Key takeaways

  • Choosing between these cards likely comes down to whether you want or need a lengthy 0% interest period more than you need cash back 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
  • The Bank of America 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

Determining the best credit card for your financial goals involves examining card features, benefits and perks — and you should, of course, choose the credit card that best meets your needs. For instance, maybe your goal is to earn more rewards on your spending, or maybe you need help with paying down high-interest debt or financing a large purchase over time.

Choosing between the BankAmericard® credit card* and Bank of America® Customized Cash Rewards credit card comes down to exactly that — 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 for 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
  • 3% cash back on eligible category purchases of choice (choose from gas and EV charging stations, online shopping (including cable, streaming, internet, and phone services), dining, travel, drugstores or home improvement)
  • 2% cash back at grocery stores and wholesale clubs
  • 3% and 2% categories are limited to $2,500 in combined purchases each quarter, then 1% back
  • 1% cash back on all other purchases
Intro APR 0% intro APR for 21 billing cycles on balance transfers made within the first 60 days and on purchases (then a variable APR of 16.24% to 26.24%); a 3% balance transfer fee applies 0% intro APR for 15 billing cycles on balance transfers made in the first 60 days and on purchases (then a variable APR of 18.24% to 28.24%); a 3% balance transfer fee applies
Annual fee $0 $0

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.

Welcome bonus winner: Bank of America Customized Cash Rewards

The Customized Cash Rewards card offers $200 in online cash rewards after spending $1,000 in purchases within the first 90 days of account opening. Most cardholders should be able to reach this spending requirement pretty easily. The BankAmericard, on the other hand, doesn’t currently offer a welcome bonus (though it has in the past).

Rewards rate winner: Bank of America Customized Cash Rewards

Since the BankAmericard doesn’t offer ongoing rewards, the Customized Cash Rewards wins in this category. The card offers 3 percent cash back on eligible category purchases of choice (choose from gas and EV charging stations, online shopping (including cable, streaming, internet, and phone services), dining, travel, drugstores or home improvement) and 2 percent cash back at grocery stores and wholesale clubs (with a combined $2,500 spending limit on 2 percent and 3 percent categories each quarter, then 1 percent back). You’ll also earn 1 percent back on all other purchases.

Using this card for your everyday spending means you can earn anywhere from $50 to $75 back on your 2 and 3 percent categories per quarter, on top of unlimited earnings for everything else at 1 percent back. Also, since you can change your 3 percent choice category each month, it’s more flexible than rewards cards with predetermined rotating bonus categories that you must activate every quarter.

Plus, if you’re a member of the Bank of America Preferred Rewards program, you can earn 25 percent to 75 percent more cash back (or up to 5.25 percent cash back) in all cash back categories. This program is based on the balances you maintain in eligible Bank of America or Merrill investing accounts, and the minimum balance for each tier is as follows:

Tier Minimum three-month average balance Rewards bonus
Gold $20,000 25%
Platinum $50,000 50%
Platinum Honors $100,000 75%
Diamond $1 million 75%
Diamond Honors $10 million 75%

For example, if you’re a Gold tier Preferred Rewards member, you’ll earn 3.75% cash back on your choice category purchases (up to the cap). If you spend the maximum $2,500 each quarter in your choice category, you’ll earn over $93 cash back in that quarter alone.

Annual fee winner: Tie

Neither card charges an annual fee, so you don’t have to worry about justifying the cost of card membership.

Foreign transaction fee winner: Tie

Unfortunately, both the BankAmericard and Bank of America Customized Cash Rewards charge a 3 percent foreign transaction fee, so they aren’t suitable for use outside of the United States or for making purchases online in foreign currency (unless you don’t mind paying that fee).

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

With this spending, you’d earn $440 in cash back. And if you’re a Preferred Rewards member, 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

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 21 billing cycles to pay off your debt interest-free, that’s a monthly payment of just over $286 for 21 billing cycles. If you don’t pay off the debt in that 21 billing cycles, your remaining balance will be subject to a 16.24 percent to 26.24 percent variable APR.

With the Customized Cash Rewards, your balance would be subject to the same 3 percent balance transfer fee, so you’d start with the same total 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 your debt off during the intro period: 18.24 percent to 28.24 percent variable APR.

Why should you get the BankAmericard?

The BankAmericard is worth it if you absolutely need a full 21 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.

Additional benefits

Like most Bank of America credit cards, the BankAmericard card lets you participate in the BankAmeriDeals program, which allows you to earn cash back when you activate limited-time offers and use your card at participating merchants. Also, there’s access to Bank of America’s Museums on Us program, where you can get free general admission to more than 225 cultural institutions during the first full weekend of every month. Check out our BankAmericard benefits guide for more card benefits.

Redemption options

The BankAmericard doesn’t offer rewards, so there are no redemption options.

Recommended credit score

You’ll need good to excellent credit (or a score between 670 and 850) to increase your approval odds for this card.

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 (with a potential boost as a Preferred Rewards member) and utilize the intro APR offers. 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.

Additional benefits

As with the BankAmericard, you’ll get access to benefits like the BankAmeriDeals program and Museums on Us. But you’ll also get Visa Signature benefits, which include perks like extended warranty coverage, roadside dispatch and travel and emergency assistance.

Redemption options

The Bank of America Customized Cash Rewards card only allows you to redeem your rewards for statement credits, direct deposits to a Bank of America checking or savings account or credits to an eligible Merrill account.

You can redeem your rewards for any amount, whether $0.15 or $150.

Recommended credit score

Similar to the BankAmericard, you’ll need a good to excellent credit score to increase your approval odds for this card.

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.

The information about the Bank of America cards was last updated on Sept. 20, 2023.