Bank of America Customized Cash Rewards Review: Incredible Cash-Back Potential With a Long Intro APR
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Written by
Jasmin Baron
If choosing your own bonus categories to maximize rewards is appealing, the Bank of America® Customized Cash Rewards credit card is a terrific option. This top cash-back credit card offers up to 6% cash back during the first year, and comes with a solid welcome bonus to kick-start your earnings. A generous introductory APR can save you money on interest, and there’s no annual fee to worry about.
Intro Bonus
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Purchase and Balance Transfer APR
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 18.24% – 28.24% Variable APR will apply.
Cash Rewards
1% – 6% 6% cash back for the first year 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.
After the first year from account opening, you’ll earn 3% cash back on purchases in your choice category and 2% cash back at grocery stores and wholesale clubs, up to the quarterly maximum.
1% cash back on all other purchases.
If you’re a Bank of America Preferred Rewards® member, you can earn 25% – 75% more cash back on every purchase. The Preferred Rewards bonus is not applied to the 3% first year bonus.
Recommended Credit Score
Excellent/Good
670 – 850*
Annual Fee
$0
CardCritics™ Opinion
The Customized Cash Rewards card is great for those who prefer a hands-on approach to earning rewards. As a rotating-category credit card, you can choose one eligible category each month in which to earn the most cash back, up to quarterly spending limits. This versatility, combined with a long intro APR on purchases and balance transfers, makes the card ideal for value-minded consumers who love the flexibility of redeeming cash back rewards.
Our Critical Analysis:
Bank of America® Customized Cash Rewards credit card
- Strong welcome bonus offer with elevated rewards in the first year
- Long introductory APR
- No annual fee
- Preferred Rewards® members can earn 25% – 75% more cash back on every purchase
PROS
- Bonus categories are capped at $2,500 in spending per quarter
- Foreign transaction fee
- Requires manual selection of bonus categories to maximize rewards
CONS
Bank of America Customized Cash Rewards Benefits
Welcome Bonus With up to 6% Back the First Year
Bank of America recently updated the welcome offer on the Customized Cash Rewards card, and it now has two elements. First, you can earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. That’s a fairly standard offer for a no-annual-fee credit card.
Here’s where things get interesting. In the first year, new cardholders can earn 6% cash back (3% cash back plus a first-year 3% cash back bonus) in an eligible category they can change each month, in addition to an automatic 2% cash back at grocery stores and wholesale clubs. Earnings in these categories are capped at a combined $2,500 per quarter; after that, you’ll earn 1% back.
Assuming you spend $2,500 per quarter in the 6% categories, you could come away with up to $600 in cash back over the first year. That’s a huge earning potential. After the first year, that 6% category drops to 3% with the same spending caps, which is still a good deal.
Choose Your Bonus Category
The ability to change your bonus category to suit your spending habits is one of the biggest perks of the Customized Cash Rewards card. You’re allowed to switch categories once per calendar month (it’s easy to do in your online account), but you don’t have to do anything if you keep your category the same.
These are the categories you can choose from:
- Gas and EV charging stations: Payments at the pump or in the station are eligible. Interestingly, fuel dealers and marinas are included, so folks with big fuel expenses could do very well here. Note that EV charging purchases from parking lots and charging station installations don’t qualify.
- Online shopping: This is a super-useful category because it includes cable, internet, phone plans and streaming, plus any other retail purchases made online or through a mobile app. Some exclusions apply, such as online payments to doctors, hospitals, insurance companies, utilities, schools and government agencies.
- Dining: Restaurants, takeout, fast food, caterers, bars and taverns qualify, as do food delivery services such as GrubHub.
- Travel: What card issuers consider travel can vary, but here you’ll earn bonus rewards on a wide variety of travel purchases including airlines, cruises, hotels and resorts, amusement parks, aquariums, tourist attractions, travel agencies, buses, rideshare/taxis, passenger railways, tolls, and car, RV, truck and boat rentals.
- Drug stores and pharmacies: This includes local drug stores as well as national chains like CVS, Rite Aid and Walgreens.
