By Sarah Chen
Published ยท Updated
Quick Summary
The Bank of Americaยฎ Customized Cash Rewards card lets you pick your own 3% cash-back category from options like gas, online shopping, dining, travel, drugstores, or home improvement. This flexibility, combined with 2% at grocery stores and 1% on everything else, allows you to tailor rewards to your spending habits. For Bank of America Preferred Rewards members, the bonus can increase to 5.25% in your chosen category.
Score Breakdown
What We Like
- โ Choose your own 3% bonus category
- โ Preferred Rewards can boost to 5.25%
- โ 2% at grocery stores
- โ No annual fee
- โ Flexible category selection
What Could Improve
- โ $2,500 quarterly cap on bonus categories
- โ 3% foreign transaction fee
- โ Best value requires Bank of America banking relationship
Features
Choose a 3% bonus category that you can change monthly. Categories include gas, online shopping, dining, travel, drugstores, and home improvement/furnishings. Earn 2% at grocery stores and wholesale clubs (on first $2,500/quarter). Bank of America Preferred Rewards members earn 25-75% bonus on all cashback, boosting the 3% category to up to 5.25%.
Pricing
No annual fee. Online $200 cash rewards bonus after spending $1,000 in the first 90 days. 0% intro APR for 15 billing cycles on purchases and balance transfers. Regular APR of 19.24%-29.24% variable. Balance transfer fee of 3% or $10 minimum.
Usability
The Bank of America app clearly shows your chosen category and spending progress. Changing your bonus category is simple through the app or website. The Preferred Rewards integration is seamless for existing Bank of America customers. Cashback can be redeemed into any Bank of America or Merrill account.
Key Specifications
| Annual Fee | $0 |
| Cash Back Rate | 1% - 3% (up to 5.25% with Preferred) |
| Sign-Up Bonus | $200 |
| Intro APR | 0% for 15 billing cycles |
| Regular APR | 19.24% - 29.24% |
| Foreign Transaction Fee | 3% |
| Credit Score Needed | Good to Excellent |
Final Verdict
The Bank of America Customized Cash card is ideal for Bank of America customers, especially Preferred Rewards members who can boost rewards significantly. The ability to choose your 3% category provides valuable flexibility. However, without the banking relationship, other cards in this list offer better flat-rate returns.
Run the calculator before choosing a card
Use the foreign transaction fee calculator before travel, the balance transfer break-even calculator before moving debt, and the annual fee calculator before keeping or downgrading a card.