Bank of America Customized Cash Rewards credit card benefits guide
Earning cash back from your rewards credit card is always a great thing, but being able to customize your cash back bonus categories from month to month is even better. The Bank of America® Customized Cash Rewards credit card makes it possible to do just that, and with no annual fee to boot.
While having the chance to choose your top rewards category is a major plus, there are other reasons to consider adding this card to your wallet. In fact, Bank of America Customized Cash Rewards credit card benefits can be a major draw, particularly if you’re a Bank of America Preferred Rewards member.
Read on to learn about Bank of America Customized Cash Rewards travel benefits and consumer protections, plus other perks you get just for being a cardholder.
Bank of America Customized Cash Rewards card travel benefits
While the Bank of America Customized Cash Rewards credit card is not a high-end travel credit card, it does come with a range of Visa Signature benefits that can be useful for frequent travelers. While you’ll want to read over your card’s terms and conditions to find out which level of benefits your card comes with, the main Visa Signature travel benefits that come with this card include the following:
Visa Signature concierge
Visa Signature concierge service makes it possible for cardholders to get help with dining reservations, tickets for shows and events and general travel planning. Cardholders call a hotline to receive all kinds of personalized assistance for free, and this help is available 24 hours a day, seven days a week.
Roadside dispatch is available through a hotline cardholders can call. This hotline connects drivers with various types of assistance, including a gas fill-up, flat tire replacement, towing services and more. While the roadside dispatch hotline is free, cardholders are required to pay a standard price for any services received.
Travel and emergency assistance
Cardholders also get access to a travel and emergency assistance hotline they can turn to for various kinds of help. For example, they can call in for medical referrals or legal referrals when running into issues away from home, or for emergency transportation assistance.
While the use of this hotline is free, cardholders are responsible for paying for any services they receive.
Bank of America Customized Cash Rewards card consumer benefits
While the rewards offered by the Bank of America Customized Cash Rewards credit card are generous, there are additional perks consumers can benefit from.
0% intro APR period
Applicants who are approved for the Bank of America Customized Cash Rewards credit card automatically qualify for a 0 percent intro APR that applies to purchases and balance transfers. Specifically, consumers get a 0 percent intro APR for 18 billing cycles on both purchases and balance transfers (balance transfers must be made in the first 60 days). Note that a 3 percent balance transfer fee (minimum $10) applies. After the introductory offer ends, the variable APR will be between 18.24 percent to 28.24 percent.
Free FICO score
This card also offers a free FICO credit score for cardholders, which is updated monthly and available online or within the Bank of America mobile app. Having a free credit score can help cardholders track their credit progress over time.
Bank of America notes that opt-in is required to receive this perk.
Extended warranty protection
As another Visa Signature benefit, your card may come with extended warranty protection. This perk adds up to one additional year of warranty protection on items that come with a manufacturer’s warranty of three years or less. Note, you have to pay for the item with your Bank of America credit card for this coverage to apply.
$0 liability protection
Bank of America will block fraudsters and notify you of any fraudulent activity thanks to its $0 Liability Guarantee. You can also customize fraud alerts within your online account or mobile app.
Museums On Us
This benefit has actually been around for quite some time. For over two decades, Bank of America credit cards and debit cards have given cardholders free general admission to 225-plus “cultural institutions” during the first weekend of every month. All you have to do is present your Bank of America card and a valid photo ID to gain free entrance.
BankAmeriDeals is a card-linked, limited-time offer program similar to Amex Offers and Chase Offers. When you activate certain promotional offers within your account, you can earn 5 percent to 15 percent extra cash back at select restaurants and other participating merchants. You won’t make a lot of cash back with BankAmeriDeals, but it’s a feature that boosts what you do earn.
Benefits for Bank of America Preferred Rewards members
While the rewards rate on this card is solid on its own, it’s worth noting that you can boost your earnings rate by as much as 75 percent depending on your status as a member of the Bank of America Preferred Rewards program. To qualify as a member, you must own or co-own an active and eligible Bank of America, Merrill or Merrill Edge account and hold a minimum three-month combined average daily balance of $20,000 or more across eligible Bank of America account types.
Here’s how much you could boost your cash back rate based on the Preferred Rewards tier you fall into:
Preferred Rewards Gold: 25 percent
Preferred Rewards Platinum: 50 percent
Preferred Rewards Platinum Honors: 75 percent
Preferred Rewards Diamond: 75 percent
Preferred Rewards Diamond Honors: 75 percent
As a Preferred Rewards member, there are other benefits like discounts on investment services, mortgage origination fees, HELOC and car loan interest rates and no charge for select banking services.
Maximizing the Bank of America Customized Cash Rewards card
To get the most out of the Bank of America Customized Cash Rewards credit card, you’ll want to take the following steps:
Change your top earning category periodically based on your spending plans. The Bank of America Customized Cash Rewards credit card lets you change your top earning category once each calendar month, and it makes sense to do so if your normal spending patterns fluctuate throughout the year. If you have a travel or online shopping purchase coming up, for example, you can switch your 3 percent back category that month and boost your rewards haul that way.
Make sure you earn the welcome offer. Make sure you spend at least $1,000 on purchases within 90 days of account opening in order to earn $200 in bonus cash back. This will require at least $334 in spending over three 30-day periods in a row, and you can reach this spending threshold by charging all your regular expenses and bills to the card.
Avoid paying interest. While the Bank of America Customized Cash Rewards card offers an intro APR for purchases and eligible balance transfers, remember that this offer won’t last forever. You’ll want to make sure you pay off the balance before the offer ends, or else you’ll wind up paying off debt at this card’s high variable APR.
The bottom line
The Bank of America Customized Cash Rewards card doesn’t offer the highest rates of cash back out there, as there are some rotating category cards that offer as much as 5 percent back on select bonus categories. However, getting 3 percent back on your category of choice (up to $2,500 in combined 3 and 2 percent category purchases each quarter, then 1 percent) is much better than the 1.5 to 2 percent back offered by other flat-rate cash back cards on the market — so long as you’re not spending over $2,500 in a quarter.
With no annual fee, a decent welcome bonus and a generous introductory APR offer as ancillary perks to its respectable cash back rate, this Bank of America credit card deserves serious consideration for a spot in your wallet.
Is the Bank of America Customized Cash Rewards credit card worth it? Doing your research and comparing it to other cards is the only way to know for sure.
Bank of America® Customized Cash Rewards credit card information was last updated on Feb. 3, 2023.