Our Verdict
The Bank of America® Customized Cash Rewards credit card fits nicely in the wallet of Bank of America® or Merrill® customers who are also Preferred Rewards program members. Cardholders can earn up to 5.25% cash back on select spending. The card works well for those willing to put in a little extra work and keep track of their spending categories but don’t reach high thresholds every quarter.
Pros
- Bank of America Preferred Rewards clients earn 25% to 75% more cash back
- Option to change 3% bonus category monthly
- Bonus earnings at wholesale clubs
Cons
- Bonus rewards have quarterly caps
- High balance transfer fee
- Foreign transaction fee
Current Bank of America Customized Cash Rewards Offers
- $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.
- Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
- If you’re a Bank of America 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 cash rewards don’t expire as long as your account remains open.
- 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.24% – 28.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%. Balance transfers may not be used to pay any account provided by Bank of America.
- 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.
Alternatives to the Bank of America Customized Cash Rewards Card
Table of Contents
- Why the Bank of America Customized Cash Rewards Card Works for Me
- What Is the Bank of America Customized Cash Rewards Best For?
- Bank of America Customized Cash Rewards Credit Card Rates and Fees
- Bank of America Customized Cash Rewards Credit Card Rewards
- Bank of America Customized Cash Rewards Credit Card Benefits
- How To Maximize Bank of America Customized Cash Rewards
- How the Bank of America Customized Cash Rewards Credit Card Stacks Up
- Methodology
- Is the Bank of America Customized Cash Rewards Credit Card for You?
- Frequently Asked Questions (FAQs)
Why the Bank of America Customized Cash Rewards Card Works for Me
Thanks to its straightforward approach to earning rewards, the Bank of America® Customized Cash Rewards credit card works for me. One feature that sets it apart is the flexibility to choose a bonus category that aligns with my everyday spending habits. If I’m shopping for groceries, dining out with my family or filling up my truck with gas, I can customize the bonus rewards to fit my needs each month.
That said, this card’s simplicity might feel limiting for cardholders wanting premium perks. It lacks extras that many other cards offer, like lounge access, travel credits or insurance benefits. But if you value ease, clarity and the ability to tailor your rewards to your lifestyle, the Bank of America® Customized Cash Rewards credit card could be the perfect fit.
What Is the Bank of America Customized Cash Rewards Best For?
The Bank of America® Customized Cash Rewards credit card is best for individuals who appreciate flexible cash-back options tailored to their spending habits. This card stands out with its unique feature that allows cardholders to choose their top cash-back category from a list that includes gas and EV charging stations, online shopping, phone plans, streaming, cable, internet, dining, travel, drug stores or home improvement/furnishings, catering to a wide range of preferences. It’s particularly beneficial for those who have focused spending in these categories and enjoy the freedom to shift their bonus category periodically to align with changing spending patterns each month.
Additionally, this card is a strong match for Bank of America customers who qualify for Preferred Rewards, as they can receive a 25% to 75% rewards bonus, significantly boosting cash-back earnings. With no annual fee and an introductory APR offer, it’s a smart choice for budget-conscious consumers seeking flexibility without extra costs.
| Best For | Reason |
|---|---|
| As a cardholder, you get access to the Visa Signature suite of benefits, including concierge services, extended warranty protection and Visa Zero Liability. | |
| Earn between 2% and 3% while shopping online, at grocery stores or wholesale clubs (on up to $2,500 in combined purchases per quarter). | |
| Online shopping is one of the 3% cash-back categories. | |
| Pet owners who order pet supplies online or request pet-sitting services through an app will earn 3% cash back as part of the online shopping category. | |
| Loyal Bank of America customers who are also Preferred Rewards members can earn up to 5.25% cash-back rewards on certain purchases (limits apply). | |
| Get a 0% introductory APR for 15 billing cycles for purchases and balance transfers, 18.24% to 28.24% variable APR applies thereafter. Intro rate applies for any balance transfers made in the first 60 days; balance transfer fee of 3% applies to each transfer during this period, then 4%. | |
| The 3% cash-back online shopping category includes Amazon purchases. | |
| Earn 3% cash back in the eligible category of your choice, which you can change once per calendar month. |
Bank of America Customized Cash Rewards Credit Card Rates and Fees
Interest Rates
- Regular APR: 18.24% - 28.24% Variable APR on purchases and balance transfers
- Purchase intro APR: 0% Intro APR for 15 billing cycles for purchases
- Balance transfer intro APR: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
Fees
- Annual fee: $0
- Balance transfer fee: 3% for 60 days from account opening, then 4%
- Foreign purchase transaction fee: 3%
Bank of America Customized Cash Rewards Credit Card Rewards
Earning Rewards
Earning rewards with the Bank of America® Customized Cash Rewards credit card provides decent earning options. The card earns:
- 3% cash back in the eligible category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
- 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
- 1% on all other purchases
One nice touch of the select-your-category offering is that Bank of America offers a wide variety of selectable categories. It defaults to gas and EV charging stations, but cardholders may also choose among online shopping, dining, travel, drug stores and home improvement and furnishings.
