a big home improvement project coming up, you can select “home improvement and furnishings” for that month. If you are planning a road trip, you can choose “gas and EV charging.” This adaptability is what makes this card so versatile. * 2% Cash Back at Grocery Stores and Wholesale Clubs: In addition to your chosen 3% category, you’ll also earn 2% cash back on purchases made at grocery stores and wholesale clubs. This is a great bonus, as these are common spending categories for most households. * 1% Cash Back on All Other Purchases: All other purchases you make with the card will earn 1% cash back. While this is the standard rate, it’s still worthwhile to put all your spending on the card to maximize your overall rewards.
The 3% and 2% categories have a combined spending limit of $2,500 per quarter. Once you reach this limit, you’ll earn 1% cash back on purchases in those categories. It is important to keep this in mind. If you are a high spender in your chosen category, it may be worthwhile to consider other cards with uncapped bonus categories. However, for most people, the $2,500 quarterly limit should be sufficient.
Bank of America Preferred Rewards: Amplifying Your Earning Potential
If you’re already a Bank of America customer, or are considering becoming one, the Preferred Rewards program can significantly enhance the value of this card. Depending on your combined balances in Bank of America deposit accounts and/or Merrill investment accounts, you can qualify for bonus rewards on all your credit card spending. The bonus ranges from 25% to 75%, depending on your tier in the program.
* Gold Tier (Balances of $20,000 to $49,999): 25% bonus on rewards. * Platinum Tier (Balances of $50,000 to $99,999): 50% bonus on rewards. * Platinum Honors Tier (Balances of $100,000 or More): 75% bonus on rewards.
If you qualify for the Platinum Honors tier, you’ll effectively earn 5.25% cash back on your chosen 3% category, 3.5% cash back at grocery stores and wholesale clubs, and 1.75% cash back on all other purchases. These are extremely competitive rates, especially considering the flexibility of the 3% category. This is one of the best perks of the Bank of America eco-system and is one of the main reasons I use this card.
Real-World Examples of How I Maximize This Card
To illustrate the power of this card, let me share a few examples of how I personally use it to maximize my rewards:
* Dining Out: One month I will choose “dining” as my 3% category, I use the card for all my restaurant meals and takeout orders. This helps me rack up extra cash back on a category I already spend a considerable amount on. * Online Shopping Sprees: During the holiday season, when I’m doing a lot of online shopping, I’ll switch my category to “online shopping.” This allows me to earn 3% cash back on all my online purchases, from gifts to household items. * Gas and EV Charging: During the summer months, when I am driving the most, I will pick gas as my 3% category. I will use this for all gas station and EV charging purchases. * Grocery Runs: I consistently use this card at grocery stores to earn 2% cash back. This is a reliable source of rewards, as I buy groceries every week.
Because I am in the Platinum Honors tier, these rates are effectively increased by 75%, making it a powerhouse for everyday spending.
Important Considerations: APR, Fees, and Credit Score
While the rewards are attractive, it’s crucial to consider the other aspects of the card before applying. As with any credit card, it’s essential to pay your balance in full each month to avoid interest charges. The APR (Annual Percentage Rate) on the Bank of America® Customized Cash Rewards credit card can vary depending on your creditworthiness.
There is no annual fee for this card, which is a significant advantage. This means you can earn rewards without having to worry about offsetting an annual fee.
To be approved for this card, you’ll typically need a good to excellent credit score. Bank of America, like most major banks, prefers to see a history of responsible credit usage.
Who Is This Card Best For?
In my opinion, the Bank of America® Customized Cash Rewards credit card is best suited for:
* Individuals seeking a simple and flexible cash-back card: The card’s straightforward rewards structure and customizable 3% category make it an excellent choice for those who want to earn rewards without the complexities of travel points and miles. * Bank of America customers who can qualify for Preferred Rewards: The Preferred Rewards program can significantly boost the card’s earning potential, making it a highly competitive option. * Those with moderate spending habits: The $2,500 quarterly limit on the 3% and 2% categories means that high spenders may want to consider other cards with uncapped bonus categories. * Those looking for a solid everyday spending card: This card can be a great addition to your wallet for everyday purchases, especially if you can take advantage of the customizable 3% category and the 2% cash back at grocery stores and wholesale clubs.
Final Thoughts: A Valuable Addition to Your Wallet
The Bank of America® Customized Cash Rewards credit card, with its $200 cash rewards bonus, represents a solid opportunity to earn easy cash back on your spending. The card’s flexibility, customizable rewards categories, and potential for even greater earnings through the Preferred Rewards program make it a compelling option for a wide range of consumers.
While it may not be the flashiest or most talked-about credit card, its straightforward approach and tangible rewards make it a valuable tool for maximizing your everyday spending. I encourage you to consider this card if you’re looking for a simple and rewarding way to earn cash back. It’s definitely earned a permanent spot in my wallet!
