Updated: October 15, 2024
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The Bank of America® Customized Cash Rewards Credit Card and the Chase Freedom Flex® Card offer enticing cash back rewards with no annual fee. The BofA Customized Cash stands out with customizable high cash back categories. Preferred Rewards® members can earn 25% to 75% more cash back.
The Freedom Flex provides a high cash back rate in rotating categories, which is worth considering to maximize rewards.
You might prefer the BofA Customized Cash if: you enjoy tailoring rewards to your lifestyle. It adapts to your spending habits by letting you choose your own 3% cash back category. Preferred Rewards members can earn even higher cash back rates.
You might prefer the Freedom Flex if: you're good at maximizing rotating reward categories and travel benefits. The card offers 5% cash back on quarterly categories and bookings through Chase Travel℠, which can yield significant rewards. Dining and drugstore purchases earn a steady 3% cash back.
Evaluating APRs, fees, credit requirements, rewards, introductory offers and other features will help you find the card that fits your needs. Compare differences like BofA Customized Cash's higher rewards for preferred members and Freedom Flex's rotating bonus categories.
Regular APR: BofA Customized Cash
The BofA Customized Cash has a lower regular APR range of 19.24%–29.24% than Freedom Flex's 20.49%–29.24%.
Annual Fee: Tie
The BofA Customized Cash and the Freedom Flex have no annual fee, helping cardholders avoid extra costs.
Introductory 0% APRs: Tie
The BofA Customized Cash and the Freedom Flex offer a 0% introductory APR on purchases and balance transfers for 15 months, with a 3% balance transfer fee.
Rewards: BofA Customized Cash
The BofA Customized Cash offers flexible rewards, providing 3% cash back in a chosen category, 2% at grocery stores and wholesale clubs (up to $2,500 quarterly in combined purchases) and 1% on all other purchases. Points don't expire as long as the account is open and can be redeemed in various ways.
Welcome Offers: Freedom Flex
The Freedom Flex offers a $200 bonus after spending $500 in the first three months, with a return on investment of 40%.
Recommended Credit Score: Tie
Both cards require a good to excellent credit score of 670–850.
Penalties and Fees: Freedom Flex
Both cards have similar late and penalty APR fees, but the Freedom Flex has no foreign transaction fees, unlike the BofA Customized Cash, which charges 3%.
Issuer Satisfaction: BofA Customized Cash
Customers report higher satisfaction with Bank of America, BofA Travel Rewards' issuer, rating it 4.5 compared to Chase’s 4.1, Freedom Flex's issuer.
Other Features and Perks: Tie
The BofA Customized Cash lets Preferred Rewards® members earn 25% to 75% more cash back on every purchase. The Freedom Flex offers cell phone protection, trip cancellation/interruption insurance, purchase protection and extended warranty protection.
The BofA Customized Cash edges out with higher rewards if you frequently spend on one of its customizable 3% cash back categories. Though not leading in overall rewards, the Freedom Flex provides 5% cash back on rotating categories and travel booked through Chase, which is better if your spending aligns with those categories. It also offers 3% cash back at restaurants and drug stores.
With the BofA Customized Cash, you can choose one of these categories for 3% cash back:
On the other hand, the Freedom Flex requires managing and activating its 5% cash back on rotating categories that change quarterly.
The table below shows the bonus categories for both cards to help you see where you can earn more cash back.
Category | BofA Customized Cash | Chase Freedom Flex |
|---|---|---|
Customizable Category | 3% on a category of choice for the first $2,500 quarterly/1% thereafter | N/A |
Quarterly Rotating Categories | N/A | 5% for the first $1,500 quarterly/1% thereafter |
Dining | 3% if chosen/1% if not | 3% |
Drug Stores | 3% if chosen/1% if not | 3% |
Gas | 3% if chosen/1% if not | 1% |
Online Shopping | 3% if chosen/1% if not | 1% |
Home Improvements | 3% if chosen/1% if not | 1% |
Grocery Stores and Wholesale Clubs | 2% for the first $2,500 quarterly/1% thereafter | 1% |
Travel | 1% | 5% if purchased through Chase Travel℠ |
All Other Purchases | 1% | 1% |
Both cards provide easy and flexible reward redemption, with cash back that doesn't expire as long as the account is active. The BofA Customized Cash lets you redeem cash back directly into a Bank of America account, as a statement credit or in other ways. The Freedom Flex offers various redemption options, including travel and gift cards.
MoneyGeek evaluates credit cards like the BofA Customized Cash and the Freedom Flex with a tailored scoring system for various uses, such as cash back and balance transfers. Our scoring highlights the top-performing areas to help you compare cards based on what matters most to you.
We consider key factors like the effective reward rate and return on investment. For more details, check out our ranking methodology.
The BofA Customized Cash offers 3% cash back in a customizable category, while the Freedom Flex gives 5% cash back in rotating categories. Both are top cash back card options.
Both are cards with no annual fee.
The Freedom Flex has no foreign transaction fees, while the BofA Customized Cash charges 3%.
Both cards offer welcome bonuses. The BofA Customized Cash gives $200 for $1,000 in purchases within the first 90 days. The Freedom Flex provides $200 after $500 spent in the first three months.
Both cards have 0% introductory APR offers on purchases and balance transfers for 15 months.
All information about the Chase Freedom Flex has been collected independently by Moneygeek.com and has not been reviewed by the issuer.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
