Bank of America® Customized Cash Rewards Review
Overview
The Bank of America Customized Cash Rewards is a no-fee card that lets you choose one 3% category, plus 2% on groceries and wholesale clubs, on a combined quarterly cap. On its own it is a decent free card, but the real story is if you are a Bank of America banking customer.
With their Preferred Rewards program, those rates get boosted significantly, which can turn a mediocre card into a strong one. Without that relationship, it is just okay.
Think twice if: you do not bank with Bank of America, since the base rates are only average without the loyalty boost.
Our 3.5 out of 5 rating
Each score weighs the rewards rate, value after the annual fee, welcome offer, points flexibility, and perks, with every point valued at a flat 1 cent. This is our editorial assessment to help you compare cards, not a guarantee of approval or of the value you will get.
Rewards: how it earns
You choose one category to earn 3%, from options like gas, online shopping, or dining, and get 2% on groceries and wholesale clubs, on a combined $2,500 in spend per quarter, then 1% after. On its own that is fine but not special. If you are a Preferred Rewards member, those rates climb meaningfully, which is where this card gets interesting.
| Category | Rate | Notes |
|---|---|---|
| Dining and restaurants | 3x | Bonus category |
| Gas | 3x | Bonus category |
| Travel | 3x | Bonus category |
| Groceries | 2x | Bonus category |
| Streaming | 1x | Base rate |
| Everything else | 1x | Everything else |
Every point and mile above is valued at a flat 1 cent, the same honest standard we use for every card. Run your own spending through the calculator to see what this card would actually return for you.
Pros and cons
- No annual fee
- Choose your own 3% category
- Rates boosted significantly with Preferred Rewards
- Easy $200 welcome bonus
- Base rates are only average without the banking boost
- 3% and 2% share a $2,500 quarterly cap
- Cash back only, no transfer upside
The welcome bonus
The welcome bonus is easy: $200 after $1,000 in 90 days. Solid for a free card.
Is it worth the annual fee?
There is no annual fee, so there is nothing to justify. It is free to hold, and if you bank with Bank of America, the Preferred Rewards boost makes it genuinely worthwhile.
First-year value vs ongoing value
| Welcome bonus | $200 online cash rewards bonus |
| To earn it | $1,000 in 90 days |
| Est. first-year value* | $691 |
| Est. ongoing value / yr* | $491 |
The welcome bonus makes year one the high point: roughly $691 in value once you count the bonus, this card’s rewards, and its credits, minus the no fee. After that, the honest figure is about $491 a year, so judge whether it earns its keep on the ongoing number, not the first-year headline.
*First-year value counts the welcome bonus, estimated rewards, and annual credits, minus the annual fee; ongoing value is a typical year after. Every point at a flat 1 cent, on average spending.
Benefits and protections
Beyond the rewards, the perks and protections worth knowing about include:
- Change your 3% category once per calendar month
- Bank of America Preferred Rewards members earn 25% to 75% more cash back on every purchase
Statement credits
This card does not come with recurring statement credits. Its value is in the rewards rate and welcome offer.
Who should get it, and who should skip it
If you bank with Bank of America and qualify for Preferred Rewards, this card becomes a strong free earner, the boosted rates on your chosen 3% category can beat most no-fee competitors.
If you do not have that banking relationship, the base rewards are only average, and cards like the U.S. Bank Cash+ give you more flexibility for the same zero fee. Judge it by your Bank of America relationship.
Frequently asked questions
Best-card guides featuring this card
Offer details verified against issuer sources as of July 2026. Editorial opinions are our own. Cardocrat values all points at a flat 1 cent and never inflates redemptions.
