Last updated on September 6th, 2023
Bank of America has made major changes to its Customized Cash Rewards cards. The new change, which takes effect immediately, includes the addition of new 3% cash back categories, including select utilities, streaming, and electric vehicle (EV) charging. Here’s everything you need to know about the newly refreshed Bank of America® Customized Cash Rewards Credit Cards:
Customized Cash Rewards Cards Get Even More Rewarding
The Bank of America® Customized Cash Rewards Credit Card just got even more rewarding. The bank announced last week that its Customized Cash Rewards Visa credit cards now offer more ways for cardholders to earn cash back in a category of their choice, with the expansion of two of its most popular 3% cash back categories: gas and online shopping purchases.
Cardholders earn 3% cash back rewards in a category of their choice, plus 2% back at grocery stores and wholesale clubs (up to $2,500 in spending when combining the selected 3% category and grocery store/wholesale club purchases each quarter). All other purchases with the card earn 1% back with no cap on the total number of rewards earned. The 3% category can be switched once per month.
These are the current categories that cardholders can choose and earn 3% cash back from:
|Dining||Drug stores||Gas||EV charging stations|
|Home improvement||Online shopping||Travel||Cable|
|Internet plans||Phone plans||Select streaming services|
Maximize Rewards & Customize Your Cash Back
Bank of America says it saw a 44% growth in EV charging transactions during the year’s first half. Additionally, the bank says 65% of active Customized Cash Rewards cardholders have used their card to pay for cable, internet, streaming, and phone plans in the past year – more than 70% of this spending includes recurring charges.
This data inspired the bank to improve those bonus categories – especially so as inflation continues to hit the wallets of American families.
“We are constantly looking for ways to enhance our products to align with our clients’ needs and have observed growing demand for electric vehicle charging and streaming services,” said Jason Gaughan, Head of Consumer Credit Card Products at Bank of America. “We’re thrilled to introduce these new additions to our Customized Cash Rewards product and to offer our clients more ways to maximize rewards based on their own personal spending habits.”
Which Bank of America Cards are Eligible?
The changes apply to consumer and small business versions of the Customized Cash credit cards, including co-branded offerings from major university alumni associations. Here are some of the cards eligible for the 3% cash back upgrade:
Keep in mind that this list is not exhaustive. Bank of America issues co-branded alumni credit cards with dozens of colleges and universities.
Earn Even More with Preferred Rewards
As usual, select Bank of America banking customers can earn even more with their Bank of America credit cards. Preferred Rewards® members earn 25% to 75% more cash back on every Customized Cash Rewards card purchase – depending on their rewards tier – meaning 3% back in your selected choice category could increase up to 5.25% cash back.
Related Article: The Ultimate Guide to Credit Cards for Groceries & Delivery Services