Bank of America Customized Cash Rewards: Complete Guide and Optimization Tips

The Bank of America Customized Cash Rewards offers a unique approach to earning cash back by allowing you to choose the category where you earn the most rewards. 

The Bank of America Customized Cash Rewards Credit Card offers a flexible cash back program tailored to your spending habits. With the ability to choose your highest-earning category and no annual fee, it’s designed to fit seamlessly into your financial lifestyle. In this guide, we’ll explore how to effectively use this card, answer common questions, and provide tips to optimize your rewards.

🧭 How to Use the Bank of America Customized Cash Rewards Credit Card Effectively

1. Choose Your 3% Cash Back Category Wisely

Each month, you can select one of the following categories to earn 3% cash back:

• Gas/EV Charging Stations
• Online Shopping
• Dining
• Travel
• Drug Stores
• Home Improvement/Furnishings

Selecting the category that aligns with your highest monthly spending can maximize your rewards. You can change your choice once each calendar month through Online Banking or the Mobile Banking app. 

2. Utilize the 2% Cash Back at Grocery Stores and Wholesale Clubs

In addition to your chosen 3% category, you’ll earn 2% cash back at grocery stores and wholesale clubs. These rewards apply to the first $2,500 in combined purchases each quarter in the 3% and 2% categories. 

3. Earn 1% Cash Back on All Other Purchases

All other purchases outside of the 3% and 2% categories will earn 1% cash back, ensuring you receive rewards on every transaction.

💡 Optimization Tips: Get More Out of Your Bank of America Customized Cash Rewards Credit Card

• Plan Category Changes Around Upcoming Expenses: If you anticipate significant spending in a particular category, adjust your 3% cash back category accordingly to maximize rewards.
• Monitor Quarterly Spending Caps: Keep track of your spending in the 3% and 2% categories to ensure you stay within the $2,500 quarterly cap for higher rewards.
• Redeem Rewards Strategically: You can redeem your cash rewards as a statement credit, direct deposit into a Bank of America checking or savings account, or as a check. Redemptions can be made in increments of $25. 
• Leverage Preferred Rewards: If you’re a Bank of America Preferred Rewards member, you can earn 25% to 75% more cash back on every purchase, depending on your tier. 

❓ Frequently Asked Questions (FAQs)

Q1: What is the credit score requirement for this card?

Applicants typically need a good to excellent credit score (690 or higher) to qualify for the Bank of America Customized Cash Rewards Credit Card. 

Q2: Does the card have an annual fee?

No, the Bank of America Customized Cash Rewards Credit Card has no annual fee.

Q3: How does the introductory APR offer work?

New cardholders receive a 0% introductory APR for 15 billing cycles on purchases and balance transfers made within the first 60 days. After the introductory period, a variable APR of 18.24% to 28.24% applies. 

Q4: Can I change my 3% cash back category?

Yes, you can change your 3% cash back category once each calendar month through Online Banking or the Mobile Banking app. 

Q5: Do my cash rewards expire?

No, your cash rewards do not expire as long as your account remains open and in good standing.

👥 Real-Life Example: Maximizing Rewards

Scenario: Alex spends approximately $1,000 per month on online shopping and $500 on groceries.

• 3% Category: Alex selects “Online Shopping” as the 3% cash back category.
• Quarterly Spending: Over a quarter, Alex spends $3,000 on online shopping and $1,500 on groceries.
• Rewards Calculation:
  • First $2,500 in combined 3% and 2% categories:
    • Online Shopping: $2,000 at 3% = $60
    • Groceries: $500 at 2% = $10
  • Remaining $2,000 in spending earns 1% = $20
• Total Quarterly Rewards: $60 + $10 + $20 = $90

By strategically selecting the 3% category and monitoring spending caps, Alex maximizes cash back earnings.

🔁 Complementary Card Pairing Strategies

To further enhance your rewards, consider pairing the Bank of America Customized Cash Rewards Credit Card with other cards:

• Flat-Rate Cash Back Card: Use a card like the Citi Double Cash Card for 2% cash back on all purchases, covering categories outside your 3% and 2% selections.
• Rotating Category Card: Pair with a card like the Discover it Cash Back, which offers 5% cash back on rotating categories each quarter, to maximize rewards in various spending areas.

✅ Final Thoughts: Is the Bank of America Customized Cash Rewards Credit Card Right for You?

The Bank of America Customized Cash Rewards Credit Card is an excellent choice for individuals seeking a flexible and customizable cash back program without an annual fee. Its ability to adapt to your spending habits, combined with the potential for increased rewards through the Preferred Rewards program, makes it a valuable addition to your wallet. 

By strategically selecting your 3% cash back category and monitoring your spending, you can maximize your rewards and enhance your financial well-being.