Bank Of America Customized Cash Rewards Credit Card Critical Analysis


Cash Back Your Way

Why get locked into cash back categories dictated by your credit card issuer when you can make the decision yourself? If you have good to excellent credit, you like to call the shots when it comes to your credit card rewards and would benefit from a generous introductory APR then this card is well suited for you. 

Updated September 6, 2023

Bank of America® Customized Cash Rewards credit card

Intro Bonus
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Cash Back
1% – 3% 3% cash back in the category of your choice and 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined choice category / grocery store / wholesale club quarterly purchases.

1% cash back on all other purchases.

If you’re a Preferred Rewards member, you can earn 25% – 75% more cash back on every purchase.
Purchase APR
0% Intro APR for 15 billing cycles for purchases, then 18.24% – 28.24% Variable APR
Balance Transfer APR
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days, then 18.24% – 28.24% Variable APR

Critics' Overview

The Bank of America® Customized Cash Rewards credit card is a top contender in the field of cash back cards without annual fees. It is an excellent fit for card seekers with good to excellent credit (usually considered a credit score of 670 – 850*) in the market for a well-rounded cash back credit card. With an easy to achieve intro bonus, fantastic ongoing cash back rewards and generous intro-APR periods for purchases and balance transfers, it checks all the important boxes.

Card Details From Bank of America

  • $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 – now with expanded categories, 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.
  • Newly expanded categories based on Bank of America customer feedback! 3% cash back on Gas (to now include Electric Vehicle Charging (EVC) Stations) and Online Shopping (to now include Cable, Streaming, Internet and Phone Services).
  • If you’re a 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 no expiration on rewards.
  • 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% – 28.24% Variable APR will apply. A 3% fee applies to all balance transfers.
  • 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.

Our Critical Analysis


  • Generous intro APR offer
  • Compelling and easily achievable bonus offer
  • No annual fee
  • Flexible cash back with the option to update your 3% category each month
  • Preferred Rewards members can earn 25% – 75% more cash back on every purchase

  • 2% and 3% cash back categories have a $2,500 combined spending cap each quarter which limits your earning potential
  • There is a foreign transaction fee so it’s not the best option for purchases outside of the U.S.

You’ll be hard-pressed to find another card that offers better flexibility in the cash back department than the Bank of America® Customized Cash Rewards credit card. You get to decide which category you’ll earn 3% back in each month while also earning 2% back at grocery stores and wholesale clubs. The bonus cash back earned in these combined categories (your choice, grocery and wholesale clubs) is capped at $2,500 in purchases each quarter. You’ll earn 1% after that cap is hit and on all of your other purchases. Choice categories can be easily updated through the Bank of America® mobile app each month for future purchases and include gas, online shopping, dining, travel, drug stores or home improvement/furnishings.

To sweeten the deal, you’ll also earn a $200 online cash back rewards bonus after you make at least $1,000 in purchases on your card within the first 90 days of your account opening. That’s an additional 20% back on your first $1,000 spent!

You’ll also be able to save money with a 0% Intro APR for 15 billing cycles for purchases. After that the 18.24% – 28.24% Variable APR will apply. You also get a 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. A 3% fee applies to all balance transfers, but that fee is likely much lower than the interest you are paying on another card. The ongoing 18.24% – 28.24% Variable APR will apply after that intro period is over so it’s good to make a budget and pay that balance down within 15 billing cycles if possible.

Bank of America® Preferred Rewards program members can accelerate their cash back earnings by 25% to 75%. Your eligibility for this program is based on your Bank of America® and Merrill combined balances. If you qualify for that highest tier, then the 3% choice category could go up to 5.25% and the 2% at grocery stores and wholesale clubs could go up to 3.5% (still for the first $2,500 in combined purchases) and the 1% for all other purchases could go up to 1.75%.

If you’re in the market for a cash back card without an annual fee then you really can’t go wrong with the Bank of America® Customized Cash Rewards credit card. You can save on interest while you earn cash back and even opt-in to stay on top of your FICO® Score that is updated monthly for free. Click ‘Apply Now‘ to view all the card details and easily apply.


Editorial Note: Any opinions, analyses, reviews or recommendations expressed are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
*CardCritics references a FICO® 8 score, which is one of many different types of credit scores. A financial institution may use a different score when evaluating your application.