| Balance Transfer Rating: | 4.4 / 5 |
| Introductory Offer: | 4.0 |
| Net Value: | 2.6 |
| Features: | 3.0 |
| Issuer Customer Experience | 5.0 |
In a Nutshell:
The Bank of America Customized Cash Rewards card offers new cardholders a modest balance transfer fee and attractive perks for everyday spending; however, its APR is high for cardholders with less-than-perfect credit.
Introductory Period 15 billing cycles |  |
Transfer Fee 3% intro balance transfer fee applies (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%) |  |
Introductory Purchase APR | |
Regular APR 18.74% - 28.74% Variable APR on purchases and balance transfers |  |
Annual Fee $0 | |
Bank of America Customer Service Ratings
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Other Notable Features: Fraud protection, overdraft protection, paperless statements, account alerts, mobile banking, text banking
| Cash Back Rating: | 4.4 / 5 |
| Rewards Value: | 3.3 |
| Annual Percentage Rate: | 3.0 |
| Rewards Flexibility: | 2.3 |
| Features: | 3.0 |
| Issuer Customer Experience | 5.0 |
In a Nutshell:
The Bank of America Customized Cash Rewards card offers an exceptional rewards rate on a category of the user’s choice, allowing increased flexibility. But a $2,500 combined spending cap on bonus category rewards limits how much cardholders can earn.
Rewards Rate
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Sign-up Bonus
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Annual Bonus None |  |
Annual Fee $0 | |
Average Yearly Rewards Value ($1,325 monthly spend, 3 year average) $325 | |
APR 18.74% - 28.74% Variable APR on purchases and balance transfers | |
Rewards Redemption
Cons
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Bank of America Customer Service Ratings
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Other Notable Features: Fraud protection, overdraft protection, paperless statements, account alerts, mobile banking, text banking
| Low Interest Rating: | 3.6 / 5 |
| Rates, Fees, Penalties: | 3.2 |
| Rewards: | 2.9 |
| Features: | 2.0 |
| Issuer Customer Experience | 1.6 |
In a Nutshell:
The Bank of America Customized Cash Rewards card’s regular APR is fairly low, plus it offers a long introductory period on balance transfers and new purchases, potentially sparing you a lot of interest in your first year of membership.
Regular APR 18.74% - 28.74% Variable APR on purchases and balance transfers | |
Introductory Purchase APR After the Intro APR offer ends, a 18.74% - 28.74% Variable APR on purchases and balance transfers 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%. | |
Introductory Balance Transfer APR 0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply. for any balance transfers made in the first 60 days After the Intro APR offer ends, a 18.74% - 28.74% Variable APR on purchases and balance transfers 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%. | |
Fees
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Penalties
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Customer Experience
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Other Notable Features: Fraud protection, overdraft protection, paperless statements, account alerts, mobile banking, text banking
Bank of America Customized Cash Rewards credit card Review: More Details
The Bank of America Customized Cash Rewards card’s unique rewards earning scheme may be appealing for someone in the market for a flexible cash back credit card, but the purchase cap on bonus categories limits its potential value. While it can be a good option for moderate spenders looking to earn rewards on everyday purchases, it is not the best option for big spenders looking to maximize cash back.
Earning rate
One appealing feature of the Bank of America Customized Cash Rewards card is a flexible rewards rate that lets users choose their own bonus category. The card awards 3 percent cash back on a category of choice – gas, online shopping, dining, travel, drug stores or home improvements and furnishings. This card now also offers newly expanded 3% categories for Gas (to now include Electric Vehicle Charging (EVC) Stations) and Online Shopping (to now include Cable, Streaming, Internet and Phone Services). The card also includes 2 percent cash back on grocery store and wholesale club purchases and 1 percent cash back on general purchases. Just keep in mind that there is a $2,500 combined purchase limit on 2 and 3 percent categories each quarter.
The ability to choose your own bonus category makes the card extremely customizable, especially because you can change your selection once each calendar month. This allows you to maximize your Bank of America Customized Cash Rewards card earnings by switching categories based on your upcoming expenses. For example, if you are planning a trip one month, you can opt for the travel option – and then switch the following month to a category you’ll spend more in like gas or dining. This unique feature might be common among business cards, but the Bank of America Customized Cash Rewards card is one of very few personal cards offering the perk.
