Bank of America Customized Cash Rewards Credit Card Review
Key Takeaways
We do not recommend this card for serious points and miles users. The 20,000-point cash back bonus is pretty low, even for a no-annual fee card. While the category multipliers look appealing, the $2,500 quarterly cap limits their impact. It’s better to save your 5/24 slots for cards with stronger long-term upside.
Why This Card Could Be Right For You
The Bank of America Customized Cash Rewards card works best for beginners in the points and miles hobby. Key features include:
- No annual fee
- 20,000 welcome offer in the form of $200 cash back after spending $1,000 in the first 90 days
- Customizable 3% cash back in your choice of category: gas/EV charging, online shopping, cable/internet/phone services, streaming, dining, travel, drug stores, or home improvement/furnishings
- 2% cash back on groceries and wholesale clubs like Costco or Sam's Club
Note that these bonus categories have a combined $2,500 quarterly spending cap. After reaching this limit, purchases earn only 1% cash back.
You can increase your rewards by joining Bank of America's Preferred Rewards program, which requires a Bank of America checking account. With a three-month average balance of at least $20,000 across Bank of America and Merrill investment accounts, you'll qualify for Gold Tier status (balances between $20,000-$50,000). This provides a 25% earning bonus, boosting your returns to 3.75% in your chosen 3% category and 2.5% in 2% categories, with all other purchases earning 1.25%. Higher tiers offer even greater bonuses, with Platinum Honors and Diamond providing a 75% boost.
When The Usual Advice Doesn't Apply
This card may not suit you if:
- You want to earn travel rewards. While you can redeem rewards for travel through the Bank of America Travel Center, the value is fixed at 1 cent per point.
What to Know About Bank of America
Bank of America Travel Rewards is a low tier program in the points and miles hobby:
- There are one or two cards worth getting, but only in the right situations
- Having an existing relationship with the bank or needing a break from the big credit card issuers are the main reasons you might want to get into this system
- Redeeming rewards is simple and straightforward, but you’ll only earn 1 cent per point at best
- Many cards only offer cash back rewards
- Its lack of any transfer partners puts this system near the bottom of our rankings
How The Bank of America Customized Cash Rewards Credit Card Fits In The Bank of America Ecosystem
This is one of two Bank of America cash back cards. The Bank of America Unlimited Cash Rewards card also has no annual fee and offers the same 20,000-point cash back welcome bonus. It provides a simpler 1.5% cash back on all purchases with no spending caps.
Bank of America offers two more options that come with annual fees but better travel benefits:
- Bank of America Premium Rewards Card: $95 annual fee with a 60,000-point sign-up bonus after spending $4,000 in the first 90 days. Earns 2x points on travel and dining, 1.5x points on everything else with no limits. Additional benefits include $100 in airline incidental statement credits and a $100 credit for TSA PreCheck or Global Entry, effectively offsetting the annual fee.
- Bank of America Premium Rewards Elite Card: $550 annual fee with a 75,000-point sign-up bonus after $5,000 in purchases within 90 days. Earns the same 2x points on travel/dining and 1.5x points on all other purchases. Includes substantial credits: $300 for airline incidentals, $100 for TSA PreCheck/Global Entry, and $150 for "lifestyle conveniences" (streaming services, food delivery, fitness subscriptions, and rideshare services). Additional perks include up to four complimentary Priority Pass Select memberships and 20% savings on airfare when redeeming points.
Both premium cards allow redemptions as cash back, statement credits, credits to Merrill investment accounts (including 529 plans), or through the Bank of America Travel portal. They're also eligible for earning boosts through the Preferred Rewards program. Bank of America does not have any travel partners to transfer to for outsize value.
Card Information
Differentiating Perks
Rules
Historical Card Offers
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Estimated Next Offer
Bank of America Customized Cash Rewards Application Rules
You'll be declined for Alaska Airlines and B of A Premium Rewards cards if you have opened or CLOSED that card in the previous 24 months
Bank of America limits the number of personal cards issued by the bank that you can get within a certain time frame
Card approval not subject to 5-personal-cards-in-24-months rule
