The Bank of America® Customized Cash Rewards Credit Card is a no annual fee cash back card that allows you to earn 3% cash back in a category of your choice, 2% at grocery stores and wholesale clubs, and 1% on all other purchases.
This credit card review will cover everything you need to know about this card to determine if you should add this card or a different card to your wallet. Let's dive right in.
- Earn a $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening.
- 3% Cash Back in One Category (gas, online shopping, dining, travel, drug stores, or home improvement/furnishings)
- 2% Back at Grocery Stores and Wholesale Clubs
- 25% to 75% More Earnings for Preferred Rewards Members
- No Annual Fee
Welcome Bonus
The Customized Cash Rewards currently offers the following welcome bonus:
Earn a $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening.
Earning Cash Back
The Customized Cash Rewards earns cash back at the following rates:
- 3% cash back in the category of your choice: gas, EV charging, online shopping, dining, travel, drug stores, or home improvement/furnishings;
- 2% cash back at grocery stores and wholesale clubs; and
- 1% cash back on all other purchases.
However, the 3% and 2% cash back are each capped at $2,500 in combined spending during each quarter. After that, you will only earn 1% cash back.
Extra Points with Preferred Rewards
You can boost your rewards if you are a member of the Preferred Rewards program, allowing you to earn 25% to 75% more rewards on every purchase based on the amount of money in Bank of America banking and/or Merrill Investment accounts.
Gold ($20,000 to $49,999) = 25% rewards boost.
Platinum ($50,000 to $99,999) = 50% rewards boost.
Platinum Honors ($100,000+) = 75% rewards boost.
Annual Fee of Customized Cash
The Customized Cash Rewards credit card has no annual fee, making it an affordable option for those looking to earn cash back rewards without an extra yearly cost.
Benefits of Customized Cash Rewards
The Customized Cash offers the following benefits:
Intro APR: Enjoy 0% Intro APR for your first 15 billing cycles for purchases and for any balance transfers made within the first 60 days of opening your account. After that a 17.49% to 27.49% will apply.
Contactless Cards: The security of a chip card, with the convenience of a tap.
Pros and Cons of Customized Cash
Here are the advantages and disadvantages of this card:Pros:
- Ability to earn 3% cash back in your top category.
- No annual fee.
Cons:
- Lack of any major benefits such as travel or purchase protections.
- 1% cash back on everyday spending.
- Cash back is capped at $2,500 in combined purchases at each 3% and 2% level.
Is the Customized Cash Card Worth It?
I do not recommend the Bank of America Customized Cash because it lacks major benefits and other cards offer more overall rewards for your spending.
