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Bank of America® Customized Cash Rewards credit card Review: Flexibility to Earn Big Rewards

Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

The Bank of America® Customized Cash Rewards credit card is no slacker in credit card bonuses, featuring high cash back rates in several spending categories and a great sign-up bonus. Cardholders coveting gas rewards may be best suited for this card. Further, if you have any banking or investment accounts with Bank of America, you can raise those cash back rates even higher. But is this card the right one for you? Find out in our Bank of America® Customized Cash Rewards credit card review.

  • Includes a big bonus in the no-annual fee category and a flexible cash rewards program that enables you to earn premium cash back in a category of your choice.

    • Competitive sign-up bonus
    • Bonus cash back in a category of your choice
    • No annual fee
    • Foreign transaction fee
    • Limit on bonus cash back
    • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
    • Earn 3% cash back in the category of your choice, automatic 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.
    • If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase. That means you could earn up to 5.25% cash back on purchases in your choice category.
    • No annual fee and no expiration on rewards.
    • Contactless Cards - The security of a chip card, with the convenience of a tap.
    • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Full Bank of America Customized Cash Rewards review

This credit card is a good fit for: Cardholders who want control over where they earn bonus cash back. Bank of America banking and investment clients can unlock higher cash back rates through its Preferred Rewards program.

Top perks

Up to 3% cash back

You’ll earn the following cash back rates with the card:

  • 3% in your choice of one of six popular spending categories (gas, online shopping, dining, travel, drug stores, or home improvement/furnishings)
  • 2% at grocery stores and wholesale clubs
  • 1% on other spending

The 2% and 3% cash back rates are for your first $2,500 in spending combined at grocery stores, wholesale clubs, and in your choice category each quarter.

If cash back is at the top of your credit card must-haves list, take a look at our picks for the best cash back credit cards to see other options.

$200 intro bonus

To get this bonus, you must spend $1,000 within the first 90 days. Considering how much you’ll make for a very small minimum spending requirement, this card has one of the best sign-up bonuses among cash back cards.

No annual fee

Like quite a few of the other cash back cards, this is a no annual fee credit card.

Bonus cash back for Bank of America customers

What makes Bank of America different from other card issuers is the special bonuses it offers for clients who also have banking or investment accounts.

Here’s how it works: If you meet combined balance minimums in any bank accounts with Bank of America and investment accounts with Merrill, you’ll qualify for even larger bonuses through the Preferred Rewards program. The tiers to that program are:

  • Gold -- $20,000 combined balance minimum, 25% bonus
  • Platinum -- $50,000 combined balance minimum, 50% bonus
  • Platinum honors -- $100,000 combined balance minimum, 75% bonus

You can see how each bonus would affect your cash-back rates in the table below.

Alternatives to consider

  • If you want rotating bonus categories: The Discover it® Cash Back offers new bonus categories that you activate every quarter where you'll earn 5% back, up to a $1,500 quarterly spending maximum. Discover doesn't stop the bonus cash back there, either, as it also matches all the cash back that you earn in your first year for new cardholders using this card.
  • If you want a high cash back rate on your spending: You won't find a better option than the Citi® Double Cash Card – 18 month BT offer, which earns 2% back on purchases. That's paid out in a unique fashion, 1% back when you make a purchase and the other 1% when you pay the bill on time.
As of Jun. 29, 2022
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Bank of America® Customized Cash Rewards credit card Discover it® Cash Back Citi® Double Cash Card – 18 month BT offer
Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees

Credit Rating Requirement:

Good/Excellent (670-850) Info Icon Circle with letter I in it.

Credit Rating Requirement:

Good/Excellent (670-850) Info Icon Circle with letter I in it.

Credit Rating Requirement:

Good/Excellent (670-850) Info Icon Circle with letter I in it.

Welcome Offer: Info Icon Circle with letter I in it.

$200 cash rewards

Welcome Offer: Info Icon Circle with letter I in it.

