Chase Freedom Unlimited^® vs. Bank Of America^® Customized Cash Rewards Credit Card[2024]: Which Offers More Rewards?

Earning cash back on your purchases is typically simple if you have the right credit card. But with so many cashback cards to choose from, which one should you choose?

In this Chase Freedom Unlimited^® vs. Bank of America^® Customized Cash Rewards credit card review, we compare both products to see how they stack up against each other. This will help you decide whether one card might be a better fit for you than the other.

Chase Freedom Unlimited vs. Bank of America Customized Cash Rewards

When you put the Chase Freedom Unlimited^® vs. the Bank of America^® Customized Cash Rewards credit card, you’ll notice a ton of similarities. But the amount of cash back you could earn and how you can earn and redeem rewards varies between the two products.

Below, you can quickly compare primary factors between both cards, including their annual fees, welcome offers, earning rates, and redemption options.

	Chase Freedom Unlimited®	Bank of America® Customized Cash Rewards credit card
FinanceBuzz value calculation1	Year 1: $953 Year 2: $653	Year 1: $705 Year 2: $505
Annual fee	$0	$0
Welcome bonus	Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year)	Earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Earning rate	6.5% cash back on travel purchased through Chase Travel℠, 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and 3% cash back on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, earn 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and unlimited 1.5% cash back on all other purchases	3% cash back in the category of your choice and 2% cash back at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and 1% on all other purchases
Intro APR	0% intro APR on balance transfers for 15 months, then 19.99% - 28.74% Variable APR 0% intro APR on purchases for 15 months, then 19.99% - 28.74% Variable APR	0% intro APR for 15 billing cycles for any balance transfers made in the first 60 days, then 18.74% - 28.74% Variable APR 0% intro APR on purchases for 15 billing cycles, then 18.74% - 28.74% Variable APR
Travel perks	Trip cancellation or interruption insurance Auto rental collision damage waiver Travel and emergency assistance services	Potential Visa Signature benefits such as roadside dispatch and travel and emergency assistance services
Other benefits	Purchase protection Extended warranty protection	Access to the Bank of America Preferred Rewards® program Museums on Us
Foreign transaction fee	3% of each transaction in U.S. dollars	3%
Credit needed	Excellent, Good	Excellent, Good
	Apply now or Read our review to learn more	Apply Now or Read our review to learn more

When to go with Chase Freedom Unlimited

Here are the top reasons to choose the Chase Freedom Unlimited:

• You want access to the versatile Chase Ultimate Rewards program
• Travel is one of your top expenses
• You don’t care about changing your rewards categories

You use the Chase Ultimate Rewards program

If you haven’t used a Chase credit card, you’re honestly missing out. Most of my credit cards are in the Chase family, and it’s precisely because of its flagship program, Chase Ultimate Rewards.

This rewards program is one of the most versatile you’ll find, with plenty of options from cash back to Amazon purchases. Points earned using a Chase Freedom Unlimited card can be transferred to another Chase card like the Chase Sapphire Preferred^® Card to get a higher value on travel redemptions through Chase Travel.

It can be a smart strategy to eventually have multiple Chase cards if you like the way Chase Ultimate Rewards works and especially if you’re big on travel (I find that redeeming points for flights is so much more satisfying than boring old cash).

Travel is your main goal

When debating between a Chase Freedom Unlimited and Bank of America Customized Cash Rewards card, there’s a solid winner for travel buffs. The Chase Freedom Unlimited outshines the other in this case because you can earn rewards on travel purchase at a higher rate.

With the base being a 5% cash back earning rate on travel purchased through Chase Travel℠, this Chase card can reward you well for your globetrotting and adventures. Travel earns less with Bank of America Customized Cash Rewards — still helpful, just not as much as with the Chase Freedom Unlimited.

Not only can you earn more rewards on travel with this card, but you also receive more robust travel protections than with the Bank of America Customized Cash Rewards card. Travel perks with this Chase card include trip cancellation/interruption insurance, an auto rental collision damage waiver, and travel and emergency assistance services.

