Bank of America Customized Cash Rewards Review (2025): Benefits, Rewards & Value
A flexible cash back card with a choice of 3% categories and Preferred Rewards bonuses for Bank of America customers.
Bank of America Customized Cash Rewards Guide
A flexible cash back card with a choice of 3% categories and Preferred Rewards bonuses for Bank of America customers.
ANNUAL FEE
$0
WELCOME BONUS
$200 online cash rewards bonus after spending $1,000 in first 90 days
POINTS VALUE
1¢ per point
TRANSFER PARTNERS
0
In This Guide:
Transfer Partners
| Transfer Partner | Transfer Ratio | Transfer Time | Transfer Bonuses |
|---|
Annual Credits & Benefits
Is the Bank of America Customized Cash Rewards Worth It?
Ideal For:
- Category Flexibility
- Bank of America Customers
- Gas
Not Ideal For:
- Frequent international travelers (due to foreign transaction fees on most cash back cards)
- Those seeking premium travel benefits like lounge access
- People who prefer transferable points for flexible redemptions
Value Calculation Example
With no annual fee, this card provides pure positive value through:
- Welcome bonus worth approximately $200
- Ongoing rewards with 3% cash back in the category of your choice (gas, online shopping, dining, travel, drug stores, or home improvement/furnishings), 2% at grocery stores and wholesale clubs, 1% on all other purchases
- 3% cash back in the category of your choice
- Ability to change your 3% category once each month
With no annual fee to offset, all these benefits provide positive value from day one.
How to Earn Points
3% on Your Choice Category
Earn 3% cash back in one category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings (on up to $2,500 in combined 3% and 2% category purchases each quarter).
2% at Grocery Stores and Wholesale Clubs
Earn 2% cash back at grocery stores and wholesale clubs (on up to $2,500 in combined 3% and 2% category purchases each quarter).
1% on Everything Else
Earn unlimited 1% cash back on all other purchases.
Preferred Rewards Bonuses
Earn 25-75% more cash back on all purchases if you're a Bank of America Preferred Rewards member (based on your tier).
Sweet Spot Redemptions
| Route/Redemption | Points Required | Transfer Partner | Notes |
|---|---|---|---|
| Statement Credits | Direct redemption | Cash back | Redeem cash back as statement credits with a minimum redemption of $25. |
| Direct Deposit | Direct redemption | Bank account | Cash out rewards via direct deposit to a Bank of America checking or savings account with a minimum redemption of $25. |
| Credit to Merrill Account | Direct redemption | Merrill | Deposit cash back into a Merrill investment account with a minimum redemption of $25. |
| Check by Mail | Direct redemption | Cash back | Request a check for your cash back rewards with a minimum redemption of $25. |
Advanced Tips & Tricks
Pro Insider Tips
Strategic Category Selection
Change your 3% category each month based on your anticipated spending. For example, select 'travel' before booking a vacation, then switch to 'gas' for a road trip.
Track Quarterly Spending Caps
Monitor your progress toward the $2,500 quarterly cap on 3% and 2% categories combined to ensure you maximize rewards without exceeding the limit.
Join Preferred Rewards
Qualify for Bank of America Preferred Rewards by maintaining a three-month average combined balance of $20,000+ across Bank of America and Merrill accounts to boost your cash back by 25-75%.
Apply for Multiple Cards
Consider having multiple Customized Cash Rewards cards (through new applications or product changes) to earn 3% in different categories simultaneously.
Frequently Asked Questions
How do I change my 3% cash back category?
You can change your 3% category once each calendar month. Log in to your Bank of America online banking account or mobile app, navigate to your card details, and select 'Change Category.' If you don't change it, the category remains the same from month to month. Category changes made during a statement cycle will apply to new transactions made after the change.
What's included in the 'online shopping' category?
The online shopping category includes purchases made online at retailers, including department stores, clothing stores, electronics, sporting goods, household goods, and specialty stores. It also includes purchases from online services like food delivery, ride sharing, and subscription services. However, it does not include bill payments, cash advances, checks, fees, interest charges, or purchases made in person and then digitally delivered.
How does the Preferred Rewards bonus work?
If you're enrolled in the Bank of America Preferred Rewards program, you'll earn bonus cash back on all purchases based on your tier: Gold (25% bonus), Platinum (50% bonus), or Platinum Honors (75% bonus). For example, if you're a Platinum Honors member, your 3% category effectively becomes 5.25%, your 2% categories become 3.5%, and your 1% base rate becomes 1.75%.
What happens if I exceed the $2,500 quarterly spending cap?
Once you exceed the combined $2,500 quarterly spending limit in your 3% and 2% categories, all additional purchases in those categories will earn 1% cash back until the next quarter begins. There's no spending cap on the 1% cash back category for all other purchases. The quarterly periods are January-March, April-June, July-September, and October-December.
Ready to Apply?
The Bank of America Customized Cash Rewards offers outstanding cash back rewards that make it a valuable addition to your wallet. A flexible cash back card with a choice of 3% categories and Preferred Rewards bonuses for Bank of America customers.