Bank of America® Customized Cash Rewards Credit Card

In-Depth Review: Bank of America® Customized Cash Rewards Credit Card

With the Bank of America® Customized Cash Rewards Credit Card, the world of rewards is your oyster. While many rewards cards lock you into a particular category for earning cash back, this card puts the choice in your hands.

Who Can Benefit from the Customized Cash Rewards Card?

The Bank of America Customized Cash Card can benefit many individuals. Perhaps the best-suited to the card are those with an existing banking relationship with Bank of America. Bank of America Preferred Rewards membership increases the cashback available, with the highest tiers in the checking program earning up to 5.25% on the top-end bonus categories.

The card would also be a reliable option for those who love to track their expenses, as the 3% and 2% cash-back categories are fully customizable and can shift to reflect your current spending needs.  

How to Get the Card

Applying for a Bank of America credit card is a straightforward process. You’ll need the following information to complete your application:

• Full name
• Contact information (U.S. mailing address, email address, phone number)
• Social Security Number (SSN)
• Income information
• Housing details
• Employment information

Eligibility

The Bank of America Customized Cash Card is designed for individuals with good to excellent credit. Other versions of the card include student and secured options for those looking to establish a strong credit history.

Pre-Qualify

You can see if you qualify for the Customized Cash Card without harming your credit. Bank of America provides a pre-qualification page where you can gauge your suitability for one of Bank of America’s proprietary credit cards, including the Customized Cash.

How to Earn Rewards

Welcome Offer

The Customized Cash Card comes with a standard welcome offer with many cash back cards. New accounts earn a $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days from account opening.

Earning Rewards with the Customized Cash Card

What sets the Customized Cash Card apart from many competitors is the ability to select the category where you earn your best rewards. During each billing cycle, you’ll earn 3% cash back on purchases in your chosen category, with the option to select a new category for future purchases once a month. Log into your online banking account or mobile app and choose from any of the following options:

Cardholders also earn 2% at grocery stores and wholesale clubs and 1% cash back on all other purchases. Rewards never expire with the Bank of America® Customized Cash Rewards Card. While these double-tier bonus categories are great, they are limited.

Bank of America caps your cash back earnings at $2,500 per quarter on the combined 3% and 2% categories. After that, you can earn 1% cash back on purchases. So, while you’ll want to reach that threshold to maximize your rewards, it may be beneficial to space out your purchases or look for an alternative cash back credit card to use when you’ve reached this limit.

Additional Savings with Preferred Rewards

If you want to max out your cash back rewards, you must qualify for a Bank of America Preferred Rewards membership. As a Preferred Rewards member, you can unlock 25% to 75% cash back on your purchases. In other words, you could earn up to 5.25% on the category you choose and 3.5% on groceries. Your 1% cash back could also get bumped up to 1.75%.

Eligibility for a Preferred Rewards membership is divided into three tiers. Note that the level you qualify for depends on your combined Bank of America and Merrill investment account balances, which can change over time. You can find more information on the program on the bank’s website.

How to Redeem Rewards

Redeeming cash back rewards with the Customized Cash Card is simple. Cash rewards apply towards several redemption options, including statement credits to the card account or another Bank of America account, a check with a minimum redemption of $25, a credit to an eligible Merrill account, or a contribution to a 529 account with Merrill, with a minimum redemption of $25.

Card Benefits

0% Introductory APR

Another great feature of the Bank of America® Cash Rewards Credit Card is that it offers an above-average 0% introductory APR for the first 18 months after opening an account. This lengthy period includes purchases and balance transfers for the first 60 days, so don’t wait to take advantage. Afterward, you can anticipate a variable APR based on your creditworthiness and the Prime Rate.

Bank of America Features

Cardholders also enjoy a monthly update of their FICO Score, free of charge. Additionally, the card enjoys EMV chip and digital wallet technology, ensuring seamless integration with Apple Pay, Google Pay, Samsung Pay, and apps like PayPal. Finally, you’ll enjoy configurable account alerts, overdraft protection, and other benefits through Bank of America.

Visa Benefits

Other noteworthy features of the Customized Cash Rewards Credit Card from Bank of America include the typical slate of protections you expect from a Visa credit card. This means you can anticipate the following basic protections:

Comparison

Tips for Maximizing Rewards

To maximize your cash back rewards with the Bank of America® Customized Cash Rewards Credit Card, consider the following tips:

1. Choose your bonus cash back category wisely: Analyze your spending habits and select the category that will provide you with the highest cash back rewards based on your preferences.
2. Take advantage of the 2% cash back on grocery stores and wholesale clubs: By using your card for grocery shopping and wholesale club purchases, you can earn a significant amount of cash back rewards.
3. Use your card for all purchases: To ensure you earn cash back on every purchase, use your Bank of America® Customized Cash Rewards Credit Card for all your everyday expenses.
4. Redeem your rewards wisely: Consider how you want to use your cash back rewards, whether it’s as a statement credit, deposited into your account, or used for gift cards. Choose the option that provides the most value for you.

What We Like About the Customized Cash Card

Strong Rewards Earning Rate

The Bank of America® Customized Cash Rewards Credit Card offers a flexible and rewarding cash back program for consumers looking to maximize their spending power. With customizable bonus cash back categories, a generous sign-up bonus, and competitive interest rates, this card is worth considering for anyone who wants streamlined cash back and currently banks with Bank of America or pays into an eligible Merrill investment account.

No Annual Fee

The Customized Cash Card charges no annual fee. That lack of an annual fee isn’t particularly unique to the card. Most cash back credit cards have no membership or account management fees.

What makes the card great, however, is that the top-end rewards rate, 3%, is more generous than found with most cards, with only offerings from Chase, Citi, and U.S. Bank providing more lucrative earnings. Still, the 3% back on the spending category of choice is only 1% cash back less than the Capital One Savor Card, which charges a $95 annual fee.

Things to Consider

Limited Award Options

Perhaps the biggest letdown with the Customized Cash Card is the uninspiring amount of award options for the cash back rewards you earn. Unlike other cash back cards (like the Freedom Unlimited), Bank of America only allows you to deposit into a Bank of America or Merrill. While Merrill lets you apply rewards towards a qualifying 529 account with Merrill that is likely something many applicants seek.

Foreign Transaction Fee

The Customized Cash Card charges a foreign transaction fee of 3% of the transaction in U.S. dollars. The card isn’t the only one to charge this, it does limit the value you can expect from the card should you use it to make purchases abroad.

Other Card Versions

The Bank of America® Customized Cash Rewards Credit Card is a popular credit card amongst college and university alumni associations and other not-for-profit organizations. Here are some of the different versions of the card from some of the biggest charitable and alumni organizations in the country:

Bank of America Ratings

How does Bank of America stack up as a credit card issuer? Here is a selection of expert and consumer ratings for Bank of America:

Should You Apply for the Bank of America® Customized Cash Rewards Credit Card?

Overall, this is a very low-maintenance card that can easily fit into the rotation of most wallets. The lack of an annual fee and the option to choose your 3% cash back rewards category make this a great catch-all card for the more niche reward categories of drug stores, home improvement, and home furnishings.

If you’re already a part of the Bank of America ecosystem, this is a worthwhile credit card option for those with good to excellent credit and Preferred Rewards status. Alternately, students with strong credit who want to start earning rewards like these can look to its sister card, the Bank of America® Cash Rewards Credit Card for Students.