Bank of America Customized Cash Rewards review: Customize your rewards structure
| 3% | Earn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). |
| 2% | Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). |
| 1% | Earn unlimited 1% on all other purchases. |
Editor's Note
Bank of America Customized Cash Rewards credit card overview
The Bank of America® Customized Cash Rewards credit card is a solid cash-back credit card, offering a customizable rewards structure that is great for anyone whose spending habits change throughout the year. The card can become especially lucrative for anyone with significant banking or investing relationships with Bank of America. Card Rating*: ⭐⭐⭐½
*Card Rating is based on the opinion of TPG's editors and is not influenced by the card issuer.
Although Bank of America's credit card lineup may not be as flashy as the travel cards offered by issuers like Chase or Amex, that doesn't mean you should count them out when considering your rewards strategy.
Some of these cards have a lot to offer — especially if you're an existing Bank of America customer. In particular, the Bank of America Customized Cash Rewards credit card offers a unique choose-your-bonus-spending-category rewards structure and a great welcome bonus for no annual fee, meaning it might deserve a place in your wallet.
Note that approved cardholders generally have a credit score of 670 or higher.
Let's dig into the card details to see if it's a good fit for you.
Customized Cash Rewards pros and cons
| Pros | Cons |
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Customized Cash Rewards welcome bonus
The Customized Cash Rewards Card currently offers a $200 online cash rewards bonus after spending $1,000 on purchases within the first 90 days of account opening. It's certainly not the most competitive bonus, but it's easy to earn and on par with other no-annual-fee credit card bonuses.
If you're interested in travel, a $200 bonus isn't going to get you a round-trip ticket internationally. Still, depending on where you live, you can find some domestic fares for under $200.
Plus, $200 is a nice discount on a more expensive plane ticket. You can also use the bonus cash back to cover general expenses, which may be preferable for those not traveling soon.
Related: Cash back vs. travel rewards
Customized Cash Rewards benefits
The Customized Cash Rewards Card charges no annual fee, so don't expect premium benefits like lounge access or travel credits.
The card's main asset is its rewards structure, which we'll dig into below. Otherwise, the card offers standard credit card protections and benefits, including account alerts, a way to check your FICO score for free and fraud protection.
Earning cash back on the Customized Cash Rewards
For a card with no annual fee, the Customized Cash Rewards Card fields a generous rewards structure — especially for Bank of America customers who qualify for the Bank of America Preferred Rewards® program.
Cardholders earn 3% cash back on one of the following categories: gas and electric vehicle charging stations, online shopping (including cable, streaming, internet and phone services), dining, travel, drugstores or home improvement/furnishings.
You'll also earn 2% cash back at grocery stores and wholesale clubs. Note that there's a $2,500 cap on combined 3% and 2% cash back purchases each quarter. Beyond that, you'll earn 1% cash back.
Bank of America allows you to change your selected 3% cash back category once each month, so you can easily customize this rewards structure to fit your needs.
Are you going on a trip in the winter? Select travel as your bonus category for the month you book your trip. Plan on replacing some of the plumbing in your bathroom in the fall? Pick home services that month to earn bonus rewards on the upgrade.
The ability to select your own monthly 3% cash back category was what one TPG reader viewed as a top perk of the card:
"Customized cash rewards because I can change the bonus category as needed." — Lori M via a TPG newsletter survey
Note: Reader-submitted responses have not been edited, reviewed or approved by the issuers nor reflect TPG's opinions of these cards.
Maximizing cash back with Preferred Rewards
If you are eligible to enroll in Bank of America Preferred Rewards, this card could earn even more cash back. To enroll, you'll need an eligible Bank of America personal checking account and a three-month average combined balance of $20,000 or more in a Bank of America or Merrill investment account.
