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:
| 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℠
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.
Good to Excellent (670-850) 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.
