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: July 28

The basics

Reward Rate:


Category of your choice




Wholesale clubs


All other purchases


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


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


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

Redemption ways


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:


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.

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.

Pair this card 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.

Apply for: Chase Freedom Unlimited Credit Card

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


Credit Score Required


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.

Cashback Example

The 3% and 2% categories have a combined spending cap of $2500 per quarter, so if you met that, you could get anywhere from $50 to $75 back – totaling $200 to $300 each year.

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

Apply now