Bank of America Customized Cash Rewards Card Review

GOBankingRates Score

4.6
Quick Take: The Bank of America Customized Cash Rewards credit card makes it easy for anyone to get cash back across various categories. Cardholders can earn 3% back in a category of their choice, 2% back at grocery stores and wholesale clubs and 1% back on all other purchases. The 2% and 3% cash back categories have a $2,500 combined spending cap each quarter. Those who spend $1,000 within 90 days of opening their account will earn a $200 welcome bonus. Requiring no annual fee, this credit card offers a generous introductory APR on purchases and balance transfers.
  • Earning Rewards
    4.5
  • Welcome Bonus
    4.5
  • Introductory APR
    5.0
  • Customer Service
    4.5
How did we calculate this?

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Pros

  • 1% to 3% cash back on purchases
  • Intro APR Period
  • No annual fee
  • $200 welcome bonus after spending $1,000 during the first 90 days of a new account

Cons

  • Preferred Rewards members receive the highest rewards.
  • Caps on categories that earn the highest rewards limit earnings potential.
  • Requires good to excellent credit

Bank of America Customized Cash Rewards Card Overview

Anyone who has the Bank of America Customized Cash Rewards credit card can earn rewards quickly on a tiered cash back basis, generating 3% on purchases in the category of their choice. Cardholders can choose from the following options: online shopping, dining, gas, drugstores, travel or home improvement/furnishings. They can also earn 2% on grocery store and wholesale club purchases. Cardholders will only earn the two highest rates on the first $2,500 in combined purchases in the listed categories each quarter, though. All other purchases — as well as purchases of more than $2,500 in the high earnings categories each quarter — will generate the standard 1% cash back.

There’s no annual fee attached to this Bank of America card, which also brings a few generous introductory offers for new cardholders, like a 0% APR on purchases made during the first 15 billing cycles. That same 0% introductory APR is also extended to balance transfers that are made within the first 60 days of account opening.

Once the introductory period ends, cardholders will have a . Anyone looking to use this card for a balance transfer will have a 3% fee (at a minimum of $10).

Bank of America customers who are Preferred Rewards members can earn between 25% and 75% more cash back on every purchase, generating up to 5.25% cash back on purchases made in their chosen category. Cardholders can redeem their rewards over the phone or online in the form of a statement credit, a direct deposit into a Bank of America checking or savings account, a check, or credit to a qualifying Merrill account.

Features of the Bank of America Customized Cash Rewards Card

Here are the details on some of the best features the Bank of America Customized Cash Rewards card has to offer.

Earning Rewards

With the Bank of America Customized Cash Rewards card, anyone can earn at least 1% cash back on all purchases. Cardholders also earn 2% or 3% on eligible purchases, up to the first $2,500 spent per quarter.

Cardholders earning the 1% rate have no maximum on the amount of cash they can earn. Moreover, rewards earned with this Bank of America card will never expire.

The only downside to earning rewards with the Bank of America Customized Cash Rewards card is the quarterly limit imposed on 2% and 3% earnings. While those who tend to be more frugal in their spending should have no problem with this $2,500-per-quarter limit, those who spend more than $833 per month using this credit card may view this limit as a drawback.

$200 Welcome Bonus

Cardholders who spend $1,000 within the first 90 days of opening the account will receive a welcome bonus of $200. While $200 is a compelling bonus, many cash-back credit cards offer bonuses of $300 or more. One such example is the American Express Blue Cash Preferred card, from which you can as part of its welcome offer. Terms Apply.

0% Introductory APR

The Bank of America Customized Cash Rewards card offers a 0% introductory APR on purchases made during the first 15 billing cycles and extends that rate to balance transfers made during the first 60 days of a new account. After the promotional period ends, a will apply based on the cardholder’s creditworthiness. Those who use this credit card for balance transfers will have to pay a 3% fee per transaction or a minimum of $10, whichever is greater.

Customer Service

Bank of America is one of the longest-standing financial institutions in the United States, and in 1958, it was the first to offer a general-purpose credit card in the country. Over the years, this financial institution has perfected the art of providing quality customer service to its members. 

Those with a Bank of America Customized Cash Rewards card have access to a knowledgeable customer service staff that you can reach by phone 24 hours per day, 7 days per week, including holidays. If you would prefer to get in-person assistance, you can drop by a Bank of America branch or schedule an appointment via the bank’s mobile app or online banking platform.

Comparable Cash-Back Credit Card Options

There’s no such thing as a one-size-fits-all financial option. Those who aren’t interested in the Bank of America Customized Cash Rewards card may want to consider one of the following alternatives.

The Wells Fargo Active Cash card allows its members to earn 2% cash back on all purchases with no quarterly or annual limits. Cash-back rewards never expire and are easy to redeem. Like the Bank of America Customized Cash Rewards card, the Wells Fargo Active Cash card offers the potential to earn a after spending $1,000 in purchases in the first 3 months.

Those who are likely to spend more than $833 every month using a cash-back credit card will likely find this Wells Fargo card much more appealing than the Bank of America Customized Cash Rewards card, which imposes a quarterly limit on cash-back earnings.

American Express Card Members earn 6% cash back on up to $6,000 in purchases at U.S. supermarkets each year (then 1%), 6% cash back on select U.S. streaming services, 3% cash back on transit purchases and at U.S. gas stations, and 1% cash back on all other purchases. They can also earn an additional $350 welcome bonus when they spend $3,000 during the first six months of their new account.

Unlike the Bank of America Customized Cash Rewards card, the American Express Blue Cash Preferred card has a annual fee (See Rates & Fees). Anyone who uses cash-back credit cards often may find that annual fee worth paying if they’re interested in the generous earnings rates that American Express offers compared to Bank of America. 

The Bank of America Customized Cash Rewards Card Is a Great Choice for Thrifty Shoppers

The Bank of America Customized Cash Rewards card is a perfect option for the frugal shopper who’s interested in earning a reasonable amount of cash back on purchases but doesn’t want to rack up high credit card balances. Its 0% introductory APR makes it a great option for those looking to transfer high-interest credit card balances over and pay the amount off quickly. 

This credit card may not be the best option for big spenders, as there are relatively small caps placed on the categories that earn the highest rewards. 

Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

Bank of America Customized Cash Rewards FAQ

Here are the answers to some commonly asked questions about the Bank of America Customized Cash Rewards card.
  • How do I use my Bank of America Customized Cash Rewards card?
    • The Bank of America Customized Cash Rewards card can be used for purchases made in-store, online and over the phone, earning cash-back rewards with every dollar spent.
  • Is a cash rewards card a credit card?
    • It can be, but that distinction depends on whether the lender requires a full payment every month. If full monthly payments are required, it's a charge card. If partial monthly payments are allowed, it's a credit card.
    • The Bank of America Customized Cash Rewards Card is considered a credit card because full monthly payments aren't required.
  • What happens when I withdraw cash from my credit card?
    • That depends on how you make the withdrawal. Fees are not charged when a cardholder withdraws their cash rewards. Those who withdraw money from their Bank of America card's credit line do so at an interest rate of between 17.24% and 29.24% and also have a transaction fee of either 3% to 5% or $10, whichever is greater.

Information is accurate as of July 6, 2022.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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About the Author

Joshua Rodriguez is a personal finance and investing writer with more than 10 years of experience. He is the founder of CNA Finance. His work has been featured on U.S. News & World Report, Money Talks News and several other mainstream outlets. 

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