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Our experts answer readers’ credit card questions and write unbiased product reviews (here’s how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

The Bank of America® Customized Cash Rewards Credit Card is a decent option for folks who want more control over how they earn rewards. 

Cardholders earn 3% cash back in one category of their choice (from a list of six), 2% back at grocery stores and wholesale clubs, and 1% back on all other purchases. The 3% (choice category) and 2% (grocery/wholesale club) reward rates only apply up to the first $2,500 in combined purchases per quarter (then 1% cash back). 

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Bank of America Customized Cash Rewards Review: Is It the Best Credit Card for You?

The Bank of America® Customized Cash Rewards Credit Card allows cardholders to change their 3% cash back category once per calendar month, so if you plan ahead, you can customize your rate to match your highest spending category every month. For example, you can customize your rewards to earn 3% cash back on online shopping during the holidays, or on gas or travel when you take your next trip. 

There’s a generous welcome offer of $200 cash rewards bonus after you spend $1,000 on purchases within 90 days of account opening. In addition, the Bank of America® Customized Cash Rewards Credit Card is a good balance transfer credit card. It offers a 0% intro APR on purchases for the first 18 billing cycles and for any balance transfers made within the first 60 days of account opening (then a 17.49% – 27.49% Variable APR). This is a great deal for folks planning on paying off larger purchases over a longer period, or for those needing to consolidate credit card debt. 

Although the Bank of America® Customized Cash Rewards Credit Card has a competitive welcome bonus offer and intro APR, there are plenty of other no-annual-fee credit cards like it on the market — and some have greater reward flexibility and higher category bonuses. The U.S. Bank Cash+® Visa Signature® Card, for example, earns 5% cash back (up to $2,000 each quarter, then 1%) in two categories of your choice, as well as 2% cash back at grocery stores, gas stations, EV charging stations, and restaurants. 

Another card to consider is the Citi Custom Cash℠ Card which earns 5% cash back on your highest eligible spending category (from a list) each billing cycle up to $500 (then 1%). Also, it offers a $200 cash back, fulfilled as 20,000 ThankYou® Points, after you spend $1,500 on purchases in the first six months of account opening. 

Further, if you don’t want the hassle of customizing your rewards categories, or have roughly the same expenses each month, the Bank of America® Customized Cash Rewards Credit Card probably isn’t the best card for you. Instead, consider one of the best 2% cash back credit cards, which earn a strong rewards rate on all purchases.

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Bank of America Customized Cash Rewards Cash Back

Bank of America Customized Cash Rewards bonus

New Bank of America® Customized Cash Rewards Credit Card cardholders can earn $200 cash rewards bonus after you spend $1,000 on purchases within 90 days of account opening. That’s a respectable welcome offer for a no-annual-fee cash-back credit card, and is similar to offers on competing cards like the Wells Fargo Active Cash® Card, U.S. Bank Cash+® Visa Signature® Card, or Blue Cash Everyday® Card from American Express.

The minimum spending requirement is attainable, too, requiring just $1,000 in spending over 90 days. Putting everyday purchases like gas, groceries, and dining on the card should make the bonus easy to achieve for most folks.

How to earn cash back with the Bank of America Customized Cash Rewards credit card

The Bank of America® Customized Cash Rewards Credit Card has major appeal for folks looking to earn cash back on multiple spending categories. The biggest advantage is the 3% cash back on a spending category of your choosing.

You’ll also earn 2% cash back at grocery stores and wholesale clubs, and 1% back on all other purchases. But keep in mind that the 3% and 2% rates only apply to the first $2,500 in combined spending each quarter (then 1% cash back). So if you typically spend more than that in these categories, you might consider switching to a different no-annual-fee cash-back card with a higher limit.

And, if you’re a Bank of America Preferred Rewards member, you can earn up to 75% more cash back on purchases. This means that the 3% cash back on your chosen category could increase up to 5.25%, and the 2% at grocery stores and wholesale clubs could go up to 3.5% (still capped at the first combined $2,500 spent). 

How to change reward category for the Bank of America Customized Cash Rewards credit card

If you want your rewards to change when your expenses change, you’ll have to remember to manually shift your rewards category through Bank of America Online Banking or its Mobile Banking App.

You can change your 3% category once per calendar month. If you don’t change it, it’ll stay with the previously selected category. And if you don’t set a category at all, it defaults to gas stations.

How to use cash back from the BoA Customized Cash Rewards card

You can redeem your rewards at any time as a statement credit, a direct deposit into a Bank of America account, or as elective credit with Merill. There’s a minimum redemption of $25 when you contribute to a Merill 529 account or want a check.