If you don’t care about rotating categories

Since the Chase Freedom Unlimited is a card that offers the same rate of rewards year-round (other than during bonus periods), it’s a great card if you expect spending to remain the same year-round. There may be some variation, of course, but if you basically have travel and dining as your top spending categories, you can’t go wrong with this Chase card (versus picking the Bank of America Customized Cash Rewards card if your spending fluctuates month-to-month).

When to go with Bank of America Customized Cash Rewards

You might decide on the Bank of America Customized Cash Rewards card if:

• You spend heavily on gas and EV charging, groceries, or other bonus categories
• Your highest spending category changes from month to month
• You’re a Bank of America Preferred Rewards Member

You spend a lot on gas or groceries

If one of your primary spending categories is within the Bank of America Customized Cash Rewards bonus areas, then this is a great card for you. You can earn 3% cash back on the category of your choice — gas and EV charging stations, online shopping, dining, travel, drug store/pharmacy or home improvement/furnishings (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter).

These are some really useful options. (Hello, online shopping!) Plus, you can earn a flat 2% cash back at grocery stores and wholesale clubs (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter), beating out the typical 1%.

Be aware that there’s a limit to these bonus categories: you earn the bonus rates on up to the first combined $2,500 spent per quarter.

Your highest spending category changes often

Another reason you might want to go with the Bank of America Customized Cash Rewards is because it offers flexibility in your top rewards earning category. With most cards, the earning rate is fixed, or the card issuer dictates when the rate or category changes.

This card is called “customized” for a reason: it lets you decide which of the offered categories you’ll spend more in, and change it from month to month. As an example, if you’re doing a home improvement project, you might select that category for a month or two, but the rest of the year you might switch to gas and EV charging purchases.

I love this because while groceries may be pretty stagnant in terms of cost each month, many of us increase our spending at different times of the year. For us, I spend more on gasoline in November and December for holiday visits and in the summer. But the rest of the year, we hardly ever have to fill up the tank, so earning more wouldn’t be as beneficial then.

You’re a Bank of America Preferred Rewards member

You’ll get more from the Bank of America Customized Cash Rewards card if you’re also banking with Bank of America. You can be part of the Bank of America Preferred Rewards program.

You’ll need to have a Bank of America checking account and a minimum combined three-month average balance (between qualifying Bank of America deposit accounts and Merrill investment accounts) to qualify and boost your rewards by 25% to 75%.

Here’s how the tiers increase your cash back:

• Gold: 25% bonus to your cash back with at least a $20,000 combined average daily balance.
• Platinum: 50% bonus to your cash back if your combined average daily balance between eligible accounts is at least $50,000.
• Platinum Honors: 75% bonus to your cash back if your combined average daily balance between eligible accounts is at least $100,000.

Let’s say you max out your top earning category in a quarter and earn $75 ($2,500 x 0.03 = $75) in cash back. As a Platinum Honors member, your 75% bonus would increase your cashback rate to 5.25%. You would then earn $131.25 ($2,500 x 0.0525 = $131.25) cash back rather than $75.

If you can keep those large balances to qualify for the bonus tiers, you’ll earn a lot more on your purchases with Customized Cash Rewards.

Where both cards excel

In certain features, both the Bank of America Customized Cash Rewards card and the Chase Freedom Unlimited card have similar or equal strengths.

