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Bank of America Customized Cash Rewards Credit Card – Full Review [2024]

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Jarrod West

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Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in o...
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Bank of America® Customized Cash Rewards credit card

Bank of America® Customized Cash Rewards credit card

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
3.5
  • $200

  • $0

  • 0% Intro APR for 15 billing cycles for purchases and balance transfers. Variable rate of 18.24% - 28.24% applies thereafter.

  • Good to Excellent (670-850)

Bank of America® Customized Cash Rewards credit card

The Bank of America Customized Cash Rewards card allows you to maximize your cash-back in your choice category each month.

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
3.5

If you’re looking to the rake in the cash-back rewards, then the Bank of America® Customized Cash Rewards Credit Card is a great option. Not only do you get to choose the 3% category for the card, but you can also boost the cash-back you earn by being a member of the Bank of America Preferred Rewards program.

Card Snapshot

Welcome Bonus & Info

  • $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 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 3.75%-5.25% cash back on purchases in your choice category.
  • No annual fee and no expiration on rewards.
  • 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24%-28.24% Variable APR will apply. A 3% fee applies to all balance transfers in the first 60 days your account is open. After the intro balance transfer fee offer ends, the fee for all future balance transfers is 4%.
  • 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.

Pros

  • 3% cash-back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings (your category can be changed each month)
  • 2% cash-back at grocery stores and wholesale clubs
  • 1% cash-back on all other purchases
  • No annual fee
  • Boost your rewards rate with the Bank of America Preferred Rewards program

Cons

  • 3% and 2% cash-back categories are limited to the first $2,500 in combined purchases each quarter, then you’ll earn 1%
  • Charges a foreign transaction fee

Great Card If

  • You want a cash-back card that rewards you for the category you spend the most on
  • You are a Bank of America Preferred Rewards member

Don’t Get If

  • You want a travel rewards card
  • You want a card with a single earning rate on all purchases

Bank of America Customized Cash Rewards Card — Is It Worth It?

For those that are looking for a no-annual-fee cash-back card, especially one that allows you to choose your own 3% bonus category, then the Bank of America Customized Cash Rewards card could be a fantastic option.

You can choose from gas, online shopping, dining, travel, drug stores, or home improvement/furnishings as your 3% category, and can even change it month to month as your spending habits change.

Additionally, those that are members of the Bank of America Preferred Rewards program can boost their cash-back rewards by 25% to 75%.

Bank of America Customized Cash Rewards Card Top Benefits

Bank of America Preferred Rewards Cash-Back Boost

By far the biggest benefit of the card is one that is available to those who are members of the Bank of America Preferred Rewards program.

The Bank of America Preferred Rewards program is the Bank of America’s unique loyalty program that gives added benefits to customers who hold a certain level of assets with the bank.

One of the best benefits of the loyalty program is the 25% to 75% boost you can get to your credit card rewards. Here is how it works:

SCROLL FOR MORE
Status LevelAssets RequiredRewards BonusIncreased Earnings
Gold$20,000+ in assets25% rewards bonus3.75% on your 3% category, 2.5% at grocery stores and wholesale clubs, and 1.25% back on all other purchases
Platinum$50,000+ in assets50% rewards bonus4.5% on your 3% category, 3% at grocery stores and wholesale clubs, and 1.5% back on all other purchases
Platinum Honors and above$100,000+ in assets75% rewards bonus5.25% on your 3% category, 3.5% at grocery stores and wholesale clubs, and 1.75% back on all other purchases

While this ability isn’t available for all cardholders, those who are eligible can really boost how lucrative their rewards will be, especially for those at the 3% tier who can earn a whopping 5.25% on the 3% category of their choice each month.

Best Ways To Earn and Redeem Your Cash-back

In order to earn as much cash-back as possible, you’ll want to use your card for as many purchases as you can, as well as be selective about which category you choose as your 3% category. Further, if you are able, you might want to consider gaining status in the Bank of America Preferred Rewards program to boost your rewards rate by 25% to 75%.

