Share on X
Share on Facebook
Share on Pinterest
Share on Whatsapp
Share on FlipboardBank of America Customized Cash Rewards Card Review
Armed with customized cash rewards, you can save big on everyday purchases / If you already bank with Bank of America, you are going to want to check this card out
Bank of America® Customized Cash Rewards
1% - 3%
Category of your choice
3%
Grocery
2%
Wholesale clubs
2%
All other purchases
1%
Fees and APR
Other features
$200
Redeem your cash rewards for any amount, anytime for statement credits, deposits made directly into a Bank of America® checking or savings account, or for credit to an eligible account with Merrill. Redemptions for a contribution to a qualifying 529 account with Merrill or for a check start at $25.
Our Verdict
Best Suited for:
Pantry stockers 
| Pros | Cons |
|---|---|
 No annual fee |  Spending caps on bonus rewards |
| New cardholder bonus | Complicated rewards |
| Bonus categories | Requires good/excellent credit |
| Intro APR period | Best rewards limited to certain customers |
| Relationship rewards for customers |
Comparing Bank of America Customized Cash Rewards with similar cards
Bank of America® Customized Cash Rewards
Wells Fargo Active Cash®
Citi® Custom CashSM
Beyond the basics
| Balance transfer intro APR | 0% APR for 15 months on transfers made within 60 days following account opening |
| Cash advance APR | 17.99%-27.99%, based on your creditworthiness |
| Foreign transaction fees | 3% of the U.S. dollar amount for each transaction |
| Late payment fee | up to $40 |
| Penalty APR | 29.99% |
| Credit score required | 700+ |
Other offers
$0 Fraud liability guaranteeYou are never held responsible for unauthorized purchases on your account. Potential fraud is automatically blocked.
Contactless paymentsAdd your card to your Digital Wallet or tap to pay anywhere you see the contactless symbol for a quicker and safer checkout.
Overdraft protectionLink your Bank of America bank account to help prevent declined purchases, returned checks, and other overdrafts.-
Online bankingAccess your account from anywhere with online and mobile banking.
Account alertsStay on top of balances and due dates by customizing your account notifications that get sent via text or email.
Free access to your FICO scoreYour FICO score gets updated monthly so you can stay on top of your credit.
What we like about this card
Flexible cash back
Earn 3% cash back in a chosen category (gas, online shopping, dining, travel, drug stores, or home improvement/furnishings) and 2% cash back at grocery stores and wholesale clubs (up to certain limits) along with 1% on all other purchases.
Welcome bonus
Offers a welcome bonus of $200 after spending $1,000 within the initial three months of card membership (terms may vary, check current offers).
No annual fee
This card doesn't charge an annual fee, making it a cost-effective option for earning rewards.
0% Intro APR
Provides an introductory period with 0% APR for 15 months on purchases and balance transfers (terms apply, check current offers).
Drawbacks and considerations
Category limitations
While the 3% and 2% cash back rates are attractive, they're capped at a certain spending limit in the chosen category and at grocery stores/wholesale clubs, after which the rate drops.
Complexity in optimization
Choosing the 3% category might require regular assessment and adjustment based on evolving spending patterns.
Balance transfer fees
There is a 3% fee on balance transfers made to the card
Credit requirements
Approval may depend on a good to excellent credit score which can inhibit some individuals from being approved.
How to decide if this card is right for you
Consider your spending habits
To find out if the Bank of America Customized Cash Card is right for your wallet, consider your spending habits first. The 3% cash back in a chosen category and 2% at grocery stores and wholesale clubs are appealing but come with spending limits. Not to mention the 3% cash back is useless if it’s offered in categories you don’t frequent. To that end, evaluate your comfort in managing and adjusting the chosen 3% category regularly.
Evaluate your credit score
The lack of an annual fee and a potential welcome bonus can enhance the value of this card for some, however approval typically favors good to excellent credit scores which is something to keep in mind.
Found a perfect pair
Pair your Bank of America Customized Cash Rewards with Chase Freedom Unlimited
To get even more benefits, we recommend pairing this card with Chase Freedom Unlimited. It has no annual fee and offers extra bonus categories with flat cash rewards. You can also earn 5% cash back on all travel purchased through the Chase Travel Portal. Use the BoA Customized Cash Rewards on everyday purchases in your favorite category, and swap with Chase Freedom Unlimited if it offers higher cash back on a different category.
Methodology
Credello’s credit card reviews aim to provide readers with clear and unbiased information to help them choose the right credit card that aligns with their financial goals and needs. Our methodology emphasizes transparency, disclosure of any potential biases, and regular updates to ensure the information remains relevant and accurate for readers.The methodology used to review the best Wells Fargo Credit Cards relied on a number of factors, with the most prominent of those being:
- Assess the interest rates charged on outstanding balances.
- Evaluate the cost of owning the credit card, including any annual fees.
- Examine rewards programs, cashback offers, travel perks, and other cardholder benefits.
- Analyze introductory APR, balance transfer offers, and sign-up bonuses.
- Consider the card’s credit limit and its suitability for different financial needs.
- Review late fees, foreign transaction fees, and other charges.
- Determine the credit score needed to qualify for the card.
- Research the quality and accessibility of customer support.
- Assess security measures such as fraud protection and chip technology.
The product information provided here is based on research conducted up to a specific date and may have changed. For the latest and most accurate information, we recommend you to visit the respective card’s website before proceeding.
FAQs
To change the category for your Bank of America Customized Cash card, log in to your Bank of America online account or access the mobile app. Navigate to the rewards section, where you should find an option to modify or update your chosen category. Follow the prompts or instructions provided to select a new category that better suits your current spending preferences.
The Bank of America Customized Cash card’s approval process typically considers various factors beyond just credit scores. While it generally requires a good to excellent credit score for approval, eligibility also depends on other financial aspects such as income, existing debts, and overall creditworthiness. For individuals meeting Bank of America’s criteria, obtaining this card might be straightforward, but approval outcomes can vary based on individual circumstances.
The time it takes to redeem cash rewards from Bank of America can vary. In many cases, once you initiate the redemption process through the Bank of America online portal or mobile app, the cash rewards can be applied as a statement credit to your account promptly. However, specific processing times for redemption may differ based on the method of redemption chosen and the Bank of America Rewards program terms at the time of redemption.
Check out popular cash back cards
American Express Blue Cash Preferred®
Card summary
Discover it® Cash Back
Card summary
Chase Freedom Unlimited®
Card summary
At a Glance 
In this article