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Bank of America Customized Cash Rewards Review: Flexibility to Earn Big Rewards

Review Updated
Lyle Daly
By: Lyle Daly
Lyle Daly
Lyle Daly
Writer

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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Our Credit Cards Expert

Nathan Alderman
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Nathan Alderman
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Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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The Bank of America® Customized Cash Rewards credit card is good for cardholders who want control of where they earn bonus cash back. It lets you choose your top bonus category, and you can earn even more if you qualify for the Bank of America Preferred Rewards program. But it also has spending caps that limit how much bonus cash back you can earn.

Get all the details in our full review.

Ratings Methodology

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.

Bank of America® Customized Cash Rewards credit card
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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. 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.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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. 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.
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= Excellent
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Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Apply Now for Bank of America® Customized Cash Rewards credit card

On Bank of America's Secure Website.

Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good/Excellent (670-850)

Intro APR Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 19.24% - 29.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular APR

19.24% - 29.24% (Variable)

Rewards Circle with letter I in it. 3% cash back in the category of your choice, 2% at at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases, 1% on all other purchases.

1% - 3% cash back

Annual Fee

$0

Welcome Offer Circle with letter I in it. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening

$200 cash back

  • This card's wide range of extra cash back options speaks for itself, with a choice of six bonus categories you can change monthly for 3% earnings in the category of your choice. And you can earn 2% back automatically at grocery stores and wholesale clubs. No annual fee and a nice welcome bonus also make this one a winner. Plus, if you're a Bank of America Preferred Rewards member, this card will be even more valuable for you.

    • Competitive welcome bonus
    • Bonus cash back in a category of your choice
    • No annual fee
    • Great 0% intro & transfer APR offer
    • Relationship rewards bonus
    • Foreign transaction fee
    • Limit on bonus cash back
    • $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 19.24% - 29.24% 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%.
    • 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.

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. 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. 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.
 = Best
= Excellent
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Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: 20.24%, 25.24%, or 29.99% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. 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. 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.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. Circle with letter I in it. N/A 1% - 5% Cashback Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.24% - 28.24% Variable APR

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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. 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.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 19.24% - 29.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 19.24% - 29.24% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

Bank of America Customized Cash Rewards review

Is the Bank of America Customized Cash Rewards worth it?

This card's flexibility is its biggest advantage compared to other cash back cards. If you like being able to choose your own bonus category, it could be worth adding to your wallet.

Author's personal experience

I got this Bank of America card to earn some bonus cash back, particularly when shopping online. It worked well for that, and I loved how broad the online shopping category is with Bank of America. It was also easy to earn the welcome offer and redeem my cash back. One of my biggest complaints with Bank of America cards is the web platform. It feels dated to me, and judging by other cardholders' comments online, I'm not the only one who feels this way.

What everyone else is saying

Here's a summary of other credit card reviews and online opinions about this Bank of America card.

What other review sites say

Average review site rating: 4.0 / 5 stars

We read five reviews for this card from top review sites. Reviewers all largely agree this is a good card, and that it can become an incredible one if you're a Bank of America Preferred Rewards client. If so, you'll earn higher cash back rates, which make a big difference in this card's value.

Even for non-Preferred Rewards clients, the cash back rates on this card get high marks. Everybody agrees that's the standout perk. But reviewers also mentioned that the spending caps on the bonus categories won't be enough for big spenders.

Some reviewers said that this card doesn't have a lot to offer outside of its cash back program. We don't entirely agree there -- the welcome offer and 0% intro APR are competitive with what other top credit cards offer. It's true that letting you choose a bonus category is this card's main advantage, though.

Online consensus

This Bank of America credit card is popular online with cash back enthusiasts. People love being able to choose a 3% back category. Many of them mentioned how broad Bank of America's bonus categories are, especially the online shopping category.

Another reason social media users like this card is the Preferred Rewards program. There's a fairly common strategy of transferring investments to Merrill to meet the Preferred Rewards balance requirements and max out your cash back earnings.

While people online pointed out the spending caps as a drawback, some of them found a workaround: Getting more than one of this card. There are people with two, three, four, and even five of this Bank of America card. I'm not suggesting that, but it's a good example of how well-liked this card is.

Bank of America Customized Cash Rewards features and benefits

You choose where you earn bonus cash back

This card's claim to fame is its customizable bonus categories. It earns 3% cash back in a category you choose from a list of six options:

  • Gas and EV charging stations
  • Online shopping, including cable, internet, phone plans, and streaming
  • Dining
  • Travel
  • Drug stores and pharmacies
  • Home improvement and furnishings

It also earns 2% at grocery stores and wholesale clubs. The downside is that the 3% and 2% rates are on your first $2,500 in combined purchases each quarter across those categories. After that, it's the standard 1% rate.

Still, the option to choose a bonus category makes it easy to earn more cash back, especially because you can change your 3% category once each calendar month. This means you can pick the bonus category that best fits your upcoming plans. Maybe that's home improvement and furnishings right before an HGTV-inspired home makeover, then online shopping for the holidays.

