The Bank of America® Customized Cash Rewards Card has a customizable rewards structure that allows you to earn 3% cash back on the select category of your choice, along with 2% cash back on grocery stores and wholesale club purchases.

However, the main caveat is that there’s a shared $2,500 combined spend limit on the 2% and 3% categories each quarter, then 1% after that.

Point Multipliers

• Earn 3% cash back on your one preferred category:
  • Gas and EV charging stations
  • Online shopping
  • Dining
  • Travel
  • Drug stores and pharmacies
  • Home improvement/furnishings 
• 2% cash back at grocery stores and wholesale clubs 
• 1% cash back on all other purchases

For example, if you spend $1,500 on dining (3%) and $1,000 on grocery stores (2%) in January, you would have used up the full $2,500 “limit” for the 2%/3% since they’re shared. You would only earn 1% on those - and the other 2%/3% categories - until Q2.

3% Category

To earn 3%, you must select it in the online banking portal or use the mobile banking app. You can change the category once each calendar month or make no change, and it’ll stay the same. 

If you don’t select a category for the first time, it will be set to Gas and EV charging stations by default. 

Earn Higher Rewards Rates

Bank of America Preferred Rewards® members can earn an additional 25% – 75% boost on every purchase, depending on their program tier. That means you could get up to 5.25% cash back on purchases in your preferred category (3% * 175% (base + 75% boost) = 5.25% if you have Preferred Rewards Platinum Honors status or higher. That's more than you'd get with other no-annual-fee cards. 

To qualify for one of four Preferred Rewards status tiers, you need to maintain a specific average balance for three months across your Bank of America deposit and Merrill® investment accounts. Bank of America’s Preferred Rewards program offers a variety of benefits, including a 25% to 75% percent rewards rate boost.

Bank of America Preferred Rewards Program Qualification Chart

How To Redeem Rewards

You can redeem your cash rewards with the Bank of America® Customized Cash Rewards credit card as:

• A statement credit of any amount, anytime for statement credits, deposits made directly into a Bank of America® checking or savings account, or for credit to an eligible account with Merrill.
• A check (requires a $25 minimum redemption)
• A contribution to a 529 account with Merrill (requires a $25 minimum redemption)
• A credit of any amount to an eligible Merrill account
• A direct deposit into an eligible Bank of America account

If the redemptions are worth at least $25, you can opt to set up automatic redemptions to either a Merrill or Bank of America account. 

The cash rewards will be deducted from your balance as soon as you authorize the transaction, and the time will also vary depending on the type of redemption you select. For example:

• Redemptions for an electronic deposit in an eligible account – up to 5 business days
• Redemptions for a statement credit – up to 3 business days
• Redemptions for checks– up to 14 business days

Main Takeaway

The Bank of America® Customized Cash Rewards Credit Card is ideal for those who want to choose where they earn cash back, specifically if they have high spend in one of the following 3% categories:

• Gas and EV charging stations
• Online shopping
• Dining 
• Travel
• Drug stores and pharmacies
• Home improvement/furnishings 

Given this, the card is a great option for those optimizing for cash back and want flexibility.

In addition, those with a sizable balance in a Bank of America or Merrill account will benefit the most from the Bank of America Customized Cash Rewards card (and the Preferred Rewards system) due to the higher effective multipliers from the cash reward boosts.

If you aren't a Bank of America customer (or don't intend to become one), don't spend much in any of the bonus categories, or want more than just an intro bonus - then we recommend checking out our other top rewards credit cards.