Cashback Match

Welcome Offer:

N/A

Rewards Program: Info Icon Circle with letter I in it.

1% - 3% cash back

Rewards Program: Info Icon Circle with letter I in it.

1% - 5% Cashback

Rewards Program: Info Icon Circle with letter I in it.

Up to 2% cash back

Intro APR:

Purchases: See Terms

Balance Transfers: See Terms

Intro APR:

Purchases: 0% Intro APR, 15 months

Balance Transfers: 0% Intro APR, 15 months

Intro APR:

Purchases: N/A

Balance Transfers: 0%, 18 months

Regular APR:

See Terms

Regular APR:

13.49% - 24.49% Variable APR

Regular APR:

15.49% - 25.49%, variable

Annual Fee:

$0

Annual Fee:

$0

Annual Fee:

$0

Highlights:

  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
  • Earn 3% cash back in the category of your choice, automatic 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.
  • If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase. That means you could earn up to 5.25% cash back on purchases in your choice category.
  • No annual fee and no expiration on rewards.
  • Contactless Cards - The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Highlights:

  • INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
  • Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically.
  • NEW! Discover helps remove your personal information from select people-search websites. Activate by mobile app for free.
  • Redeem cash back in any amount, any time. Rewards never expire.
  • NEW Intro APR: Get a 0% intro APR for 15 months on purchases. Then 13.49% to 24.49% Standard Variable Purchase APR applies, based on credit worthiness.
  • No annual fee.
  • Click "Apply Now" to see terms and conditions.

Highlights:

  • Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
  • To earn cash back, pay at least the minimum due on time.
  • Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 15.49% - 25.49%, based on your creditworthiness.
  • Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
  • If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
  • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
  • The standard variable APR for Citi Flex Plan is 15.49% - 25.49%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
Apply Now for Discover it® Cash Back

On Discover's Secure Website.

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What could be improved

Caps on bonus categories

If you spend a lot in your chosen bonus category, grocery stores, and wholesale clubs, you could hit the $2,500 quarterly spending cap. At that point, you’ll only earn an unspectacular 1% back.

3% foreign transaction fee

While foreign transaction fees are commonplace among cash back cards, that doesn’t mean we have to like them.

Spending Standard Cash back Rate Preferred Rewards Gold Preferred Rewards Platinum Preferred Rewards Platinum honors
Your choice 3% 3.75% 4.5% 5.25%
Grocery stores and wholesale clubs 2% 2.5% 3% 3.5%
Other purchases 1% 1.25% 1.5% 1.75%

Find the best credit card for your needs

Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

Suggested credit score

Good to excellent credit (generally a 670-plus FICO® Score) is suggested for the Bank of America® Customized Cash Rewards credit card. Note, people with higher scores can be declined and people with lower scores may be approved. Credit scores are just one factor used to make a credit decision.

Case in point, Bank of America credit cards are unique in that on some denied applications, it has given "lack of deposits or investments" as a denial reason, and applicants have reported being offered the opportunity to get a credit card if they open a certificate of deposit with the bank first. Based on that evidence, it appears having a banking or investment account with Bank of America could help you get a card with them.

The Bank of America Customized Cash Rewards is right for you if:

If any of the following are true, then applying for the Bank of America® Customized Cash Rewards credit card is a no-brainer:

  • You have banking or investment accounts with Bank of America or Merrill.
  • You spend a lot of money in one of the bonus category options.
  • You’re looking for a lucrative sign-up bonus without having to spend that much to get it.

The sign-up bonus is both easy to qualify for and best-in-class, 3% back on a category of your choice is an excellent rate, and Bank of America’s customer bonuses can boost your cash back quite a bit.

Since the Bank of America® Customized Cash Rewards credit card has no annual fee, it may be worth getting regardless as a card you use for purchases that fit its bonus categories. But if you’re not a Bank of America customer (or aren’t planning to become one), don’t spend heavily in any of those bonus categories, or are looking for more than just a sign-up bonus, we’d advise looking at our other picks for the top rewards credit cards.

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