6 Bank of America Customized Cash Rewards Benefits You Didn’t Know About
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Written by
Ben Luthi
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Edited by
Emily Gadd
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Reviewed by
Jasmin Baron
The Bank of America® Customized Cash Rewards credit card offers some great features for people who want to gain more control over their cash-back rewards and maximize their earnings.
But whether this Bank of America credit card is right for you will depend on your unique needs and preferences. Here are some of the card’s top benefits.
1. Customizable Rewards
True to its name, the Bank of America Customized Cash Rewards card gives cardholders a rare and valuable perk: the ability to choose how they earn cash back. This flexibility lets you tailor your rewards to your spending habits, which can boost your overall earnings.
You’ll earn 3% cash back in one category of your choice from the following options:
- Gas and EV charging stations
- Online shopping (including cable, internet, phone plans and streaming)
- Dining
- Travel
- Drug stores and pharmacies
- Home improvement and furnishings
In addition, you’ll automatically earn 2% cash back at grocery stores and wholesale clubs and 1% on all other purchases. The 3% and 2% categories apply to the first $2,500 in combined quarterly purchases, after which you’ll earn 1%.
You can change your selected 3% category once per calendar month, giving you the flexibility to align your rewards with upcoming expenses or shifting priorities. That level of customization is hard to find among rewards credit cards.
2. Elevated Welcome Offer
Currently, new cardholders can earn 6% cash back in their selected 3% category for the first 12 months, up to the first $2,500 in combined quarterly purchases (after that, the standard 1% applies).
That’s double the regular earning rate, which makes this card even more rewarding if you plan your spending strategically. It’s also in addition to the card’s standard welcome bonus, which is a $200 online cash rewards bonus after you make $1,000 in purchases in the first 90 days from account opening.
3. Interest Savings for New Cardholders
If you’re looking to finance a large purchase or pay down credit card debt with a balance transfer, the card’s interest promotion can be a great way to maximize your savings on interest charges.
The card offers 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends a 17.99% - 27.99% Variable APR will apply.
There’s also a balance transfer fee of 3% for 60 days from account opening, then 4%.
Note, however, that you can’t use the card to transfer debt from another Bank of America account.
4. Up to 75% More Cash Back
If you’re a Bank of America Preferred Rewards® member, you can earn 25% to 75% more cash back depending on your reward tier.
That means your 3% category could earn up to 5.25%, your grocery and wholesale club purchases up to 3.5%, and all other spending up to 1.75%. It’s hard to beat that kind of rewards earning power.
To qualify, you’ll need a three-month average balance of at least $20,000 across eligible Bank of America banking and/or Merrill investment accounts.
While I generally don’t keep a lot of money in my bank accounts, switching my investments to Merrill from another firm was relatively easy and made it possible for me to maximize my rewards with the card.
5. Free Museum Access
Bank of America has a longstanding program that gives cardholders free general admission to a variety of museums across the country on the first full weekend of the month.
You can check the Museums on Us website to find cultural institutions where you live or are planning to travel.
Keep in mind, though, that free admission is limited only to the cardholder, and the perk doesn’t necessarily guarantee admission. It also excludes certain events, such as special and ticketed exhibitions and fundraisers.
6. Extra Cash Back With BankAmeriDeals
In addition to its base rewards, the Customized Cash Rewards card gives you access to BankAmeriDeals, a cash-back offer program that helps you earn even more.
These personalized deals are based on your spending habits and are available through online or mobile banking. You can find offers from a wide range of retailers, including restaurants, clothing stores, travel brands and more.
Just activate the offers you like and use your card to make qualifying purchases — no coupons or codes required. Cash back from BankAmeriDeals is credited to your account and doesn’t count toward your card’s regular quarterly rewards cap, giving you an easy way to boost your earnings even more.
I’ve used BankAmeriDeals a bunch over the years, and it’s been a nice little bonus. I usually just log into my account, click a few offers with retailers I often use and forget about it. Then, a few bucks show up later. It’s nothing life-changing, but it’s free money for stuff I was going to buy anyway.
Bottom Line
The Bank of America Customized Cash Rewards card offers a compelling mix of flexibility, value and bonus features that go beyond your typical cash-back card. Whether you’re drawn to the customizable 3% category, the potential for Preferred Rewards bonuses or the extras like BankAmeriDeals and museum access, there’s a lot to like.
That’s especially true if you already bank or invest with Bank of America or you’re considering a switch.
Ultimately, this card is a strong fit for people who want to maximize rewards in their top spending category without paying an annual fee. Just be sure to weigh your typical spending patterns and financial goals to see if it fits your lifestyle.
Frequently Asked Questions About Bank of America Customized Cash Rewards Benefits
What credit score is needed for the Bank of America Customized Cash Rewards card?
Bank of America doesn’t disclose a specific credit score requirement for the card. However, you’ll typically need a good to excellent credit score to be eligible to apply, which means a FICO score of 670 or higher. Approval also depends on other factors, such as your income, credit history and existing debts.
What is the best Bank of America credit card to get?
There’s no single Bank of America credit card that’s best for everyone. You have to decide which categories you want to earn rewards in (travel, groceries, etc.) and pick the card that offers those rewards. You’ll also need to decide if you’re comfortable paying an annual fee. Cards with annual fees often offer more rewards, but you’ll have to make sure you’re getting your money’s worth.
Research and compare each card to determine the best fit for you.
What is the difference between the BankAmericard credit card and Bank of America Customized Cash Rewards card?
The BankAmericard® credit card is a low-interest credit card focused on helping cardholders manage debt with an extended 0% introductory APR offer and no rewards. New cardholders receive a 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends a 14.99% to 24.99% Variable APR on purchases and balance transfers will apply.
In contrast, the Customized Cash Rewards card is designed for earning cash back in flexible spending categories, making it better for everyday use and long-term rewards.
