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The Bank of America® Customized Cash Rewards credit card is a solid option for individuals looking for a cash-back credit card with decent earning rates. That's especially true if the 3% and 2% earning categories match your spending patterns.
Bank of America Customized Cash Card has no annual fee with the ability to boost your earnings, based on your account balances with Bank of America. However, beyond the earning rates and an introductory cash-back offer, the card doesn't offer too much else in terms of benefits.
Is this card the right pick for you? Let's take a detailed look at its features to find out.
- 3% cash back 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*
- 2% cash back at grocery stores and wholesale clubs*
- 1% cash back on all other purchases
Page Contents
- Bank of America Customized Cash Card Pros
- Bank of America Customized Cash Card Cons
- Bank of America Customized Cash Card Welcome Offer
- Bank of America Customized Cash Card Benefits
- Bank of America Customized Cash Card Earning Rates
- Redeeming Cash Back With the Bank of America Customized Cash Card
- Application Restrictions
- Cards That Compete With the Bank of America Customized Cash Card
- Final Thoughts
Bank of America Customized Cash Card Pros
- $0 annual fee.
- Choose a bonus-earning category that aligns with your spending.
- Offers an introductory APR offer can help you finance large purchases.
- Has a sign-up bonus.
Bank of America Customized Cash Card Cons
- 3% and 2% cash back categories have a combined limit; Only the first $2,500 spent each quarter will earn cashback at the bonus rate.
- Bonus categories won't align with all spending and don't change automatically to match your purchases.
Bank of America Customized Cash Card Welcome Offer
New applicants for the Bank of America Customized Cash Card can earn a $200 online cash bonus after you make at least $1,000 in purchases in the first 90 days of account opening. That amounts to a 20% return on spending during the introductory period.
New applicants also can also take advantage of a 0% Intro APR offer — detailed below.
Related: The Best Cash Back Credit Card Offers for Every Budget
Bank of America Customized Cash Card Benefits
Aside from the solid cash-back earning categories, the card comes with other benefits that cardholders may find useful.
Introductory APR offer
Credit card interest can make a single purchase much more expensive if you cannot pay it off in full. However, with the Bank of America Customized Cash Card, you will have an 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. After the intro period, a variable rate of 18.24% - 28.24% applies. You'll pay balance transfer fees of 3% for 60 days from account opening, then 4% to take advantage of the intro APR offer.
This card perk is great for making a big purchase and breaking up the payments over time. Remember, however, that you will pay interest if you don't finish paying off your purchases by the end of the introductory period.
$0 annual fee
Perhaps the best perk of the Bank of America Customized Cash Card is that you don't have to pay an annual fee to carry it. Therefore, you can earn cash back without having an annual fee cut into your rewards.
Bank of America Customized Cash Card Earning Rates
The spending categories for the Bank of America Customized Cash Card are unique, because you can customize them to your spending habits. You will earn rewards as follows:
- 3% cash back 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.*
- 2% cash back at grocery stores and wholesale clubs.*
- 1% cash back on all other purchases.
* You'll earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%.
You can change your 3% category once per month, and you can easily do this in the Bank of America app or on the website. This could be particularly helpful if you have significant purchases coming up, such as travel or spending money to improve your home. Until you choose a category for the first time, the default setting is gas and EV charging stations.
Full details on which merchants qualify for each category can be found on Bank of America's website (which we are forbidden to link to, so check the Google search results found here).
Boost your earnings through Bank of America Preferred Rewards
If you have banking and investing assets that you could move to Bank of America, these accounts can increase your earning rates on the Bank of America Customized Cash Card, thanks to the Bank of America Preferred Rewards program.
The program is divided into multiple categories, based on a three-month combined average daily balance between Bank of America and Merrill accounts. The tiers are as follows, including the bonus earnings applied to your credit card earning rates:
- Gold tier ($20,000 to $50,000): 25% bonus
- Platinum tier ($50,000 to $100,000): 50% bonus
- Platinum Honors tier ($100,000 to $1 million) and higher tiers: 75% bonus
If you fall into one of the above categories, you can earn even more cash back when you use the Bank of America Customized Cash Card. If you have at least $100,000 in combined assets, you'll earn a 75% bonus. That means you can earn up to 5.25% cash back in the category of your choice!