When it comes to redeeming your cash-back rewards, Bank of America makes it easy as you can redeem for statement credit, a check, a direct deposit into your Bank of America checking or savings account, an eligible 529 account, or a contribution to an eligible Merrill account, with no minimum redemption amount required.

Alternative Card to the Bank of America Customized Cash Rewards Card

Chase Freedom Flex℠ 

Chase Freedom Flex℠
U.P. Rating 
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

The Freedom Flex card is an excellent no-annual-fee card that still earns big with 5% cash-back on travel and other bonus categories.

The Freedom Flex card is an excellent no-annual-fee card that still earns big with 5% cash-back on travel and other bonus categories.
Earn a $200 bonus after you spend $500 on purchases in your first 3 months from account opening.
$200
$0
0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49%-29.24%.
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Good to Excellent (670-850)

The Chase Freedom Flex℠ sure does pack quite a punch — especially for a no-annual-fee card.

The Freedom Flex card is an incredible option for those looking for a well-rounded cash-back card, or a powerful point-earner when paired with a premium card in the Ultimate Rewards family.

Pros
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49%-29.24%.
  • Powerful cash-back earner: 5% back on quarterly categories and travel purchases through Chase Ultimate Rewards, 3% back on dining and drugstore purchases, and 1% back on all other purchases
  • No annual fee
Cons
    • 3% foreign transaction fees in U.S. dollars
  • Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
  • 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
  • 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more
  • 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1% cash back on all other purchases.
  • No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49%-29.24%.
  • No annual fee - You won't have to pay an annual fee for all the great features that come with your Freedom Flex℠ card
  • Keep tabs on your credit health - Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
  • Member FDIC
Financial Snapshot
  • APR: 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49%-29.24%.
  • Foreign Transaction Fees: None
Rewards Center

Chase Ultimate Rewards

Another great cash-back rewards card, but one that offers flexible reward redemptions, is the Freedom Flex card.

With it, you’ll earn 5% back in quarterly rotating bonus categories such as gas and groceries, 5% back on travel purchased through the Chase travel portal, 3% back at restaurants and drugstores, and 1% back on all other purchases.

You can redeem all of your rewards as cash-back, towards travel purchases through the Chase travel portal, or pool them with a premium Chase card like the Chase Sapphire Preferred® Card and then redeem them through a Chase transfer partner.

See our full comparison of these 2 cards here: Bank of America Customized Cash Rewards card vs. Freedom Flex card.


We’ve also compared the Bank of America Customized Cash Rewards card to other popular cards:

The information regarding the Bank of America® Customized Cash Rewards credit card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Chase Freedom Flex℠ was independently collected by Upgraded Points and not provided nor reviewed by the issuer.

Frequently Asked Questions

Does the Bank of America Customized Cash Rewards card have an annual fee?

No, the Bank of America Customized Cash Rewards card does not charge an annual fee.

Does the Bank of America Customized Cash Rewards card charge foreign transaction fees?

Yes, the Bank of America Customized Cash Rewards card charges a 3% foreign transaction fee, so you’ll want to choose a different card when making purchases overseas.

What are the benefits of the Bank of America Customized Cash Rewards card?

The Bank of America Customized Cash Rewards card doesn’t offer much in the way of benefits aside from the cash-back it can earn you. That said, one benefit of the Bank of America Preferred Rewards program is boosted credit card rewards, allowing you to earn 25% to 75% more cash-back on all of your purchases.

Does the Bank of America Customized Cash Rewards card have an intro APR offer?

Yes, the Bank of America Customized Cash Rewards card offers an intro APR offer and it’s shown in the table at the top of the article.

Is the Bank of America Customized Cash Rewards card worth it?

If you’re looking for a no annual fee cash-back rewards card that allows you to choose, and change, your 3% cash-back category from month to month, then the Bank of America Customized Cash Rewards card would probably be worth it for you.

Further, if you are a member of the Bank of America Preferred Rewards program, then the Bank of America Customized Cash Rewards card would be even more worth it for you thanks to being able to earn 25% to 75% more cash-back.

Jarrod West's image

About Jarrod West

Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in outlets like The New York Times.

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