Introduction
Bank of America, also referred to as Bank of America Corporation, abbreviated as BoA or BofA, is a financial service holding company and multinational investment bank of America. Its headquarters are situated in North Carolina and charlotte. After JP Morgan Chase, Bank of America is the 2nd largest banking institution in the U.S. It is the 8th largest bank globally.
They offer many of the services. These services have made it one of the world’s largest banks. Today we will review one of the offerings, the Customized Cash Reward Credit Card.
The customized Cash Reward Credit Card that Bank of America offers gives a generous and flexible cash back reward to its investment and the company’s banking customers. There are no complex points that the bank of America Customized Cash Reward Credit Card offers. They also do not offer luxurious travel rewards. The limitation of the cash-back system and its simplicity make it a worth-looking option for those who don’t need a whole of extras.
In six categories, this card offers 3% cash-back. These categories are:
- Drugstore
- Dining
- Online shopping
- Gas
- Furnishings and home improvement
- Travel.
It gives 2% cash-back on wholesale clubs and groceries and 1% cash-back on other unlimited purchases.
Pros and Cons of Bank of America Customized Cash Reward Credit Card Review
Pros
The pros and cons of the card have been discussed below:
No Annual Fee
The above-average reward this card offer doesn’t cost any annual fee. So, customers don’t have to face the problem of deciding whether they should pay to renew it to use it in subsequent years.
Generous Offer of Introductory 0% APR
Suppose you want to make major purchases without paying a large interest charge or carry debt that has been transferred from another interest-free card. In that case, the Bank of America Customized Cash Reward Credit Card offers attractive terms. For the first two months of account opening, there is 0% ARP on balance transfer and new purchases. But after this introductory period, you must pay a 3% balance transfer fee. And after this period, ARP varies from 14.74% to 24.74%.
Bonus offers for new Cardholder
The introductory cash reward that new cardholders can earn is a bonus. In the first two months of account opening, new cardholders can earn $200 as a reward for charging $1000. This will be an additional bonus from other cash back you earn on other purchases.
Extra Cashback Bonuses
Suppose you have $20,000 in your Merrill investment account or Bank of America. In that case, this card becomes even more generous because if you maintain this balance for three months, you will get 25% additional cash back. If you have $50,000 in your account, this bonus will increase by 50%, and if you maintain $100,000 in your account, you will get 75% cashback.
Cons
Reduction in Grocery Rewards
Like other banks, superstores that sell groceries like Target, Walmart, and other convenience stores are exempt from the definition of the grocery store where customers can utilize the 2% grocery cash back. You can only avail yourself of the regular 1% cash back in these grocery stores. But on wholesale clubs, you can earn 2% cash back.
Redemption Options Are Limited
Bank of America Customized Cash Reward Credit Card gives very limited options for the redemption of the money. In contrast, other banks allow customers to redeem their money in many ways. The reward of this card can be redeemed and deposited directly into the saving or checking accounts of Bank of America. Or it may automatically get invested in an educational plan.
Comparison of Bank of America Customized Cash Reward Credit Card with other Reward Credit Card:
Chase Freedom Flex and Bank of America Customized Cash Reward Credit Card
Chase Freedom Flex is giving hard competition to Bank of America Customized Cash Reward Credit Cards. The card gives you a 5% cashback offer if you purchase travel through Chase Ultimate Rewards, 3% on drugstores, gas, and other four categories discussed above, 2% on wholesales and groceries, and 1% on other purchases.
The thing that makes Chase Freedom Flex Card an appealing option for customers is its flexible welcome bonus.
Wells Fargo Active Cash and Bank of America Customized Cash Reward Credit Card
Wells Fargo Active Cash Card is difficult to beat because its flat-rate cash back gives 2% cash rewards on purchases. While, bank of America offers 1% cash back rewards on purchases.
Conclusion
For the right person Bank of America Customized Cash Reward Credit Card can be an outstanding option. Because it gives lets its customers customize their rewards by choosing the most appropriate bonus category according to their needs. But if a person has different preferences, he must choose other cards rather than a Customized Cash Reward Credit Card.