You are also able to set up automatic redemptions (starting at $25) to eligible Bank of America and Merrill accounts (not including 529s). 

Bank of America Customized Cash Rewards Benefits and Features

the Bank of America® Customized Cash Rewards Credit Card doesn’t have many other benefits, but this is common with no-annual-fee credit cards.

Introductory 0% APR

The Bank of America® Customized Cash Rewards Credit Card is competitive with some of the best 0% APR credit cards thanks to its generous introductory 0% APR offer. New cardholders qualify for a 0% intro APR on purchases for the first 18 billing cycles and for any balance transfers made within the first 60 days of account opening, followed by a 17.49% – 27.49% Variable APR.

That long intro period can give you the relief you need to pay down some debt without getting hit with huge interest charges, or finance a purchase you can’t pay off all at once. The balance transfer offer is particularly generous for a card that earns rewards; just be sure to weigh the pros and cons to figure out if a balance transfer is worth it for you.

$0 liability guarantee

If you lose your card or see suspicious transactions on your account, you can file a claim to avoid being held liable for unauthorized purchases and transactions. 

Overdraft protection

You can prevent declined purchases or returned checks by linking your Bank of America® Customized Cash Rewards Credit Card to your checking account. You won’t be charged an overdraft fee but other fees may still apply. 

Mobile wallet

You can add your Bank of America® Customized Cash Rewards Credit Card to your mobile device to use in stores, online, or in apps. Your actual card number won’t be stored on the device or shared with most merchants. 

Free FICO score 

Primary cardholders can access their FICO score for free through the Bank of America mobile app under the online account management page or on the mobile banking website. 

What credit score do you need for the BoA Customized Cash Rewards?

Most people who are approved for the Bank of America® Customized Cash Rewards Credit Card have a credit score in the good or excellent range. That means a FICO score of at least 670.

Bank of America won’t just look at your credit score when looks at your application; it considers factors like income, history with the bank, number of other credit cards you have open, and other factors to decide whether or not to approve you.

Bank of America Customized Cash Rewards Annual Fee and Other Costs

The Bank of America® Customized Cash Rewards Credit Card has a $0 annual fee. However, it charges other fees you should be aware of, including:

• Foreign transactions: 3% of the US dollar amount of each transaction made in a foreign currency; if you’re traveling abroad, pack one of the best credit cards with no foreign transaction fees instead
• Cash advances: Direct deposit and check cash advances – 3% of the amount of each transaction; ATM, over-the-counter, same-day online, and cash equivalent cash advances — 5% of the amount of each transaction
• Balance transfers: 3% of the amount of each transaction
• Late payments: Up to $40

If you carry a balance on the card after the intro APR period expires, be aware there’s a regular APR of 17.49% – 27.49% Variable. If at all possible, pay your balance in full every month, otherwise the interest you’re charged will negate any rewards you earn with the card.

How the Bank of America Customized Cash Rewards Compares

Bank of America Customized Cash Rewards vs other BoA credit cards

*On the Bank of America® Customized Cash Rewards Credit Card, earn 3% and 2% cash back on up to the first $2,500 spent in these categories combined each quarter, then 1% cash back

***Eligible Bank of America® Customized Cash Rewards Credit Card 3% categories are gas, online shopping, dining, travel, drug stores, or home improvement/furnishings

Bank of America Customized Cash Rewards vs other customizable cash-back credit cards

*On the Bank of America® Customized Cash Rewards Credit Card, earn 3% and 2% cash back on up to the first $2,500 spent in these categories combined each quarter, then 1% cash back

***Eligible Bank of America® Customized Cash Rewards Credit Card 3% categories are gas, online shopping, dining, travel, drug stores, or home improvement/furnishings

****eligible 5% cash back categories on the Citi Custom Cash℠ Card are restaurants, gas stations, grocery stores, select travel, select transit, select streaming services, drugstores, home improvement stores, fitness clubs, and live entertainment

******5% cash back category choices on the U.S. Bank Cash+® Visa Signature® Card are prepaid air travel, hotel stays, and car reservations booked directly in the Rewards Center online portal, fast food, home utilities, TV, internet, and streaming services, department stores, electronic stores, cell phone providers, sporting goods stores, furniture stores, movie theaters, gyms and fitness centers, ground transportation, and select clothing stores

BoA Customized Cash Rewards Card Frequently Asked Questions (FAQ)

Methodology: How we reviewed the Bank of America Customized Cash Rewards

In our review process, we compared the Bank of America® Customized Cash Rewards Credit Card to competing no-annual-fee cash back cards, especially those that allow you to customize your bonus categories. We evaluated a number of factors,  including:

• Ease of use — Is cash back from the card easy to earn and redeem, and is there more than one way to redeem your rewards? If there are spending caps, are they generous enough for the average customer?
• Earning potential — Are the card’s earning rates competitive in comparison to similar cards? Are the bonus categories aligned with typical consumer spending habits, or are they more niche?
• Benefits — While most no-annual-fee cash-back cards have few bells and whistles, does the card come with any benefits that similar cards lack? For example, travel protections, a long intro APR offer, or credits?

