The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
Advertiser disclosure
The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
Reviews
Bank of America Customized Cash Rewards review: Customize your rewards structure
Credit card writer Danyal Ahmed is an avid traveler, averaging about 100,000 aeronautical miles per year. He regularly applies that knowledge and his expertise in credit cards to his role as a credit card writer at TPG.
Chris was a reporter at The Points Guy, where he covered the intersection of credit card rewards and travel. At TPG, he wrote a broad array of stories ranging from in-depth features and reports to trending travel news as it related to loyalty, card benefits and consumer behavior.
also contributed to this story
February 3, 2025 • 10 min read
The cards we feature here are from partners who compensate us when you are approved through our site, and this may impact how or where these products appear. We don't cover all available credit cards, but our analysis, reviews, and opinions are entirely from our editorial team. Terms apply to the offers listed on this page. Please view our advertising policy and product review methodology for more information.
Editorial note: This is a recurring post, regularly updated with new information and offers.
Quick summary
A customizable cash-back card offers flexible bonus categories that can be changed monthly, appealing to those with shifting spending habits.
The card is especially rewarding for customers who qualify for a preferred banking program, providing higher cash-back rates based on account balances.
There is a quarterly cap on bonus-category spending, after which a lower cash-back rate applies.
Redemption options are straightforward, with a fixed value per dollar and no complex reward valuations.
What to consider
Bonus-category cash back is limited to a combined $2,500 in spending per quarter before rates drop.
A 3% foreign transaction fee applies, making the card less suitable for international purchases.
Preferred banking program eligibility requires specific account types and minimum balances.
What you'll miss from the article
A detailed comparison of competing cash-back cards and insights on maximizing rewards for different spending profiles.
Generated by AI with support from our editorial team.
Editorial disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
Bank of America® Customized Cash Rewards credit card
TPG Editor's Rating3.5 / 5
at Bank of America's secure site. Terms & restrictions apply.
Rewards rate
6%
Earn 6% cash back for the first year in the category of your choice.
3%
Earn 3% cash back after the first year from account opening in your choice category.
2%
Earn 2% cash back at grocery stores and wholesale clubs. Earn 6% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
1%
Earn 1% cash back on all other purchases.
Intro offer
$200
Annual fee
$0
Regular APR
17.49% - 27.49% Variable APR on purchases and balance transfers
Recommended credit
670-850
Excellent/Good
Bank of America Customized Cash Rewards credit card overview
The is a solid cash-back credit card, offering a customizable rewards structure that is great for anyone whose spending habits change throughout the year. The card can become especially lucrative for anyone with significant banking or investing relationships with Bank of America. Card Rating*: ⭐⭐⭐½
*Card rating is based on the opinion of TPG's editors and is not influenced by the card issuer.
Although Bank of America's credit card lineup may not be as flashy as some of the cards offered by issuers like Chase or Amex, that doesn't mean you should exclude them from your rewards strategy.
Some of these cards have a lot to offer — especially if you're an existing Bank of America customer. In particular, the offers a unique choose-your-bonus-spending-category rewards structure and a great welcome bonus for no annual fee, meaning it might deserve a place in your wallet.
We typically recommend applicants have a credit score of 670 or higher to increase their chances of approval.
Let's dig into the card details to see if it's a good fit for you.
Customized Cash Rewards pros and cons
Pros
Cons
Flexible earning structure
No annual fee
Rewards don't expire
Bonus categories have a quarterly spending cap
Charges a 3% foreign transaction fee
Customized Cash Rewards welcome bonus
The currently offers a $200 online cash rewards bonus after spending $1,000 on purchases within the first 90 days of account opening. It's certainly not the most competitive bonus, but it's easy to earn and on par with other no-annual-fee credit card bonuses.
If you're interested in travel, a $200 bonus isn't going to get you a round-trip ticket internationally. Still, depending on where you live, you can find some domestic fares for under $200.
Plus, $200 is a nice discount on a more expensive plane ticket. You can also use the bonus cash back to cover general expenses, which may be preferable for those not traveling soon.
The charges no annual fee, so don't expect premium benefits like lounge access or travel credits.
The card's main asset is its rewards structure, which we'll dig into below. Otherwise, the card offers standard credit card protections and benefits, including account alerts, a way to check your FICO score for free and fraud protection.
For a card with no annual fee, the fields a generous rewards structure — especially for Bank of America customers who qualify for the Bank of America Preferred Rewards® program.
Cardholders earn 6% cash back (for the first year, then 3%) on one of the following categories: gas and electric vehicle charging stations, online shopping (including cable, streaming, internet and phone services), dining, travel, drugstores or home improvement/furnishings.
You'll also earn 2% cash back at grocery stores and wholesale clubs. Note that there's a $2,500 cap on combined elevated cash back purchases each quarter. Beyond that, you'll earn 1% cash back.
