Freedom Flex Card vs. Bank of America Customized Cash Rewards Card [Detailed Comparison]

Key Takeaways

• The Chase Freedom Flex^® earns 5% cash-back in rotating categories (on up to $1,500 in purchases each quarter) and 3% on dining and drugstore purchases, while the Bank of America^® Customized Cash Rewards Credit Card lets cardholders select a 3% cash-back category each quarter.
• If you’re a BofA Rewards member, you can increase cash-back rewards up to 5.25%, depending on your tier.
• The Freedom Flex card has the edge with flexible, potentially transferable points, and travel and shopping perks.

Earning rewards from credit card purchases is an effective way to accumulate miles and points that can be used to offset, or sometimes fully cover, the cost of travel. However, earning cash-back rewards may be preferred for its simpler earning structure and ease and flexibility of redemption options.

The debate as to which type of rewards are better (miles, points, or cash-back) will go on, but there’s no doubt cash-back is a popular choice. Below we will dive into how 2 popular cash-back cards can earn you a ton of rewards.

The Chase Freedom Flex^® and the Bank of America^® Customized Cash Rewards Credit Card are cards you want to keep ready in your wallet for earning on everyday purchases. The card that might work best for you, however, will depend on a few factors, including your spending mix.

We’ve set out today to compare how these 2 cash-back cards earn rewards, the options you’ll have at redemption time, and the additional benefits you can expect.

Summary

We’ll get down to details shortly but first, let’s glance at a quick comparison of the Freedom Flex card and the Bank of America Customized Cash Rewards card.

Here’s how the cards compare overall.

Welcome Offer Comparison

While a key component of selecting a cash-back card is its rewards-earning structure, you’ll also want to consider its initial welcome offer. The Freedom Flex card and Bank of America Customized Cash Rewards card each have a cash-back welcome offer that can be earned by meeting minimum spending requirements in the months immediately following card approval.

You’ll find the most current welcome offers, and details on how to earn those offers, in the card table overviews below.

Chase Freedom Flex^®

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the ins and outs of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

The Freedom Flex card is an excellent no-annual-fee card that still earns big with 5% cash-back on travel and other bonus categories.

Chase Freedom Flex^®

The Freedom Flex card is an excellent no-annual-fee card that still earns big with 5% cash-back on travel and other bonus categories.

Welcome Offer

Earn a $200 bonus after you spend $500 on purchases in your first 3 months from account opening.

$200

Annual Fee

$0

APR

0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%

Credit Recommended

Upgraded Points credit ranges are a variation of FICO^® Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Good to Excellent

Why We Like This Card

The Chase Freedom Flex^® sure does pack quite a punch — especially for a no-annual-fee card.

The Freedom Flex card is an incredible option for those looking for a well-rounded cash-back card, or a powerful point-earner when paired with a premium card in the Ultimate Rewards family.

Pros & Cons

Pros

• 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%
• Powerful cash-back earner: 5% back on quarterly categories and travel purchases through Chase Ultimate Rewards, 3% back on dining and drugstore purchases, and 1% back on all other purchases
• No annual fee

Cons

• 3% foreign transaction fees in U.S. dollars

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Card Highlights

• Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
• 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
• 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
• 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1% cash back on all other purchases.
• No minimum to redeem for cash back. You can use points to redeem for cash through an account statement credit or an electronic deposit into an eligible Chase account located in the United States.
• 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%.
• No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Flex^® card
• Keep tabs on your credit health - Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
• Member FDIC

Financial Snapshot

• APR: 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%
• Foreign Transaction Fees: None

Rewards Center

Chase Ultimate Rewards

Bank of America^® Business Advantage Customized Cash Rewards credit card

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the ins and outs of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

Earn up to 5.25% cash-back on your chosen purchase category with the Bank of America Business Advantage Customized Cash card.

Bank of America^® Business Advantage Customized Cash Rewards credit card

Earn up to 5.25% cash-back on your chosen purchase category with the Bank of America Business Advantage Customized Cash card.

Welcome Offer

Get a $500 online cash rewards bonus after you make at least $5,000 in purchases in the first 90 days of your account opening.

$500

Annual Fee

$0

APR

0% APR for the first 7 billing cycles, then a variable APR of 16.74% to 26.74% thereafter.

Why We Like This Card

The Bank of America Business Advantage Customized Cash card is a great option for business owners who want a $0 annual fee card that helps them maximize their largest business expenses — especially if they participate in the Bank of America Preferred Rewards for Business program.