- Home improvement and furnishings: This broad category includes home supply warehouse stores, lumber and building materials stores, paint and wallpaper stores, hardware stores, nurseries, and lawn and garden supply stores. You can even earn bonus rewards on purchases with contractors like plumbers, electricians, landscapers and carpenters.
In the summer months, I set home improvement and furnishings as my bonus category to maximize expenses like lawnmowing, gardening supplies and outdoor projects. At other times of year, I typically switch my category to online shopping, since it’s a good catch-all for many of the purchases my family makes.
Long Introductory APR
One of the main reasons I opened the Bank of America Customized Cash Rewards card is its generous intro APR offer. New cardholders qualify for a 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 18.24% – 28.24% Variable APR will apply.
Using a low-APR credit card can help you save money on interest if you have large purchases you need to pay off over time, or if you want to consolidate debt with a balance transfer. I’ve used this card for both purposes after getting hit with some big unplanned expenses, and appreciated the long interest-free window that let me focus exclusively on paying down my balance.
Boost Your Earnings With Bank of America Preferred Rewards
Bank of America Preferred Rewards® members can increase their cash-back earnings by 25% to 75%, depending on which tier they qualify for. At the highest tier, the 3% choice cash-back category goes up to 5.25%, and the 2% at grocery stores and wholesale clubs increases to 3.5% (the cap of $2,500 in combined quarterly purchases still applies). Plus, the 1% for all other purchases goes up to 1.75%.
Keep in mind that the Preferred Rewards bonus is not applied to the 3% first-year bonus.
Bank of America Customized Cash Rewards Drawbacks
Capped Bonus Categories
Again, in the first year, you’ll earn 6% cash back in your choice category (3% cash back plus 3% first-year bonus), plus 2% back at grocery stores and wholesale clubs, up to a combined maximum of $2,500 in spending each quarter. After the first year, you’ll earn 3% in your choice category and the same 2% at grocery stores and wholesale clubs.
Keep an eye on that cap, because after you reach it, you’ll only earn 1% back across the board. If your quarterly expenses in eligible categories are higher than that, you may want to consider pairing the Customized Cash Rewards card with one that earns a high flat rate of rewards on all purchases, such as a 2% cash-back card like the Citi Double Cash® Card (an advertising partner) or Wells Fargo Active Cash® Card.
Fees for International Purchases
The Bank of America Customized Cash Rewards card charges a 3% foreign transaction fee in U.S. dollars on purchases made in a foreign currency. This makes it a poor choice for travel abroad, as these fees can add up quickly.
Category Activation Required
If you don’t like having to activate or switch bonus categories, the Customized Cash Rewards card may not be a good fit for you. While changing categories is a simple process through your online account, it’s one more thing to keep track of.
That said, if you like the idea of earning the highest rewards where you spend the most, you might consider the Citi Custom Cash® Card (an advertising partner) instead. It automatically adjusts to your spending habits by earning 5% back on up to $500 spent in your top eligible spending category each month (then 1%), and 1% on all other purchases.
Who Is the Bank of America Customized Cash Rewards Card Best For?
It’s hard to go wrong with the Bank of America Customized Cash Rewards card if you’re looking for a strong cash-back earner and don’t mind manually choosing where you earn the highest rewards. Its welcome offer, including the ability to earn up to 6% cash back in the first year and intro APR, makes it especially attractive to new cardholders.
Is the Bank of America Customized Cash Rewards the Right Card for You?
You should consider the Bank of America Customized Cash Rewards card if any of the following apply:
- Your spending lines up with the eligible bonus cash back categories
- You won’t exceed the $2,500 quarterly cap on bonus category earnings
- You’re a Bank of America Preferred Rewards customer who qualifies for higher rewards rates
- You don’t want to pay an annual fee, but still want a card that earns generous rewards
- You’re looking for a card with an intro APR on purchases and/or balance transfers, but are willing to give up a few months of an introductory rate to earn rewards (some cards have longer intro APRs but don’t earn rewards)
Alternatives to the Bank of America Customized Cash Rewards
The Customized Cash Rewards card isn’t the only Bank of America credit card that offers strong earning rates and a solid welcome offer for no annual fee. Depending on your spending habits, one of these alternatives could be a better fit:
- Bank of America® Unlimited Cash Rewards credit card: This card is an excellent choice for folks who spend in a wide variety of categories and prefer a straightforward approach to earning rewards. New cardholders can earn unlimited 2% cash back for the first year on every purchase (after the first year, this drops to 1.5% back, which is still respectable).
