The Bank of America® Customized Cash Rewards credit card is unique: it lets you choose your own 3% bonus category each month from a list that includes gas, online shopping, dining, travel, drug stores, and home improvement. If your spending priorities shift, so can your card. Here is our full review.
Pros & Cons
✅ Pros
- 3% cash back in your chosen category (changeable monthly)
- 2% cash back at grocery stores and wholesale clubs
- 1% cash back on all other purchases
- No annual fee
- $200 online cash rewards bonus after $1,000 in purchases in 90 days
- Preferred Rewards members earn 25%–75% more cash back
- 0% Intro APR for 15 billing cycles on purchases and balance transfers
❌ Cons
- 3% and 2% categories combined are capped at $2,500/quarter
- 3% foreign transaction fee
- Best value requires Bank of America Preferred Rewards membership (needs $20k+ in BofA/Merrill accounts)
- Category change must be done before the statement cycle closes
Rates & Fees
| Feature | Details |
|---|---|
| Annual Fee | $0 |
| 3% Category | Your choice: gas, online shopping, dining, travel, drug stores, or home improvement |
| 2% Category | Grocery stores and wholesale clubs |
| Combined Cap | $2,500/quarter on 3% and 2% categories combined |
| Welcome Bonus | $200 after $1,000 in first 90 days |
| Intro APR | 0% for 15 billing cycles |
| Regular APR | 19.24%–29.24% Variable |
| Foreign Transaction Fee | 3% |
Who Should Apply
This card is ideal for existing Bank of America customers — especially Preferred Rewards members who can boost their cash back to 5.25% on their chosen category. It is also excellent for people whose spending priorities change season to season (e.g., higher gas spending in summer, more online shopping in winter). Requires Good credit (670+ FICO).
How to Apply
- Visit bankofamerica.com/credit-cards/cash-back-credit-cards.
- Select the Customized Cash Rewards card and click "Apply Now."
- Fill in your personal and financial details.
- Existing BofA customers can have their account information pre-populated.
- Receive a decision — often instant for existing BofA customers.
Frequently Asked Questions
How often can I change my 3% category?
You can change your 3% category once per calendar month. Changes take effect the first day of the next billing cycle, so plan accordingly.
Does the $2,500 quarterly cap reset every quarter?
Yes. The combined $2,500 cap on 3% and 2% cash-back categories resets at the start of each calendar quarter (January, April, July, October).
What is Bank of America Preferred Rewards and how does it help?
Preferred Rewards gives you a 25%–75% bonus on your cash-back earnings if you maintain $20,000–$100,000+ in combined BofA and Merrill investment accounts. At the highest tier, your 3% category becomes 5.25%.