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One of the keys to earning as many
How does earning 6% cash back on a specific category every quarter sound? Even better, what about earning as much as 8.25% by leveraging your savings? And what if we told you that you can get that on a card without an annual fee?
- 6% cash back for the first year in the category of your choice: gas and EV charging stations, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy purchase, or home improvement/furnishing purchases, then 3% after the first year of card membership*
- 2% cash back at grocery stores and wholesale clubs*
- 1% cash back on all other purchases
- * You'll earn 6% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
Enter the Bank of America® Customized Cash Rewards credit card — an excellent card with many benefits. Especially when combined with the BofA Rewards™ program, this card can greatly increase your cash-back earnings!
Here's what you need to know about the card and how its earning rates can help you boost your return on spending.
Page Contents
- Basics of the Bank of America Customized Cash Card
- Earning Cash Back With the Bank of America Customized Cash Card
- BofA Rewards Program
- How to Earn Up to 8.25% Cash Back in the Category of Your Choice
- Redeeming Cash Back With the Bank of America Customized Cash Card
- Application Restrictions
- Final Thoughts
Basics of the Bank of America Customized Cash Card
The Bank of America® Customized Cash Rewards credit card provides a sign-up bonus of $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening, plus earn 6% cash back for the first year in the category of your choice.
The card also offers 0% Intro APR for 15 billing cycles for purchases and 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. However, a 17.49% - 27.49% Variable APR on purchases and balance transfers will apply if the balance is not paid off by the end of the period.
And you don't have to worry about annual fees eating into your cash-back earnings. The Bank of America® Customized Cash Rewards credit card charges $0 annual fee.
Related: Bank of America Customized Cash Card Full Review
Earning Cash Back With the Bank of America Customized Cash Card
The Bank of America® Customized Cash Rewards credit card can be a lucrative cash-back card if you leverage its unique spending categories. Here's a breakdown of the card's earning rates:
- 6% cash back for the first year in the category of your choice: gas and EV charging stations, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy purchase, or home improvement/furnishing purchases, then 3% after the first year of card membership*
- 2% cash back at grocery stores and wholesale clubs*
- 1% cash back on all other purchases
- * You'll earn 6% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
You can change your 6%/3% bonus category once per month. To do so, log into your online Bank of America account or open the mobile app. Until you make your first category selection, you'll earn 6% cash back at gas stations and on EV charging.
Related: Best
BofA Rewards Program
The Bank of America® Customized Cash Rewards credit card already offers excellent cash-back earnings for a $0 annual fee credit card. However, the BofA Rewards program can dramatically increase the cash-back rate.
The BofA Rewards program provides several benefits to customers who meet certain deposit and investment thresholds with Bank of America and Merrill, respectively. Most notably, Bank of America boosts the credit card reward earnings for those who achieve status in the program. The more money you have deposited and/or invested with Bank of America, the higher the rewards multiplier will be.
The boost in earnings from the BofA Rewards program applies across a variety of cards in the Bank of America portfolio, including cash-back cards like the Bank of America Customized Cash Card and also fixed-value travel cards like the Bank of America® Travel Rewards credit card.
The BofA Rewards tier levels are based on a combined average three-month balance between Bank of America and Merrill accounts. Here are the four levels with the reward multiplier applied to your normal credit card earning rates:
| Tier | Minimum combined balance (3-month average) | Earning bonus |
|---|---|---|
| Member | No minimum balance | 10% |
| Preferred Plus | $30,000 | 25% |
| Preferred Honors | $100,000 | 50% |
| Premier | $1,000,000 | 75% |
How to Earn Up to 8.25% Cash Back in the Category of Your Choice
Put together, you can earn a whopping 8.25 cash back in the category of your choice in your first year after opening the card. Premier members earn 5.25% on choice-category purchases from the standard 3% rate (3% × 1.75), then receive the separate 3% first-year bonus, for a total of 8.25%.
Note that BofA Rewards bonus applies to the card's standard earning rates, but not to the additional 3% first-year bonus.
Here's a full breakdown of what the Bank of America® Customized Cash Rewards credit card will net based on your tier:
| Membership Tier | Selected category (first year) | Selected category (after first year) | Grocery/warehouse spending | Other purchases |
|---|---|---|---|---|
| None | 6% | 3% | 2% | 1% |
| Member (10% bonus) | 6.3% | 3.3% | 2.2% | 1.1% |
| Preferred Plus (25% bonus) | 6.75% | 3.75% | 2.5% | 1.25% |
| Preferred Honors (50% bonus) | 7.5% | 4.5% | 3% | 1.5% |
| Premier (75% bonus) | 8.25% | 5.25% | 3.5% | 1.75% |
To hammer the point home, holding a minimum three-month average of $1 million in Bank of America/Merrill accounts will yield you a maximum of 8.25% cash back in the category of your choice, 3.5% at grocery stores and wholesale clubs, and 1.75% on everything else — all for a $0 annual fee card.
Remember, after the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum, so the maximum earnings drop to 5.25% on your chosen category. That's still an incredible earning rate!
Redeeming Cash Back With the Bank of America Customized Cash Card
The Bank of America® Customized Cash Rewards credit card is a cash-back card, so it has limited redemption options for your rewards. Here are the ways you can receive your cash-back earnings:
- Redeem as a statement credit at any time in any amount.
- Redeem for a deposit at any time or amount to a Bank of America checking or savings account or an eligible Merrill account.
- Redeem for a check in the mail or a contribution to a qualifying 529 account with Merrill. The minimum amount to redeem using this option is $25.
- Pay for eligible purchases when you shop at Amazon.com or check out with PayPal.
- Set up automatic redemptions into an eligible Bank of America or Merrill account. The minimum amount to redeem using this option is $25.
Related: How To Redeem Cash Back From Bank of America Credit Cards
Application Restrictions
There are application rules specific to the Bank of America® Customized Cash Rewards credit card, and also applicable to Bank of America credit cards in general. The terms for the Bank of America® Customized Cash Rewards credit card state:
“This card may not be available to you if you currently have or have had the card in the preceding 24-month period.”
If you have this card right now or have had it in the past 24 months, you may not be eligible for the card at present. Also, Bank of America has a 2/3/4 rule which limits potential new cardholders to the following:
- Two new cards in a 2-month period.
- Three new cards in a 12-month period.
- Four new cards in a 24-month period.
These numbers are specific to Bank of America's own credit cards. Also, Bank of America has another set of credit card application rules related to how many credit cards you've opened recently. These rules apply to cards from all banks that are visible on your credit report — not just Bank of America-issued ones:
- If you have accounts with Bank of America: Your application will be denied if you've opened seven new cards in the past 12 months.
- If you don't have accounts with Bank of America: Your application will be denied if you've opened three new cards in the past 12 months.
Related: Understanding Credit Card Application Rules and Restrictions
Final Thoughts
If you want a great way to increase your cash-back earnings — especially in certain categories — don't sleep on the Bank of America® Customized Cash Rewards credit card. In combination with the BofA Rewards program, this card provides great cash-back options for specific categories and everyday spending!
- 6% cash back for the first year in the category of your choice: gas and EV charging stations, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy purchase, or home improvement/furnishing purchases, then 3% after the first year of card membership*
- 2% cash back at grocery stores and wholesale clubs*
- 1% cash back on all other purchases
- * You'll earn 6% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
