Bank of America Customized Cash Rewards 2024 review: Choosing your own rewards is great, but takes work.

The Bank of America® Customized Cash Rewards credit card * The information for the Bank of America® Customized Cash Rewards credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. has high cash-back rewards that you can customize monthly, plus above-average earnings on grocery and wholesale club spending. If you’re willing to manage your categories each month, you can earn generous rewards with the card.

About the Bank of America Customized Cash Rewards card

The no-annual-fee Bank of America Customized Cash Rewards card works best for those with good to excellent credit who don’t mind monitoring their bonus categories. The cash rewards structure is unique because you can choose your highest earnings category each month from the following list of categories: dining, gas (including electric vehicle charging (EVC) Stations), drug store purchases, travel, online purchases (including cable, streaming, internet and phone services), home improvement/furnishings and general purchases.

You will receive 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs (on up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and 1% cash back on all other purchases.

Your selected rewards category can be changed once per month. However, if you make no changes, your selection will remain the same. To do this, use either Bank of America’s mobile banking app or go to online banking. 

The card also comes with a 0% intro APR for 15 billing cycles for purchases and for balance transfers made within the first 60 days, then a 19.24% to 29.24% variable APR applies. A 3% intro balance transfer fee will apply for the first 60 days; then a 4% fee applies to future balance transfers.

If — and it could be a big if for some — you don’t mind choosing your most valuable earning category each month, the card could be a good choice for cash-back maximizers. But if that seems too cumbersome, a rewards card requiring less work to manage will be a better fit.

Bank of America Customized Cash Rewards card basics

• Annual fee: $0.
• Welcome bonus: $200 cash rewards bonus after spending $1,000 on purchases in the first 90 days of account opening.
• Rewards: 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs (on up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and 1% cash back on all other purchases.
• APR: 0% intro APR for 15 billing cycles for purchases and for balance transfers made within the first 60 days, then a 19.24% to 29.24% variable APR applies. A 3% intro balance transfer fee will apply for the first 60 days; then a 4% fee applies to future balance transfers.
• Meaningful perks/benefits: Digital wallet technology, protection from declined purchases, online and mobile banking, free FICO score access.
• Does the issuer offer a pre-approval tool?: No.
• Recommended credit score: Good to excellent.

Bank of America Customized Cash Rewards card rewards

The Bank of America Customized Cash Rewards card earns 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs (on up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and 1% cash back on all other purchases.

Choosing your monthly category requires logging in to your account and selecting which category from a list of six you want for the month. 

You can change the category once a month or leave it as is. Those who qualify for Bank of America’s Preferred Rewards program will earn higher cash-back amounts on each purchase, ranging from 25% to 75% more in rewards.

Cash rewards don’t expire as long as your account remains open, and you can redeem cash back at any time with any of the following options:

• Statement credit.
• Deposit into a Bank of America checking or savings account.
• Credit to an eligible Merrill account.
• Contributions to a qualifying Merrill 529 Savings Plan, starting at $25.

Cardholders may set up automatic redemptions starting at $25 for all deposits into a Bank of America or Merrill account. 

Bank of America Customized Cash card Rewards potential

We estimate a household in the U.S. that will be in the market for this card has an annual income of $84,352 and $25,087 in expenses that they can charge to a credit card.

Let’s assume our sample household maxes out the choice and grocery store/wholesale club cash back categories each quarter. They spend half of the spending cap ($1,250) in the choice category, and the other half ($1,250) at grocery stores. Based on these assumptions, the household would earn the following cash back:

• $1,250 x 3% cash back on choice category = $37.50 in rewards;
• $1,250 x 2% cash back on warehouse purchases = $25 in rewards;
• $37.50 + $25 = $62.50 in total rewards for the two spending categories for the quarter.

