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.

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.
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Advertising Disclosure
LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).

Advertising Disclosure

LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).
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American Express Disclosure
Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

American Express Disclosure

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

Bank of America® Customized Cash Rewards credit card Review

LendingTree's Review

How LendingTree Rates Credit Cards?

Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.
4.6
Bank of America<sup>®</sup> Customized Cash Rewards credit card
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.
Rewards Terms
You can update your choice category for future purchases once each calendar month using the Mobile Banking app or Online Banking, or do nothing and it stays the same.
Cash Bonus
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It was not reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
Citi is an advertising partner.

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

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 19.24% - 29.24% 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.

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.
    • Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
    • If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
    • No annual fee and cash rewards don’t expire as long as your account remains open.
    • 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% - 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
    • 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.
  • 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
  • 660 720 850
    Good / Excellent
  • 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.
  • Extended warranty protection

Intro Purchase APR

0% Intro APR for 15 billing cycles for purchases

Regular Purchase APR

19.24% - 29.24% 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

19.24% - 29.24% 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%

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

  • Change your bonus spending category every month
  • $0 annual fee
  • Sign-up bonus offer
  • Intro 0% APR for purchases and balance transfers
  • 3% foreign transaction 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 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.

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: 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.

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
apply-now-icon Apply Now
on American Express's secure site
Rates & Fees
| Terms Apply
0% on purchases for 15 months
19.24%-29.99% 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.
  • No Annual Fee.
  • Balance Transfer is back! Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, 19.24% to 29.99% variable APR.
  • 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, then 1%.
  • Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
  • Thinking about getting the Disney Bundle which can include Disney+, Hulu, and ESPN+? Your decision made easy with $7/month back in the form of a statement credit after you spend $9.99 or more each month on an eligible subscription (subject to auto renewal) with your Blue Cash Everyday® Card. Enrollment required.
  • Enjoy up to $15 back per month when you purchase a Home Chef meal kit subscription (subject to auto renewal) with your enrolled Blue Cash Everyday® Card.
  • Terms Apply.
660 720 850
Good / Excellent

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears 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 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.

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-icon Apply Now
on Bank Of America's secure site