Bank of America® Customized Cash Rewards

Quick Snapshot

• Annual Fee: $0
• APR: 19.24%-29.24% variable
• Rewards: 3% in your choice category, 2% grocery, 1% everything else
• Bonus: $200 online cash rewards bonus after $1,000 in purchases in 90 days
• Best For: Everyday spenders who want customizable cash back categories
• Credit Needed: Good to Excellent (670+)

Overview

The Bank of America Customized Cash Rewards card stands out by letting you choose your own 3% cash back category from options like gas, online shopping, dining, travel, drug stores, or home improvement and furnishings. You also earn an automatic 2% at grocery stores and wholesale clubs, plus 1% on all other purchases. The 3% and 2% categories combine for up to $2,500 in quarterly purchases, then drop to 1%.

Preferred Rewards members can boost their cash back by 25% to 75%, making the effective top rate as high as 5.25%. With a $200 sign-up bonus, 0% intro APR on purchases and balance transfers, and no annual fee, this card delivers strong value for Bank of America customers who can take advantage of the relationship bonus.

Redemption is straightforward: cash back as a statement credit, deposit into a Bank of America or Merrill account, or through their rewards portal. The quarterly cap on bonus categories is the main limitation, but for moderate spenders, the math works out well.

APR Breakdown

• Purchase APR: 19.24%-29.24% variable
• Balance Transfer APR: 19.24%-29.24% variable
• Cash Advance APR: 29.99% variable
• Penalty APR: 29.99% variable

Note: Your APR will vary based on the Prime Rate. A 0% intro APR applies for 15 billing cycles on purchases and balance transfers made within 60 days of account opening.

Benefits Overview

Customizable Cash Back

• Choose your own 3% cash back category each month
• Categories include gas, online shopping, dining, travel, drug stores, and home improvement
• Automatic 2% at grocery stores and wholesale clubs
• 1% cash back on all other purchases
• Combined $2,500 quarterly cap on 3% and 2% categories

Preferred Rewards Boost

• Gold tier: 25% rewards boost (3.75% top rate)
• Platinum tier: 50% rewards boost (4.50% top rate)
• Platinum Honors tier: 75% rewards boost (5.25% top rate)
• Requires combined Bank of America and Merrill balances of $20K+

Introductory APR

• 0% intro APR for 15 billing cycles on purchases
• 0% intro APR for 15 billing cycles on balance transfers made within 60 days
• No annual fee ever

Rewards & Points

• 3% cash back in the category of your choice
• 2% cash back at grocery stores and wholesale clubs
• 1% cash back on all other purchases

Cash back can be redeemed as a statement credit, direct deposit into a Bank of America checking or savings account, or via the rewards portal. Preferred Rewards members earn boosted rates up to 5.25% in their chosen category.

Welcome Bonus

Earn a $200 online cash rewards bonus after making at least $1,000 in purchases within the first 90 days of account opening. The bonus posts as cash rewards to your account within 1-2 billing cycles after qualifying.

Fees Summary

• Annual Fee: $0
• Balance Transfer Fee: 3% (min $10) for the first 60 days, then 4% (min $10)
• Cash Advance Fee: Either $10 or 5% of the amount, whichever is greater
• Foreign Transaction Fee: 3%
• Late Payment Fee: Up to $40
• Returned Payment Fee: Up to $29

Who This Card Is Best For

Ideal For

• Bank of America customers who can maximize the Preferred Rewards boost
• Flexible spenders whose top spending category changes month to month
• Grocery shoppers who want automatic 2% back at supermarkets
• New cardholders looking for a generous 0% intro APR period

Not Good For

• Heavy spenders who exceed the $2,500 quarterly bonus cap regularly
• International travelers due to the 3% foreign transaction fee
• Non-BofA customers who cannot access Preferred Rewards boosted rates

Key Pros & Cons

Pros

• Choose your own 3% cash back category each month from six options
• Automatic 2% at grocery stores and wholesale clubs
• $200 sign-up bonus with a reasonable $1,000 spending requirement
• 0% intro APR for 15 billing cycles on purchases and balance transfers
• No annual fee
• Preferred Rewards boost can raise the top rate to 5.25%
• Flexible redemption including direct deposit to BofA accounts
• Ability to switch your 3% category monthly for seasonal optimization
• Straightforward cash back with no points conversions needed
• Solid all-around card for daily spending

Cons

• $2,500 combined quarterly cap on bonus categories limits high spenders
• 3% foreign transaction fee makes it poor for international travel
• Full rewards boost requires significant BofA/Merrill investment balances
• 1% base rate on non-bonus purchases is average
• Variable APR after intro period can be high at 29.24%
• Balance transfer fee of 3% reduces savings on debt consolidation
• No premium travel benefits or purchase protections
• Category options do not include every spending type

Alternatives to Consider

How the Rewards Add Up

Example Annual Value

Total estimated first-year value: $560 including the $200 bonus. Preferred Rewards Platinum Honors members could earn up to $735 on the same spend.

Should You Get This Card?

You Should Get It If...

• You already bank with Bank of America or invest with Merrill
• Your top spending category matches one of the six options
• You spend regularly at grocery stores or wholesale clubs
• You want the flexibility to switch your bonus category monthly
• You need a 0% intro APR on purchases or balance transfers
• You prefer simple cash back over complex points systems

You Should Skip It If...

• You frequently travel internationally and need no foreign transaction fees
• Your monthly spending regularly exceeds $830 in bonus categories
• You do not bank with Bank of America and will not benefit from Preferred Rewards
• You prefer a flat-rate card with no category tracking
• You want premium travel perks like lounge access or trip insurance

Apply Now

Apply for Bank of America® Customized Cash Rewards

Information accurate as of May 2026. Terms and conditions apply. Please visit the issuer's website for the most current information.