Bank of America Customized Cash Rewards card is different from most credit cards on the market. The card allows you to choose your own 3% bonus category. It’s helpful to people whose spending is targeted in a specific category.
Bank of America Customized Cash Rewards card review
Sign up bonus
$200 sign-up bonus after you spend $1,00 in purchases in the first 90 days of getting the card
Rewards
3% cashback on the category of your choice
2% cashback on grocery stores and wholesale club
1% cashback on all other purchases
Note that the 3% cashback on your category of choice and the 2% cashback on grocery stores and wholesale clubs is capped at $2,500 in combined spending for each quarter
Your choice categories
Your choice categories include
- Gas,
- Online shopping,
- Dining
- Travel
- Drug stores
- Home improvement/furnishings
You can change your category of choice once per calendar month. It’s a nice benefit because you can change categories if you have a big expense coming up.
Fees
- No annual fee
- 3% foreign transaction fees
Preferred Rewards members can earn more
The Preferred Rewards program has three tiers Gold, Platinum, and Platinum Honors based on your combined balances in your Bank of America deposit and Merill investment accounts.
- Gold members – 25% more cashback
- Platinum – 50% more cashback
- Platinum Honors – 75% more cashback
This means that your 3% choice category could earn up to 5.25% (capped at $2,500 in the combined category, wholesale and grocery store purchases each quarter). The 1% cashback for all other purchases could be as high as 1.75%.
Redeeming Rewards
You can redeem your rewards
- As a statement credit (no minimum)
- Direct deposit to an eligible Bank of America account (no minimum)
Deposit to an investment account with Merill (no minimum) - Check (minimum – $25)
- Contribute to a 529 account with Merill (minimum – $25)
Your rewards don’t expire as long as your credit card is open.
Quarterly spending cap
The quarterly spending cap of $2,500 (combined for 3% and 2% categories) can be a disadvantage for big spenders. If you max out your 3% category, you can get $75 in cashback.
Bottom Line
The ability to choose your 3% category and having the ability to change it every calendar month gives you the flexibility that most credit cards don’t offer. The combined cap of $2,500 for the 2% and 3% categories may not work if you are a high spender. You can get even bigger cashback rewards if you are a Preferred Rewards program member.