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How Does LendingTree Get Paid?

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Bank of America® Customized Cash Rewards credit card

Bank of America<sup>®</sup> Customized Cash Rewards credit card

Bank of America® Customized Cash Rewards credit card

Intro APRs
0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 13.99% - 23.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
Sign Up Bonus
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Rewards Rate
3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs (for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 1% cash back on all other purchases
Edited by
Julie Sherrier
Reviewed by
Alexandria White
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Bank of America® Customized Cash Rewards credit card best for?

Bank of America® Customized Cash Rewards credit card details updated Sept. 9, 2021

The Bank of America® Customized Cash Rewards credit card is a good option for those who don’t want to be locked into pre-selected bonus categories that earn a higher cashback rate as the card allows you to select from six of the following categories every month: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings.

It’s also a good choice for frequent spenders at grocery stores and wholesale clubs, as you’ll earn a decent cashback rate on purchases in those categories: 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs (for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 1% cash back on all other purchases.

This card isn’t for people who don’t spend a lot in the bonus categories, as you’ll earn a subpar rate on all other purchases. You would be better off with a flat-rate card that earns you a consistently high rate on all purchases like the Citi® Double Cash Card – 18 month BT offer or a rewards card that is more aligned with your spending.

If you have a balance on an existing high-APR card or plan on making a large purchase, there is also a good 0% intro period for transfers and purchases — 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days and 0% Intro APR for 15 billing cycles for purchases. After both intro periods end, a 13.99% - 23.99% Variable APR will apply. These 0% intro APR periods can save you a tidy sum on interest charges.

For those who need a longer time to pay off a balance, know that there are other cards with 0% intro periods of 18 to 20 months.

Overview of the Bank of America® Customized Cash Rewards credit card

    • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening 
    • Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases 
    • If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase. That means you could earn up to 5.25% cash back on purchases in your choice category. 
    • No annual fee and no expiration on rewards 
    • 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 13.99% - 23.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers. 
    • 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.
  • Credit needed:
    680 850
    Excellent/Good
  • FICO® score for free
  • $0 liability guarantee: Unauthorized purchases made on your account are not at your expense.
  • Online chat: No need to call a representative. You can easily log on to online banking to chat about any questions you may have.
  • Digital wallet technology: Utilize the easy payment features of Apple Pay®, Microsoft™ Wallet, Android Pay™ or Samsung Pay to pay in-app, online or in-store.
  • Purchase and extended warranty protection

Intro Purchase APR

0% Intro APR for 15 billing cycles for purchases

Intro BT APR

0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Annual Fee

$0

Regular Purchase APR

13.99% - 23.99% Variable APR

Cash Advance Fee

See Terms

Foreign Transaction Fee

3%

Balance Transfer Fee

Either $10 or 3% of the amount of each transaction, whichever is greater.

Pros and cons of the Bank of America® Customized Cash Rewards credit card

Pros

  • Change your bonus spending category every month
  • $0 annual fee
  • Sign-up bonus offer
  • Intro 0% APR for purchases and balance transfers

Cons

  • 3% foreign exchange fee
  • Balance transfer fee

What we like about the Bank of America® Customized Cash Rewards credit card

  • Sign-up bonus

    The Bank of America® Customized Cash Rewards credit card offers a fairly easy-to-earn bonus for new cardmembers: Earn $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.

  • Flexible cashback program

    Cardholders have the ability to choose from one of six categories to earn 3% cash back each month: gas, online shopping, dining, travel, drugstores, or home improvement/furnishings. Earn 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs (for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 1% cash back on all other purchases.

    The ability to change the bonus cashback category each month is unique since many cards only allow you to opt into pre-selected new bonus categories every quarter or don’t allow you to choose at all.

  • Additional cashback rewards

    Card members have the opportunity to get 25 to 75% more cash back on every purchase as a Preferred Rewards members. To be eligible, you must have an active, eligible Bank of America checking account and three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts.

    Note, enrollment is required.

  • Generous 0% APR intro offers for purchases and balance transfers

    If you’re planning a large purchase that you need to finance over time or have high-interest debt you’d like to move to a no-interest card for more than a year, new Bank of America® Customized Cash Rewards credit card cardmembers can save with this card’s intro offer deals.

What to watch out for with the Bank of America® Customized Cash Rewards credit card

  • Bonus category spending limit

    This card falls short in the quarterly $2,500 maximum it has on bonus categories.

    Since the cap applies to spending across all bonus categories, big spenders in these categories may not earn the best cashback rate and may benefit more from both a grocery card and gas card.

    However, the cap is higher than you’ll get with some other cards that cap bonus category spending at $1,500 a quarter.

  • Balance transfer fee

    While the Bank of America® Customized Cash Rewards credit card offers a generous 0% intro APR offer for balance transfers, there is a fee involved: Either $10 or 3% of the amount of each transaction, whichever is greater. The fee will be added to any balance transferred to the card.

  • Limited benefits

    The Bank of America® Customized Cash Rewards credit card comes with few benefits that are offered by other cards, such as car or travel insurance or extended warranty or purchase protections.

