Updated: November 22, 2024
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The Bank of America® Travel Rewards and the Bank of America® Customized Cash Rewards Credit Card have good introductory APR offers and no annual fee. BofA Travel Rewards’ flat-rate points and no foreign transaction fees make it a strong choice, especially if you prefer simplicity and travel benefits.
However, the BofA Customized Cash is better if you want a higher cash back rate in a specific category.
You might prefer the BofA Travel Rewards if you travel often and want a simple rewards card with 1.5 points per dollar on all purchases and no foreign transaction fee.
You might prefer the BofA Customized Cash if you're a strategic spender who wants higher cash back in specific categories and can meet the quarterly spending limits. It offers up to 3% cash back in your chosen category.
Comparing APRs, fees, credit requirements, rewards and other features helps you choose the right card. For example, the BofA Travel Rewards could be better for general spending and international use. But if you spend a lot in specific categories, the BofA Customized Cash might provide more value.
The BofA Travel Rewards and the BofA Customized Cash offer the same APR range of 19.24%–29.24% on purchases and balance transfers.
Both the BofA Travel Rewards and the BofA Customized Cash have no annual fee, helping cardholders avoid extra costs.
The BofA Travel Rewards and the BofA Customized Cash offer 0% intro APR for 15 billing cycles on purchases and balance transfers. However, the BofA Travel Rewards card raises the balance transfer fee to 4% after 60 days, while the BofA Customized Cash maintains a 3% fee.
The BofA Customized Cash is better for those who prefer cash back and can maximize category-specific spending. It offers 3% cash back in a chosen category, 2% at grocery stores and wholesale clubs and 1% on all other purchases. The BofA Travel Rewards provides a flat 1.5 points per $1 on all purchases.
The BofA Customized Cash offers a $200 cash rewards bonus after spending $1,000 in the first 90 days, providing a higher return on investment. The BofA Travel Rewards gives 25,000 bonus points with the same spending requirement.
Both cards require a good to excellent credit score of 670–850.
The BofA Travel Rewards doesn't have foreign transaction fees, while the BofA Customized Cash charges a 3% fee per international transaction. Both cards have up to $40 late fees and up to 29.99% penalty APR.
Since Bank of America issues both cards, they have the same issuer satisfaction rating of 4.5.
Both cards offer the opportunity to increase rewards by up to 75% through Preferred Rewards® membership.
The BofA Customized Cash is better for those who spend heavily in specific categories. It offers 3% cash back in your selected category, which can be more rewarding than BofA Travel Rewards' flat 1.5 points per dollar on all purchases.
Eligible spending categories for the BofA Customized Cash's 3% cash back include:
In contrast, the BofA Travel Rewards provides a straightforward rewards system that doesn't require tracking categories.
The table below shows the bonus categories for easy comparison.
Category | BofA Customized Cash | BofA Travel Rewards |
|---|---|---|
Customizable Category | 3% cash back on a category of choice | N/A |
Grocery Stores and Wholesale Clubs | 2% cash back (up to $2,500 quarterly in combined purchases, then 1%) | 1.5 points per $1 spent |
All Other Purchases | 1% cash back | 1.5 points per $1 spent |
The BofA Customized Cash and the BofA Travel Rewards offer flexible redemption options. BofA Customized Cash cardholders can redeem cash back as a deposit, as a statement credit or for gift cards. Cash back doesn't expire as long as the account is open.
BofA Travel Rewards cardholders can redeem points for travel or dining purchases as a statement credit. Points remain valid indefinitely if the account is active.
MoneyGeek assesses and analyzes credit cards like the BofA Travel Rewards and the BofA Customized Cash using a tailored scoring system for different use cases. This helps you see which card better fits your needs.
Key factors in these scores include the reward rates and annual fees for cash back, and the introductory and regular APRs for balance transfers.
Both are cards with no annual fee.
The BofA Travel Rewards earns 1.5 points per $1 spent, while the BofA Customized Cash offers up to 3% cash back in a chosen category, allowing cardholders to maximize their cash back rewards.
Both cards feature 0% intro APR on purchases and balance transfers for 15 billing cycles.
Both cards are eligible for the Preferred Rewards program. Members earn 25% to 75% more points on every purchase.
The BofA Travel Rewards is a card with no foreign transaction fees. The BofA Customized Cash charges a 3% fee per international transaction.
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.
