"One Of My Favorites"

Bank of America® Customized Cash Rewards Credit Card Review
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Written by: roughdraft on 2016-09-29

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roughdraft's review: Callout Comment I've had this card since September 2014. It is one of my favorites. You earn 3% cash back at gas stations, 2% at grocery stores and 1% everywhere else. The redemption rate for cash back starts at $25 but you can set it up to auto-redeem every time you've earned at least $25. I use it mostly for gas and small purchases and earn about $10-15 dollars per month, so every other month I earn about $25-35 dollars back. Another cool feature is that if you redeem your cash back into a Bank of America checking or savings account, you earn an additional 10% on top of your earnings, so $25 becomes $28, and so on. I started with a $1,500 credit limit and about a year after having the card I was asked to confirm my annual income and automatically received a CLI to $3,000.

One bad thing is that Bank of America doesn't allow you to set up external bank accounts to pay your credit card bill with, so basically you have to either pay using a BofA account or use your external account's bill pay. I don't mind it so much since I have a checking account with them, but I do pay my regular bill using another bank's bill pay. Oh, here's a little tip, you don't earn the 10% cash back if you redeem your cash back to make a payment to the credit card, but if you have a checking account with them just redeem to the checking account and then make a payment to the credit card. Customer service has been great, but really, I've had no issues with this card.


Comment 1 by wanderer
Re: One Of My Favorites User Icon on 2016-09-29

Remarks Appreciate your review on the card. Did not know about the "how to" for paying the bill or rewards redemption.
Comment 2 by breakinger
Re: One Of My Favorites User Icon on 2016-10-02

Remarks Great information, roughdraft. It's always interesting to find out little tips about differents credit card and bank institutions. It sounds like this is a great card to add to anyone's collection. How is the APR on this card? Do you have to pay any annual fees?
Comment 3 by roughdraft
Re: One Of My Favorites User Icon on 2016-10-02

Remarks Thanks, Breakinger! The APR can vary anywhere from about 13% up to 25%. When I got this card I was coming back from having closed all my credit cards so my scores were in the mid to upper 600's, so my interest rate is around 17%. A little high, I know but a trend I notice with several credit card companies is that usually, cards with good rewards tend to have higher APR's than cards with little or now rewards. I guess if you have perfect credit you can have them both, but for your average person you sacrifice one over the other. I tend to carry little or no balance with this card so that I've probably paid less than $50 worth of interest all year. In the future though I may try to negotiate down my interest rate. You'd be surprised how much just one or two percentage points can save you in the course of a year.
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