The 3 percent bonus category can be very lucrative, as it includes options that typically are a bigger part of your budget – like gas purchases. Plus, the online shopping category is incredibly flexible, as it includes both web and app purchases.
| Tip: To help you determine which category is the best choice for you, Bank of America provides regular reports on your spending across the category options. You can look at this to figure out where you spend the most money – and where you can earn the most rewards. You should also keep an eye on how each purchase codes on your statement to know exactly what will earn you a bonus. |
Unfortunately, you’ll be limited on how much you can earn with a $2,500 quarterly purchase limit on the 2 percent and 3 percent bonus categories (you’ll still earn 1 percent after you meet the cap). With this restriction in mind, we estimate the average earning rate on the Customized Cash Rewards card to be around 1.63 percent cash back. This places it slightly below the average cash back card.
Sign-up bonus
On the plus side, the Bank of America Customized Cash Rewards card offers one of the highest sign-up bonuses available on a card with no annual fee. Cardholders can earn $200 online cash rewards for spending $1,000 in the first 90 days. This is a relatively easy spend threshold to reach too, only requiring about $334 a month.
Bank of America Preferred Rewards program
One unique feature that can add significant value to the Bank of America Customized Cash Rewards card is the Bank of America Preferred Rewards® program. The program is available to Bank of America and Merrill account holders and comes with a slew of benefits – including a rewards boost on any Bank of America credit card. Depending on your account balance, you could earn 25 percent – 75 percent more cash back on every purchase meaning you could potentially earn up to 5.25% cash back on purchases in your choice category.
Preferred Rewards tiers and rewards boost
| Tier | Balance required | Rewards boost | Average earning rate |
| Gold | $20,000-$49,999 | 25% | 2.04% |
| Platinum | $50,000-$99,999 | 50% | 2.45% |
| Platinum Honors | $100,000+ | 75% | 2.85% |
As you can see from the chart above, Bank of America Preferred Rewards® members, even at the lowest level, earn a very competitive rate of cash back with the rewards boost. We estimate that the average Gold level customer would earn 2.04 percent cash back with the Bank of America Cash card – a rate that beats most other cash back cards, including the Citi Double Cash® Card
.
| Tip: The rewards boost applies to most Bank of America personal credit cards, including alternatives like the Bank of America® Travel Rewards credit card. If you prefer earning points to cash back, that is another good option for those wanting to earn Preferred Rewards benefits. |
Redeeming cash back
Once you’ve racked up rewards with your Bank of America Customized Cash Rewards card, redeeming cash back is pretty simple. There’s no minimum rewards amount to manually redeem cash back for Bank of America checking or savings account electronic deposits or a credit to an eligible Merrill Cash Management Account. However, choosing automatic checking or savings account electronic deposits, check redemptions or one-time contributions to a qualifying Merrill 529 account requires a $25 cash back minimum. Also, cash rewards don’t expire as long as your account remains open, so there’s no rush to redeem your cash back in case you haven’t reached the $25 threshold.
Balance transfer offer
In addition to a flexible rewards rate, the Bank of America Customized Cash Rewards card comes with a terrific balance transfer offer. Cardholders can enjoy a 0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply. (18.74% - 28.74% Variable APR on purchases and balance transfers thereafter). The card does charge an intro balance transfer fee of 3 percent, but that is pretty standard for a balance transfer (the 3% Intro balance transfer fee applies 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%). Additionally, you must request transfers within the first 60 days to qualify for the intro period.
This is one of the one of the best intro APR offers available for a cash back card. Note, if you’re looking to get the biggest savings on a balance transfer offer, some cards allow you to transfer a balance without a balance transfer fee, possibly saving you hundreds of dollars. However, if you are looking for a way to pay down some debt without racking up interest – but don’t want to sacrifice rewards – the Bank of America Cash card could be a good option.
See Related: How to transfer a balance to a Bank of America credit card
Introductory APR offer on new purchases
The Bank of America Customized Cash Rewards card also include a generous introductory APR on new purchases – 0% Intro APR for 15 billing cycles for purchases (18.74% - 28.74% Variable APR on purchases and balance transfers thereafter). If you are looking for a way to finance a large purchase over several months without paying interest, this is a pretty decent offer.
Other benefits on the Bank of America Customized Cash Rewards credit card
The Bank of America Customized Cash Rewards card charges no annual fee and although it doesn’t have many additional benefits, it does come with a few extras that can add value to the card, including an extended warranty for eligible purchases made entirely on your card, you can double the manufacturers’ warranty up to one extra year.
Unfortunately, the card’s travel benefits are lacking, and it charges a 3 percent foreign transaction fee. If you are a frequent traveler, the Bank of America Cash card is probably not the best choice for you.
BankAmeriDeals
For cardholders looking to maximize their rewards potential, Bank of America offers a card-linked offers program called BankAmeriDeals. The program is designed to rewards users for everyday spending by offering cash back at a wide range of popular restaurants, clothing stores, gas stations and more. In fact, you might be able to earn up to 15 percent cash back.