• Welcome offer: Both cards have welcome offers that sweeten the deal and don’t require exorbitant spending to earn them.
• Cash back: How do you like your rewards — as points, miles, or cash back? If you like cash back, you’re in the right place. Both cards offer cashback rewards on eligible purchases, though there’s some variation in earning rates and spending categories.
• No annual fee: The Chase Freedom Unlimited has a $0 annual fee while the Bank of America Customized Cash Rewards also has a $0 annual fee.
• Intro APR on qualifying balance transfers: The Freedom Unlimited offers 0% intro APR on balance transfers for 15 months, then 19.99% - 28.74% Variable APR. The Customized Cash Rewards offers 0% intro APR for 15 billing cycles for any balance transfers made in the first 60 days, then 18.74% - 28.74% Variable APR.
• Intro APR on purchases: You’ll also find introductory APR rates on purchases for both cards. The Freedom Unlimited offers 0% intro APR on purchases for 15 months, then 19.99% - 28.74% Variable APR. The Customized Cash Rewards offers 0% intro APR on purchases for 15 billing cycles, then 18.74% - 28.74% Variable APR.
• Visa network: Both cards use the Visa payments network and are accepted in over 200 countries and territories worldwide, making it easy to use your card almost anywhere credit cards are accepted. But the 3% of each transaction in U.S. dollars foreign transaction fees on the Freedom Unlimited and the 3% foreign transaction fees on the Customized Cash Rewards reduce card usability for travelers. Check out our list of the best travel credit cards for better card options that earn travel rewards.

Which card should you choose?

If you're more interested in stacking up points for travel, the Chase Freedom Unlimited is the clear winner here, in my opinion. Ultimately, your spending habits and financial goals will determine which one is the wiser choice, because both are excellent rewards cards.

You might choose the Chase Freedom Unlimited if:

• You want to earn Chase Ultimate Rewards points and have access to travel redemptions.
• You want additional benefits such as purchase protection and extended warranty protection.
• The spending categories align with your everyday expenses.

You might choose the Bank of America Customized Cash Rewards if:

• You want flexibility on which spending categories offer the highest cash back each quarter.
• You want potential Visa Signature benefits.
• You bank with Bank of America and can take advantage of the Bank of America Preferred Rewards program.

Note that both cards also have 0% intro APR offers that might be useful for qualifying balance transfers or upcoming large purchases, so you’ll want to time opening a new card accordingly, if that is beneficial to you. Visit our page for the best rewards credit cards to see what other top credit card offers are available.

FAQs

Bottom line

Either the Chase Freedom Unlimited or Bank of America Customized Cash Rewards could make sense for earning cash rewards on everyday purchases. But choosing one over the other likely depends on your lifestyle and typical spending habits.

You might prefer Freedom Unlimited if its bonus categories align with your everyday expenses. But if you want more flexibility with how you earn cash back, the Customized Cash Rewards might be a better fit.

Check out our list of the best cashback credit cards to see more top cards and what they have to offer.

Unlimited Cash Back

Chase Freedom Unlimited^®

4.7

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Chase Freedom Unlimited^®

Apply Now

Current Offer

Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel℠, 4.5% on dining and drugstores, and 3% on all other purchases.

Annual Fee

$0

Rewards Rate

6.5% cash back on travel purchased through Chase Travel℠, 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and 3% cash back on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, earn 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and unlimited 1.5% cash back on all other purchases

Benefits and Drawbacks

Benefits

• High base rewards rate of 1.5%
• $0 annual fee
• Valuable welcome bonus for new cardholders
• Intro APR offers for purchases and balance transfers

Drawbacks

• Has a foreign transaction fee of 3% of each transaction in U.S. dollars
• No bonus categories for gas or groceries

Card Details

• INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
• Enjoy 6.5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
• After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
• No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
• Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.99% - 28.74%.
• No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
• Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
• Member FDIC

Choose Your Cashback Category

Bank of America^® Customized Cash Rewards credit card

4.4

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Bank of America^® Customized Cash Rewards credit card

Apply Now

Annual Fee

$0

Benefits and Drawbacks

Benefits

• $0 annual fee
• Enhanced cash back in a popular spending category of your choice
• Long intro APR on purchases and qualifying balance transfers
• You can swap out your highest spending category each month, so you can maximize earnings

Drawbacks

• Quarterly spending caps
• 3% foreign transaction fee
• Must be a Bank of America Preferred Rewards® member for maximized benefits
• Not as many redemption options

Card Details

• $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
• Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
• Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
• If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
• No annual fee and cash rewards don’t expire as long as your account remains open.
• 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.74% - 28.74% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
• Contactless Cards - The security of a chip card, with the convenience of a tap.
• This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.