Here’s more about our methodology in Insider’s guide to how we rate credit cards.

Tessa Campbell

Junior Investing Reporter

Angela Fung

Marketing Compliance Manager

• JPMorgan warned Monday that stocks could see a dramatic sell-off if lawmakers can’t reach a debt ceiling deal. 
• As the so-called X-date nears, analysts at the bank sees a potential for a “violent” risk-off move in equities.
• Additionally, there’s potential for “Federal spending cuts across key Biden legislative priorities.”

The stock market could see a worse sell-off than it did in 2011 if Congressional leaders and President Joe Biden don’t resolve the debt-ceiling crisis, JPMorgan strategists led by Marko Kolanovic said in a note on Monday. 

So far, stock market moves have been relatively muted amid negotiations in Washington, and the Cboe Volatility Index — known as the stock market’s fear gauge — has stayed near post-pandemic lows. But the near-default of 12 years ago should serve as a cautionary tale, the firm said in a Monday note, when the S&P 500 crashed 17% in two weeks.

In that episode, the brinkmanship over the debt ceiling caused S&P Global to slash the US’s triple-A credit rating, downgrading the debt tied to the world’s largest economy to AA+ in August 2011.  

The JPMorgan strategists reiterated their base case remains that politicians ultimately reach an agreement that prevents a national default, but even that scenario drives “significantly higher market instability than appreciated by the market currently,” they said. 

Still, it’s possible that stocks in 2023 could fare worse than in 2011 due to the contrasting cyclical trends of each period. Today, monetary policy is in a tightening phase versus 2011’s easing, and the money supply now is collapsing rather than expanding. Additionally, valuations were much more attractive in 2011 compared to now. 

“A combination of a challenging political backdrop, sooner than expected early June x-date, lack of alternatives if Congress fails to act and sanguine equity positioning suggests an elevated risk of significant equity repricing if the x date is crossed without a debt ceiling resolution,” JPMorgan strategists wrote.

Aside from a “violent risk-off move in equities” that could come as a default nears, the analysts also warned of potential spending cuts across some of Biden’s legislative priorities, such as the Inflation Reduction Act or Chips and Science Act. 

“We recommend investors looking to hedge this potential risk to buy VIX call spreads and downside protection on small caps,” the strategists said. “With respect to government spending, we recommend paring down exposure to Green/Climate/EV beneficiaries and highlight Energy permitting reform sensitive companies as potential beneficiaries.”

• Ben Francis is a university dropout and former Pizza Hut delivery driver who founded Gymshark.
• He founded the sportswear label in 2012 and turned it into a billion-dollar company.
• The 30-year-old is up seven places to 184th on this year’s Sunday Times Rich List.

A decade ago Ben Francis had dropped out of college and was working as a Pizza Hut delivery driver. He’s now worth £900 million, or $1.1 billion, putting him up seven places to 184th on this year’s Sunday Times Rich List.

After leaving Aston University in Birmingham, England, Francis cofounded the sportswear company Gymshark.

The 30-year-old has since grown the business into a billion-dollar company, while his own wealth has soared to three times that of singer Ed Sheeran.

Writing for The Sunday Times in 2022, Francis noted some of Gymshark’s major milestones, including achieving “unicorn” status in 2020, which is when a company hits a valuation of at least $1 billion, “with no prior funding.”

He said the company had also expanded into the US, where it now has more than 100 employees in its Denver office.

Gymshark was his seventh attempt at setting up a successful business, he wrote in The Sunday Times: “I just wanted a website that would transact.”

So when Gymshark made its first profit of just £2, Francis said it felt like they’d “won the lottery.”

He and his cofounder, university friend Lewis Morgan, used everything they had to pay for a stand at the BodyPower Expo in 2013.

The pair were turning over about £300 a day at that time, Francis wrote. But after the expo, Gymshark was suddenly making sales of £30,000 in 30 minutes and he realized it could be something big.

The brand now has more than six million followers on Instagram.

 

Francis previously shared his morning routine with Insider, which includes waking up before 6 a.m. and “doing the same thing to the minute every day.”

The Gymshark cofounder also received an MBE, a British royal honour, earlier this year for his services to business.

Francis did not immediately respond to a request for comment from Insider, made outside normal working hours.