Bank of America Preferred Rewards members can earn 25% to 75% bonus cash back on all purchases. Note that you’ll need $20,000 in combined assets for a 25% bump, $50,000 for a 50% bump and $100,000 for a 75% bump.
New cardholders also will earn a first-year welcome bonus: Earn a $200 online cash rewards bonus after spending $1,000 in purchases in the first 90 days of account opening.
Redeeming Rewards
Redeeming rewards with the Bank of America® Customized Cash Rewards credit card is straightforward. You can select how you’d like to receive your rewards:
- As a statement credit in any amount
- As a direct deposit into an eligible Bank of America account
- As a credit to an eligible account with Merrill of any amount
- As a contribution to a 529 account with Merrill, with minimum redemption of $25
You may also set up automatic redemptions to either a Bank of America or a Merrill account, given that those redemptions are worth at least $25. No other redemption methods qualify for automation.
If you forget to redeem your rewards, no problem: They don’t expire as long as your account is open.
Rewards Potential
To determine the rewards potential of the Bank of America® Customized Cash Rewards credit card, we look at the bonus categories and calculate what an average U.S. household spends in those areas. Forbes Advisor uses data from various government agencies to determine baseline income and spending averages across various categories.
The 70th percentile of wage-earning households earns $118,438 each year and has $39,337 in annual expenses that can reasonably be charged to credit cards. We base our spending on those numbers.
Bank of America® Customized Cash Rewards credit card Rewards Potential
| Category | Earning Rate | Estimated Annual Spend | Estimated Annual Earnings |
|---|---|---|---|
| Bonus Category Spend | 3% | $10,000 | $300 |
| All Other Purchases | 1% | $29,337 | $293.37 |
| Total: $593.37 |
Bank of America Customized Cash Rewards Credit Card Benefits
- $0 liability guarantee. You won’t be responsible for unauthorized transactions.
- Overdraft protection. The card can be used as an overdraft protection for a Bank of America checking account, but note that these transfers will be considered a cash advance.
- Visa Signature perks. As a Visa Signature card, you get special guest status at hotels in the Visa Signature Luxury Hotel Collection, access to a concierge and more.
- FICO Score. After opting in, you can receive a free monthly update of your FICO Score online or via mobile app.
- Account alerts. Configurable alerts via email, text and mobile app are available to remind cardholders when statements are due or paid.
How To Maximize Bank of America Customized Cash Rewards
To maximize the benefits of the Bank of America® Customized Cash Rewards credit card, you’ll need to strategically select and regularly update your preferred 3% cash-back category based on your highest monthly spending areas while balancing the $2,500 quarterly spending caps. This adaptability is key, especially for cardholders whose spending patterns vary throughout the year.
If you don’t max out the 3% categories, take full advantage of the 2% cash back at grocery stores and wholesale clubs since the combined 3% and 2% categories are subject to the quarterly spending cap. Also, remember to capitalize on the introductory APR offer for planned large purchases or balance transfers. Regularly monitoring your spending and adjusting your chosen cash-back category ensures that you continually earn maximum rewards aligned with your current spending patterns.
How the Bank of America Customized Cash Rewards Credit Card Stacks Up
Bank of America® Customized Cash Rewards credit card vs. Chase Freedom Flex®
The Chase Freedom Flex® is a tough competitor with the Bank of America® Customized Cash Rewards credit card when you compare the benefits. The Flex earns:
- 5% cash back on up to $1,500 in combined purchases in categories that rotate quarterly (requires activation)
- 5% cash back on travel purchased through Chase Travel℠
- 3% cash back on dining purchases
- 3% cash back on drugstores purchases
- 1% cash back on all other purchases
The Chase Freedom Flex® also offers a welcome bonus with more versatile rewards, making it a more appealing option than the Customized Cash Rewards card. However, Bank of America Preferred Rewards members who qualify for the earnings rate bump will likely fare better with the Bank of America® Customized Cash Rewards credit card.
Bank of America® Customized Cash Rewards credit card vs. Wells Fargo Active Cash® Card
When it comes to earning flat-rate cash rewards, the Wells Fargo Active Cash® Card (rates & fees) is difficult to beat with a rewards rate of 2% cash rewards on purchases. Although the Bank of America® Customized Cash Rewards credit card will earn higher rewards in some circumstances, that rate is capped. Many spenders will earn more with the Active Cash.
Another idea is to pair these two cards to squeeze the most value out of your spending.
