My oldest credit card is currently a Bank of America (BofA) card with a $60k limit. Although I don’t use it often, I want to switch it to their best rewards card available right now. I believe it might be the BankAmericard Rewards card. However, from my research online, it seems that the BofA Customized Cash Rewards card could be my best option. I don’t have a large checking account balance to qualify for the premium rewards setup BofA offers, and I would prefer a card with a $0 annual fee.
What ‘best’ means can vary depending on the rewards you want and where you spend most of your money.
Wilder said:
What ‘best’ means can vary depending on the rewards you want and where you spend most of your money.
Honestly, I doubt this BofA card will match up against my other cards. I mainly keep it active as it’s my highest limit card ($60k) and has been open for 24 years.
@Chadwick
That makes sense. I wouldn’t typically recommend a BofA card.
If you travel at all, holding onto an airline card might be beneficial. Otherwise, using the Customized Cash Rewards (CCR) card for online shopping could be good.
@Wilder
They may not let me switch either. I plan to call up and request the CCR card.
Chadwick said:
@Wilder
They may not let me switch either. I plan to call up and request the CCR card.
BofA can be great, but you typically need $100k invested at Merrill for a significant credit card rewards boost. However, any assets counts at BofA/Merrill, even if their banking products are lackluster.
Product changes at BofA can be hit or miss.
@Pacey
You only need $50k for decent benefits. 2.25% on cash-back categories and 4.5% on the top CCR category.
The Customized Cash Rewards card is a solid choice if you want a card with a bonus category to complement your other cards. If you’re looking for a single card to handle all your spending, the Unlimited Cash Rewards card is the way to go.
The Customized Cash Rewards card would likely be the best option even without being in BofA’s Preferred Rewards program. It allows you to choose categories to earn 3% cash back, capped at $2,500 per quarter. The online spend category is quite broad and includes many qualifying purchases.
@Oaklan
I just realized that I am actually in their Preferred Rewards program.
Chadwick said:
@Oaklan
I just realized that I am actually in their Preferred Rewards program.
Which level are you in: Gold, Platinum, or Platinum Honors? Do you have funds with Merrill?
@Tully
I’m currently Gold. I accidentally kept about $50k in my checking account for a few months, which triggered that status. I usually maintain extra funds in a high-yield savings account and don’t have anything at Merrill, so I might lose Gold status soon.
@Chadwick
You can achieve similar interest rates to HYSA by keeping your funds in Money Market Funds under Merrill.
@Chadwick
Given your status level, you have three options while it lasts:
- Customized Cash Rewards: 4.5% in one category (capped at $2,500/quarter)
- Unlimited Cash Rewards: 2.25% on everything, unlimited
- Premium Rewards Travel Card: $95 annual fee; it offers 2.25% on everything and 3% on travel and dining, unlimited.
Best of luck!
I love their Customized Cash Rewards card. Besides AMEX, I don’t see any 3% cashback options for online purchases with no annual fee. That feature alone makes it worthwhile. The 2% categories are decent to start, but once you get a reliable 2% card, those lower rates become less important.
BofA was my first credit card. I have the Customized Cash Rewards card set for 3% on home improvement and furnishings since I had no other card covering that category.
I echo the sentiment for the Customized Cash Rewards (CCR) card. I initially set my 3% category to gas, but now that I earn 3% on gas with my Amex BCP, I switched it to online purchases. The online category is broad and includes things like online food ordering and hotel bookings. You can also shift your 3% category to travel if you have plans, as hotels usually code as online purchases.
I like the Travel Rewards and Unlimited Cash Rewards cards. Both provide 1.5% cash back regardless of where you shop. The Travel Rewards card has no foreign transaction fees, but can only redeem cash back for dining and travel expenses.
I have a Customized Cash Rewards card and just applied for another one. I qualified for a $200 bonus if I spend $1,000. I appreciate how the app tracks your spending.
The CCR is the best card they offer.