The Preferred Rewards program also applies to other cards in the Bank of America portfolio, like the Bank of America® Travel Rewards credit card, giving you plenty of options when considering a new card.
Redeeming Cash Back With the Bank of America Customized Cash Card
Since the Bank of America Customized Cash Card is only a cash-back card, the card has limited redemption options for your rewards. However, there are several different ways you can collect your cash back earnings:
- Redeem as a statement credit at any time in any amount.
- Redeem for a deposit at any time, in any amount, to a Bank of America checking or savings account or to an eligible Merrill account.
- If you want a check in the mail or a contribution to a qualifying 529 account with Merrill, you must redeem your rewards for at least $25.
- You can also set up automatic redemptions into an eligible Bank of America or Merrill account, starting at $25.
- Finally, you could apply your earned cashback to eligible purchases when you shop at Amazon or check out with PayPal.
If you don't need your cash-back rewards to help offset everyday expenses, you may consider investing that money in your Merrill account. This allows you to use your credit card rewards to invest for your future.
Application Restrictions
There are specific application rules for this card, in addition to rules that apply to Bank of America credit cards in general. The terms for the Bank of America Customized Cash 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.”
Therefore, if you have this card or earned a bonus on it in the past 24 months, you likely aren't eligible for the bonus at the moment. Moreover, Bank of America has a 2/3/4 rule which limits new applicants to the following:
- Two new cards per two-month period.
- Three new cards per rolling 12-month period.
- Four new cards per rolling 24-month period.
These numbers are specific to Bank of America's own credit cards. The issuer has another set of credit card application rules related to how many credit cards you've opened recently, which applies to cards from all banks that are visible on your credit report:
- If you have accounts with Bank of America: Your application will be denied if you've opened seven new cards from any bank 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 from any bank in the past 12 months.
Related: Understanding Rewards Credit Card Application Rules and Restrictions
Cards That Compete With the Bank of America Customized Cash Card
If the Bank of America Customized Cash Card isn't your speed, there are plenty of other cards to consider, such as:
- If you want a Bank of America card with higher earnings on everyday purchases, consider the Bank of America® Unlimited Cash Rewards credit card. Earn unlimited 1.5% cash back on all purchases with a $0 annual fee. Plus, if you qualify for Preferred Rewards, you could earn as much as 2.625% cash back on all spending. More details are in our Bank of America Unlimited Cash Card review.
- If you want a card with a simple earning rate for all purchases, the Citi Double Cash® Card is one of our favorite options for cash back. You'll earn 2% cash back on all purchases, received as 1% when you buy plus 1% as you pay. That's on top of a $0 annual fee for the card year after year. Check out our Citi Double Cash review for more information.
- If you want the ability to earn up to 5% cash back on bonus categories, the U.S. Bank Cash+® Visa Signature® Card offers 5% on your first $2,000 in eligible net purchases each quarter on the two categories you choose, 5% on prepaid air, hotel and car reservations booked directly in the Rewards Travel Center, 2% on one everyday category (like gas or groceries), and 1% on all other eligible net purchases. You can learn more about U.S. Bank Cash+ Visa 5% categories here.
- Earn unlimited 1.5% cash back on all purchases
- 5% cash back on your first $2,000 in eligible net purchases each quarter on the two categories you choose
- 5% cash back on prepaid air, hotel and car reservations booked directly in the Rewards Travel Center
- 2% cash back on one everyday category (like gas or groceries)
- 1% cash back on all other eligible net purchases
Related: Best Credit Cards for Everyday Purchases
Final Thoughts
The Bank of America Customized Cash Card is an excellent pick for someone wanting a cash-back card that can flexibly adjust to shifting spending habits. Significant earnings are possible with the bonus categories as long as you understand how they work and note their quarterly limits. If the thresholds and bonus categories work for you, this could be a great addition to your wallet. And if you have a qualifying account with Bank of America, the Preferred Rewards program could boost your rewards to the max.
- 3% cash back 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*
- 2% cash back at grocery stores and wholesale clubs*
- 1% cash back on all other purchases
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