The Bank of America® Customized Cash Rewards Credit Card is a first-rate card type for those users who are looking for a diverse cash back reward program in the United States. This card has a special cash back plan to share and no annual fees to pay, therefore, this card is perfect for shopper and non-shopper.
In this article, the following information pertaining to the Bank of America® Customized Cash Rewards Credit Card will be thoroughly discussed: the fees; credit limits that are granted; prospects; cons; requirements for qualification; and application.
Key information about the credit card
How does the annual fee work?
Another very notable virtue of the Bank of America® Customized Cash Rewards Credit Card is that it does not attract an annual fee. This means that the cardholders can be able to benefit as well as get the rewards of having the card without feeling the pinch of having to pay yearly fees.
How is the credit limit determined?
The credit limit was applied considering several aspects such as credit score, income, credit portfolio and the credit bureau report of the applicant. At the point of applying for the card, the bank evaluates one’s credit rating, income level, and other factors to determine the most appropriate credit limit for the applicant.
Advantages of the credit card
- $200 online cash rewards bonus: sign up bonuses for new card holders are set at $200 on the condition that the card holder charges an amount of at least $1000 in the first 3 months of activating the card.
- No annual fee: Get all the advantages and avoid the annual fee, making more money possible.
- Low introductory APR offer: Enjoy a 0% introductory APR for the first 15 billing cycles of the purchase and balance transfer.
- Preferred rewards bonus: And, it is to note that the members of Bank of America Preferred Rewards accrue 25%-75% more cash back for all their purchases.
Standout advantage
Indeed, one of the biggest strengths of the Bank of America® Customized Cash Rewards Credit Card is the freedom of getting 3% cash back on a category of your choice. This feature means that a cardholder can choose what is likely to benefit him or her at a certain period depending on the spending habits.
Disadvantages
- Quarterly maximum on bonus categories: It should be noted that these cash back benefits are calculated up to $2;500 of spending per quarter; if the cardholder spends beyond $2;500 in a quarter, the rate of return is only 1%.
- Variable APR after introductory period: The good thing is that it initially offers a 0% introductory APR on both purchases and balance transfers but as soon as this promotion is up, the regular APR could be anywhere between 19. 24% to 29. 24, which can be considered quite a large percentage for certain members of the credit card.
- Balance transfer fee: Balance transfers attract a 3% fee which is for the first 60 days of the credit card use while the remaining balance attract a fee of 4%.
A standout disadvantage
Another key con associated with this card is that it has a quarterly reset on the 3% and 2% cash back categories. This limit aids in containing the quantity of bonus cash back that one can earn, particularly if they spend much in the said categories.
Original purchases made with the card get 2% cash back up to the first $2,500, spent in these every day categories while the remaining 3% only offer 1% cash back, something that high spender find less attractive.
Who can apply for this card?
The requirements that one needs to meet in order to apply for the custom Bank of America® Customized Cash Rewards Credit Card are as follows. Candidates have to be at least 18 years old and should have a Social Security Number or Tax Identification number.
It is ideal to have a credit score of between good and excellent; in FICO, this starts from 670. The bank will then assess the applicant’s ability to pay and income and employment to determine whether the applicant qualifies for the credit card debt. Nevertheless, this card is not developed for bad credit users, so those who have good credit and fixed income will have higher chances to be approved.
How to apply for the Bank of America® Customized Cash Rewards Credit Card
For the website
To apply online, go to Bank of America official website and proceed to the credit cards menu. From there go to the Bank of America® Customized Cash Rewards Credit Card and then click on the apply now option. The company will require you to complete a form containing some of your personal data such as name, address, work details and income.
Once you have completed the form and click submit, you will be await the response from the Bank of America whether they approve you or not. This method is fast and easy for it can be done anytime at home without having to meet other people.
Through the app
Another way of application through the Bank of America is them via the mobile application of the Bank. First of all, one must either download it from the app store or play store. After the installation, launch the software then you enter your log-in details or sign up for a new account in case you are a new user.
Go to the credit card and choose the Bank of America Customized Cash Rewards Credit Card. Continue through the application by answering all the personal and financial questions that are required to be filled. The app enables you to apply for the job when on a move and is therefore convenient since you can carry out the process using the mobile devices.
At the branch
In case you have a local business you can physically fill the credit card application form at Bank of America branch of your choice. exchange with an online banker who will help in the completion of the application.
Their representatives will help you complete all the paperwork and provide all sorts of information regarding the card and its advantages. Face to face application is especially convenient if the applicant requires help or if he/she has individual questions concerning the credit card.
