Bank of America® Customized Cash Rewards Review: A Flexible Cashback Card for Everyday Spending
The Bank of America® Customized Cash Rewards is a popular cashback credit card designed for U.S. consumers who want flexibility, predictable rewards, and no annual fee.
This card focuses on delivering strong cashback value in everyday spending categories without requiring complicated points systems or travel redemptions.
It is ideal for shoppers who want a simple way to earn cash back on essential purchases.
Since it allows cardholders to choose their highest-earning category, the card works well for beginners, families, and anyone seeking a practical cashback strategy rather than premium travel perks.
It also appeals to users who prefer straightforward rewards without annual commitments.
Main Benefits and Rewards
The Bank of America® Customized Cash Rewards card offers one of the most customizable cashback structures in the U.S. market.
Cardholders earn:
- 3% cash back in one chosen category (gas, online shopping, dining, travel, drugstores, or home improvement/furnishings)
- 2% cash back at grocery stores and wholesale clubs
- 1% cash back on all other purchases
The 3% and 2% categories apply to the first $2,500 in combined purchases each quarter, then earn 1%.
Welcome Bonus
New applicants typically receive a $200 online cash rewards bonus after meeting a minimum spending requirement within the first 90 days.
This bonus makes the card even more attractive for those seeking quick upfront value.
Additional Benefits
Although this card is not focused on travel perks, it includes essential protections such as:
- Zero-liability fraud protection
- Digital Wallet compatibility
- Alerts and security monitoring
- Free FICO® Score access
What sets this card apart is its category flexibility and the enhanced rewards offered to Bank of America Preferred Rewards clients.
Eligible members can boost cashback earnings by 25%–75%, making it one of the most competitive cashback cards for banking customers.
Annual Fee and Overall Costs
One of the strongest advantages of the Bank of America® Customized Cash Rewards card is its $0 annual fee. There is no first-year fee, and there are no hidden membership charges.
Because the card has no annual cost, it is ideal for long-term use. Even if you only use it for targeted 3% categories, you still receive value each month without worrying about offsetting a fee.
Additional potential costs include:
- Cash advance fees
- Balance transfer fees
- Late payment fees
- Foreign transaction fees
Since the card charges foreign transaction fees, it is not the best option for international travel purchases.
Rates and Fees
Understanding the card’s rates is essential for U.S. consumers comparing credit options.
- Regular Purchase APR: Variable, based on creditworthiness
- Balance Transfer APR: Same variable rate as purchases
- Penalty APR: May apply after late or returned payments
- Balance Transfer Fee: Typically 3% of the transferred amount
- Foreign Transaction Fee: 3% of the U.S. dollar amount of each transaction
Because it includes foreign transaction fees, this card is better suited for domestic spending rather than international travel.
It provides excellent cashback value in the U.S., especially for those who pay their balance in full to avoid interest charges.
Approval Requirements
The Bank of America® Customized Cash Rewards usually requires good to excellent credit for approval. Applicants with a credit score around 700 or higher typically have the best chances.
Other common expectations include:
- A stable income
- A responsible credit history
- Low recent delinquency
- Moderate credit utilization
Approval difficulty is considered medium, especially for applicants with established credit profiles.
Pros and Cons of the Bank of America® Customized Cash Rewards
Pros
- No annual fee
- Flexible 3% category selection
- Strong rewards for grocery stores and wholesale clubs
- Boosted earnings for Preferred Rewards members
- Competitive welcome bonus
Cons
- Quarterly cap on bonus categories
- Foreign transaction fees
- Requires category management for optimal use
- Not designed for travel perks
- Best value depends on Bank of America banking relationship
Who Should Apply for the Bank of America® Customized Cash Rewards?
This card is ideal for:
- Cashback seekers who prefer simplicity
- Families who spend heavily on groceries or gas
- Online shoppers who choose the 3% category
- New credit card users wanting rewards without annual fees
- Bank of America customers looking to maximize their Preferred Rewards benefits
It fits everyday lifestyles and works especially well for cardholders who consistently spend in the customizable bonus category.
Competitor Comparison
Bank of America® Customized Cash Rewards vs. Chase Freedom Flex℠
- Choose the Bank of America card if you prefer picking your own 3% category.
- Choose Freedom Flex℠ if you want rotating quarterly categories and additional travel rewards.
Bank of America® Customized Cash Rewards vs. Citi Custom Cash℠
- Choose Bank of America for more category options and banking bonuses.
- Choose Citi Custom Cash℠ if you want automatic 5% rewards on your top spending category without category selection.
Final Thoughts on the Bank of America® Customized Cash Rewards
The Bank of America® Customized Cash Rewards card is a flexible, practical cashback option for everyday spending in the United States.
Its customizable 3% category, strong grocery rewards, and no annual fee make it an excellent long-term choice for many consumers.
It is especially valuable for those who bank with Bank of America and want to maximize their rewards.
If you want a simple, customizable cashback card with strong everyday value, this card is worth considering.
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.
