Customized Cash Rewards: Cash Back That Fits Your Lifestyle
Get 0% intro APR for 15 billing cycles and cash back that adapts to your spending with the Bank of America Customized Cash Rewards card.
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The Bank of America Customized Cash Rewards credit card was designed for people whose spending changes along with their routines. A season of long commutes, a few months of home projects, or a year full of travel can all shape where your money goes, and this card lets your rewards follow those shifts.
For many households, a credit card is one of the most practical tools for handling everyday expenses. When the rewards line up with the places where you already spend, routine purchases like groceries, fuel, or dinner out can return a bit of value to the family budget each month.
Over time, those small returns add up and can help cover a bill, boost savings, or fund a small goal. In addition, the card offers some financial breathing room for larger purchases or existing balances, which can make planning easier.
In this guide, you will find how the card works, its main advantages and drawbacks, the fees involved, and the steps to apply.
How Does the Customized Cash Rewards Work?
The Customized Cash Rewards card uses a three-tier cash back system. The highest rate goes to a choice category that you select, a middle rate applies automatically at grocery stores and wholesale clubs, and a base rate of 1% cash back covers every other purchase.
During the first year, the choice category earns 6% cash back, which combines the standard 3% rate with a 3% first-year bonus. Once that first year ends, the choice category continues earning 3%, while groceries and wholesale clubs stay at 2% cash back.
The available choice categories are:
- Gas and EV charging stations
- Online shopping, including cable, internet, phone plans, and streaming
- Dining
- Travel
- Drug stores and pharmacies
- Home improvement and furnishings
However, the boosted rates have a limit. They apply to the first $2,500 in combined purchases each quarter across the choice category, grocery stores, and wholesale clubs. After you reach that amount, those purchases earn 1% until the next quarter begins.
You select and manage your category through Online Banking or the Mobile Banking app. Finally, Bank of America customers who join the BofA Rewards program can earn a bonus on top of their regular credit card rewards, depending on their eligibility.
Main Benefits of the Customized Cash Rewards
The card combines several features that support both everyday spending and bigger financial plans. These are its five main advantages:
- $200 online cash rewards bonus: New cardholders who apply online earn a $200 bonus after making at least $1,000 in purchases within the first 90 days of opening the account.
- 0% intro APR for 15 billing cycles: The introductory rate covers purchases and any balance transfers made in the first 60 days, giving you time to pay down a large expense or an existing balance without interest.
- No annual fee: You keep the full value of your cash back, since there is no yearly charge for holding the card.
- Category changes every month: You can switch your choice category once per calendar month, so your rewards can adapt to a road trip, a home renovation, or a busy holiday season.
- Rewards that don't expire and flexible redemption: Cash back stays available while the account is open, and you can redeem any amount as a statement credit, a deposit into an eligible Bank of America account, a credit to an eligible Merrill account, or at checkout on Amazon.com and PayPal.
Disadvantages
The most significant limitation is the quarterly spending cap. Since the higher rates apply only to the first $2,500 in combined purchases each quarter, households with large grocery bills or heavy spending in their choice category may reach the limit quickly and earn just 1% for the rest of the period.
In addition, the 6% rate is a first-year promotion. After the first anniversary of the account, the choice category drops to 3%, which lowers the overall return for cardholders who planned their spending around the introductory rate.
The card also requires some attention. Since only one choice category is active at a time, getting the most out of it means checking your spending habits and updating the category when your needs change.
Another point to consider is the 3% foreign transaction fee, which makes the card a less practical option for purchases abroad or from international merchants. Finally, once the intro period ends, the variable APR can be high for anyone who carries a balance, which can quickly cancel out the value of the rewards.
Fees and Commissions of the Customized Cash Rewards
The Customized Cash Rewards card has a $0 annual fee, so there is no cost to keep the account open. For new accounts, an introductory APR of 0% applies for the first 15 billing cycles on purchases and on balance transfers made within 60 days of opening the account.
After the introductory period, a variable APR of 17.74% to 27.74% applies, depending on your creditworthiness. As a result, paying the full statement balance each month is the most effective way to keep interest from reducing the value of your cash back.
As for balance transfers, there is an intro fee of 3% of each transaction during the first 60 days. After that, the fee for future balance transfers rises to 5%, and balance transfers cannot be used to pay other Bank of America accounts.
Other costs include a 3% foreign transaction fee, a late payment fee of up to $40, and a fee on each cash advance, which also carries its own higher APR.
It's also worth knowing how payments are applied. Minimum payments go toward lower-interest balances first, while any amount above the minimum is applied to higher-interest balances first.
Requirements and Eligibility Criteria
Bank of America reviews each application individually, so approval depends on your full financial profile. In general, applicants should meet the following criteria:
- Be at least 18 years old
- Have a valid Social Security number
- Have a residential address in the country
- Provide information about income, employment, and monthly housing costs
- Have a good to excellent credit score, which gives you the best chance of approval
According to the Consumer Financial Protection Bureau's card database, the card is recommended for applicants with credit scores in the 620 to 719 range and above 720. Even so, your income, existing debt, and credit history also weigh on the decision and on the APR you receive.
If you're unsure about your chances, Bank of America offers a prequalification tool on the card's page. It lets you check whether you're likely to be approved before submitting a full application.
How to Obtain a Customized Cash Rewards Card?
The application process is simple and can be completed online in a few minutes. Follow these steps:
- Visit the official page: Go to the Bank of America website and open the Customized Cash Rewards credit card page.
- Check if you prequalify: Use the "See if you prequalify" option to get an idea of your approval odds before applying.
- Click "Apply Now": Start the online application to qualify for the $200 online cash rewards bonus.
- Fill in your information: Enter your personal details, Social Security number, address, income, and employment information.
- Review and submit: Read the Terms and Conditions carefully, confirm your data, and send the application.
- Track your application: Use the Application Status Center to follow the review. If approved, choose your cash back category in Online Banking or the Mobile Banking app as soon as the card arrives.
Alternatively, you can schedule an appointment to apply in person at a Bank of America financial center.
Conclusion
The Customized Cash Rewards card offers a flexible way to earn cash back on the categories that matter most at each stage of your life. With no annual fee, a welcome bonus, and a long intro APR period, it fits households that want to get more from regular spending.
On the other hand, the quarterly cap, the drop in the choice category rate after the first year, and the foreign transaction fee are important points to weigh. Cardholders who spend heavily in bonus categories or travel abroad often may find these limits restrictive.
Ultimately, the card works best for people who pay their balance in full, keep track of their spending, and adjust their category as their needs change. Before applying, compare your monthly expenses with the card's structure to see how much cash back you could realistically earn.
Ready to earn cash back on the purchases that fit your routine? Visit the official Bank of America website to see if you prequalify and apply for the Customized Cash Rewards card in just a few minutes.