Bank of America Customized Cash Rewards APR

All cardholders get a 0% intro APR for 15 billing cycles for purchases and for balance transfers made within the first 60 days, then a 19.24% to 29.24% variable APR applies. A 3% intro balance transfer fee will apply for the first 60 days; then a 4% fee applies to future balance transfers.

Bank of America Customized Cash Rewards pros

• No annual fee: Cardholders don’t pay an annual fee to own the card.
• Long introductory APR: There’s a lengthy introductory APR period for purchases and balance transfers, but only transfers made in the first 60 days.
• Rotating bonus categories: Cardholders can change their bonus categories to maximize cash back each month.
• Preferred Rewards members earn more: Preferred Rewards members can earn an additional 25% to 75% bonus on rewards.

Bank of America Customized Cash Rewards cons

• Good to excellent credit required: To qualify for this high rewards credit card, you must have good to excellent credit.
• Spending caps: The elevated cash back rates are only earned on up to $2,500 in combined purchases quarterly, after that you will receive the lower cash back rate on all purchases.
• Higher rewards limited to high net worth individuals: To receive Preferred Rewards, you must meet the required thresholds for balances in a Bank of America or Merrill account.

How the Bank of America Customized Cash Rewards compares to other cash-back credit cards

Bank of America Customized Cash Rewards vs. Bank of America® Unlimited Cash Rewards credit card * The information for the Bank of America® Unlimited Cash Rewards credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

The Bank of America Unlimited Cash Rewards card earns 1.5% cash back on purchases without having to track any categories for bonus earnings. This card also doesn’t have an annual fee, and Bank of America Preferred Rewards® members earn an additional 25% to 75% more in rewards. The simple earning structure might be more appealing than tracking and opting into categories each month.

The Bank of America Unlimited Cash Rewards card also comes with a 0% intro APR for 15 billing cycles on purchases and any balance transfers made in the first 60 days, then a 19.24% to 29.24% variable APR applies. A 3% intro balance transfer fee will apply for the first 60 days; then a 4% fee applies to future balance transfers.

Bank of America Customized Cash Rewards card vs. Chase Freedom Unlimited®

The Chase Freedom Unlimited card earns 5% cash back on travel purchased through Chase Travel℠, 3% cash back on eligible dining and drugstore purchases and 1.5% cash back on all other purchases. New cardholders can earn 1.5% back on everything bought in the first year on up to $20,000 in spending, which is worth up to $300 for new cardholders.

Rewards don’t expire and can be redeemed for cash back as a statement credit or direct deposit into most U.S. checking and savings accounts, gift cards, redeemed for travel through Ultimate Rewards®, used to pay with points at Amazon, or pooled with an eligible Ultimate Rewards-earning credit card for enhanced redemption value.

Bank of America Customized Cash Rewards vs. Capital One Venture Rewards Credit Card

The Capital One Venture Rewards Credit Card is an uncomplicated option for those seeking travel rewards and benefits for a low price. In exchange for a $95 annual fee, cardholders can earn 5 miles per $1 on hotels and rental cars booked through Capital One Travel and purchases through Capital One Entertainment and 2 miles per $1 on other purchases.

There’s a welcome bonus of 75,000 miles after spending $4,000 on purchases in the first three months of account opening and a plethora of travel perks. The card grants two complimentary Capital One lounge visits annually, up to a $100 credit for a Global Entry or TSA PreCheck application fee as well as multiple travel and purchase protections.

Should you get the Bank of America Customized Cash Rewards card?

The Bank of America Customized Cash Rewards is a great credit card for everyday spending, especially if you don’t mind proactively changing your bonus categories during the months you’ll spend more in other categories.

There are even more benefits for eligible Preferred Rewards customers as you can earn a Preferred Rewards bonus of 25% to 75% more in rewards.

But for those who don’t want to track their spending categories each month or aren’t willing to proactively decide where they will spend the most each month, a card with more straightforward earnings will be a better fit.

Bank of America Customized Cash Rewards summary

Frequently asked questions (FAQs)