How to use the Bank of America® Customized Cash Rewards credit card most effectively

To get the most value out of the Bank of America® Customized Cash Rewards credit card, be sure to use it for all of your gas, grocery, and wholesale club purchases. This will allow you to earn the higher cashback rate on these purchases (until you hit the cap).

For all other spending, it’s a good idea to use a flat-rate card like the Citi® Double Cash Card so you can earn a higher rate than if you only used the Bank of America® Customized Cash Rewards credit card. Also, make sure to spend the required amount in the given time period to earn the signup bonus.

If you plan on taking advantage of the 0% intro APR period for a large purchase, make sure you complete the purchase as soon as possible so you can take advantage of the long intro period. For those who want to complete a balance transfer, be aware you have to transfer your balance within 60 days from account opening, and there is a transfer fee.

Alternate cashback card

Compare it to the Blue Cash Everyday® Card from American Express

Disclosures |
Blue Cash Everyday® Card from American Express
Blue Cash Everyday® Card from American Express
on American Express's secure site
Terms Apply
0% on purchases for 15 months
13.99%-23.99% Variable
$0
3% cash back at U.S. supermarkets (on up to $6,000 per year
  • Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
  • Buy Now, Pay Later: Enjoy $0 plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 plan fees on plans created during the first 15 months after account opening. Plans created after that will have a plan fee up to 1.33% of each purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
  • Low intro APR: 0% for 15 months on purchases from the date of account opening, then a variable rate, 13.99% to 23.99%.
  • 3% Cash Back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%).
  • 2% Cash Back at U.S. gas stations and at select U.S. department stores.
  • 1% Cash Back on other purchases.
  • Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits.
  • No annual fee.
  • Terms Apply.
720 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

If you spend large sums at supermarkets, the Blue Cash Everyday® Card from American Express offers a ongoing higher cashback rate of 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%) compared to the Bank of America® Customized Cash Rewards credit card, which offers a lower 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases. However, the Bank of America® Customized Cash Rewards credit card also includes wholesale clubs at 2% cash back.

If offsetting gas expenditures are top of your list, the Bank of America® Customized Cash Rewards credit card is a better choice since you can earn higher cash back after you select gas stations as the bonus category. The Blue Cash Everyday® Card from American Express earns a lower cash back at U.S. gas stations.

Rewards programs aside, the Blue Cash Everyday® Card from American Express provides more added benefits than the Bank of America® Customized Cash Rewards credit card, such as travel accident insurance, cell phone protection, free two-day shipping with ShopRunner (enrollment required) and more.

To see the rates and fees for the Blue Cash Everyday® Card from American Express, please click here.

Compare the Bank of America® Customized Cash Rewards credit card to similar cards

Comparison of four different credit cards
Bank of America<sup>®</sup> Customized Cash Rewards credit card Citi<sup>®</sup> Double Cash Card – 18 month BT offer Blue Cash Everyday<sup>®</sup> Card from American Express Discover it<sup>®</sup> Cash Back
Bank of America® Customized Cash Rewards credit card Citi® Double Cash Card – 18 month BT offer Blue Cash Everyday® Card from American Express Discover it® Cash Back
Apply Now
on Bank of America's secure site
Apply Now
on Citibank's secure site
Apply Now
on American Express's secure site
Terms Apply
Apply Now
on Discover's secure site
Annual Fee
$0 $0 $0 $0
Welcome Offer
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening No bonus $200 back after you spend $2,000 in purchases on your new Card within the first 6 months. Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
Rewards Rate
3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs (for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 1% cash back on all other purchases Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 2% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases. Terms apply. 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate, 1% unlimited cash back on all other purchases - automatically
Intro Purchase APR
0% Intro APR for 15 billing cycles for purchases N/A 0% on purchases for 15 months 0% for 14 months
Regular APR
13.99% - 23.99% Variable APR 13.99% – 23.99% (Variable) 13.99%-23.99% Variable 11.99% - 22.99% Variable APR
Intro Balance Transfer Rate
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days 0% for 18 months on Balance Transfers N/A 0% for 14 months
Regular Balance Transfer Rate
13.99% - 23.99% Variable APR 13.99% – 23.99% (Variable) N/A 11.99% - 22.99% Variable APR
Balance Transfer Fee
Either $10 or 3% of the amount of each transaction, whichever is greater. 3% of each balance transfer; $5 minimum. N/A 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Recommended Credit
Excellent/Good Excellent/Good Excellent/Good Excellent/Good
Card Details
Bank of America® Customized Cash Rewards credit card Citi® Double Cash Card Blue Cash Everyday® Card from American Express Discover it® Cash Back

Is the Bank of America® Customized Cash Rewards credit card card right for you?

The Bank of America® Customized Cash Rewards credit card offers a unique cashback program for those who spend a lot at gas stations, supermarkets and wholesale clubs, as well as offering a decent 0% intro APR period for purchases and balance transfers. But if you think opting into a new bonus spending category every month will be too much of a hassle, then you may be better off with a cashback card that offers a flat-rate cashback rate on all purchases.

Apply Now
on Bank of America's secure site