Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. 

Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. Compensation and in-depth editorial research, determines where & how companies appear below. 

Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. 

Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. Compensation and in-depth editorial research, determines where & how companies appear below. 

Bank of America® Customized Cash Rewards Credit Card Review

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Bank of America® Customized Cash Rewards Credit Card Review

With the Bank of America® Cash Rewards credit card, earn 3% cash back in the category of your choice, 2% at grocery stores, and 1% on all other purchases.

Bank of America® Customized Cash Rewards Credit Card Review

Bank of America® Customized Cash Rewards Credit Card Review

Learn More

With the Bank of America® Cash Rewards credit card, earn 3% cash back in the category of your choice, 2% at grocery stores, and 1% on all other purchases.

Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

Introduction

Choosing the right credit card is a crucial financial decision, one that can impact your wallet and credit score for years to come. Among the myriad of options available, the Bank of America® Customized Cash Rewards credit card stands out for its flexibility and the value it offers its cardholders. This card is not just another piece of plastic; it’s a financial tool tailored to fit the varied lifestyles and spending habits of consumers. Whether you’re looking to maximize cash back on groceries, gas, or dining, this card adjusts to your preferences, making it a compelling choice for savvy spenders. In this comprehensive review, we’ll delve into the details of what makes the Bank of America® Customized Cash Rewards credit card a standout option. From its customizable rewards structure to its array of benefits, we’ll cover everything you need to know to determine if it’s the right choice for your wallet.

Welcome Bonus

One of the most enticing features of any credit card offer is the welcome bonus, and the Bank of America® Customized Cash Rewards credit card doesn’t disappoint. New cardholders are greeted with a highly attractive offer that kicks off their cash-back earning journey on a high note. Upon approval, you have the opportunity to earn a cash bonus after meeting a modest spending requirement within the first few months of account opening.

  • Welcome Bonus Offer: $200 cash rewards bonus
  • Spending Requirement: Spend $1,000 in purchases within the first 90 days of account opening

This straightforward and achievable welcome bonus is perfect for those looking to get rewarded without the need to overspend. Whether you’re planning a big purchase or simply want to maximize your earnings on everyday spending, this welcome bonus adds significant value to the card. It’s an excellent kickstarter for your savings, allowing you to enjoy a generous cash back on top of your regular earnings.

Earning Rewards

The Bank of America® Customized Cash Rewards credit card takes a unique approach to earning rewards, offering flexibility and choice that cater to your individual spending habits. Unlike many other cards that have a fixed rewards structure, this card allows you to tailor your cash back categories to fit your lifestyle, making it possible to maximize your rewards across the board. Here’s how you can earn rewards with this versatile credit card:

  • Customizable Cash Back: Earn 3% cash back in the category of your choice from a list that includes gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. This allows you to adjust your earning potential based on your current spending patterns.
  • Grocery and Wholesale Club Rewards: In addition to your chosen category, you’ll earn 2% cash back at grocery stores and wholesale clubs. This is ideal for families or individuals who find themselves regularly stocking up on food and household goods.
  • Unlimited 1% Cash Back: For all other purchases outside of your chosen 3% and 2% categories, you’ll earn an unlimited 1% cash back. This ensures that every purchase made with the card contributes to your rewards.
  • Quarterly Cap on Higher Earnings Rates: It’s important to note that the 3% and 2% cash back rates apply on up to $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, after which you’ll earn 1% cash back.

This dynamic rewards system is designed to put you in control, allowing you to adapt your earning strategy as your spending habits change. Whether you’re planning a home renovation project and want to earn extra on home improvement stores, or you’re a frequent online shopper looking to get more back on your digital purchases, the Bank of America® Customized Cash Rewards credit card offers the flexibility to make the most out of your spending.

Redeeming Rewards

The Bank of America® Customized Cash Rewards credit card not only allows you to earn cash back on your terms but also provides you with flexible options for redeeming your rewards. This versatility ensures that you can use your cash rewards in a way that best suits your financial goals and needs. Here’s how you can redeem the rewards earned with this card:

  • Cash Back: One of the simplest and most popular ways to redeem your rewards is as a statement credit toward your credit card balance. This effectively reduces your card balance by the amount of cash back you redeem, providing a straightforward way to save money on your expenditures.
  • Direct Deposit: If you’re a Bank of America checking or savings account holder, you can opt to have your cash rewards deposited directly into your account. This option provides an easy way to boost your savings or checking account balance without any additional effort.
  • Contributions to Merrill Accounts: For those who are investing with Merrill, you can choose to have your cash rewards deposited directly into your Merrill 529, IRA, or Cash Management Account. This is a great option for cardholders looking to invest their rewards for future growth.
  • Gift Cards: Another flexible redemption option is to convert your cash rewards into gift cards from a variety of retailers. This can be a great way to stretch your rewards further during sales or promotions at your favorite stores.
  • Minimum Redemption Amount: It’s important to note that cash rewards can be redeemed for any amount at any time and do not expire as long as your account remains open and in good standing.

