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When it comes to selecting a credit card, having options that align with your spending habits can make a significant difference. The Bank of America Customized Cash Rewards Credit Card shines in a competitive market by offering a unique rewards structure tailored to your lifestyle.
Whether you’re dining out, shopping online, or enjoying entertainment, this card allows you to earn cash back in the categories that matter most to you.
In this Bank of America customized cash rewards credit card review, we’ll cover the key features, benefits, and potential drawbacks of the card, helping you decide if it aligns with your financial goals. Let’s look into how this card can maximize your rewards and simplify your everyday spending!
Features of the Bank of America Customized Cash Rewards Credit Card
With the Bank of America Customized Cash Rewards Credit Card, you can rest easy knowing your account is well-protected against fraud. If there’s any unusual activity, they’ll contact you right away to confirm what’s going on.
Plus, their $0 Liability Guarantee means you won’t be held responsible for unauthorized transactions — your security is their top priority.
Making purchases is a breeze thanks to Contactless Chip Technology. Just tap your card at millions of locations, and you can complete your transactions quickly and securely.
You also have the option to use Balance Connect for overdraft protection, which links your eligible Bank of America checking account to your credit card without any transfer fees (though some other fees might apply).
If you’re looking to go green, opting for paperless statements can enhance your account security while helping reduce paper waste.
For even more convenience, you can utilize Digital Wallet Technology by adding your Bank of America credit card to your mobile device. This lets you make quick in-store or in-app purchases using Apple Pay, Google Pay, or Samsung Pay.
Managing your finances is easy with their Online and Mobile Banking services, where you can pay bills, transfer funds, and check your credit—all securely and efficiently.
To help you stay organized, consider setting up account alerts for due dates and payment confirmations, ensuring you never miss a beat.
Pros and Cons
Here’s a quick look at the benefits and drawbacks of this card.
Benefits
Here are the key benefits of the Bank of America Customized Cash Rewards Credit Card:
- No Annual Fee: This means you can enjoy all the benefits of the card without worrying about added costs eating into your rewards.
- Free access to your FICO® Score: You’ll also have free access to your FICO® Score, along with monthly updates to keep you informed about your credit health. This is a great way to stay on top of your financial status and make informed decisions.
Cons
- Penalty APR: On the downside, a penalty APR applies if you make a late payment. It’s essential to stay on top of your payment schedule to avoid this potential increase in your interest rates.
Rates and Fees
When you open your account, you’ll enjoy a 0% Introductory APR for the first 15 Statement Closing Dates. After that, your APR will range from 18.74% to 28.74%, depending on your creditworthiness, and it may vary with the market based on the Prime Rate.
Balance transfers also benefit from a 0% Introductory APR for the first 15 Statement Closing Dates if completed within 60 days of account opening, with rates resuming between 18.74% and 28.74% afterward.
Cash advances will incur an APR of 21.74% to 28.74% based on your creditworthiness, with Bank Cash Advances specifically set at 28.74%.
Late payments could result in a penalty APR of up to 29.99%, which may apply indefinitely.
Transaction fees apply for balance transfers (3% initially, increasing to 4% later), cash advances (4% for direct deposit and checks, 5% for ATM and over-the-counter transactions), and foreign transactions (3%). Additionally, if you miss a payment, you could be charged a late payment fee of up to $40.
Requirements and Eligibility Criteria
To apply for this Bank of America Customized Cash Rewards Credit Card, you must be at least 18 years old, or 21 if you are a permanent resident of Puerto Rico. Your residential address must be within the 50 United States, Washington D.C., APO/FPO/DPO addresses, Guam, Puerto Rico, Northern Mariana Islands, American Samoa, or U.S. Virgin Islands.
By submitting your application, you allow Bank of America, N.A. to access your credit report and other relevant information necessary to manage your account.
How to Apply for the Bank of America Customized Cash Rewards Credit Card?
Applying for the Bank of America Customized Cash Rewards Credit Card is easy. Start by visiting the Bank of America website and clicking on the “Apply Now” button.
Fill out your application, providing your personal details like your name, address, and ZIP code. You can also enter a different address for your statements if needed and your primary phone number (mobile or home). Then add your email address.
Finally, agree to terms and conditions before submitting your application and wait for a response.
Conclusion
The Bank of America Customized Cash Rewards Credit Card offers a compelling mix of benefits, tailored rewards, and user-friendly features that can enhance your spending experience.
It’s an excellent choice for those looking to maximize their rewards based on their unique expenditure patterns. Whether you’re new to credit cards or looking to optimize your existing rewards’ strategy, this card could be a valuable addition to your wallet.
