BofA Customized Cash Card Review: Versatile Cash Back, No Annual Fee

The BofA Customized Cash is a great choice if you want flexibility in your cash back rewards. With a Cash Back Score of 4.2 out of 5, its standout feature is its customizable 3% cash back category (choose from gas, dining, online shopping and more) and 2% cash back at grocery stores and wholesale clubs. This structure makes it easy to align rewards with your spending habits and changing priorities.

On the downside, the 3% and 2% cash back rates are limited to $2,500 in combined quarterly spending, and activating the bonus categories requires some effort.

If you’re looking for simplicity, the Bank of America® Unlimited Cash Rewards might be a better fit, offering unlimited 1.5% cash back on all purchases. However, if you value the ability to customize rewards and can take advantage of its 3% categories, the BofA Customized Cash is the more rewarding choice.

The BofA Customized Cash card offers a competitive rewards program for those who can navigate its structure. It lets you earn:

• 3% on customizable categories (listed below)
• 2% at grocery stores and wholesale clubs
• 1% on all other purchases

Each month, you can choose one from these six categories to earn 3% cash back:

1. Gas/EV charging
2. Online shopping (including cable, streaming, internet and phone plans)
3. Dining
4. Travel
5. Drugstores
6. Home improvement and furnishings

The 3% cash back categories include options like home improvement and drugstores — categories that are rarely offered as bonus rewards by other credit cards. 

The ability to switch your high cash-back category each month is a valuable perk, allowing you to adapt your rewards to match your changing spending habits. For instance, you might choose the travel category when booking flights and hotels for an upcoming trip, then switch to dining to maximize cash back during your vacation.

However, the quarterly spending cap of $2,500 on the 3% and 2% categories may limit its appeal for heavy spenders. 

Cash rewards from the BofA Customized Cash card do not expire as long as your account remains open. You can redeem them as a statement credit or direct deposit into a Bank of America account.

Bank of America Preferred Rewards members can unlock higher cash back rates on their Bank of America® credit cards. To qualify, you must have maintained an average daily balance of at least $20,000 across Bank of America and Merrill accounts over the past three months.

The program is divided into tiers, with your reward boost determined by your combined account balance. The higher your balance, the greater your cash back boost.

The BofA Customized Cash’s 0% intro APR and welcome bonus offers are beneficial, but they don’t necessarily stand out from other cash back cards.

Introductory APR Offers

The 0% introductory APR on purchases and balance transfers for 15 billing cycles, then a variable APF of 18.24% - 28.24% after that, is a valuable feature, especially for managing significant expenses. It lets you spread out payments or tackle existing debt without interest, making it a useful tool for improving cash flow. However, if your main goal is debt repayment, there are dedicated balance transfer cards offering up to 21 months of 0% intro APR, which might be a better fit.

Bank of America® Customized Cash Rewards $200 Bonus

The $200 cash rewards bonus after spending $1,000 in the first 90 days is a decent incentive. This bonus is comparable to other cash back cards, though its required spend is on the higher side. Some cards, like the Wells Fargo Active Cash, only require $500 for the same bonus.

The BofA Customized Cash card offers a competitive fee structure. It offers no annual fee, and its regular APR of 18.24% to 28.24% is standard. However, it has a 3% foreign transaction fee.

• Variable APR: 18.24% - 28.24%
• Penalty APR: Up to 29.99%
• Late Fee: Up to $40
• Foreign Transaction Fee: 3%
• Balance Transfer Fee: 3% for the first 60 days, then 4%

Getting the BofA Customized Cash isn't too difficult if you have a good to excellent credit score. It ranks 11th among 78 cards in terms of accessibility, suggesting moderate accessibility. 

User forum posts reveal that applicants with strong credit profiles (750+ FICO) and existing Bank of America relationships often have higher approval rates. However, some users report unexplained denials despite high scores. To improve your chances, consider prequalification and visiting a branch if you're a first-time applicant.

The BofA Customized Cash card garners mixed reviews from cardholders. Users appreciate the customizable 3% cash back categories and the absence of an annual fee. However, criticisms arise from the foreign transaction fees and the quarterly $2,500 spending cap on higher cash back categories. Still, the card is praised by Bank of America Preferred Rewards members who can earn significantly higher cash back rates.

We compare the BofA Customized Cash against other cash back cards to help you decide if it’s right for you.

The BofA Customized Cash pairs well with flat-rate cash back cards, thanks to its flexible cash back structure.

We evaluated the BofA Customized Cash using our Cash Back Score, reviewing 78 cards in total. The evaluation considered several factors:

• Effective Reward Rate (50%): Measures how rewarding the card's cash back program is.
• Annual Fee (10%): Rates the annual fee, with 5 indicating no fee.
• Intro Purchase Offer (5%): Rates the 0% APR offer on purchases.
• Recommended Credit (5%): Rates the accessibility based on credit score.
• Issuer Satisfaction (5%): Based on JD Power issuer satisfaction study.
• Penalties (5%): Rates penalty rates and fees.
• Regular APR (5%): Rates the regular APR.
• Foreign Transaction (5%): Rates foreign transaction fees.
• Offer ROI (5%): Rates the return on introductory bonus offers.

We answer some common questions about the BofA Customized Cash to help you make an informed decision.