Bank 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

Written by : Updated On: December 8
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The basics

Reward Rate:

Groceries

Category of your choice

3%
Groceries

Grocery

2%
Groceries

Wholesale clubs

2%
Groceries

All other purchases

1%

Earn 3% cash back in the category of your choice, between the following:

  • Gas
  • Online shopping
  • Dining
  • Travel
  • Drug stores
  • Home improvement/furnishings

 

Earn 2% cash back at grocery stores and wholesale clubs

Earn 1% cash back on all other purchases

3% and 2% cash back has a spending cap of $2500 on combined purchases per quarter. After that, earn 1% back.

Preferred rewards members get even more savings and opportunities. To qualify, you need an average daily balance of at least $20,000 in your Bank of America deposit accounts or Merrill Investment accounts, as well as a Bank of America checking account.

Key Features:

Annual Fee

$0

Intro APR

0% intro APR for 15 months on purchases or balance transfers made within 60 days after account opening

Regular APR

17.99%-27.99% Variable APR

Signup Bonus

signup-bonus

$200 bonus after $1,000 purchase within first 90 days following account opening

Redemption ways

signup-bonus

Statement credits, deposits into a Bank of America checking or saving account, credit to an eligible account with Merrill

Our Verdict

This card is an excellent option for those who want some flexibility on where they get the most back. Relative to other cards on the market, the spending cap of $2500 for 3% and 2% back is decent.

If you have over $20,000 in Bank of America or Merrill investment accounts you can get even more back on purchases, as well as receive a variety of other options. This is enticing for Bank of America bankers who want a card with no annual fee. The only major downside is that there is a foreign transaction fee, but we are not surprised given it is a Bank of America Card.

Best Suited for:

Group-11597-2

Pantry stockers

You are not happy unless you have a kitchen full of food. You are the designated grocery person in your household, and you are good at it. But what you really like is getting cash back for spending in this category.

ProsCons
No annual feeSpending caps on bonus rewards
New cardholder bonusComplicated rewards
Bonus categoriesRequires good/excellent credit
Intro APR periodBest rewards limited to certain customers
Relationship rewards for customers

Hidden perks

This card shines in its customizability and benefits to those who bank with Bank of America. If you are looking for a card that offers a variety of security protections, no annual fee, and great rates, then this is the card for you.

Comparing Bank of America Customized Cash Rewards with a similar card

Bank of America® Customized Cash Rewards

Reward rate1% - 3%
Reward details3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases. You€™ll earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%.
Intro Bonus:$200 Annual fee$0
Regular APR17.49% - 27.49%

Citi® Custom CashSM

Reward rate1% - 5%
Reward detailsEarn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter, 1% cash back on all other purchases.
Intro Bonus:$200 Annual fee$0
Regular APR18.24% - 28.24%

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

3% of the U.S. dollar amount for each transaction

Late Payment fee

up to $40

Penalty APR

29.99%

Credit Score Required

700+

What we like about this card

1. 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.

2. 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).

3. No Annual Fee

This card doesn’t charge an annual fee, making it a cost-effective option for earning rewards.

4. 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

1. 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.

2. Complexity in Optimization

Choosing the 3% category might require regular assessment and adjustment based on evolving spending patterns.

3. Balance Transfer Fees

There is a 3% fee on balance transfers made to the card

4. Credit Requirements

Approval may depend on a good to excellent credit score which can inhibit some individuals from being approved.

Other Offers

You are never held responsible for unauthorized purchases on your account. Potential fraud is automatically blocked.

Add your card to your Digital Wallet or tap to pay anywhere you see the contactless symbol for a quicker and safer checkout.

Link your Bank of America bank account to help prevent declined purchases, returned checks, and other overdrafts.

Access your account from anywhere with online and mobile banking.

Stay on top of balances and due dates by customizing your account notifications that get sent via text or email.

Your FICO score gets updated monthly so you can stay on top of your credit.

How to decide if this card is right for you?

1. 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.

2. 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.

 

Pair this card with:

Chase Freedom Unlimited

citi-Premier

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.

Apply now: Chase Freedom Unlimited 

Apply now Explore more credit cards

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.