Bank of America® Customized Cash Rewards Credit Card Review: Maximize Cash Back on Your Chosen Spending
Discover how the Bank of America® Customized Cash Rewards card lets you choose your top 3% cash back category, maximizing rewards on your biggest expenses without an annual fee. Our review dives into its flexible earning potential and valuable bonuses for smart spenders.
| Annual Fee | $0.00 |
| Sign-up Bonus | Earn $200 cash rewards bonus |
| Rewards Rate | 1%-6% Cash Back |
| Intro APR | 0% Intro APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account. After the intro APR offer ends, a Variable APR that's currently 17.49% to 27.49% will apply. |
| Regular APR | Standard APR 17.49% - 27.49% variable |
| Other Fees | 3% of each transaction intro balance transfer fee for the first 60 days your account is open. After the intro balance transfer fee offer ends, the fee for all future balance transfers is 5%. |
Overview
The Bank of America® Customized Cash Rewards credit card stands out with its rare combination of flexibility and value, all for no annual fee. Its main appeal is the ability to earn an impressive 3% cash back in a category of your choice, which you can change once a month to match your spending habits. Popular categories include gas, online shopping, dining, and travel. You'll also earn a solid 2% cash back at grocery stores and wholesale clubs. Better yet, for the first year, that 3% category bonus is doubled to an incredible 6% cash back. To top it off, new cardholders can earn a $200 cash rewards bonus after meeting a reasonable spending requirement, and enjoy a 0% intro APR on purchases and balance transfers for the first 15 billing cycles.
This card is a fantastic choice for budget-savvy consumers who want to maximize cash back without being locked into fixed categories. While there is a $2,500 combined quarterly spending cap on the bonus categories, most households will find this sufficient. The card becomes even more powerful if you're a Bank of America Preferred Rewards member, as you can earn a 25% to 75% bonus on all your cash back, supercharging your earnings. The high regular APR means it's best for those who plan to pay their balance in full each month after the intro period ends.
Overall, the Bank of America® Customized Cash Rewards credit card is an excellent, low-cost option for anyone seeking control over their rewards. Its customizable structure makes it a versatile tool for earning cash back on your biggest expenses, and it's an absolute must-have for existing Bank of America customers who can leverage the Preferred Rewards relationship bonus.
Pros & Cons
What's great
- No annual fee
- Introductory APR period for purchases and balance transfers
- Generous sign-up bonus
- High cashback rewards rate
- Customizable bonus categories for rewards
- Cashback on everyday purchases
Things to consider
- High regular APR
- High balance transfer fees apply
- Spending caps on bonus reward categories
Benefits
A Customizable Rewards Powerhouse
The primary appeal of this card lies in its highly flexible rewards structure, especially for a card with no annual fee. You get to choose where you earn 3% cash back from a list of practical categories that includes gas, online shopping, dining, travel, drug stores, or home improvement. Uniquely, you can change this category once per calendar month to align with your spending plans. The card also earns an automatic 2% cash back at grocery stores and wholesale clubs. For new cardholders, the deal is even sweeter: your 3% choice category is doubled to an exceptional 6% cash back for your entire first year. These bonus rates apply to the first $2,500 in combined spending each quarter.
Earn More with a Bonus and Banking Relationship
New cardholders are greeted with a generous and attainable welcome offer: earn a $200 cash rewards bonus after spending just $1,000 on purchases in the first 90 days. But the real game-changer is for existing Bank of America clients. If you're a Preferred Rewards member, you can earn a 25% to 75% bonus on all the cash back you earn. A top-tier Platinum Honors member, for example, could turn the 3% category into an industry-leading 5.25% cash back year-round. This potential boost makes the card one of the most rewarding options on the market for those who bank with Bank of America.
Beyond rewards, the card offers a lengthy 0% introductory APR for the first 15 billing cycles on both new purchases and balance transfers made within the first 60 days, making it a great tool for financing a large purchase or paying down existing debt. When it's time to cash in, your rewards are simple to redeem for any amount as a statement credit, a direct deposit into an eligible Bank of America or Merrill account, or to pay for purchases at Amazon.com and with PayPal.
Drawbacks
The card's most significant limitation is the quarterly cap on its bonus rewards. You'll earn the elevated cash back rates on only the first $2,500 in combined purchases in your 3% choice category and at grocery stores and wholesale clubs each quarter. Once you hit that threshold, your earnings drop to an unlimited 1% for the remainder of the quarter. This could be a drawback for those with higher household spending who might quickly max out the bonus categories. While the card is strong on its own, its maximum value is reserved for Bank of America Preferred Rewards members, who can receive a bonus of 25% to 75% on their earnings.
Once the generous 0% introductory APR period ends, the card's ongoing variable APR of 17.49% - 27.49% can be quite high, making it a less-than-ideal choice for anyone who anticipates carrying a balance from month to month. Lastly, travelers should take note of the 3% foreign transaction fee mentioned in the card's fee details, which will add an extra charge to every purchase made abroad, making other cards a better choice for international trips.
Decision Guidance
This card is a fantastic choice for hands-on optimizers who want to earn a high rate of cash back in a category they choose, without paying an annual fee. While the quarterly spending cap means it may not suit very high spenders, it’s an absolute must-have for Bank of America Preferred Rewards members who can significantly boost their rewards. If you prefer a simple, flat-rate card and don’t want to manage categories, you should look elsewhere.
Summary
The Bank of America® Customized Cash Rewards credit card is a standout no-annual-fee option that puts you in control, letting you earn 3% cash back in a category you choose and can change monthly to match your spending. While there is a quarterly spending cap on bonus rewards, this card's value becomes nearly unbeatable for existing Bank of America customers who can leverage Preferred Rewards status for a significant earnings boost. It’s an ideal choice for strategic spenders who want a flexible card that adapts to their life.