Bank of America® Customized Cash Rewards Credit Card
- Best for: Households with steady spending in one category, such as gas, dining, or online shopping; Bank of America customers whose balances earn a BofA Rewards boost
- What Sets It Apart: A 3% category you pick and can change once a month; BofA Rewards adds 10% to 75%, up to 5.25% in the category
- Cost: $0 annual fee; 3% foreign transaction fee; 0% intro APR for 15 billing cycles on purchases and on balance transfers made in the first 60 days, then 17.74% to 27.74% variable; balance transfer fee 3% for the first 60 days, then 5%
- Features: 3% on gas and EV charging, the default category, or on online shopping, dining, travel, drug stores, or home improvement; 6% in the category the first year; 2% at grocery stores and wholesale clubs; 3% and 2% on up to $2,500 of combined purchases a quarter, then 1%; $200 bonus after $1,000 in purchases in the first 90 days
- Pros: Phone, internet, cable, and streaming bills count as online shopping; cash back in any amount; rewards don’t expire while the account is open
- Cons: $2,500 quarterly cap shared with groceries and wholesale clubs; 1% past the cap; 3% foreign transaction fee
Get the Bank of America® Customized Cash Rewards Credit Card if one category, like gas or dining, takes a steady share of your spending. It pays 3% there until your category, grocery, and wholesale club purchases reach $2,500 for the quarter. Bank of America checking customers who join BofA Rewards earn 10% to 75% more, depending on their balances.
Grocery stores and wholesale clubs earn 2%, and everything else earns 1%. The Susan G. Komen card earns the same rewards, as does the Customized Cash Rewards Secured card, the version for building credit.
Key Features
- $0 annual fee and a 3% foreign transaction fee
- 3% on gas and EV charging by default, or on the category you switch to: online shopping, dining, travel, drug stores and pharmacies, or home improvement and furnishings
- 3% and 2% rates on up to $2,500 of combined purchases a quarter, then 1%
- 6% in your category the first year, within the same cap, plus a $200 bonus after $1,000 in purchases in the first 90 days
- 0% interest for 15 billing cycles on purchases and on balance transfers made in the first 60 days, then a variable rate of 17.74% to 27.74%
Pros
- BofA Rewards adds 10% for Bank of America checking customers who join, then 25%, 50%, or 75% once your average bank and Merrill investment balances reach $30,000, $100,000, or $1 million, so 3% becomes 3.3% to 5.25%
- A category you can switch once each calendar month as your spending changes
- Phone, internet, cable, and streaming bills count as online shopping
- Cash back redeemable in any amount as a statement credit or a deposit to a Bank of America or Merrill account, with no expiration while the account is open
Cons
- Grocery and wholesale club purchases share the $2,500 quarterly cap with your 3% category
- 1% outside its categories and past the cap, half what a flat-rate 2% card pays, so pair it with a 2% card for the rest
- 3% foreign transaction fee, so use a card with no foreign transaction fee abroad
For a household that puts $2,500 a quarter into one 3% category, the card works out to $300 a year after the first year, against $200 on a flat-rate 2% card, and up to $525 with BofA Rewards. Shoppers whose spending is spread evenly earn more with the Unlimited Cash Rewards card’s 1.5% on every purchase than with this card’s 1% outside its categories.
Learn more about the Bank of America® Customized Cash Rewards Credit Card or see how it compares to the best cash back credit cards.
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