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Bank of America Customized Cash Rewards Credit Card benefits guide

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Earning cash back from your rewards credit card is always a great thing, but being able to customize your cash back bonus categories from month to month is even better. The Bank of America® Customized Cash Rewards credit card allows you to do just that.

As part of a growing trend of “choice” category rewards cards, you’ll be able to customize the categories where you can earn the most cash back. Here’s a handy benefits guide for the Customized Cash Rewards card so you can understand what it offers and how the cash back rewards work.

The Bank of America Customized Cash Rewards card benefits at a glance

Feature Card details
Sign-up bonus $200 online cash rewards after spending $1,000 within the first 90 days of account opening
Rewards rate
  • 3% cash back on category purchases of choice, including gas, online shopping, dining, travel, drugstore or home improvement
  • 2% cash back at grocery stores and wholesale clubs (up to $2,500 of combined 3 and 2% category purchases each quarter, then 1 percent)
  • 1% on all other purchases
Annual fee $0
APR 14.74% to 24.74% (variable)
Additional benefits Visa Signature benefits and travel perks

Earning rewards

The great thing about this card is that you can earn cash back in categories where you spend the most. You can earn 3 percent back on categories including gas, online shopping, dining, travel, drugstore, home improvement or home furnishings. Then, you can also earn 2 percent back at eligible grocery stores and wholesale clubs. There is a $2,500 limit on cash back earnings for your 2 and 3 percent categories each quarter. After you reach this limit, you’ll earn 1 percent back on your purchases.

The benefit to this rewards structure is that you can change your choice category as often as once a month. Plus, with the online shopping category, you can really expand your cash back potential.

You might be renovating a room one month or traveling the next, and earning in the category that matches your spending can be very helpful to maximize your rewards. And since you can make the change quickly and easily online, this feature can help you earn the most rewards back possible.

Bank of America Preferred Rewards membership

It’s also worth noting that you can boost your earnings rate by as much as 75 percent depending on your status as a member of the Bank of America Preferred Rewards program. To qualify as a member, you have to own or co-own an active and eligible Bank of America checking account and hold a minimum three-month combined average daily balance of $20,000 or more across eligible Bank of America account types.

Here’s how much you could boost your cash back rate based on the Preferred Rewards tier you fall into:

  • Preferred Rewards Gold—25 percent
  • Preferred Rewards Platinum—50 percent
  • Preferred Rewards Platinum Honors—75 percent

As a Preferred Rewards member, there are other benefits like discounts on investment services, mortgage origination fees, HELOC and car loan interest rates and no charge for select banking services.

Redeeming rewards

Your rewards are worth 1 cent per 1 percent earned with the Customized Cash Rewards. You can redeem these rewards for statement credits, direct deposits to a Bank of America checking or savings account or for credit to an eligible Merrill account (with a minimum of a $25 request).

Sign-up bonus and 0 percent APR

This no annual fee credit card not only offers the chance to earn ongoing cash back rewards, it also offers a substantial sign-up bonus. You’ll get $200 online cash rewards after spending $1,000 within the first 90 days of opening the account.

Another valuable feature of this card is the introductory 0 percent APR offer, which could help you pay down any higher interest debt you may have. You’ll get a 0 percent APR for 15 billing cycles on both purchases and balance transfers. You must complete your balance transfer within the first 60 days of opening your account. Note that a 3 percent fee (minimum $10) applies. After your 15-month introductory offer ends, the APR will be 14.74 percent to 24.74 percent (variable).

Additional benefits and protections

Visa Signature

Because this is not a high-end travel credit card, there won’t be many premium benefits to speak of. However, as a Visa Signature card, there are a number of perks, including:

  • Warranty coverage
  • Visa Signature® Concierge
  • Roadside dispatch
  • Travel and emergency assistance
  • Auto rental collision damage waiver coverage

Although most of these benefits are standard across Visa Signature-branded credit cards, make sure you review your card’s specific terms and conditions. That way, you’ll know the specific set of Visa Signature benefits that apply to your Customized Cash Rewards card.

BankAmeriDeals

BankAmeriDeals is a card-linked limited-time offer program similar to Amex Offers or Chase Offers. When you activate certain promotional offers on your account, you can earn 5 percent to 15 percent extra cash back at select restaurants and other participating merchants. You also get “coins” for using the program, which can give you access to even better deals. You won’t make a lot of cash back with BankAmeriDeals, but it’s a feature that boosts what you do earn.

Museums On Us

This benefit has actually been around for quite some time. For over two decades, all Bank of America credit cards and debit cards have given cardholders free general admission to 225-plus “cultural institutions” during the first weekend of every month. All you have to do is present your Bank of America card and a valid photo ID to gain free entrance.

The bottom line

The Bank of America Customize Cash card doesn’t offer the highest rates of cash back out there, as there are some rotating category cards that offer as much as 5 percent back on select bonus categories. However, getting 3 percent back on your category is much better than the 1 to 2 percent back offered by other flat-rate cash back cards in the rewards market.

With no annual fee, a decent welcome bonus and a generous introductory APR offer as ancillary perks to its respectable cash back rate, this Bank of America credit card deserves serious consideration for a spot in your wallet. When you add the protections and benefits through the Visa Signature network, the card’s net value becomes even more apparent.

Bank of America® Customized Cash Rewards credit card information was last updated on June 6, 2022

Written by
Aja McClanahan
Personal Finance Writer
Aja McClanahan is an author, blogger and speaker on personal finance and entrepreneurship. Aja is the author of "How a Mother Should Talk About Money with Her Daughter."
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