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Is Bank of America's Customized Cash Rewards Card Right for You?
6% cash back sounds enticing, but is there a catch? Discover if this no-annual-fee card truly maximizes your rewards.
The Quick Version
The Bank of America® Customized Cash Rewards Credit Card offers a tempting 6% cash back in a category of your choice for the first year, plus a $200 online cash rewards bonus. With no annual fee, it might sound perfect, but watch out for the variable APR ranging from 18.49% 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
Bank of America® Customized Cash Rewards
The Fine Print
The card boasts a no annual fee, making it accessible for those who prefer to avoid extra costs. The intro offer includes 6% cash back in your selected category for the first year, with a $200 online bonus after spending $1,000 in the first 90 days. The ongoing variable APR ranges from 18.49% to 28.49%, so carrying a balance could get expensive. There's no foreign transaction fee, which is a plus for international travelers.
What's Actually Good
The customizable cash back feature is a standout. You get to choose where to earn 6% back, which is rare among no-annual-fee cards. The $200 sign-up bonus is competitive, especially given the reasonable spending requirement. Plus, no foreign transaction fees mean you can use it abroad without extra costs.
The Catch
The catch? That enticing 6% cash back only lasts for the first year. After that, you'll earn a lower rate, which could make the card less appealing for long-term use. The high-end APR of 28.49% is brutal if you don't pay your balance in full each month. Also, the bonus categories can be limiting if your spending doesn't align with them.
Who Should Apply
If your credit score is good to excellent (670+) and you can leverage the 6% cash back in categories where you spend the most, this card is worth considering. It's ideal for budget-conscious individuals who avoid carrying a balance and travel occasionally, thanks to the no foreign transaction fees.
The Bottom Line
This card shines for the first year with high cash back and no annual fee, but it becomes less compelling once the introductory perks wear off. If you're disciplined about using it strategically for the first year, it could be a valuable addition to your wallet. For those considering business expenses, check out the American Express Blue Business Cash™: Is It Worth Your Wallet?.
