Bank Of America Customized Cash Rewards Credit Card Review 2024

• Introducing the Bank of America Customized Cash Rewards Card
• Bank of America Customized Cash Rewards Credit Card Quick Facts
• What Is the Bank of America Customized Cash Rewards Best For?
• Bank of America Customized Cash Rewards Credit Card Rewards
• Introductory Rates
• Other Bank of America Customized Cash Rewards Credit Card Benefits
• Fine Print
• How To Maximize Bank of America Customized Cash Rewards
• How the Bank of America Customized Cash Rewards Credit Card Stacks Up
• Is the Bank of America Customized Cash Rewards Credit Card for You?
• Methodology
• Frequently Asked Questions (FAQs)

A card that might appeal to those interested in cash-back rewards, the Bank of America® Customized Cash Rewards credit card offers no complex points system or luxurious travel perks. Though the cash-back system has its limitations, this simplicity makes it an option worth looking at for those who don’t need many extras.

Though the card leaves some features to be desired, the welcome bonus and decent everyday cash-back rewards make this both a solid starter rewards card and a mediocre card for those experienced with the rewards game.

• $0 annual fee
• 3% cash back in the eligible category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases
• $200 online cash rewards bonus after spending $1,000 in purchases in the first 90 days of account opening
• 0% introductory APR for 15 billing cycles for purchases and balance transfers, 19.24% - 29.24% variable APR applies thereafter. Intro rate applies for any balance transfers made in the first 60 days; balance transfer fee of 3% applies to each transfer during this period, then 4%
• Preferred Rewards members can earn 25% to 75% more cash back on purchases

The Bank of America® Customized Cash Rewards credit card is best for individuals who appreciate flexible cash-back options tailored to their spending habits. This card stands out with its unique feature that allows cardholders to choose their top cash-back category from a list that includes gas, online shopping, phone plans and streaming, dining, travel, drug stores or home improvement/furnishings, catering to a wide range of consumer preferences. It’s particularly beneficial for those who have focused spending in these categories and enjoy the freedom to shift their bonus category periodically to align with changing spending patterns.

Additionally, this card is a strong match for Bank of America customers who qualify for Preferred Rewards, as they can receive a 25% to 75% rewards bonus, significantly boosting cash-back earnings. With no annual fee and an introductory APR offer, it’s a solid choice for budget-conscious consumers seeking flexibility without extra costs.

Earning Rewards

With 3% cash back in the eligible category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases, earning rewards with the Bank of America® Customized Cash Rewards credit card provides decent earning options.

The 3% cash-back category options are fairly broad. The selectable categories include gas, online shopping, dining, travel and drug stores or both home improvement and furnishings. Your choice can be changed from month-to-month online or via the mobile app.

One nice touch of the select-your-category offering: Bank of America offers a decent variety of selectable categories. It defaults to gas, but a cardholder may also choose among online shopping, dining, travel, drug stores and home improvement and furnishings.

Bank of America Preferred Rewards members can earn 25% to 75% bonus points on all purchases. Note that you’ll need $20,000 in combined assets for a 25% bump, $50,000 for a 50% bump and $100,000 for a 75% bump.

There’s also a first-year welcome bonus: Earn $200 online cash rewards bonus after spending $1,000 in purchases in the first 90 days of account opening.

Redeeming Rewards

Redeeming rewards with the Bank of America® Customized Cash Rewards credit card is straightforward and easy. You can select how you’d like to receive your rewards:

• As a statement credit of any amount
• As a direct deposit into an eligible Bank of America account
• As a credit to an eligible account with Merrill of any amount
• As a check, with minimum redemption of $25
• As a contribution to a 529 account with Merrill, with minimum redemption of $25

You may also set up automatic redemptions to either a Bank of America or a Merrill account, given that those redemptions are worth at least $25. No other redemption methods qualify for automation.

If you forget to redeem your rewards, no problem: They don’t expire as long as your account is open.

Rewards Potential

To determine the rewards potential of the Bank of America® Customized Cash Rewards credit card we look at the bonus categories and calculate what an average U.S. household spends in those areas. Forbes Advisor uses data from various government agencies to determine baseline income and spending averages across various categories. The 70th percentile of wage-earning households bring in $118,438 each year and have $39,337 in annual expenses that can reasonably be charged to credit cards. We base spending on those numbers.

Bank of America® Customized Cash Rewards credit card Rewards Potential
Category	Earning Rate	Estimated Annual Spend	Estimated Annual Earnings
Bonus category spend	3%	$10,000	$300.00
All other purchases	1%	$29,337	$293.37
			Total: $593.37

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This card offers a 0% introductory APR for 15 billing cycles for purchases and balance transfers, 19.24% - 29.24% variable APR applies thereafter. Intro rate applies for any balance transfers made in the first 60 days; balance transfer fee of 3% applies to each transfer during this period, then 4%.