Pros & Cons

Pros

• 3% cash-back in the category of your choice: gas stations and EV charging stations, office supply stores, travel, TV/telecom and wireless, computer services or business consulting services
• 2% cash-back on dining
• 1% cash-back on all other purchases

Cons

• 3% and 2% cash-back categories are limited to the first $50,000 in combined purchases each year, then you’ll earn 1%
• Charges a foreign transaction fee

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Card Highlights

• Get a $500 online cash rewards bonus after you make at least $5,000 in purchases in the first 90 days of your account opening.
• Earn 3% cash back in the category of your choice: gas stations and EV charging stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services.
• Earn 2% cash back on dining purchases.
• Earn unlimited 1% cash back on all other purchases.
• You’ll earn 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.

Financial Snapshot

• APR: 0% APR for the first 7 billing cycles, then a variable APR of 16.74% to 26.74% thereafter.
• Foreign Transaction Fees: 

Bottom Line: Both the Freedom Flex card and Bank of America Customized Cash Rewards card come with solid cash-back welcome offers that can be earned by meeting minimum spending requirements in the immediate months after card approval. While these bonuses may be very similar, welcome offers change frequently, so be sure to check for the current bonus and terms before applying. 

Earning Potential Comparison

Before selecting a cash-back card, you’ll want to carefully review the bonus-earning categories for each card to determine which one better matches your spending patterns.

Here’s how the Freedom Flex card and Bank of America Customized Cash Rewards card earn rewards.

Both of our featured cards earn cash-back. However, the bonus-earning structures differ greatly on each card.

Here are some important details you don’t want to miss on how rewards are earned:

Freedom Flex Card

Quarterly Bonus Categories

Each quarter a new set of 5% cash-back bonus categories are announced. Examples of previous quarterly bonus categories have included home improvement stores, Amazon, grocery stores, gas stations, warehouse clubs, PayPal, drugstores, and more. There is a limit of $1,500 in purchases each quarter that will earn 5% back, then 1%. You must activate this bonus-earning feature each quarter.

Bank of America Customized Cash Rewards Card

Choice Category

Choice Categories allow you to select your own bonus-earning category each quarter. Select your preferred 3% cash-back category from these options: gas stations, online shopping, dining, travel, drugstores, or home improvement/furnishings. Your Choice Category can be changed once each month.

There is a limit of $2,500 in purchases each quarter for your 3% Choice Category and 2% bonus-earning category combined.

BofA Rewards

If you’re a BofA Rewards member, you can earn additional cash-back on all your purchases. Those cardholders who have less than or $30,000 in assets across Bank of America and/or Merrill investments qualify for the Member tier, which includes a 10% bonus on credit card rewards. Those with more than $30,000 qualify for the Preferred Plus tier with a 25% bonus, and those with $100,000 or more qualify for Preferred Honors and earn a 50% bonus. To receive a 75% bonus, you must have $1,000,000 or more in assets to be part of the Premier tier.

This translates to the ability to earn 1.1% to 5.25% in cash-back when spending on the Bank of America Customized Cash Rewards card, depending on what BofA Rewards tier you’re in. Here is how much cash-back you would earn depending on your BofA Rewards status:

For those in the Premier tier, earnings are 5.25% instead of 3%, 3.5% instead of 2%, and 1.75% instead of 1%.

Bottom Line: Both the Freedom Flex card and Bank of America Customized Cash Rewards card earn cash-back on select everyday purchases, however, earning structures differ by card. While each card offers flat rate earnings on select categories, the Freedom Flex card offers additional rotating quarterly bonus categories that earn 5% cash-back. The Bank of America Customized Cash Rewards card offers an option to select your own bonus-earning categories, with the ability to earn additional cash-back for BofA Rewards customers. However, both cards have spending caps on their rotating bonus categories. 

Redemption Options

Although both the Freedom Flex card and Bank of America Customized Cash Rewards card are cash-back earning cards, the Freedom Flex card actually earns rewards in the form of points that can be redeemed for cash-back. The Bank of America Customized Cash Rewards card earns cash-back directly.

This is an important difference as it affects how rewards can be redeemed.

Bottom Line: Both the Freedom Flex card and Bank of America Customized Cash Rewards card earn flexible cash-back rewards that can be redeemed via a statement credit or transferred to an eligible bank account. The Freedom Flex card, however, offers the additional redemption options of purchasing travel via the Chase travel portal or transferring points to premium Chase cards such as the Chase Sapphire Reserve^® or Chase Sapphire Preferred^® Card. Once transferred, Chase points offer greater redemption value through the Chase travel portal, Pay Yourself Back, or with one of Chase’s 13 airline or hotel partners like United Airline and World of Hyatt. 

Travel Protection and Benefits Comparison

Travel protections and benefits can save you money and provide protection when your trip is disrupted. Here are the protections and benefits you can expect on our featured cards.

