| Last updated on September 11th, 2023
Bank of America® Customized Cash Rewards Credit Card
Bank of America® Customized Cash Rewards Credit Card
- 18.24% to 28.24% variable based on creditworthiness and Prime Rate Regular Purchase APR
- 18.24% to 28.24% variable based on creditworthiness and Prime Rate Balance Transfer APR
- 21.24% to 30.24% variable based on the Prime Rate Cash Advance APR
- 0% for 18 billing cycles from account opening date Intro Purchase APR
At a Glance
The Bank of America® Cash Rewards Credit Card boasts impressively flexible cash rewards on purchases in the category of your choice, on top of cash back for groceries and other everyday purchases. This card also offers an attractive introductory APR for purchases and balance transfers, making it a great all-around rewards card for those with dynamic purchase habits.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 3% cash back on the category of your choice: gas, EV charging, phone, internet, and cable plans, select streaming, online shopping, dining, travel, drug stores, or home improvement
- Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
- 1% on all other purchases
- Introductory 0% APR for the first 15 billing cycles from the date you open your account
- Free FICO® Score reports updated monthly so you can monitor your credit score
- Intro Purchase APR: 0% for 18 billing cycles from account opening date
- Regular Purchase APR: 18.24% to 28.24% variable based on creditworthiness and Prime Rate
- Intro Balance Transfer APR: 0% for 18 billing cycles on transfers made within 60 days from account opening date
- Balance Transfer APR: 18.24% to 28.24% variable based on creditworthiness and Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
- Cash Advance APR: 21.24% to 30.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater.
- Penalty APR: Up to 29.99% variable based on creditworthiness and the Prime Rate
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- You want the flexibility to choose your cash back category from month to month
- You're looking for a generous rewards credit card with no annual fee
- You plan to take advantage of the long introductory APR period with a significant purchase or balance transfer
- You have a Bank of America checking or savings account and qualify for a Preferred Rewards membership
Bank of America® Cash Rewards Credit Card Review
With the Bank of America® Customized Cash Rewards Credit Card, the world of rewards is your oyster. While many rewards cards lock you into a particular category for earning cash back, this card puts the choice in your hands.
Earning Rewards with the Customized Cash Card
What sets the Customized Cash Card apart from many competitors is the ability to select the category where you earn your best rewards. During each billing cycle, you’ll earn 3% cash back on purchases in your chosen category, with the option to select a new category for future purchases once a month. Simply log into your online banking account or mobile app and choose from any of the following options:
|Dining||Drug stores||Gas||EV charging stations|
|Home improvement||Online shopping||Travel||Cable|
|Internet plans||Phone plans||Select streaming services|
Cardholders also earn 2% at grocery stores and wholesale clubs and 1% cash back on all other purchases. Rewards with the Bank of America® Customized Cash Rewards Card never expire. While these double-tier bonus categories are great, they are limited.
Bank of America caps your cash back earnings at $2,500 per quarter on the combined 3% and 2% categories. After that, you can earn 1% cash back on purchases. So, while you’ll want to reach that threshold to maximize your rewards, it may be beneficial to space out your purchases or look for an alternative cash back credit card to use when you’ve reached this limit.
Which “Choose Your Own” Cash Back Card Is Right for You?
So, how does the elevated 3% and 2% cash back with the Customized Cash Card compare with another popular cash back card – the Citi Custom Cash℠ Card?
Customized Cash Rewards
Custom Cash℠ Card
|Issuer||Bank of America||Citi|
|Bonus rewards||Earn 3% on purchases on your eligible spending category of choice each billing cycle up to $2,500 in combined spending||Earn 5% on purchases on your highest eligible spend category each billing cycle up to $500 spent|
|Eligible categories||Gas and EV charging stations, cable, select streaming services, dining, drugstores, internet, cable, and phone plans, travel, home improvement, online shopping||Dining, fitness clubs, groceries, drugstores, gas, home improvement, streaming, live entertainment, tarvel|
|Other rewards||Earn 3% on purchases on grocery stores and wholesale clubs each billing cycle up to $2,500 in combined spending, plus 1% back on all other purchases||Earn unlimited 1% cash back on all other purchases|
|Intro APR||0% for 18 months on purchases and transfers||0% for 15 months on purchases and transfers|
How to Redeem Rewards
Redeeming cash back rewards with the Customized Cash Card is simple. Cash rewards apply towards several redemption options, including statement credits to the card account or another Bank of America account, a check with a minimum redemption of $25, a credit to an eligible Merrill account, or a contribution to a 529 account with Merrill, with a minimum redemption of $25.
0% Introductory APR and No Annual Fee
There is no annual fee or membership fee with the card. Another great feature of the Bank of America® Cash Rewards Credit Card is that it offers an above-average 0% introductory APR for the first 18 months after opening an account. This lengthy period includes purchases balance transfers for the first 60 days, so don’t wait to take advantage. Afterward, you can anticipate a variable APR based on your creditworthiness and the Prime Rate.
Additional Savings with Preferred Rewards
If you want to max out your cash back rewards, you must qualify for a Bank of America Preferred Rewards membership. As a Preferred Rewards member, you can unlock 25% to 75% cash back on your purchases. In other words, you could earn up to 5.25% on the category you choose and 3.5% on groceries. Your 1% cash back could also get bumped up to 1.75%.
Eligibility for a Preferred Rewards membership is divided into three tiers. Note that the level you qualify for depends on your combined Bank of America and Merrill investment account balances, which can change over time. You can find more information on the program on the bank’s website.
Other Card Features
Other noteworthy features of the Customized Cash Rewards Credit Card from Bank of America include the typical slate of protections you expect from a Visa credit card. This means you can anticipate the following basic protections:
|Zero Fraud Liability||Cardholder Inquiry Services||Emergency Card Replacement|
|Roadside Dispatch and Auto Collision Damage Waiver||Lost/Stolen Card Reporting||ID Navigator from Norton|
Beyond the Visa benefits, cardholders also enjoy a monthly update of their FICO Score, free of charge. Additionally, the card enjoys EMV chip and digital wallet technology, ensuring seamless integration with Apple Pay, Google Pay, Samsung Pay, and apps like PayPal. Finally, you’ll enjoy configurable account alerts, overdraft protection, and other benefits through Bank of America.
Bank of America Ratings
How does Bank of America stack up as a credit card issuer? Here is a selection of expert and consumer ratings for Bank of America:
Should You Apply for the Bank of America® Customized Cash Rewards Credit Card?
Overall, this is a very low-maintenance card that can easily fit into the rotation of most wallets. The lack of an annual fee and the option to choose your 3% cash back rewards category make this a great catch-all card for the more niche reward categories of drug stores, home improvement, and home furnishings.
If you’re already a part of the Bank of America ecosystem, this is a worthwhile
credit card option for those with good to excellent credit and Preferred Rewards status. Alternately, students with strong credit who want to start earning rewards like these can look to its sister card, the Bank of America® Cash Rewards Credit Card for Students.
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