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.
Bank of America® Customized Cash Rewards credit card
Great for: Bonus and cash-back flexibility
Apply Now for Bank of America® Customized Cash Rewards credit card
On Bank of America's Secure Website.
Rating image, 4.50 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. 4.50/5
Apply Now for Bank of America® Customized Cash Rewards credit card
On Bank of America's Secure Website.
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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.
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- Competitive sign-up bonus
- Bonus cash back in a category of your choice
- No annual fee
- Foreign transaction fee
- Limit on bonus cash back
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- $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.
Apply Now for Bank of America® Customized Cash Rewards credit card
On Bank of America's Secure Website.
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 |
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Rating image, 4.50 out of 5 stars.
4.50 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
Rating image, 5.00 out of 5 stars.
5.00 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
Rating image, 5.00 out of 5 stars.
5.00 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
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Apply Now for Bank of America® Customized Cash Rewards credit card
On Bank of America's Secure Website. |
Apply Now for Discover it® Cash Back
On Discover's Secure Website. |
Apply Now for Citi® Double Cash Card – 18 month BT offer
On Citi's Secure Website. |
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| Rates & Fees | ||
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Credit Rating Requirement: |
Credit Rating Requirement: |
Credit Rating Requirement: |
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$200 cash rewards |
Cashback Match |
Welcome Offer: N/A |
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1% - 3% cash back |
1% - 5% Cashback |
Up to 2% cash back |
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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 |
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Regular APR: See Terms |
Regular APR: 13.49% - 24.49% Variable APR |
Regular APR: 15.49% - 25.49%, variable |
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Annual Fee: $0 |
Annual Fee: $0 |
Annual Fee: $0 |
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Highlights:
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Highlights:
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Highlights:
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Apply Now for Bank of America® Customized Cash Rewards credit card
On Bank of America's Secure Website. |
Apply Now for Discover it® Cash Back
On Discover's Secure Website. |
Apply Now for Citi® Double Cash Card – 18 month BT offer
On Citi's Secure Website. |
Show More
Show Less
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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.
FAQs
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The credit limit for the Bank of America® Customized Cash Rewards credit card is usually at least $1,000 and can be much higher, with some cardholders reporting limits of over $50,000. Bank of America uses your income, credit profile, and other information to set your card's credit limit.
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Bank of America cash rewards don't expire, as long as your card account remains open and in good standing.
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Yes, you can use this card internationally. There's a 3% foreign transaction fee for international purchases.
About the Author
Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.
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Bank of America is an advertising partner of The Ascent, a Motley Fool company. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, PayPal Holdings, and Target. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.
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