A big boost to your cash back if you're a Preferred Rewards member

One of the best things about Bank of America is its Preferred Rewards program. If you have enough money (at least $20,000) saved or invested with it, you can become a Preferred Rewards member. That includes quite a few perks, including a credit card rewards bonus of 25% to 75%.

The bonus amount depends on which of the program's shiny tiers you land in. Each tier has minimum balance requirements. Balances in bank accounts with Bank of America and investment accounts with Merrill both qualify. Here's a quick breakdown of the tier requirements and each tier's rewards bonus:

  • 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
  • Diamond: $1 million combined balance minimum, 75% bonus

If you're in the Platinum Honors tier, you'll earn an impressive 5.25% in the bonus category you choose.

Save on interest charges with a 0% intro APR

Cash back may be this card's best feature, but it's not the only benefit. It also has one of the longer 0% intro APR offers, a popular way to avoid interest charges.

The 0% APR lasts for the first 15 billing cycles, and it applies to purchases, as well as any balance transfers you make within the first 60 days. The go-to 19.24% - 29.24% (Variable) APR applies after your card's intro period ends.

This can be perfect in certain situations -- for example, when you have big purchases to make that you can't pay off right away. In that case, you could put them on this card, earn a nice chunk of cash back, and have 15 billing cycles to pay everything off. But this kind of offer can encourage you to spend more, so only carry a balance if necessary.

What could be improved

The bonus caps put a limit on your cash back

You can earn a lot of cash back with this card, until you hit the quarterly spending cap. That's $2,500, combined, across all its bonus categories. That comes out to about $834 per month and $10,000 per year.

If you don't expect to spend more than that in bonus categories, then this is no problem. But if you're a big spender, and you could spend over $1,000 a month on online shopping, dining, or any of the other bonus categories, then this isn't the card for you.

There are plenty of cards that have bonus categories with no spending caps. Now, most of them don't let you choose your bonus categories. You can't quite have it all, at least not yet. But you could find a card with bonus categories you like, without any limits on them.

A foreign transaction fee makes this the wrong card to use abroad

This Bank of America card doesn't travel well. It's a Visa card, so you could use it wherever Visa is accepted, but you'll pay extra. There's a 3% foreign transaction fee on purchases outside the United States.

If you ever travel abroad, you're going to want a card with no foreign transaction fee. Otherwise, all those dinners, excursions, and souvenirs are going to cost extra. Check out our page on the best travel credit cards for cards to take on your international vacations.

Missing extra protections that other cash back cards offer

Bank of America used to offer a solid list of complimentary protections on this card. Not anymore. It got rid of auto rental insurance, purchase protection, and lost luggage reimbursement.

Changes like these often go unnoticed. Let's be honest, most of us aren't choosing a credit card based on which one has the best lost luggage insurance.

They're still a negative, though, especially because there are other cards offering these protections. If you're planning to buy a new iPad, you might want to pay with a card that covers new purchases for damage or theft. This Bank of America card no longer fits the bill.

Find the best credit card for your needs

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What to know before applying

Bank of America Customized Cash Rewards credit score

A FICO® Score of 670 or higher is recommended when applying for the Bank of America® Customized Cash Rewards credit card. Bank of America considers other factors during the application process, and your credit score doesn't guarantee an approval or a denial. It's rumored that having a banking or investment account with Bank of America could help you get approved.

Pre-approval process

Bank of America lets you check for personalized credit card offers on its website. You can provide some basic personal information, or you can log into your Bank of America account, if you already have one. You'll then see any personalized card offers that Bank of America has for you.

Intro APR

The Bank of America® Customized Cash Rewards credit card has a 0% intro APR for 15 billing cycles on purchases and qualifying balance transfers made in the first 60 days. It's one of the longer 0% intro APR periods for a cash back card.

The card's go-to 19.24% - 29.24% (Variable) APR applies at the end of the intro period.

Fees

Here are the fees for the Bank of America® Customized Cash Rewards credit card:

  • Annual fee: $0
  • Balance transfer fee: 3% for 60 days from account opening, then 4%
  • Foreign transaction fee: 3%

Credit limit

Credit limits for the Bank of America® Customized Cash Rewards credit card are normally at least $1,000. On the high end, credit limits can reach $50,000 or more for qualified cardholders. Bank of America sets your credit limit based on several factors, including your income and credit worthiness.

Should you apply for the Bank of America Customized Cash Rewards?

If you're in Bank of America's Preferred Rewards program, this card is almost certainly a great choice. If you're not, it could still work out well. While it's not the biggest earner, its flexibility makes it useful in a one-card wallet or as part of a more advanced strategy with multiple cash back cards.

Our credit card methodology

At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.

FAQs

  • 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.

  • Bank of America cash rewards don't expire, as long as your card account remains open and in good standing.

  • Yes, you can use this card internationally. But there's a foreign transaction fee of 3% for international purchases.