Travel and Emergency Assistance Services

If you need assistance when away from home, you’ll have 24/7 access to help finding medical, transportation, translation, legal services, and more with just 1 phone call. The cardholder is responsible for the actual services received. Both the Freedom Flex card and Bank of America Customized Cash Rewards card come with this service.

Additional Travel Protection and Benefits Specific to Each Card

Freedom Flex Card

• Car Rental Collision Damage Waiver — Use your card to reserve and pay for your entire rental, decline the rental agency’s CDW/LDW coverage, and receive secondary coverage for theft or damage to the rental car. Secondary coverage means that a claim must first be filed with other applicable coverage before card coverage kicks in.
• Trip Cancellation and Trip Interruption — You could receive up to $1,500 per person, up to $6,000 per covered trip, if your trip needs to be canceled or is interrupted for a covered reason. Coverage is applicable for prepaid non-refundable passenger fares.

Bank of America Customized Cash Rewards Card

The Bank of America Customized Cash Rewards card is a Visa Signature card so you’ll find limited related benefits in addition to Bank of America benefits.

• Roadside Dispatch — For a flat rate fee (currently $69.95) you could receive benefits such as limited towing, tire changing, jumpstart service, standard winching, lockout service, and emergency fuel.
• Bank of America Museums on Us — Enjoy free admission to select museums on Museums on Us program weekends.

Shopping Protection and Benefits Comparison

Introductory 0% APR on Purchases

Repaying large purchases without incurring interest rate charges can be a money saver. Fortunately, both the Freedom Flex card and Bank of America Customized Cash Rewards card offer an introductory 0% APR period for purchases.

The Freedom Flex card comes with a 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%.

The Bank of America Customized Cash Rewards card comes with a 0% intro APR for 15 billing cycles for purchases and balance transfers. Variable rate of 17.49% to 27.49% applies thereafter..

Here are some additional shopping protections and benefits you’ll find on the Freedom Flex card:

Additional Shopping Protection and Benefits — Freedom Flex Card

• Purchase Protection — For eligible items purchased with your card, you could receive up to $500 per item, $50,000 per account, for damage or theft for up to 120 days from the date of purchase.
• Extended Warranty — Eligible items purchased with your card that have manufacturer’s warranties of 3 years or less will have the warranty extended by 1 additional year.
• Chase Offers — Login to your online Freedom Flex card account and select cash-back offers for making purchases with participating retailers.
• Shop through Chase — Purchases made via the Chase shopping portal earn extra cash-back.
• DoorDash DashPass — Starting February 1, 2025, new enrollees receive a complimentary 6-month membership.

Fees and Authorized Users

Annual Fee

The Freedom Flex card and Bank of America Customized Cash Rewards card do not charge an annual fee.

Authorized User Fee

Neither card charges a fee to add authorized users

Foreign Transaction Fee

Both the Freedom Flex card and Bank of America Customized Cash Rewards card charge foreign transaction fees of 3% of the total transaction.

Everything Else You Need To Know

Getting Approved

To increase your chances of being approved for either the Freedom Flex card or the Bank of America Customized Cash Rewards card, you’ll need a good to excellent credit score. This translates to a score of at least 670 or above.

Introductory 0% APR Period for Balance Transfers

Each of our featured cards also comes with an introductory 0% APR on purchases and balance transfers. If you have high-interest credit card debt that you’d like to pay off over time without interest charges, you might be able to save money by transferring the balances during the 0% APR period.

The Freedom Flex card offers a 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%.

The Bank of America Customized Cash Rewards card comes with a 0% intro APR for 15 billing cycles for purchases and balance transfers. Variable rate of 17.49% to 27.49% applies thereafter..

Each card charges balance transfer fees, so be sure to consider this cost before completing the transaction.

Final Thoughts

Although the no-annual-fee Freedom Flex card and Bank of America Customized Cash Rewards card each have robust earning structures for everyday spending, the Freedom Flex card has the edge at rewards redemption time with flexible, and potentially transferrable, points. The card also comes with additional travel and shopping benefits.

If you’re a Bank of America customer and qualify for BofA Rewards, however, the elevated rewards may prove more lucrative and provide an incentive to select the Bank of America Customized Cash Rewards card, depending on your asset level with the bank.

Be mindful that there are limits as to how much you can earn each quarter in the 3% and 2% bonus categories on the Bank of America Customized Cash Rewards card whereas the Freedom Flex card does not have a limit on 3% categories, 5% cash-back on Chase travel portal purchases or 2% cash-back on Lyft ride purchases. However, the Freedom Flex does have a $1,500 limit on 5% quarterly bonus category purchases.