Bank of America® Customized Cash Rewards credit card vs. Citi Custom Cash® Card*
The Citi Custom Cash® Card* also works well as a companion card. This no annual fee card earns:
- 5% cash back on purchases in a top eligible spend category up to the first $500 spent each billing cycle
- 4% cash back on hotels, car rentals, and attractions booked on Citi Travel portal through 6/30/2026
- 1% cash back on all other purchases
Other benefits include an intro APR offer and a welcome bonus of $200 in cash back after spending $1,500 on purchases in the first 6 months of account opening. The bonus points come in the form of 20,000 ThankYou points that can be redeemed for $200 cash back. Since your highest spending category will automatically earn 5%, it’s easier than deciding which category you want.
You can also combine rewards from the Citi Custom Cash with other ThankYou® Points-earning cards where you can redeem them for even higher value by using a Citi card that can transfer points to travel partners.
But the Bank of America® Customized Cash Rewards credit card provides more flexibility in choosing a spending category and earning rewards. Ultimately, you’ll have to decide which option is more appealing and rewarding for your spending habits.
Is the Bank of America Customized Cash Rewards Credit Card Worth It?
Clint Proctor
Credit Cards Lead Editor
Jerod Morales
Credit Cards Editor
Robin Frankel
Credit Cards Writer
 
The Bank of America Customized Cash Rewards card could be worth it for those who have high expenses in dining, gas or one of the card’s other eligible 3% categories. But you’ll want to avoid using up a significant portion of that $2,500 quarterly bonus cap on 2% categories, so it would likely be the best fit for those who can pair it with a grocery or wholesale club credit card.
Credit Cards Lead Editor
 
If you’re a Preferred Rewards member with Bank of America, your rewards can be supercharged. That 3% in your choice category could reach as high as 5.25% back.
Credit Cards Editor
 
If you’re a rewards maximizer, the Bank of America Customized Cash Rewards card can help you eke out the most cash back on every dollar you spend. But tracking your spending this way can be a lot of work.
Credit Cards Writer
Find The Best Credit Cards For 2025
No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers.
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:
- Annual fee
- Welcome bonus offers
- Ongoing earning rates
- Value of individual rewards
- Included travel or merchant credits
- Additional cardholder benefits
We give greater weight to the card features we believe cardholders will use most frequently. These factors combine to generate a star rating for each card.
To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates credit cards.
Is the Bank of America Customized Cash Rewards Credit Card for You?
This card’s limits dampen its ability to compare well with competitors, but its flexibility in bonus categories might be a promising feature for some. This card could be an excellent additional card for those who carry multiple credit cards.
For Bank of America Preferred Rewards members, this card can earn up to 5.25% on a category of your choice. That’s hard to beat. However, for those who aren’t already Bank of America or Merrill clients or don’t want to become Bank of America or Merrill customers for the added benefits, there might be better cards out there.
Forbes Advisor Credit Cards Writer Anya Kartashova contributed to this article.
Frequently Asked Questions (FAQs)
What credit score is needed for the Bank of America Customized Cash Rewards Credit Card?
There’s no exact credit score that will guarantee you’ll be approved for a particular card. Issuers look at various financial factors, and your credit score is just one component of the underwriting decision process.
Cards that earn strong rewards, like the Bank of America® Customized Cash Rewards credit card, generally require a good to excellent credit score.
Bank of America, like most banks, doesn’t state what its threshold is between good credit and fair credit. Most lenders consider a FICO Score of 670 or higher to be a good score but be aware that other factors, including the amount of debt you’re carrying, will play a part in a lender’s decision whether to approve you for a card.
How long does it take to redeem cash rewards from Bank of America?
The time it takes to redeem cash rewards from Bank of America will depend on the specific redemption choice. Cash rewards can be redeemed in any amount at any time for statement credits, deposits made directly into a Bank of America checking or savings account, or credits to an eligible account with Merrill.
For contributions to a qualifying 529 account with Merrill, a check or for automatic redemptions into an eligible Bank of America or Merrill account, you’ll have to wait until you accrue at least $25 worth of rewards.
The rewards will be deducted from your balance as soon as you authorize the transaction, and the time will vary based on the type of redemption you choose.
How do I change the category for my Bank of America Customized Cash Card?
To change your choice category for future purchases, you must go to online banking or use the mobile banking app. You can change it once each calendar month. If you don’t change your category, it will remain the same as last month. The bonus category will default to gas purchases until you change it for the first time.
What is the credit limit on a Bank of America Customized Cash Credit Card?
Credit limits are usually determined based on your creditworthiness and annual income. Sometimes, an existing relationship with a lender can help you get approved for a higher credit limit on your credit card. We’ve seen reports of some cardholders being approved for the Bank of America® Customized Cash Rewards credit card with a credit limit as high as $24,000, but keep in mind that your results may vary.
*The information for the following card(s) has been collected independently by Forbes Advisor: Citi Custom Cash® Card. The card details on this page have not been reviewed or provided by the card issuer.
