Bank of America has released its Customized Cash Rewards credit card, offering cardholders the ability to select their preferred 3% cash-back category each month. The card carries no annual fee and provides a $200 online cash rewards bonus after spending $1,000 within the first 90 days of account opening.
Cardholders can choose their 3% category from six options: gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; or home improvement and furnishings. The selection can be changed once per month through the bank's website or mobile app.
Additional rewards include 2% cash back at grocery stores and wholesale clubs, and unlimited 1% cash back on all other purchases. The 3% and 2% bonus rewards apply only to the first $2,500 in combined quarterly purchases across the choice category, groceries, and wholesale clubs.
New cardholders receive a 0% introductory APR on purchases and eligible balance transfers for the first 15 billing cycles. The standard variable APR ranges from 17.49% to 27.49% thereafter. Balance transfers must be completed within 60 days of account opening to qualify for the introductory rate.
During the first year, cardholders earn 6% cash back in their chosen category instead of the standard 3%. This first-year bonus is in addition to the $200 welcome offer.
Bank of America Preferred Rewards members can earn between 25% and 75% more cash back on every purchase, depending on their membership tier. This boost applies to the card's regular bonus categories but not to the extra 3% first-year bonus.
Rewards can be redeemed as statement credits, deposited into Bank of America checking or savings accounts, or sent to eligible Merrill accounts. There is no minimum redemption amount for these options.
The card is accepted anywhere Visa credit cards are taken and features tap-to-pay functionality. A 3% foreign transaction fee applies to purchases made outside the United States.
Payments can be made online, through the mobile app, at Bank of America financial centers, ATMs, by phone, or by mail. Customer service is available 24/7 at (800) 732-9194.
Bank of America also offers business and student versions of the Customized Cash Rewards card. The company suggests alternative cards including the Blue Cash Everyday Card from American Express, the Capital One Quicksilver Cash Rewards Credit Card, and the Bank of America Unlimited Cash Rewards credit card for consumers with different spending patterns.