Bank of America® Customized Cash Rewards Review: Flexible Cashback for Everyday Spend

ByThiago SF

The Bank of America® Customized Cash Rewards is a versatile cashback credit card designed for consumers who want flexibility in their rewards.

Its structure allows cardholders to choose their highest-earning category, making it ideal for people whose spending changes throughout the year.

This card primarily targets individuals looking for cashback, not travel miles or premium perks. It works well for beginners, everyday spenders, and those who want simple, predictable rewards without paying an annual fee.

Main Benefits and Rewards

Flexible Cashback Categories

One of the strongest features of the Bank of America® Customized Cash Rewards is its adaptable rewards program.

Cardholders earn:

  • 3% cashback in a category of choice (gas, online shopping, dining, travel, drugstores, or home improvement/furnishings).
  • 2% cashback at grocery stores and wholesale clubs.
  • 1% cashback on all other purchases.

The 3% and 2% categories apply to the first $2,500 in combined quarterly purchases, then revert to 1%.

Welcome Bonus

New applicants typically receive a cash rewards bonus after spending a minimum amount within the first 90 days. This welcome incentive increases the card’s overall value within the first year.

Additional Benefits

Although not a premium travel card, it includes several helpful features:

  • Introductory 0% APR period on purchases and balance transfers (for a limited time).
  • Overdraft protection for eligible Bank of America accounts.
  • Security features, including $0 liability for fraud.
  • Access to Bank of America’s Preferred Rewards, where members can boost their cashback by 25%–75%.

These advantages make the card competitive, especially for Bank of America customers seeking enhanced value.

Annual Fee and Overall Costs

The Bank of America® Customized Cash Rewards has no annual fee, which appeals to consumers who want long-term value without recurring charges.

Since there is no first-year fee or renewal cost, the card is attractive for beginners and budget-conscious users.

The card may include other potential costs such as:

  • Balance transfer fees
  • Cash advance fees
  • Late payment fees

Because the rewards structure is flexible and the card has no annual fee, it is worth it for users who maximize the 3% category and take advantage of Bank of America’s Preferred Rewards program.

Rates and Fees

  • Regular APR: Variable purchase APR based on creditworthiness.
  • Penalty APR: May apply after late or returned payments.
  • Balance Transfer Fee: A standard fee applies per transfer.
  • Foreign Transaction Fee: This card charges a percentage on international transactions, making it not ideal for overseas travel.

Interest charges apply when balances are not paid in full. Due to its foreign transaction fee, it is better suited for domestic use rather than international spending.

Approval Requirements

Approval for the Bank of America® Customized Cash Rewards typically requires:

  • Good to excellent credit (usually a score of 680+).
  • A stable credit history with responsible payment habits.
  • Sufficient income to support credit obligations.

While approval is not extremely difficult, applicants with limited or damaged credit may face challenges.

Pros and Cons of the Bank of America® Customized Cash Rewards

Pros

  • Flexible 3% cashback category
  • No annual fee
  • Introductory 0% APR period
  • Preferred Rewards members earn up to 75% more cashback
  • Strong everyday cashback categories

Cons

  • Quarterly spending cap on bonus categories
  • Foreign transaction fees
  • Best value requires being part of the Preferred Rewards program
  • Not ideal for heavy travelers
  • 3% category must be manually selected to maximize rewards

Who Should Apply for the Bank of America® Customized Cash Rewards?

This card fits a wide range of consumers, including:

  • Cashback seekers who want flexible earning categories
  • Everyday spenders who spend heavily in grocery, gas, or online shopping
  • Students and young professionals starting to build strong credit
  • Existing Bank of America customers, especially Preferred Rewards members

It is an excellent match for daily purchases, routine bills, and households seeking simple cashback without maintaining multiple credit cards.

Competitor Comparison

Bank of America® Customized Cash Rewards vs. Citi Custom Cash℠

  • The Citi Custom Cash℠ automatically assigns the top earning category, while Bank of America lets users choose.
  • Bank of America offers multiple 3% category options, while Citi provides 5% on a single changing category.
    Choose Bank of America if you want flexibility and grocery/wholesale club bonuses.

Bank of America® Customized Cash Rewards vs. Chase Freedom Unlimited®

  • Freedom Unlimited offers simpler flat-rate rewards and better travel perks.
  • Bank of America is superior for users who want no-fee cashback categories they can adjust.
    Choose Bank of America if you prefer customizable rewards without annual fees.

Final Thoughts on the Bank of America® Customized Cash Rewards

The Bank of America® Customized Cash Rewards is a well-rounded cashback card suitable for U.S. consumers who want flexibility and no annual fee.

Its customizable 3% category and 2% grocery rewards make it ideal for everyday spending. Bank of America clients get even more value through Preferred Rewards.

If you want a practical cashback card with strong domestic benefits and no recurring costs, this card is an excellent choice.

Disclaimer

This article is for informational purposes only. We are not affiliated with banks, card issuers, or financial institutions. All fees, rates, and benefit details may change at any time.

Always check the official website of the card issuer for the most accurate and updated information before applying.

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