Bank of America allows you to change your selected 6% (during the first year, then 3%) cash back category once each month, so you can easily customize this rewards structure to fit your needs.
Are you going on a trip in the winter? Select travel as your bonus category for the month you book your trip. Plan on replacing some of the plumbing in your bathroom in the fall? Pick home services that month to earn bonus rewards on the upgrade.
Maximizing cash back with Preferred Rewards
If you are eligible to enroll in Bank of America Preferred Rewards, this card could earn even more cash back. To enroll, you'll need an eligible Bank of America personal checking account and a three-month combined average daily balance of $20,000 or more in a Bank of America or Merrill investment account.
You can fall into one of four tiers based on your three-month average account balance, and you'll earn a cash back bonus of 25%-75% (the Preferred Rewards bonus is not applied to the 3% first-year bonus), depending on your tier. Here's how it all adds up.
Spending categories
Regular cardholder
Tier 1 — Gold ($20,000 — $49,999)
25% bonus
Tier 2 — Platinum ($50,000 — $99,999)
50% bonus
Tier 3 — Platinum Honors ($100,000 - < $1M)
75% bonus
Tier 4 - Diamond Honors ($1M+)
75% bonus
3% bonus category
3% cash back
3.75% cash back
4.5% cash back
5.25% cash back
5.25% cash back
2% bonus categories
2% cash back
2.5% cash back
3% cash back
3.5% cash back
3.5% cash back
Other spending
1% cash back
1.25% cash back
1.5% cash back
1.75% cash back
1.75% cash back
The Preferred Rewards program also offers an interest-rate booster for eligible savings accounts, among other banking and investment perks.
If you qualify for Platinum Honors or higher, you can earn up to $131.25 in bonus cash each quarter. That's up to $525 every year for only $10,000 in annual bonus-category spending.
For a card that doesn't charge an annual fee, that's an amazing amount of cash back you can receive.
Redeeming cash back on the Customized Cash Rewards
Unfortunately, the redemption options for the are limited. You currently have five options:
Redeem your cash back as a statement credit
Deposit your cash back into an eligible Bank of America checking or savings account or Merrill account
Redeem as a contribution to a qualifying 529 plan with Merrill
Redeem for a check
Pay for eligible purchases when you shop at Amazon.com or check out with PayPal
Note that you can redeem your rewards for a statement credit with no minimum, but you must deposit a minimum of $25 per redemption to deposit cash back into an eligible Bank of America checking or savings account or Merrill account, contribute to a qualifying 529 plan with Merrill or redeem for a check.
If you are an existing Bank of America or Merrill customer, you can easily use your cash back to contribute to your accounts. However, if you're hoping to find added value by redeeming for travel, this card isn't the best fit.
You'll get a fixed-rate value of 1 cent per dollar regardless of how you redeem your rewards. Although savvy travelers might find cash back lackluster as a rewards option, beginner travelers or those just looking to save on everyday expenses will enjoy the simplicity of this rewards program.
You don't have to worry about reward valuations shifting or subpar redemption options. No matter how you plan on redeeming, you're getting the same value out of cash back.
For instance, TPG credit cards editor Emily Thompson uses cash-back cards in her credit card strategy because they are versatile and can cover anything from travel expenses to unexpected home repairs.
Which cards compete with the Customized Cash Rewards?
For existing Bank of America customers, other Bank of America credit cards are the most direct competitors of the and other issuers' cash back cards.
If you want to earn travel rewards: The offers 3 points per dollar on travel purchases booked through the Bank of America Travel Center, unlimited 1.5 points per dollar spent on all purchases and does not charge an annual fee. To learn more, see our full review of the Bank of America Travel Rewards card.
If you want to earn flat-rate cash back: The earns 2% cash back on purchases for the first year from account opening, and an unlimited 1.5% cash back thereafter on all purchases and carries no annual fee. To learn more, see our full review of the Bank of America Unlimited Cash Rewards card.
If you aren't an existing Bank of America customer: The U.S. Bank Cash+® Visa Signature® Card earns 5% cash back on your first $2,000 in combined eligible purchases each quarter on two categories you choose, plus 2% cash back on one everyday category, like gas stations/EV charging stations, grocery stores or restaurants. The card comes with no annual fee. To learn more, see our full review of the U.S. Bank Cash+.
The information for the U.S. Bank Cash+ has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
With no annual fee and a high earning potential for cardholders who qualify for Bank of America Preferred Rewards, this card is great for busy families or those whose spending habits fluctuate throughout the year. However, the card limits its bonus categories to $2,500 in combined spending each quarter, so those who spend more than that might find more value with another card.
Bottom line
If you qualify for Preferred Rewards through Bank of America, the has the potential to offer lucrative rewards for smaller budgets. However, those who don't bank with Bank of America will probably get more value from one of our other favorite credit cards.
