Unique 3% cash-back categories for flexible spending

Bank of America® Customized Cash Rewards credit card: Highlights

Card type: Cash Back, 0% APR, Balance Transfer

• Welcome Bonus: $200 after spending $1,000 in the first 90 days after account opening
• Annual Fee: $0
• Rewards: 3% cash back in a chosen category, 2% cash back at grocery stores and wholesale clubs, 1% on all other purchases. 3% and 2% spending capped at $2,500 per quarter.

Overview

The Bank of America Customized Cash Rewards credit card is a unique cash-back option, with customizable categories offering 2% to 3% cash back. Every cardholder can choose their preferred 3% cash-back category from the following options:

• Gas and EV charging stations
• Online shopping (including cable, internet, phone, and streaming services)
• Dining
• Travel
• Drug stores and pharmacies
• Home improvement and furnishings

Even better, your customized cash-back category can be changed once a month for enhanced flexibility. But if you are a set-it-and-forget-it type of person you might find the fact that you have to choose your 3% category just another item on your to-do list.

On top of the 3% cash-back option, this card earns 2% cash back at grocery stores and wholesale clubs. Each quarter, a cardholder can earn 2% and 3% cash back on these categories for up to $2,500 in combined spending. After that, all purchases earn 1% cash back.

The Bank of America Customized Cash Rewards card gets really interesting for Bank of America Preferred Rewards members. This is a rewards program for those with at least $20,000 in Bank of America deposit accounts and/or Merrill investment accounts. BofA Preferred Rewards members get a bonus on their credit card rewards of 25% up to a whopping 75%.

Gold tier members, who have a 3-month combined average daily balance of $20k to $50k, get a 25% boost. Platinum tier members, with a $50k to $100k average daily balance, get a 50% boost, and Platinum Honors and Diamond tier members, who have an average daily balance of over $100k, get a 75% bonus on rewards.

That works out to 3.75% up to 5.25% earnings instead of just 3% on the card’s customizable category, and 2.5% to 3.5% on the grocery store and wholesale club category. The possibility of earning over 5% cash back on a category of your choosing is pretty exciting.

On the other hand, for categories that usually earn 1%, Band of America Preferred Rewards members would earn just 1.25% to 1.75%, which isn’t that noteworthy.

Who is the Bank of America Customized Cash Rewards card good for?

The Bank of America Customized Cash Rewards card is especially good for Bank of America Preferred Rewards members. The potential to earn up to 5.25% back on purchases with a no-annual-fee card is a definite win. On top of that, this card could be a good option for someone who spends a lot (but not too much since there’s a spending cap) in the card’s 3% category options.

Who shouldn’t get the Bank of America Customized Cash Rewards card? 

Anyone who is looking for premium credit card perks or a transferable currency for travel redemptions should look elsewhere. Additionally, if your top spending categories lie outside of this card’s 3% category, the Bank of America Customized Cash Rewards card may not be the best option for you as there are other no-annual-fee cards that offer 1.5% to 2% back on all purchases without worrying about categories and spending maximums.

Bank of America Customized Cash Rewards card: How to earn Rewards 

The Bank of America Customized Cash Rewards card earns rewards at the following rates:

• Earn a welcome cash bonus of $200 after spending $1,000 on purchases in the first 90 days from account opening
• 3% cash back on customizable categories like travel, dining, or online shopping on up to $2,500 in combined purchases every quarter (the spending maximum includes the 2% grocery category, too)
• 2% cash back at grocery stores and wholesale clubs on up to $2,500 in combined purchases (including the 3% category) each quarter
• 1% cash back on all other purchases
• Bank of America Preferred Rewards members can earn a 25% to 75% bonus on rewards

How to redeem Bank of America® Customized Cash Rewards credit card rewards

Statement credits

Cash-back rewards can be redeemed at any time, in any amount, as a statement credit.

Account deposits

Cash-back rewards can be redeemed at any time, in any amount, for a deposit into a Bank of America checking or savings account or an eligible Merrill investment account. Automatic deposits into eligible accounts can be set up with a minimum of $25 in rewards.

529 account deposits

Rewards can be converted into a contribution to an eligible Merrill 529 account with a $25 minimum.

