If you’re carrying high-interest credit card debt, interest charges can feel like quicksand — the harder you work to pay it down, the slower you seem to move. The Bank of America® Customized Cash Rewards credit card offers a smart balance transfer option that can help you save on interest and get out of debt faster, while still earning rewards on everyday spending.
Why Balance Transfers Matter 💳
Most credit cards charge 20%+ APR, meaning a large chunk of your payment goes toward interest instead of your balance. A balance transfer lets you:
- Move existing credit card debt to a new card
- Pay 0% introductory APR for a limited time
- Focus on paying down the principal, not interest
- Simplify multiple debts into one monthly payment
That’s exactly where the Bank of America® Customized Cash Rewards card shines.
Key Balance Transfer Benefits of the Customized Cash Rewards Card
🔥 0% Introductory APR on Balance Transfers
This card typically offers:
- 0% intro APR for 18 billing cycles on balance transfers (from account opening)
That gives you well over a year to attack your balance without interest slowing you down.
Example:
Transfer a $5,000 balance from a 24% APR card → potentially save hundreds of dollars in interest during the intro period.
💰 Competitive Balance Transfer Fee
- Balance transfer fee: 3% (minimum $10)
While there’s an upfront cost, it’s often far less than the interest you’d pay by leaving the balance on a high-APR card.
🧠 Smart Debt Strategy: Transfer + Pay Down
This card works best if you:
- Transfer your balance early (soon after account opening)
- Create a monthly payoff plan (balance ÷ 18 months)
- Avoid adding new debt to old cards
Used correctly, this card becomes a debt-elimination tool, not just another credit line.
Extra Value: Earn Cash Back While You Pay Down Debt
Unlike many balance-transfer-only cards, the Customized Cash Rewards card also lets you earn cash back:
- 3% cash back in a category you choose (including online shopping)
- 2% at grocery stores & wholesale clubs
- 1% on all other purchases
This means you can:
- Pay down old debt interest-free
- Still earn rewards on daily spending
- Offset part of your balance transfer fee with cash back
Even Better with Bank of America Preferred Rewards ⭐
If you’re a Bank of America Preferred Rewards member, your cash back increases by:
- 25% to 75% bonus (depending on tier)
That can turn:
- 3% → up to 5.25% cash back
- 2% → up to 3.5% cash back
- 1% → up to 1.75% cash back
While this doesn’t reduce your transferred balance directly, it helps your overall financial recovery.
Who This Card Is Best For
✅ You have existing credit card debt with high interest
✅ You want a long 0% APR window to pay it down
✅ You prefer one card that handles debt + rewards
✅ You shop online, at grocery stores, or wholesale clubs
🚫 Not ideal if:
- You plan to carry a balance long-term after the intro APR
- You want a no-fee balance transfer (very rare these days)
Real-World Example
Before Balance Transfer
- $5,000 balance at 24% APR
- Monthly payment: $250
- Large portion goes to interest
After Transfer to Customized Cash Rewards
- $5,000 transferred at 0% APR for 18 months
- Pay ~$280/month → balance gone before intro ends
- Interest saved: $800–$1,000+ (approx.)
Final Thoughts: A Practical Way to Break the Debt Cycle
The Bank of America® Customized Cash Rewards card is more than a cash-back card — it’s a powerful balance transfer solution for anyone serious about getting out of credit card debt.
With a long 0% APR period, reasonable transfer fee, and ongoing cash-back rewards, it offers a rare combination of debt relief and everyday value.
👉 If you’re ready to stop paying interest and start making real progress, this card deserves a spot at the top of your list.
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