Bank of America Customized Cash Rewards Review

Fine-tune your cash back, stack your savings, and unlock benefits that align with your lifestyle—month after month.

Practical Guide: Making the Most of the Customized Cash Rewards Card

While the card is built for flexibility, real value comes from how you engage with its features. Here’s how to go from everyday user to strategic rewards maximizer.

1. Pick the Right 3 Percent Category Monthly
You can select one of six categories to earn 3 percent cash back. This choice can be changed once each month. The smartest users:

• Switch to gas during summer road trips
• Use online shopping around the holidays or for back-to-school season
• Choose travel when booking vacations
• Focus on dining during months with frequent outings

The key is planning ahead based on your upcoming expenses.

2. Maximize the $2,500 Quarterly Cap
The 3 percent and 2 percent rewards apply only to the first $2,500 spent per quarter across combined bonus categories. That breaks down to roughly $833/month. Spread your spending accordingly to avoid falling short—or overspending without earning enhanced rewards.

3. Combine with a Secondary Card
If your monthly expenses routinely exceed the $2,500 cap, consider pairing this card with a flat-rate card like Wells Fargo Active Cash or Capital One Quicksilver for everything beyond that limit. This way, you’re never earning less than 1.5 percent on any purchase.

4. Redeem for Maximum Value
Redeem cash back as a statement credit or deposit into a linked Bank of America or Merrill account. Deposits into eligible accounts can be instant and provide a way to automate savings or investment contributions.

5. Join Preferred Rewards if You Qualify
Customers with at least $20,000 across Bank of America and Merrill accounts can unlock up to 75 percent more cash back. That means your 3 percent category could effectively return 5.25 percent. 

Hidden Features and Advanced Tips

Stack With Retailer Offers
Bank of America partners with select retailers through its “BankAmeriDeals” platform. These are personalized offers that often provide 5 to 15 percent cash back when activated and used with your card. Combine them with your selected 3 percent category for huge value.

Plan Category Changes Strategically
Since category changes apply to the next billing cycle, set a reminder to switch ahead of time. For instance, if you’re planning a home project next month, select “home improvement” at the end of this month.

Use for Gift Card Purchases
Some cardholders buy gift cards in their 3 percent category (e.g., online shopping or grocery stores) to earn elevated rewards and then use those cards later on non-bonus categories.

Keep It Active
Even if you upgrade to another credit card later, keeping this no-annual-fee card open can help your credit history and utilization ratio—both of which impact your credit score.

Use as Part of a “Category Ladder”
Combine with other cards offering fixed rates in other areas. For example:

• Use this card for your custom 3 percent category and groceries
• Use a different card for gas and utilities
• Use a third card for a flat 2 percent return on all other purchases

FAQ: What Most People Don’t Know

1. Can I change my 3 percent category more than once per month?
No. You’re allowed to change the category only once per calendar month. The change takes effect in the next billing cycle.

2. Are wholesale clubs included in the 2 percent grocery category?
Yes, the 2 percent rate applies to both grocery stores and wholesale clubs like Costco and Sam’s Club, up to the $2,500 quarterly cap.

3. Can I earn cash back on rent or utilities?
Typically, these do not fall under the 3 or 2 percent bonus categories and would earn 1 percent. However, some rent payment platforms may process as online shopping.

4. Does the card offer an intro APR?
Yes. New users receive a 0 percent APR on purchases and balance transfers for 15 billing cycles. After that, the variable APR applies.

5. Do rewards expire?
Cash back does not expire as long as your account remains open and in good standing.

6. Can I earn rewards outside the U.S.?
Yes, but a foreign transaction fee applies. This card is best suited for domestic use.

7. Is the bonus category applied automatically?
No. You must manually select the category. If you don’t choose, it remains on your last selection.

8. Can I redeem points for travel or gift cards?
No. This is a pure cash back card. Redemptions are limited to statement credits or deposits into eligible accounts.

9. Is there a way to see what category a transaction falls under?
Yes. Your online statement or mobile app will display merchant category codes (MCCs) used to determine eligibility.

10. Does the card include purchase protections?
Yes. It includes zero liability for fraud, alerts, and basic protection features, though it lacks extended warranty or return protections found in premium cards.

Long-Term Strategies to Boost Value

• Take Advantage of Quarterly Planning
  Since the $2,500 cap resets every quarter, planning high-cost purchases (like electronics or travel) early in the cycle ensures you get the full 3 percent reward.
• Build Toward Preferred Rewards
  Even if you don’t currently meet the requirements, setting a goal to qualify for Preferred Rewards can significantly boost the long-term value of this card. Consider consolidating bank or investment accounts with Bank of America or Merrill.
• Request a Limit Increase After 6–12 Months
  Improved credit limits can reduce your utilization ratio and improve your credit score. Responsible usage and on-time payments can justify a higher limit request with no hard inquiry.
• Rotate With Other Category-Based Cards
  Cards like the Citi Custom Cash automatically assign 5 percent to your highest spend category, while others like Chase Freedom Flex rotate bonuses quarterly. Use them in tandem for a full rewards strategy.

Alternatives and Complementary Cards

If the Bank of America Customized Cash Rewards card doesn’t fully meet your needs, consider alternatives like the Citi Custom Cash, which gives 5 percent back on your top spending category each month (up to $500), or the Chase Freedom Flex, which rotates 5 percent bonus categories quarterly and works well with other Chase cards.

For a simpler option, the Wells Fargo Active Cash card offers 2 percent flat cash back on all purchases.

As a complement, this card pairs nicely with a flat-rate rewards card for non-bonus spending, a travel card for international use, or one that includes purchase protection for electronics and larger purchases.

Final Thoughts: Why to Apply?

The Bank of America Customized Cash Rewards brings a level of control that few cash back cards can match. For users who are willing to plan their categories and monitor spending, it provides consistent value with no annual fee. 

Add in the potential for up to 75 percent bonus rewards through the Preferred Rewards program, and this card becomes a serious contender for any rewards-focused wallet. Whether you’re building a strategic mix of cards or simply want reliable value from your everyday purchases, this card offers a strong, flexible foundation.

CREDIT CARD

Bank of America Customized Cash Rewards

No Annual Fee 0% Intro APR

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