Bank of America Customized Cash Rewards Credit Card Review
Key Takeaways
This card isn't ideal for serious points and miles enthusiasts. Cash back cards with no annual fees, including this one, typically offer modest welcome bonuses — only $200 in this case. While the card's category multipliers seem attractive initially, the $2,500 annual cap significantly limits their value. If you're committed to maximizing travel rewards long-term, we recommend not using one of your 5/24 slots on this card.
Why This Card Could Be Right For You
The Bank of America Customized Cash Rewards card works best for beginners in the credit card rewards space. Key features include:
- No annual fee
- $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.
How The Bank of America Customized Cash Rewards Credit Card Fits In The Cash in Cents Ecosystem
This is one of two Bank of America cash back cards. The other—Bank of America Unlimited Cash Rewards—also has no annual fee and offers the same $200 welcome bonus but provides a simpler 1.5% cash back on all purchases with no spending caps.
For travel enthusiasts, Bank of America offers two more valuable options with annual fees:
- 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.
Card Information
| Bonus Points | Minimum Spend | Point Value | Annual Value | Annual Fee |
1st Year Value
|
|---|---|---|---|---|---|
| 20,000 | $1,000 | 1.0 ¢ | $0 | $0 |
$210
|
| Best Value | Differentiating Perks | Rules |
|---|---|---|
| Cash Back | 3% cash back in the category of your choice | No 5/24 |
Spend Categories
1X points
1¢ Per Dollar Spent
3X points
3¢ Per Dollar Spent
3X points
3¢ Per Dollar Spent
3X points
3¢ Per Dollar Spent
2X points
2¢ Per Dollar Spent
3X points
3¢ Per Dollar Spent
3X points
3¢ Per Dollar Spent
2X points
2¢ Per Dollar Spent
3X points
3¢ Per Dollar Spent
3X points
3¢ Per Dollar Spent
Point Transfer Options
Transfer To Spouse/Partner Yes
Transfer To Friends Yes
Travel Partner Transfers
Outside Point System Cash in Cents
Transfers In From
1:1 71% value retained
1:1 100% value retained
1:1 91% value retained
1:1 63% value retained
1:1 91% value retained
1:1 71% value retained
Bank of America Customized Cash Rewards Application Rules
Card approval not subject to 5-personal-cards-in-24-months rule