The redemption process for the Bank of America® Customized Cash Rewards credit card is designed to be user-friendly, allowing you to easily access and utilize your rewards. Whether you prefer to reduce your balance, boost your savings, invest for the future, or treat yourself with gift cards, the flexibility of this card ensures you can make the most of your cash back.

Perks and Benefits

The Bank of America® Customized Cash Rewards credit card goes beyond rewarding you for your purchases; it comes packed with a suite of perks and benefits designed to enhance your cardholder experience and offer additional value. Here’s a closer look at the complementary features that make this card not just a tool for earning cash back, but also a partner in financial well-being and convenience.

  • No Annual Fee: One of the most immediate benefits is that this card comes with no annual fee, ensuring that every bit of cash back you earn is yours to keep, enhancing the overall value of the rewards program.
  • 0% Introductory APR: New cardholders can benefit from a 0% introductory APR on purchases and balance transfers for a specified period after opening the account. This is ideal for making larger purchases or transferring balances from other high-interest cards and paying them off over time without accruing additional interest.
  • Bank of America Preferred Rewards: If you’re a Bank of America Preferred Rewards member, you could increase your cash back earning rate significantly. Depending on your membership tier, you could see a 25% to 75% rewards bonus on every purchase, making the earning potential with this card even more attractive.
  • Free FICO Score Access: Keeping track of your credit score is crucial for financial health, and this card offers free monthly access to your FICO Score through the Bank of America Online Banking platform, ensuring you stay informed about your credit standing.
  • Overdraft Protection: For Bank of America checking account customers, the card can be linked for overdraft protection, helping to prevent declined transactions, returned checks, or other overdrafts, though transfer fees may apply.
  • Digital Wallet Compatibility: For added convenience, the Customized Cash Rewards credit card is compatible with popular digital wallets. This allows for secure and quick transactions through your smartphone or wearable device, making shopping, dining, and traveling easier than ever.
  • Security Features: Cardholders benefit from robust security features like $0 Liability Guarantee for fraudulent transactions, ensuring peace of mind. Plus, the card comes equipped with chip technology for additional security and global acceptance.

These carefully curated perks and benefits are designed to create a comprehensive cardholder experience that transcends mere transactions. Whether it’s saving on interest with the introductory APR offer, enhancing your rewards through the Preferred Rewards program, or enjoying the convenience and security features, the Bank of America® Customized Cash Rewards credit card offers a compelling package for a wide range of consumers.

Pros and Cons

Pros:

  • Flexible Cash Back Categories: One of the main advantages is the ability to earn 3% cash back in a category of your choice, from options like gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, along with 2% at grocery stores and wholesale clubs (on up to $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then 1%).
  • No Annual Fee: This card comes without an annual fee, making it easier to maximize the benefits without worrying about offsetting a yearly cost.
  • Introductory APR Offer: New cardholders enjoy a 0% Intro APR for a specified period on purchases and balance transfers, providing an excellent opportunity for those looking to make a large purchase or transfer balances from other high-interest cards.
  • Bank of America Preferred Rewards Program: Members of the Bank of America Preferred Rewards program can earn an even higher cash back rate, making this card exceptionally rewarding for those with qualifying Bank of America accounts.
  • Welcome Bonus: The card offers an enticing welcome bonus, allowing new users to earn a cash rewards bonus after meeting a minimum spending requirement in the first few months.

Cons:

  • Quarterly Cap on Higher Earning Rates: The 3% and 2% cash back rates apply only on up to $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, after which the rate drops to 1%. This cap could limit the benefits for big spenders.
  • Changing Categories: While the ability to choose your own category for higher earning is a plus, needing to manually switch your category might be seen as a hassle by some users.
  • Limited Appeal for Non-Bank of America Customers: While the card offers fantastic benefits for Bank of America customers, especially those enrolled in their Preferred Rewards program, its appeal might be somewhat limited for non-customers or those not interested in joining the program.
  • Foreign Transaction Fees: The card incurs foreign transaction fees, making it less attractive for frequent international travelers.
  • Rewards Structure Complexity: The tiered rewards structure and the requirement to choose categories might be complicated for users looking for a simpler, more straightforward rewards card.