You can fall into one of three tiers based on your three-month average account balance, and you'll earn a cash back bonus of 25%-75%, depending on your tier. Here's how it all adds up.
| Spending categories | Regular cardholder | Tier 1 — Gold ($20,000 — $49,999)
25% bonus | Tier 2 — Platinum ($50,000 — $99,999)
50% bonus | Tier 3 — Platinum Honors ($100,000 - < $1M)
75% bonus | Tier 4 - Diamond ($1M - < $10M)
75% |
|---|---|---|---|---|---|
| 3% bonus category | 3% cash back | 3.75% cash back | 4.5% cash back | 5.25% cash back | 5.25% cash back |
| 2% bonus categories | 2% cash back | 2.5% cash back | 3% cash back | 3.5% cash back | 3.5% cash back |
| Other spending | 1% cash back | 1.25% cash back | 1.5% cash back | 1.75% cash back | 1.75% cash back |
The Preferred Rewards program also offers an interest-rate booster for eligible savings accounts, among other banking and investment perks.
If you qualify for Platinum Honors or higher, you can earn up to $131.25 in bonus cash each quarter. That's up to $525 every year for only $10,000 in annual bonus-category spending.
For a card that doesn't charge an annual fee, that's an amazing amount of cash back you can receive.
Redeeming cash back on the Customized Cash Rewards
Unfortunately, the redemption options for the Customized Cash Rewards Card are limited. You currently have four options:
- Redeem your cash back as a statement credit
- Deposit your cash back into an eligible Bank of America checking or savings account or Merrill account
- Redeem as a contribution to a qualifying 529 plan with Merrill
- Redeem for a check
Note that you can redeem your rewards for a statement credit with no minimum, but there is a minimum of $25 per redemption with any of the other three options.
If you are an existing Bank of America or Merrill customer, you can easily use your cash back to contribute to your accounts. However, if you're hoping to find added value by redeeming for travel, this card isn't the best fit.
You'll get a fixed-rate value of 1 cent per dollar regardless of how you redeem your rewards. Although savvy travelers might find cash back lackluster as a rewards option, beginner travelers or those just looking to save on everyday expenses will enjoy the simplicity of this rewards program.
You don't have to worry about reward valuations shifting or subpar redemption options. No matter how you plan on redeeming, you're getting the same value out of cash back.
For instance, TPG credit cards editor Emily Thompson uses cash-back cards in her credit card strategy because they are versatile and can cover anything from travel expenses to unexpected home repairs.
Related: 5 reasons to keep a cash-back credit card in your wallet
Which cards compete with the Customized Cash Rewards?
For existing Bank of America customers, other Bank of America credit cards are the most direct competitors of the Customized Cash Rewards Card and other issuers' cash back cards.
- If you want to earn travel rewards: The Bank of America® Travel Rewards credit card offers unlimited 1.5 points per dollar on all purchases and does not charge an annual fee. To learn more, see our full review of the Bank of America Travel Rewards card.
- If you want to earn flat-rate cash back: The Bank of America® Unlimited Cash Rewards credit card earns unlimited 1.5% cash back on all purchases and carries no annual fee. To learn more, see our full review of the Bank of America Unlimited Cash Rewards card.
- If you aren't an existing Bank of America customer: The U.S. Bank Cash+® Visa Signature® Card earns 5% cash back on your first $2,000 in combined eligible purchases each quarter on two categories you choose, plus 2% cash back on one everyday category, like gas stations/EV charging stations, grocery stores or restaurants. The card comes with no annual fee. To learn more, see our full review of the U.S. Bank Cash+.
The information for the U.S. Bank Cash+® has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
For additional options, see our full list of the best Bank of America and cash-back credit cards.
Related: Best credit cards with customizable rewards
Is the Customized Cash Rewards worth it?
With no annual fee and a high earning potential for cardholders who qualify for Bank of America Preferred Rewards, this card is great for busy families or those whose spending habits fluctuate throughout the year. However, the card limits its bonus categories to $2,500 in combined spending each quarter, so those who spend more than that might find more value with another card.
Bottom line
If you qualify for Preferred Rewards through Bank of America, the Bank of America Customized Cash Rewards Card has the potential to offer lucrative rewards for smaller budgets. However, those who don't bank with Bank of America will probably get more value from one of our other favorite credit cards.
Apply here: Bank of America Customized Cash Rewards