You’ll earn 5% cash back on the first $1,500 spent in the bonus category each quarter, upon enrollment, and 1% on those categories after you reach the spend cap. Other than the lack of customization, the Chase Freedom Flex offers an array of bonus categories where you can earn a good amount of cash back through a variety of purchases. Unlike with the Bank of America Customized Cash Rewards card, you cannot control the 5% quarterly bonus categories with the Chase Freedom Flex. The Chase Freedom Flex also has changeable bonus categories, but they’re set by Chase and rotate each quarter. With enough deposited to earn the Platinum Honors level of Preferred Rewards, you’d earn 5.25% cash back on up to $2,500 of spending each quarter in your chosen bonus category. Still, this can be an amazing perk for this card. This applies only to ongoing rewards that you earn and not the $200 introductory bonus on the Bank of America Customized Cash Rewards card. Depending on the amount of money you have deposited or invested with Bank of America and Merrill Lynch, you can qualify for a Preferred Rewards tier and receive a 25% to 75% bonus on the rewards that you earn. All other spending earns 1% cash back.Īnother important thing to realize is that with the Bank of America Customized Cash Rewards card, you can also join the Bank of America Preferred Rewards program. The bonus categories (both 2% and 3%) are limited to the first $2,500 in spending each quarter. You will also earn 2% cash back at grocery stores and wholesale clubs. You can change your 3% bonus category once each calendar month. With the Bank of America Customized Cash Rewards card, you will earn 3% cash back in a category of your choice (gas, online shopping, dining, travel, drug stores or home improvements and furnishings). But the way these two cards earn is slightly different. Both cards have bonus categories that can change, additional fixed bonus categories and a flat 1% rate that they earn on all other purchases. If you look at the Bank of America Customized Cash Rewards versus the Chase Freedom Flex card in terms of their rewards earning rates, they have a similar structure. The Chase Ultimate Rewards points are actually quite valuable, depending on if you have additional Chase cards or travel frequently. When considering both the introductory bonus and ongoing rewards that you earn with the Freedom Flex, it’s important to know that they’re actually issued as Chase Ultimate Rewards points. The bonus on the Chase Freedom Flex is also $200 – this time after spending $500 in the first three months of having the account. This welcome bonus comes in the form of rewards that can be applied as a statement credit to your account. With the Bank of America Customized Cash Rewards card, you can earn a $200 welcome bonus after spending $1,000 in purchases on your card in the first 90 days of having your account open. This is especially true when you compare them to other no annual fee cash back cards, like the Citi® Double Cash Card, which doesn’t offer a welcome bonus at all. When comparing the Bank of America Customized Cash Rewards versus Chase Freedom Flex in terms of their introductory bonus, both cards offer a healthy bonus amount. $200 online cash rewards if you spend $1,000 in first 90 days 5% cash back on travel purchased through Chase.5% cash back on rotating bonus categories that you must activate each quarter (up to $1,500 per quarter).$2,500 combined limit on 2% and 3% categories each quarter.2% cash back on groceries and wholesale club purchases.3% cash back on a category of choice (gas, online shopping, dining, travel, drug stores or home improvements and furnishings).Chase Freedom Flexīank of America® Customized Cash Rewards credit card Bank of America Customized Cash Rewards vs. Let’s take a closer look to see which one might make the most sense for you. With the Bank of America Customized Cash Rewards card, you may choose your 3% cash back category, whereas with the Chase Freedom Flex, your rotating quarterly bonus categories are set by Chase. Although they both have categories where you can earn bonus cash back, the way you earn that cash back is quite different. There are also a few important distinctions that you’ll want to be aware of if you’re considering applying for one of these two cards. You may also glean an additional 25% or more value from your cash back if you have other cards with Bank of America or Chase. They are both cash back cards that come with no annual fee, a healthy welcome offer and an introductory APR option on initial purchases. The Bank of America® Customized Cash Rewards credit cardand Chase Freedom Flex℠ credit cards share several different features. The Bank of America content was last updated on.
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