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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 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 18.24% - 28.24% 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.
Intro Purchase APR
0% Intro APR for 15 billing cycles for purchases
Regular Purchase APR
18.24% - 28.24% Variable APR
Intro BT APR
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
Regular BT APR
18.24% - 28.24% Variable APR on balance transfers
Annual Fee
$0
Cash Advance Fee
See Terms
Foreign Transaction Fee
3%
Balance Transfer Fee
3% for 60 days from account opening, then 4%
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 cash back program
Cardholders have the ability to choose from one of six categories to earn 3% cash back each month: gas including EV charging, online shopping including cable/streaming/internet and phone services, dining, travel, drugstores or home improvement/furnishings.
In all, you’ll 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.
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: 3% for 60 days from account opening, then 4%. The fee will be added to any balance transferred to the card.
Limited benefits
Some cards may offer benefits such as travel or car rental insurance, but the Bank of America® Customized Cash Rewards credit card falls short in this regard.
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.
If you spend large sums at supermarkets, the Blue Cash Everyday® Card from American Express offers a ongoing higher cashback rate at U.S. supermarkets (on up to $6,000 per year in purchases) compared to the Bank of America® Customized Cash Rewards credit card — which offers a lower cash back rate 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.
To see the rates and fees for the Blue Cash Everyday® Card from American Express, please click here.
| Credit Cards | Our Ratings | Annual Fee | Welcome Offer | Rewards Rate | Intro Purchase APR | Regular APR | Intro Balance Transfer APR | Regular Balance Transfer Rate | Balance Transfer Fee | Recommended Credit Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Bank of America® Customized Cash Rewards credit card
 Apply Now
on Bank Of America's secure site |
$0 | $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening | 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. | 0% Intro APR for 15 billing cycles for purchases | 18.24% - 28.24% Variable APR | 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days | 18.24% - 28.24% Variable APR on balance transfers | 3% for 60 days from account opening, then 4% | Good/Excellent |
Apply Now
on Bank Of America's secure site |
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Citi Double Cash® Card
Apply Now
on Citibank's secure site Rates & Fees |
$0 | Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back. | Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. | N/A | 19.24% - 29.24% (Variable) | 0% intro APR for 18 months on Balance Transfers | 19.24% - 29.24% (Variable) | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening. | Fair/Good/Excellent |
Apply Now
on Citibank's secure site Rates & Fees |
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Blue Cash Everyday® Card from American Express
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$0 | Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months. | 3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%. 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%. 3% Cash Back at U.S. gas stations, on up to $6,000 per year in purchases, then 1%. 1% cash back on other purchases. Terms apply. | 0% on purchases for 15 months | 19.24%-29.99% Variable | 0% on balance transfers for 15 months | 19.24%-29.99% Variable | Either $5 or 3% of the amount of each transfer, whichever is greater. | Good/Excellent | ||
Discover it® Cash Back
Apply Now
on Discover's secure site Rates & Fees |
$0 | Unlimited Cashback Match for all new cardmembers – 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. | Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. Redeem your rewards for cash at any time. | 0% Intro APR for 15 months | 17.24% - 28.24% Variable APR | 0% Intro APR for 15 months | 17.24% - 28.24% Variable APR | 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* | Good/Excellent |
Apply Now
on Discover's secure site Rates & Fees |
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.
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