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Bank of America Cash Rewards: 6% Back, But Here's the Catch
The Bank of America® Customized Cash Rewards card offers a hefty 6% cash back in a category of your choice for the first year. But beware of the APRs that could climb as high as 28.49%.
The Quick Version
The Bank of America® Customized Cash Rewards card tempts with a 6% cash back offer on a category of your choice for the first year and no annual fee. But tread carefully—APRs range from 18.49% to a steep 28.49%, depending on your credit score.
Rates shown are representative. Your actual rate depends on your credit profile. This is not financial advice.
Bank of America® Customized Cash Rewards Card
A tempting cash back offer with potential APR pitfalls.
Bank of America® Customized Cash Rewards Card
Fees & Rates
The card offers a variable APR between 18.49% and 28.49%, depending on your creditworthiness. The good news? There's no annual fee, which keeps it budget-friendly. However, watch out for foreign transaction fees if you're planning to travel abroad—this card isn't your best friend there.
What's Actually Good
The standout feature is the 6% cash back in a category you choose for the first year, alongside a $200 online cash rewards bonus offer. No annual fee sweetens the deal further, making it an attractive pick for those who can pay off their balance monthly.
The Catch
APRs can climb as high as 28.49%, which could bite if you carry a balance. Also, the 6% cash back is only for the first year, after which it adjusts to a lower rate. If you're a frequent traveler, the foreign transaction fees might also be a dealbreaker.
This Card Is For You If...
If you have a good to excellent credit score (670+), plan to pay off your balance in full each month, and want to make the most out of a customizable cash back option for everyday expenses, this card fits the bill. But if you're a globe-trotter or tend to carry a balance, consider alternatives.
The Bottom Line
For those who can leverage the 6% cash back and keep APRs in check by paying off monthly, this card offers solid rewards with no annual fee. However, if you anticipate carrying a balance or traveling internationally often, look elsewhere. For more on student-focused cards, check out our review: Is the SavorOne Student Card Worth the Hype?
