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3. Bank of America® Customized Cash Rewards credit card review: Flexible bonus rewards with a few catches

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698 reviews from Intuit Credit Karma members

3

Rating: 3 out of 5.

Great for choosing your top category

Annual Fee: $0

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Here’s the average credit limit of members who matched their Bank of America® Customized Cash Rewards credit card or similar cards.

% of members by credit limit range

The average credit limit for members who have matched with this card or similar cards is $8,751, with $1,000 being the most common.

Here’s the average credit score of members who matched their Bank of America® Customized Cash Rewards credit card or similar cards.

% of members by credit score range

The average credit score for members who have matched with this card or similar cards is 696, with 763 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

Member stats

Updated daily

31.3%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

42 years

Average age of members who matched this card or similar cards.

$90,956

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Pros and cons

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Choose a 3% cash back category from a list of six spending categories

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Get 2% cash back at grocery stores and wholesale clubs

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Earn a sign-up bonus

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Higher-rate rewards are capped

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Low base rewards rate

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Not the biggest sign-up bonus

Bank of America® Customized Cash Rewards credit card: Core features

There’s a lot to take in with the Bank of America® Customized Cash Rewards credit card. Here are the core features you need to know.

3% cash back on a category of your choice — but there’s a cap

The card has a 3-2-1 rewards structure, but with a twist.

You get to choose your 3% bonus category from a short list, and then you’ll also get 2% cash back at grocery stores and wholesale clubs. But one downside is that your bonus rewards are capped at $2,500 in combined purchases each quarter across the 3% and 2% categories (with 1% earned after that cap). And all other purchases will net you just 1% cash back.

The 3% categories you can choose from are …

• Gas
• Online shopping
• Dining
• Travel
• Drugstores
• Home improvement and furnishings

You can change your category each month, making it easy to plan for future purchases, or you can keep it the same.

And if you don’t remember to choose your next category one month, you won’t miss out — you’ll keep earning the 3% in your choice category until you hit the cap.

Average cash rewards bonus

As a new cardholder, you’ll earn a $200 online cash rewards bonus after you spend at least $1,000 on purchases in the first 90 days the account is open. That’s similar to other cash back cards that have a $0 annual fee. 

Automatic redemption for Bank of America accounts

You can redeem your cash back for any amount and at any time for …

• Statement credit
• A deposit into a Bank of America checking or savings account
• Credit to an eligible account with Merrill
• A contribution to a qualifying 529 account with Merrill (with a minimum of $25)

You can even set some of these redemption options automatically, like an electronic deposit into a Bank of America checking or savings account. But if you choose an automatic redemption, or you want to contribute your cash back to a qualifying 529 account, you have to have a minimum of $25 before you can start redeeming.

Intro APR offer

When you first open the card, you’ll get access to an introductory 0% APR promotion on purchases for the first 15 billing cycles and balance transfers made in the first 60 days from account opening. After that, the regular APR is a variable 18.49% - 28.49% for both.

Before you transfer a balance from a high-interest card, know that you need to make the transfer in the first 60 days of account opening to qualify for the intro APR for balance transfers, and there’s a balance transfer fee of 3% for 60 days from account opening, then 4%. There are other balance transfer cards out there that could be a better fit. Compare balance transfer offers on Credit Karma to learn more.

But if you need to finance a large purchase, this introductory APR could save you a lot of money on interest.

Who this card is good for

The Bank of America® Customized Cash Rewards credit card is a solid choice if you spend a lot in at least one of the card’s 3% bonus categories and like having the option of switching back and forth, or you spend a lot at grocery stores and wholesale clubs, where you’ll get 2% back.

But if you’re a big spender, the card’s bonus rewards cap on combined purchases in your choice category and grocery/wholesale club purchases each quarter may be a deal-breaker.

Also, it’s possible that much of your spending would fall under the card’s base 1% rewards rate. With several credit cards out there offering 1.5% or even 2% cash back on every purchase you make, it may not make sense to settle for 1%.

As you consider whether the card is right for you, take a look at your spending habits and preferences to make sure.

Not sure this is the card for you? Consider these alternatives.

If you’re still on the fence about the Bank of America® Customized Cash Rewards credit card, here are some other cards to compare it with.

• Citi Double Cash® Card:
This card could be a great fit if you want simplicity without giving up value.
• Blue Cash Preferred® Card from American Express:
This card could be a good option if you spend a lot at supermarkets.
• Chase Freedom Flex℠:
This card is worth considering if you want more options to maximize your rewards.