Key takeaways
- Choosing between the BankAmericard® credit card and the Bank of America® Customized Cash Rewards credit card likely comes down to whether you need a lengthy 0% interest period more than you need cash back rewards.
- The Customized Cash Rewards card allows cardholders to choose a category (from a list of six options) in which you will earn the most cash back, whereas the BankAmericard comes with an introductory APR on purchases and balance transfers but lacks the ability to earn rewards.
- Neither card charges an annual fee, but both offer potentially money-saving extra benefits like access to Bank of America’s Museums on Us program.
Determining the best credit card for your financial goals isn’t always easy. For example, maybe your goal is to earn more rewards on your spending, or perhaps you need help with paying down high-interest debt or financing a large purchase over time. Comparing the features, benefits and perks of different cards can help you choose a credit card that best suits your individual needs.
Choosing between the BankAmericard® credit card* and Bank of America® Customized Cash Rewards credit card comes down to exactly that scenario — whether you’d rather have a lengthy 0 percent intro APR or a slightly shorter 0 percent intro APR and the chance to earn ongoing rewards. However, there are a few other details that may sway your decision in an unexpected direction.
Let’s take a look at what these cards offer and which option might be better suited to your financial goals.
Main details
| Cards | BankAmericard® credit card | Bank of America® Customized Cash Rewards credit card |
|---|---|---|
| Welcome bonus | None | $200 online cash rewards after spending $1,000 within the first 90 days of account opening |
| Rewards rate | None |
|
| Intro APR | 0% intro APR for 18 billing cycles on balance transfers made within the first 60 days and on purchases (then a variable APR of 15.74% to 25.74%); an intro 3% balance transfer fee applies for the first 60 days, then 4% | 0% intro APR for 15 billing cycles on balance transfers made in the first 60 days and on purchases (then a variable APR of 18.74% to 28.74%); an intro 3% balance transfer fee applies for the first 60 days, then 4% |
| Annual fee | $0 | N/A |
| Foreign transaction fees | 3% fee on foreign transactions | 3% fee on foreign transactions |
BankAmericard vs. Bank of America Customized Cash Rewards highlights
Although the BankAmericard and Bank of America Customized Cash Rewards share some features — like no annual fee and a 3 percent foreign transaction fee — and come from the same issuer, the similarities pretty much end there. Here’s a look at how these Bank of America credit cards compare.
Welcome bonus winner
Rewards rate winner
Introductory APR winner
Foreign transaction fee winner
Which card earns the most?
Typically, our card battles show spending examples that highlight how much you’ll earn with one card versus another (based on their rewards structures). However, in this example, we’ll look at just the Customized Cash card since the BankAmericard doesn’t offer rewards, and we’ll add in a balance transfer example.
Bank of America Customized Cash Rewards spending example
The Bank of America Customized Cash Rewards calculator shows you how much cash back you can earn in each category. For this example, let’s assume:
- $10,000 in yearly spending in the 3 percent choice category
- $8,000 in yearly spending in the 2 percent category
- $6,000 in yearly spending in the 1 percent category
Remember, there is a $2,500 combined spending cap on the 3 and 2 percent categories each quarter. So, if we assume that your 3 percent category spending breaks down to $2,500 each quarter, you’d earn $440 in cash back using this example. For Preferred Rewards members, your cash back rewards could be boosted to $550 if you’re a Gold member, $660 if you’re a Platinum member and $770 if you’re a Platinum Honors member or higher.
Balance transfer example
Since the BankAmericard doesn’t offer rewards, let’s take a look at how these two cards would compare using a $5,000 balance transfer as an example.
| BankAmericard® credit card | Bank of America® Customized Cash Rewards credit card | |
|---|---|---|
| Balance transfer amount | $5,000 | $5,000 |
| 3% balance transfer fee | $150 | $150 |
| Total balance | $5,150 | $5,150 |
| Length of intro 0% APR period | 18 billing cycles | 15 billing cycles |
| Average payment required to pay off during 0% APR period | $286.12 per month | $343.34 per month |
| Ongoing APR | 15.74% to 25.74% variable | 18.74% to 28.74% variable |
If you transferred a $5,000 balance to the BankAmericard within the first 60 days, you’d incur a $150 balance transfer fee, bringing your total balance to $5,150. With 18 billing cycles to pay off your debt interest-free, that’s a monthly payment of just over $286 for 18 billing cycles. If you don’t pay off the debt in those 18 billing cycles, your remaining balance will be subject to a 16.24 percent to 26.24 percent variable APR.
With the Customized Cash Rewards card, your balance would be subject to the same intro 3 percent balance transfer fee in the first 60 days (then 4%), so you’d start with the same total balance of $5,150. With an intro APR for 15 billing cycles, you’d pay just over $343 a month for 15 billing cycles to wipe out your debt. Again, keep in mind the ongoing APR that kicks in if you haven’t paid off your debt during the intro period, which in this case is 18.74 percent to 28.74 percent variable APR.
Why should you get the BankAmericard?
The BankAmericard is worth it if you absolutely need a full 18 billing cycles to pay off your debt, and the 15 billing cycles offered by the Customized Cash card just won’t cut it. However, in many circumstances, if you can forgo the extra three months of interest-free payments, the Customized Cash Rewards card provides much better value long-term.
Why should you get the Bank of America Customized Cash Rewards?
The Bank of America Customized Cash Rewards card is ideal for those looking to earn flexible rewards while still enjoying a solid intro APR offer. If you’re looking for ongoing value, the Customized Cash Rewards card can deliver value for years to come — even when you remove the savings from the intro APR offers and welcome bonus. Your rewards haul can potentially get an even bigger boost if you’re a Preferred Rewards member.
The bottom line
By now, it’s probably clear that these cards are suited for different purposes. The BankAmericard is better for someone who needs the longest intro APR period possible — whether for a large purchase or balance transfer. The Bank of America Customized Cash Rewards card, however, is better for those looking to get more value long-term — especially those who’ll get a better rewards rate as part of the Preferred Rewards program.
*The information about the BankAmericard® credit card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
Information about the Bank of America content in this post was last updated on October 2, 2024.
Read the full article here
