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The Bank of America Customized Cash Rewards credit card is a no-annual-fee, category-based cash-back card with a strong degree of control. It offers 3% in a category you choose, 2% at grocery stores and wholesale clubs, and 1% on other purchases, with an elevated 6% rate in the selected category for new cardholders during the first year. Rewards are earned as flexible cash rewards redeemable as statement credits or deposits into eligible Bank of America or Merrill accounts. A 0% intro APR for 15 billing cycles on purchases and qualifying balance transfers provides financing flexibility, followed by a variable APR around 17.74%–27.74%. The card carries a 3% foreign transaction fee, making it best for U.S.-based spending. Preferred Rewards members can boost all earnings by 25%–75%, significantly increasing long-term value.
Main Advantages
- Highly Customizable 3% Category: Choose from Gas & EV Charging, Online Shopping, Dining, Travel, Drug Stores, or Home Improvement & Furnishings, with the option to change monthly.
- Strong First-Year 6% Boost: Earn 6% in your chosen category during the first year, up to the quarterly cap.
- No Annual Fee: Keep the card long term as a specialized earner or backup cash-back option.
- Preferred Rewards Multiplier Potential: Boost earnings by 25%–75% with Preferred Rewards, elevating rates to as high as 5.25%/3.5%/1.75%.
- Intro 0% APR on Purchases and Transfers: Enjoy a 0% intro APR for 15 billing cycles on purchases and qualifying balance transfers made within 60 days.
Main Drawbacks
- Quarterly Cap on Bonus Earnings: The $2,500 quarterly cap for 3% and 2% categories limits rewards for heavy spenders.
- 3% Foreign Transaction Fee: Not suitable for international travel or foreign-currency purchases.
- Intro APR Is Temporary: After the intro period, a variable APR of ~17.74%–27.74% applies.
- Requires Category Optimization: Maximizing value requires monitoring and adjusting your 3% category.
- Best Value Often Requires Preferred Rewards: Highest earning rates depend on qualifying for Preferred Rewards membership.
How to Apply
- Review the current offer and terms: Visit Bank of America’s site to confirm the latest welcome offer, 6% first-year terms, and APR details.
- Check your credit profile: This product is typically geared toward applicants with good to excellent credit, based on industry trends.
- Evaluate your spending patterns: Estimate quarterly spending in potential 3% categories and at grocery and wholesale clubs.
- Consider Preferred Rewards eligibility: Determine whether your balances qualify you for a Preferred Rewards tier to boost earnings.
- Gather your application information: Prepare your SSN, income, housing details, monthly obligations, and contact info.
- Submit the online application: Complete the online form, review all disclosures, and submit for a typically quick decision.
- Activate and configure your new card: Activate the card, set your initial 3% category, enable autopay and alerts, and plan spending to maximize rewards.
The Bank of America Customized Cash Rewards credit card is a strong no-annual-fee option if you want to maximize specific spending categories instead of earning a flat rate on everything. You earn 3% cash back in a customizable category, 2% at grocery stores and wholesale clubs, and 6% in your chosen 3% category during the first year (up to the shared $2,500 quarterly cap with grocery/wholesale, then 1% after that cap). Popular 3% categories typically include things like gas, online shopping, dining, travel, drugstores, or home improvement, so most households can find at least one area that lines up well with their budget.
Because the cap resets every quarter, planners who track their spending and shift purchases into the 3% category when possible can squeeze out more value than many simple flat-rate cash-back cards. This is especially true for families that consistently get close to the $2,500 limit, since a large share of their recurring expenses can earn elevated rewards.
The card becomes even more powerful if you qualify for Bank of America Preferred Rewards. Keeping eligible deposit or investment balances with the bank can increase your effective 3% and 2% rates meaningfully, turning this into a long-term core card instead of just a first-year bonus play.
In exchange, you accept a quarterly cap, a 3% foreign transaction fee that makes it a poor choice for international travel, and the ongoing task of choosing and occasionally revisiting your bonus category to match your spending. If your budget fits these strengths and you are comfortable managing categories and caps, review the current offer details on Bank of America’s site, compare projected rewards to your actual spending patterns and existing cards, and consider applying online if the numbers still look compelling.