Overall, the Bank of America® Customized Cash Rewards credit card is a flexible and potentially lucrative option for individuals who spend consistently in the card’s chosen categories and can benefit from its unique features, especially Bank of America customers. However, those looking for simplicity in rewards or who spend significantly beyond the quarterly cap might find a different card more suited to their needs.

Comparison to Other Cards

The credit card market is filled with options catering to different consumer needs, from cash back and travel rewards to low APR and balance transfer cards. When it comes to evaluating the Bank of America® Customized Cash Rewards credit card, it’s helpful to compare it against other leading cash back cards to understand its standing in the market. Let’s take a closer look at how this card stacks up against some of its competitors.

Chase Freedom Flex℠:

  • The Chase Freedom Flex℠ offers a rotating cash back program, where cardholders can earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter they activate. It also provides 5% on travel purchased through Chase, 3% on dining and drugstores, and 1% on all other purchases.
  • Comparison: While the Chase Freedom Flex℠ offers higher cash back in rotating categories, the Bank of America® Customized Cash Rewards card offers the flexibility to choose your own 3% cash back category, which may be more appealing for those who prefer consistency in their bonus categories.

Citi® Double Cash Card:

  • The Citi® Double Cash Card features a simple cash back structure, offering 2% on every purchase: 1% when you buy plus an additional 1% as you pay for those purchases.
  • Comparison: The Citi® Double Cash Card provides a strong value proposition for those seeking simplicity and a solid return on all purchases without having to think about categories. However, the Customized Cash Rewards card might be more beneficial for those who spend heavily in specific categories and can use the flexibility to maximize their rewards.

Discover it® Cash Back:

  • Similar to Chase Freedom Flex℠, Discover it® Cash Back offers 5% cash back in various categories each quarter (up to the quarterly maximum, when you sign up) and 1% on all other purchases. Categories rotate quarterly and have included gas stations, grocery stores, restaurants, and Amazon.com.
  • Comparison: Discover’s offering might appeal to those who maximize their spending in the rotating categories. However, Bank of America® Customized Cash Rewards card allows for more predictability with its choose-your-own 3% cash back category, which can be especially valuable if your spending is consistent in one area.

What Sets the Bank of America® Customized Cash Rewards Credit Card Apart:

  • The flexibility to choose your own 3% cash back category monthly is a unique feature that sets it apart from cards with fixed or rotating categories.
  • The addition of a 2% cash back option on grocery stores and wholesale clubs, on top of the chosen category, provides an extra layer of earning potential.
  • For Bank of America customers, especially those enrolled in the Preferred Rewards program, the potential rewards increase significantly, turning it into one of the most rewarding cash back cards for loyal Bank of America customers.

In conclusion, the Bank of America® Customized Cash Rewards credit card offers significant value for those who prefer the flexibility to tailor their rewards based on their spending. While other cards may offer higher rates in certain categories, the customization option and the benefits for Bank of America customers make it a standout choice for many.

Conclusion

The Bank of America® Customized Cash Rewards credit card represents a valuable offering in the crowded space of cash back credit cards. Its standout feature, allowing cardholders to choose their own 3% cash back category, sets it apart in terms of flexibility and personalization. This makes it an excellent choice for consumers with specific spending habits, looking to maximize rewards in areas where they spend the most. Additionally, the lack of an annual fee and the welcome bonus further enhance its appeal, making it an attractive option for both new and seasoned credit card users. While the card shines in its rewards program and benefits for Bank of America customers, it’s important for potential cardholders to consider the quarterly cap on higher earning rates and the manual category selection which might require a bit more engagement compared to more straightforward cards. The card’s limitations, such as the foreign transaction fees, might also make it less suitable for certain users, particularly those who travel internationally on a regular basis.

Can I change my 3% cash back category for the Bank of America® Customized Cash Rewards credit card? Yes, you can change your 3% cash back category once each calendar month through your online account or by contacting customer service. This flexibility allows you to adjust your earning potential based on your changing spending habits.

Is there a limit to how much cash back I can earn with this card? Yes, the 3% and 2% cash back rates apply on up to $2,500 in combined choice category/grocery store/wholesale club purchases each quarter. After reaching this cap, you will earn 1% cash back on all purchases.

Does the welcome bonus expire? Yes, to qualify for the welcome bonus, you must meet the spending requirement within the first 90 days of account opening. It’s a one-time offer available to new cardholders.

Are there any annual fees associated with the Bank of America® Customized Cash Rewards credit card? No, there is no annual fee for this card, allowing you to enjoy the rewards and benefits without worrying about an annual cost.

Can I use this card for international transactions? Yes, you can use the Bank of America® Customized Cash Rewards credit card for international transactions. However, be aware that foreign transaction fees apply, so it’s important to consider this cost when using the card abroad.

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