To take advantage of one of these deals, you simply need to add them to your Bank of America Customized Cash Rewards card and use it to pay when you visit the merchant. Funds will automatically be credited to your account. As you activate and redeem offers, you’ll also earn coins to advance through levels and unlock additional cash bonuses.
Approval odds
The Bank of America Customized Cash Rewards card is designed for users with good to excellent credit (above 670), so ensure you meet these requirements before you apply. If you are hoping to transfer a balance, you should also keep in mind that balance transfers are approved separately from your card application – based on your available credit limit.
Customer service
Among major issuers, Bank of America has a fairly solid customer service reputation. In J.D. Power’s 2020 customer satisfaction survey, the bank rated 812, ranking third out of 11 major banks. The bank’s app also rates fairly well among users, rating 4.7 out of 5 in the Google Play Store and 4.8 out of 5 in the Apple App Store.
How does the Bank of America Customized Cash Rewards credit card compare to other cash back cards?
While the Bank of America Customized Cash Rewards card does offer some valuable benefits in terms of flexibility, it might not be the best option for all spenders. Here are a few of our most popular cash back alternatives:
 |  |  |
Rewards rate
| Rewards rate
| Rewards rate
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| Sign-up bonus | Sign-up bonus | Sign-up bonus |
| Annual fee $0 | Annual fee $0 | Annual fee $0 |
Other things to know
| Other things to know
| Other things to know
|
Citi Double Cash Card
The Citi Double Cash Card comes with a generous flat cash back rate of up to 2% back on all purchases (1% back when you buy and another 1% back when you pay off purchases), which makes it a great card for everyday spending. You won’t have to worry about tracking spending or enrolling in bonus categories every month or quarter and can simply use the card for all your spending and earn consistent cash back. The card is also a great pick as a second or supplementary cash back card: You can use the Double Cash to earn rewards on general purchases that fall outside of your other cards’ bonus categories to maximize your cash back across all of your spending.
Chase Freedom Flex
The Chase Freedom requires a bit more effort on behalf of the cardholder to earn significant rewards, but it can be very lucrative for savvy spenders. Along with year-round cash back on Chase Travel, dining and drugstore purchases, the card offers 5 percent cash back in rotating bonus categories that you activate each quarter (up to $1,500 in purchases per quarter, then 1 percent cash back). This is a great rewards rate, but the spend cap is relatively low.
However, you can also transfer rewards earned on the Chase Freedom to another Chase Ultimate Rewards card – like the Chase Sapphire Reserve® card – which gets a 50 percent higher point value when redeemed for travel through Chase Travel.
Bank of America Unlimited Cash Rewards credit card
If you’re looking for a low-maintenance alternative to the Customized Cash Rewards card and maintain a sizeable balance across your eligible Bank of America checking and savings or Merrill investment accounts, the Bank of America Unlimited Cash Rewards card may be your most lucrative flat-rate cash back card option. Thanks to the Preferred Rewards program, if you keep an average of at least $50,000 across these accounts, you can boost your flat cash back rate to 2.25% back. That rate jumps to 2.62% back if you keep an average balance of at least $100,000 across these accounts – easily the highest flat cash back rate available anywhere.
Why get the Bank of America Customized Cash Rewards card?
- You have Bank of America checking or savings account with a significant balance and can qualify for a Preferred Rewards boost.
- You don’t want to pay an annual fee – but still want a decent sign-up bonus and rewards rate.
- You want a flexible rewards program that can shift as your spending does.
- You prefer cash back to points or miles.
How to use the Bank of America Customized Cash Rewards card:
- Spend at least $1,000 in the first 90 days to earn the sign-up bonus.
- Enroll in the Preferred Rewards program if you qualify to receive a higher reward rate.
- Use your card for all choice category and grocery purchases – at least until you hit the spending limit for bonus category purchases.
- Take a look at your spending each month to see if another 3 percent bonus category could earn more rewards.
- Pair the Customized Cash Rewards card with the Bank of America® Premium Rewards® credit card to earn extra rewards on your travel and dining purchases.
See Related: Guide to the Bank of America® Customized Cash Rewards Credit Card
Is the Bank of America Customized Cash Rewards card worth it?
If you are a moderate spender who is looking for a flexible rewards card that doesn’t charge an annual fee, the Bank of America Customized Cash Rewards card is a solid option. The card is also particularly valuable for Bank of America and Merrill Lynch checking and savings account holders, who can boost their rewards earning with the Preferred Rewards program.
However, true cash back enthusiasts are probably better off opting for a card that doesn’t impose such steep restrictions on bonus category earning.
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