Best Rewards Credit Cards

Bank of America Customized Cash Rewards Review: Tailor Your Cash Back

Customize rewards with no fee; best for BofA customers.

Rickie C. Keys, Ph.D., MPH

31 Mar 2024 — 1 min read

Features

Annual Fee: $0, making it a cost-effective choice for many.
Cash Back: 3% in a category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and 1% on all other purchases.
Intro APR: 0% on Purchases for 15 billing cycles and on Balance Transfers for 15 billing cycles (for transfers made in the first 60 days).
Regular APR: 18.24%-28.24% Variable APR, based on creditworthiness.
Sign-Up Bonus: $200 online cash rewards after $1,000 purchases within the first 90 days.

Benefits

Flexible Cash Back: For 3% cash back, choose from six categories, including online shopping and dining, which can be changed monthly.
Bonus for Banking Customers: Preferred Rewards members can earn 25%-75% more cash back on every purchase.
Intro APR Period: Offers a break on interest for new purchases and balance transfers.
Accessibility: Good to excellent credit scores (690-850) can qualify, broadening appeal.

Drawbacks

Spending Caps: A $2,500 quarterly cap on combined 3% and 2% categories could limit earning for high spenders.
Complicated Rewards: The multi-tier rewards system may require more management than flat-rate cards.
Best Rewards for Bank Customers: Maximum rewards are reserved for Bank of America Preferred Rewards members, potentially limiting its value for others.

Product Summary

The Bank of America Customized Cash Rewards card stands out with its unique feature, allowing cardholders to select their 3% cash back category, tailoring rewards to individual spending habits. This card is particularly advantageous for Bank of America Preferred Rewards members, who can significantly boost their rewards rate. With no annual fee and a generous intro APR period, it offers considerable savings and flexibility. However, its spending caps on bonus categories and the complexity of maximizing rewards may deter some. Overall, it's an excellent option for those who prefer personalized rewards and are willing to use the card's features to maximize benefits.

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