Check

Cash-back rewards can be redeemed for a check with a $25 minimum.

Rates and fees

• Intro APR: 0% APR for 15 billing cycles
• Purchase APR: 18.24%–28.24% variable
• Balance transfer fee: 3%
• Annual fee: $0
• Foreign transaction fee: 3%

Additional benefits

• Contactless pay: Enjoy more security and convenience with the tap-to-pay feature on this chip-enabled card. 
• Free monthly FICO score: Opt into this feature to receive your FICO score from TransUnion each month for free.
• Fraud protection: Enjoy peace of mind with a $0 liability guarantee for fraudulent transactions.

Credit cards similar to the Bank of America Customized Cash Rewards card

The Bank of America Customized Cash Rewards card is an intriguing option for someone looking to earn cash-back rewards without an annual fee. However, there are other cards out there that have similar benefits and earning structures that should be considered.

Citi Custom Cash® Card vs. Bank of America Customized Cash Rewards card

The Citi Custom Cash card is similar to the Bank of America Customized Cash Rewards card because they are both no-annual-fee cards offering cash back in customizable categories. The rewards categories for the Citi Custom Cash card include restaurants, gas stations, grocery stores, select travel, select transit, select streaming services, drugstores, home improvement stores, fitness clubs, and live entertainment. Some may prefer the Citi Custom Cash card since it offers 5% cash back, up to $500 in spending each billing cycle, automatically on the category you spend the most in. As your spending adjusts each month, your 5% rewards category will adjust accordingly. 

While the Bank of America Customized Cash Rewards card offers a lower cash-back rate of 3% on its customizable category, the spending threshold is higher at $2,500 per quarter, and it comes with online spending as a category, which isn’t included on the Citi Custom Cash card.

Chase Freedom Flex℠ vs. Bank of America Customized Cash Rewards card

The Chase Freedom Flex℠ card is another popular option for earning cash-back rewards on a no-annual-fee card. While its earning rate is higher at 5%, the categories rotate quarterly and aren’t customizable as they are on the Bank of America Customized Cash Rewards card. Not only that, but the spending maximum is lower on the Freedom Flex card at $1,500 per quarter, and the bonus categories must be manually activated. Additionally, the Freedom Flex card earns an unlimited 3% cash back at drugstores and on dining purchases.

The Freedom Flex card has some perks that make it a more well-rounded card overall than the Bank of America Customized Cash Rewards card. The cash back earned on the Freedom Flex card is rewarded as Ultimate Rewards points, which can be combined with points earned on some of Chase’s premium cards. This opens up access to all of Chase’s hotel and airline transfer partners, thus increasing the potential value of those points.
Not only that, but the Freedom Flex card comes with perks not often found on cards without annual fees, including purchase protection, extended warranty protection, trip interruption and cancellation insurance, car rental insurance, and even cell phone protection.

Is the Bank of America Customized Cash Rewards card right for you?

If you are a Bank of America Preferred Rewards member, the Bank of America Customized Cash Rewards card is a no-brainer. Getting that 25% to 75% boost on rewards makes this card a smart choice for earning cash back.

The Bank of America Customized Cash Rewards card could make sense for those who aren’t part of the Preferred Rewards program, too. If your top spending categories line up with the 3% bonus categories, this card could be a solid choice. However, if you want to have just one single card in your wallet, you’ll most likely be better off with a card that earns 2% cash back on every single purchase.

Frequently asked questions

What credit score is needed for the Bank of America Customized Cash Rewards card?

There isn’t a published official minimum credit score needed to be approved for the Bank of America Customized Cash Rewards card. Instead, your overall credit history, ability to pay, and the information provided in your application are taken into consideration.

What is the credit limit for the Bank of America Customized Cash Rewards card?

The credit limit on your Bank of America Customized Cash Rewards card will vary based on a number of factors. Your credit score, credit history, income, debt-to-income ratio, and limits on your other credit cards will affect your credit limit.

Is the Bank of America Customized Cash Rewards card a good card?

Whether or not the Bank of America Customized Cash Rewards card is a good card is subjective, but overall, it’s a solid option for someone who wants to earn cash-back rewards with no annual fee and doesn’t care about premium perks and benefits. 

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Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.

Fortune Recommends™ 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.