- Bank of America® Travel Rewards credit card: With no foreign transaction fees and the ability to redeem rewards as a statement credit toward eligible travel and dining purchases, this card is a good bet for travelers who prefer simplicity. It earns 1.5x points on purchases (except 3x points on purchases made through the Bank of America Travel Center) with no spending caps, and comes with a substantial welcome bonus.
Card Details From Bank of America
- New offer! Earn 6% cash back for the first year in the category of your choice: gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; or home improvement and furnishings. You’ll automatically earn 2% cash back at grocery stores and wholesale clubs, and unlimited 1% cash back on all other purchases. After the first year from account opening, you’ll earn 3% cash back on purchases in your choice category.
- Earn 6% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- With the Bank of America Preferred Rewards® program, members can earn 25%-75% more cash back on every purchase. That means the 3% choice category could go up to 3.75%-5.25%. The Preferred Rewards bonus is not applied to the 3% first-year bonus.
- No annual fee and cash rewards don’t expire as long as your account remains open.
- 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 Variable APR that’s currently 18.24% – 28.24% 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%. Balance transfers may not be used to pay any account provided by Bank of America.
- 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
How Does the Bank of America Customized Cash Rewards Stack Up Against Competitors?
Here’s how the Customized Cash Rewards card compares to its sibling Bank of America cards.
| Bank of America Customized Cash Rewards card | Bank of America Unlimited Cash Rewards card | Bank of America Travel Rewards card | |
| Welcome Bonus | $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening | $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening | 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases |
| Annual Fee | $0 | $0 | $0 |
| APR | 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 18.24% - 28.24% Variable APR will apply. | 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 18.24% - 28.24% Variable APR will apply. | 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 18.24% - 28.24% Variable APR will apply. |
| Rewards Rate | 6% cash back for the first year 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. After the first year from account opening, you'll earn 3% cash back on purchases in your choice category and 2% cash back at grocery stores and wholesale clubs, up to the quarterly maximum. 1% cash back on all other purchases. If you're a Bank of America Preferred Rewards® member, you can earn 25% - 75% more cash back on every purchase. The Preferred Rewards bonus is not applied to the 3% first year bonus. | 2% cash back on all purchases for the first year from account opening. 1.5% cash back on all purchases after the first year from account opening. If you're a Bank of America Preferred Rewards® member, you can earn 25% - 75% more cash back on every purchase. The Preferred Rewards bonus does not apply to the .5% first year bonus. | 1.5 points per $1 spent on all purchases. 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center. If you're a Bank of America Preferred Rewards® member, you can earn 25% - 75% more points on every purchase. |
| Standout Feature | Choose your own bonus category | No bonus categories to track | Travel-friendly features, including no foreign transaction fees |
Frequently Asked Questions About the Bank of America Customized Cash Rewards Card
What credit score do you need for the Bank of America Customized Cash Rewards card?
To be considered for the Customized Cash Rewards card, you’ll need a good credit score at a minimum (a FICO score of 670 or higher). Bank of America looks at other factors beyond your credit score when deciding to approve you, including your overall financial profile.
How often can I update the bonus category on my Bank of America Customized Cash Rewards card?
You can update your Customized Cash Rewards bonus category once per calendar month through your online Bank of America account.
What happens if I don’t update my bonus category on the Customized Cash Rewards card?
Your bonus category will stay the same if you don’t change it. You don’t have to update it each month if you don’t want to.
Does the Bank of America Customized Cash Rewards card charge foreign transaction fees?
Yes, you’ll pay a 3% foreign transaction fee for international purchases on the Customized Cash Rewards card.
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.
