Home › Credit Cards › Reviews

Bank of America Customized Cash Rewards Credit Card – Full Review [2023]

Name: Bank of America Customized Cash Rewards Credit Card – Full Review [2023]
Item: Bank of America Customized Cash Rewards Credit Card
Rating: 3.5
Author: Jarrod West

We may be compensated when you click on product links, such as credit cards, from one or more of our advertising partners. Terms apply to the offers below. See our Advertiser Disclosure for more about our partners, how we make money, and our rating methodology. Opinions and recommendations are ours alone.

U.P. Rating ? The rating for this card has been determined by our own industry experts who are immersed in the credit card world. Please see our card rating methodology for more information. 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.

"Great cash-back rewards with no annual fee!"

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

Jarrod West

- Updated: May 20, 2023, 12:47am CDT

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.

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.

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

Bank of America Customized Cash Rewards card - Snapshot

Welcome Bonus & Info (Partner Content)
- $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.
- New longer intro period! 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.24% – 26.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
- 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.
Card Categories:
Related Articles
- Guide to Bank of America Preferred Rewards for Business
- Best Bank of America Credit Cards for Cash-back and Rewards

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 - Fees

Foreign Transaction Fees
3%
Interest Rates
- 0% Intro APR for 18 billing cycles for purchases. Variable rate of 16.24% - 26.24% applies thereafter.
Late fees
- Penalty APR: Up to 29.99% Variable
Balance Transfers
- 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days. Variable rate of 16.24% - 26.24% applies thereafter.
- Fee: Either $10 or 3% of the amount of each transaction, whichever is greater.

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:

Status Level	Assets Required	Rewards Bonus	Increased Earnings
Gold	$20,000+ in assets	25% rewards bonus	3.75% on your 3% category, 2.5% at grocery stores and wholesale clubs, and 1.25% back on all other purchases
Platinum	$50,000+ in assets	50% rewards bonus	4.5% 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 assets	75% rewards bonus	5.25% 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℠

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.

Featured Image Credit: Bank of America

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.

About Jarrod West

Jarrod has been writing about the ins and outs of credit cards and loyalty programs, along with airlines and hotels, for over 6 years. He is regularly called upon to share his expertise on the latest news within the space, and has been featured in publications such as The New York Times, RetailMeNot, and Yahoo! Finance. Jarrod has over 20 credit cards in his wallet and has tested out dozens more in order to vet the very best card options for readers. As he is constantly sampling new cards, Jarrod also earns (and redeems) over 1 million points and miles each year. This allows him to book luxury travel experiences the world over, and save tens of thousands of dollars in the process.

Earn Points

Use Points

Business Credit Card Reviews

Business Guides

Air Travel Guides

Airline Points

Earn & Use Hotel Points

Hotel Loyalty Program Reviews

Bank of America Customized Cash Rewards Credit Card – Full Review [2023]

Pros

Cons

Bank of America Customized Cash Rewards card - Snapshot

Great Card If

Don't Get If

Bank of America Customized Cash Rewards card - Fees

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

Bank of America Customized Cash Rewards Card Top Benefits

Bank of America Preferred Rewards Cash-Back Boost

Best Ways To Earn and Redeem Your Cash-back

Alternative Card to the Bank of America Customized Cash Rewards Card

Frequently asked questions

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

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

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

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

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

About Jarrod West

Any thoughts or questions? Comment below! Cancel reply

Advertiser Disclosure

Pros

Cons

Bank of America Customized Cash Rewards card - Snapshot

Great Card If

Don't Get If

Bank of America Customized Cash Rewards card - Fees

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

Bank of America Customized Cash Rewards Card Top Benefits

Bank of America Preferred Rewards Cash-Back Boost

Best Ways To Earn and Redeem Your Cash-back

Alternative Card to the Bank of America Customized Cash Rewards Card

Frequently asked questions

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

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

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

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

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

About Jarrod West

Any thoughts or questions? Comment below! Cancel reply

Related Articles

Advertiser Disclosure