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Bank of America Customized Cash Rewards: Is It Really Worth It?
Bank of America's Customized Cash Rewards card offers 6% cash back in your chosen category for the first year. But is it truly a game-changer for your wallet?
The Quick Version
The Bank of America® Customized Cash Rewards card gives you 6% cash back in a category you choose for the first year, with no annual fee. But watch out for the regular APR, which can hit up to 28.49%.
Rates shown are representative. Your actual rate depends on your credit profile. This is not financial advice.
Bank of America® Customized Cash Rewards
Bank of America Customized Cash Rewards card overview
Bank of America® Customized Cash Rewards
The Fine Print
According to Bank of America's official page, this card has no annual fee and offers an APR ranging from 18.49% to 28.49% variable. The sign-up bonus is a $200 online cash rewards bonus. Remember, the enticing 6% cash back is only for the first year and applies to a category of your choice.
What's Actually Good
The standout feature here is the 6% cash back for the first year, which can really add up if you maximize it in a high-spend category. Plus, there's no annual fee to worry about, making it a low-risk option. The $200 bonus is a nice addition for new cardholders.
- ✅ 6% cash back in your chosen category for the first year
- ✅ No annual fee
- ✅ $200 sign-up bonus
The Catch
The regular APR can climb as high as 28.49%, which is steep if you carry a balance. Also, the 6% cash back drops significantly after the first year, making it less appealing in the long run. And if you often travel abroad, note that foreign transaction fees could eat into your rewards.
- ❌ High regular APR up to 28.49%
- ❌ Foreign transaction fees
- ❌ 6% cash back is limited to the first year
Who Should Apply
This card suits those with a good to excellent credit score (670+), especially if you have significant spending in one category that you can optimize for cash back. If you pay your balance in full each month and aren't traveling internationally, you'll benefit the most.
The Bottom Line
If you're looking for a card with no annual fee and a strong initial cash back offer, this could be a good fit. However, if you carry a balance or need a card for international travel, you might want to look elsewhere. Check out the Hilton Honors Amex: Zero Fee, Big Rewards for Travelers for an alternative option.
