Bank of America Customized Cash Rewards credit card review: Full details

The Bank of America Customized Cash Rewards credit card is a cash-back credit card that offers a unique rewards structure and sign-up bonus. While it may not be as flashy as travel cards offered by other issuers, it has a lot to offer, especially for existing Bank of America customers.

The card currently offers a $200 cash back bonus after spending $1,000 on purchases within the first 90 days of account opening. While this bonus may not be the most competitive in the market, it is easy to earn and on par with other no-annual-fee credit card bonuses. While it may not be enough to get you a round-trip ticket internationally, it can still provide a nice discount on a more expensive plane ticket or be used to cover general expenses.

One of the main benefits of the Customized Cash Rewards card is its rewards structure. Cardholders earn 3% cash back on one of the following categories: gas and EV charging stations, online shopping, dining, travel, drugstores, or home improvement/furnishings. Additionally, they earn 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases. There is a $2,500 cap on combined 3% and 2% cash back purchases each quarter.

What sets this card apart is that Bank of America allows cardholders to change their selected 3% cash back category each month, allowing them to customize their rewards structure based on their needs. This feature is especially useful for those with changing spending habits throughout the year. For example, if you are planning a trip in the winter, you can select travel as your bonus category for that month.

The card becomes even more lucrative for those who qualify for Bank of America Preferred Rewards. To qualify, you need an eligible Bank of America personal checking account and a three-month average combined balance of $20,000 or more in a Bank of America or Merrill investment account. Depending on your tier in the Preferred Rewards program, you can earn a cash back bonus of 25% to 75%. This means that if you qualify for Platinum Honors or higher, you can earn up to $131.25 in bonus cash each quarter.

When it comes to redeeming cash back, the options are limited. Cardholders can redeem their cash back as a statement credit, deposit it into an eligible Bank of America or Merrill account, contribute it to a qualifying 529 plan with Merrill, or redeem it for a check. The fixed-rate value of cash back is 1 cent per dollar, regardless of how it is redeemed. While this may not be the best option for savvy travelers, it is great for those looking to save on everyday expenses.

Overall, the Bank of America Customized Cash Rewards credit card is a solid option for those with changing spending habits and existing Bank of America relationships. It offers a customizable rewards structure, a sign-up bonus, and the potential to earn even more cash back through the Preferred Rewards program. However, if you spend more than $2,500 in combined bonus categories each quarter, you may find more value with another card.

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