If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
The Bank of America® Customized Cash Rewards credit card puts you in control of your card's top bonus category. You can also raise its cash back rates even higher if you have banking or investment accounts with Bank of America and qualify for its Preferred Rewards program. Get all the details in our Bank of America® Customized Cash Rewards credit card review.
Bank of America® Customized Cash Rewards credit card
Great for: Bonus and cash-back flexibility
On Bank of America's Secure Website.
On Bank of America's Secure Website.
Good/Excellent (670-850)
Intro APR 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 19.24% - 29.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.
Purchases: 0% Intro APR for 15 billing cycles for purchases
Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
Regular APR
19.24% - 29.24% (Variable)
Rewards 3% cash back in the category of your choice, 2% at at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases, 1% on all other purchases.
1% - 3% cash back
Annual Fee
$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
$200 cash back
This card's wide range of extra cash back options speaks for itself, with a choice of six bonus categories you can change monthly for 3% earnings in the category of your choice. And you can earn 2% back automatically at grocery stores and wholesale clubs. No annual fee and a nice welcome bonus also make this one a winner. Plus, if you're a Bank of America Preferred Rewards member, this card will be even more valuable for you.
This credit card is a good fit for: Cardholders who want control over where they earn bonus cash back. Bank of America banking and investment clients can unlock higher cash back rates through its Preferred Rewards program.
Most cash back cards follow a few simple rules. The card issuer decides on the bonus categories and the cash back rates, and those rates normally don't change. With this Bank of America card, it's completely different. This makes it a much more flexible, and potentially more rewarding option.
This card's claim to fame is its customizable bonus categories. It earns 3% cash back in a category you choose from a list of six options:
It also earns 2% at grocery stores and wholesale clubs. The only downside is that the 3% and 2% rates are on your first $2,500 in combined purchases each quarter across those categories. After that, it's the standard 1% rate.
Still, the option to choose a bonus category makes it easy to earn more cash back, especially because you can change your 3% category once each calendar month. This means you can pick the bonus category that best fits your upcoming plans. Here are a few examples of how this can help:
One of the best things about Bank of America is its Preferred Rewards program. If you have enough money (at least $20,000) saved or invested with it, you can become a Preferred Rewards member. That includes quite a few perks, including a credit card rewards bonus of 25% to 75%.
The bonus amount depends on which of the program's shiny tiers you land in. Each tier has minimum balance requirements. Balances in bank accounts with Bank of America and investment accounts with Merrill both qualify. Here's a quick breakdown of the tier requirements and each tier's rewards bonus:
Even the bonus for the Gold tier is pretty good. And once you're in the Platinum and Platinum Honors tiers, you'll be earning some serious cash back: up to 5.25% in the bonus category you choose. At the highest level, you'll be earning rates that are unmatched, including by the top credit cards. Here's a handy table showing the exact rates this card earns in each Preferred Rewards tier:
Spending category | Standard cash back rate | Preferred Rewards Gold | Preferred Rewards Platinum | Preferred Rewards Platinum Honors |
---|---|---|---|---|
Your 3% choice category | 3% | 3.75% | 4.5% | 5.25% |
Grocery stores and wholesale clubs | 2% | 2.5% | 3% | 3.5% |
Other purchases | 1% | 1.25% | 1.5% | 1.75% |
Cash back may be this card's best feature, but it's not the only benefit. It also has one of the longer 0% intro APR offers, a popular way to avoid interest charges.
The 0% APR lasts for the first 15 billing cycles, and it applies to purchases, as well as any balance transfers you make within the first 60 days. The go-to 19.24% - 29.24% (Variable) APR applies after your card's intro period ends.
I always recommend using this type of benefit with caution. It can be perfect in certain situations -- for example, when you have big purchases to make that you can't pay off right away. In that case, you could put them on this Bank of America card, earn a nice chunk of cash back, and have 15 billing cycles to pay off your balance.
But this kind of offer can also encourage you to spend more, just because there are no interest charges for a limited time. Some people make purchases they don't need and even end up with long-term credit card debt. Only carry a balance on your card if necessary, even if it has a 0% APR offer.
This card is great for earning cash back, especially for Preferred Rewards members. But it has a few limitations that could affect how much you're able to get out of it.
You can earn a lot of cash back with this card, until you hit the quarterly spending cap. That's $2,500, combined, across all its bonus categories. That comes out to about $834 per month and $10,000 per year.
If you don't expect to spend more than that in bonus categories, then this is no problem. But if you're a big spender, and you could spend over $1,000 a month on online shopping, dining, or any of the other bonus categories, then this isn't the card for you.
There are plenty of cards that have bonus categories with no spending caps. Now, most of them don't let you choose your bonus categories. You can't quite have it all, at least not yet. But you could find a card with bonus categories you like, without any limits on them, by checking out more credit card reviews.
This Bank of America card doesn't travel well. It's a Visa card, so you could use it wherever Visa is accepted, but you'll pay extra. There's a 3% foreign transaction fee on purchases outside the United States.
If you ever travel abroad, you're going to want a card with no foreign transaction fee. Otherwise, all those dinners, excursions, and souvenirs are going to cost extra.
RELATED: The Ascent's Travel Credit Cards Hub
Bank of America used to offer a solid list of complimentary protections on this card. Not anymore. It got rid of auto rental insurance, purchase protection, and lost luggage reimbursement.
Changes like these often go unnoticed. Let's be honest, most of us aren't choosing a credit card based on which one has the best lost luggage insurance.
They're still a negative, though, especially because there are other cards offering these protections. If you're planning to buy a new iPad, you might want to pay with a card that covers new purchases for damage or theft. This Bank of America card no longer fits the bill.
Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.
Good to excellent credit (generally a 670-plus FICO® Score) is suggested for the Bank of America® Customized Cash Rewards credit card. Note, people with higher scores can be declined and people with lower scores may be approved. Credit scores are just one factor used to make a credit decision.
Case in point, Bank of America credit cards are unique in that on some denied applications, it has given "lack of deposits or investments" as a denial reason. Some applicants have also reported being offered the opportunity to get a credit card if they open a bank account with Bank of America first. Based on that evidence, it appears having a banking or investment account with Bank of America could help you get a card with this issuer.
With all its perks and its flexibility, the Bank of America® Customized Cash Rewards credit card can help just about anyone save money. In particular, it's a great choice if any of the following are true:
RELATED: Best Rewards Credit Cards
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
---|---|---|---|---|---|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Discover will match all the cash back you've earned at the end of your first year. N/A | 1% - 5% Cashback 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. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 18.24% - 28.24% Variable APR |
||
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel℠, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
75,000 Miles 75,000 Miles once you spend $4,000 on purchases within 3 months from account opening | 2X-5X miles Earn unlimited 2X miles on every purchase, every day. Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. |
Intro: Purchases: N/A Balance Transfers: N/A Regular: 19.99% - 29.99% (Variable) |
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
The credit limit for the Bank of America® Customized Cash Rewards credit card is usually at least $1,000 and can be much higher, with some cardholders reporting limits of over $50,000. Bank of America uses your income, credit profile, and other information to set your card's credit limit.
Bank of America cash rewards don't expire, as long as your card account remains open and in good standing.
Yes, you can use this card internationally. There's a foreign transaction fee of 3% for international purchases.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
The Motley Fool owns shares of and recommends Visa.