• $0 liability guarantee. Cardholders aren’t responsible for unauthorized transactions.
• Overdraft protection. The card can be used as an overdraft protection for a Bank of America checking account.
• FICO Score. After opting-in, cardholders receive a monthly free update of their FICO Score online or via mobile app.
• Account alerts. Configurable alerts via email, text and mobile app to remind cardholders when statements become due or are paid.
• Digital wallet technology. This card may be used with Apple Pay, Google Pay or Samsung Pay.

Interest Rates

• Regular APR: 19.24% - 29.24% Variable APR on purchases and balance transfers
• Purchase intro APR: 0% Intro APR for 15 billing cycles for purchases
• Balance transfer intro APR: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Fees

• Annual fee: $0
• Balance transfer fee: 3% for 60 days from account opening, then 4%
• Foreign purchase transaction fee: 3%

To maximize the benefits of the Bank of America® Customized Cash Rewards credit card, it’s crucial to strategically select and regularly update your preferred 3% cash-back category based on your highest spending areas. This adaptability is key, especially for cardholders whose spending patterns vary throughout the year.

To take full advantage of the card’s offerings, also utilize the 2% cash back at grocery stores and wholesale clubs, and remember to capitalize on the introductory APR offer for planned large purchases or balance transfers. Regularly monitoring your spending and adjusting your chosen cash-back category accordingly ensures that you continually earn maximum rewards in alignment with your current spending patterns.

Bank of America® Customized Cash Rewards credit card vs. Chase Freedom Flex℠

The Chase Freedom Flex℠ is a tough competitor for the Bank of America® Customized Cash Rewards credit card when you compare the benefits. The Flex earns 5% cash back on up to $1,500 in combined purchases in categories that rotate quarterly (requires activation), 5% cash back on travel purchased through Chase Travel℠, 3% cash back on dining and drugstores and 1% cash back on all other purchases.

The Chase Freedom Flex℠ also offers a more versatile welcome bonus, making it a more appealing option than the Customized Cash Rewards card. However, Preferred Rewards members who qualify for the earnings rate bump will likely fare better with the Bank of America® Customized Cash Rewards credit card.

Bank of America® Customized Cash Rewards credit card vs. Wells Fargo Active Cash® Card

When it comes to earning flat-rate cash back, the Wells Fargo Active Cash® Card is difficult to beat with a rewards rate of 2% cash rewards on purchases. Although the Bank of America® Customized Cash Rewards credit card will earn higher rewards in some circumstances, that rate is capped. For most spenders it is unlikely that would result in more overall rewards than the Active Cash.

Another idea is to pair these two cards to squeeze the most value out of your spending.

Bank of America® Customized Cash Rewards credit card vs. Citi Custom Cash® Card

The Citi Custom Cash® Card also works well as a companion card. The no annual fee card earns 5% cash back on purchases in a top eligible spend category up to the first $500 spent each billing cycle, 4% cash back on hotels, car rentals, and attractions booked on Citi Travel℠ portal through 6/30/2025 and 1% cash back on all other purchases. Other benefits include a 0% introductory APR for 15 months from date of account opening on purchases and from date of first transfer for balance transfers completed within 4 months of account opening. After that, the variable APR will be 19.24% - 29.24%, based on creditworthiness. There is also a balance transfer fee of 5% of each balance transfer; $5 minimum and a welcome bonus of $200 in cash back after spending $1,500 on purchases in the first 6 months of account opening. The bonus points come in the form of 20,000 ThankYou® Points that can be redeemed for $200 cash back.

You can pool rewards on the Custom Cash with other ThankYou Points-earning cards where you may be able to redeem them for even greater value. This may net greater rewards for you and since your highest spending category will automatically earn 5%, it’s easier than having to opt-in to which category you want.

But the Bank of America® Customized Cash Rewards credit card provides more flexibility in choosing a spending category and earning rewards. Ultimately you’ll have to decide which option is more appealing and more rewarding for your spending habits.

Finding the balance between every user’s ideal credit card and every credit card offer’s ideal user can be tricky. While the card’s limits put a damper on its ability to compare well to competitors, its flexibility in category reward earning might be a promising feature for some. For those interested in carrying multiple credit cards, this card could make an excellent additional card.

For Bank of America or Merrill users, this card provides plenty of added convenience and features that augment the banking experience. But for those who aren’t already Bank of America or Merrill users, or don’t want to become Bank of America or Merrill users,for the added benefits, there might be better cards out there.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:

• Annual fee
• Other fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points or miles
• Included travel or merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors come together to provide a star rating for each individual card.

Read more: How Forbes Advisor rates credit cards.