Bank of America Customized Cash Rewards benefits guide

Credit card rewards programs can give you cash back at a flat rate. Bank of America Customised cash, as well as rotating bonus categories, airline miles, and everything in between. Bank of America Customised Cash

Certain credit cards offer an earnings structure that allows you to choose your own path. This lets you choose your top bonus category. You can earn points faster with a card that gives you a higher rewards rate on your most frequent purchases. Bank of America Customised Cash

The Bank of America® Customised Cash Rewards credit card lets you choose a cashback bonus category from a list of six. You can also change your chosen category once a month, which lets you make the most of your bonus earnings as your spending habits change over time. Bank of America Customised Cash

This is what you need to know to see if this Bank of America card is a good fit for your wallet.

Customizable rewards categories

The Bank of America Customized Cash card is what’s called a tiered bonus category card, which means it offers boosted rewards rates on specific types of purchases. In this case, you can earn cashback in three different tiers:Bank of America Customized Cash

• 3 per cent cashback in the category of your choice: gas, online shopping, dining, travel, drugstores or home improvement/furnishings
• 2 per cent cash back at grocery stores and wholesale clubs
• 1 per cent cash back on all other purchases

This type of rewards card can be a great option for those whose everyday purchases align with one or more of these categories. For instance, the Bank of America Customised Cash card might be especially lucrative for big families with high grocery bills, couples who dine out frequently, and consumers who do a lot of online shopping. Bank of America Customised Cash

That said, there’s one potential deal-breaker that big spenders, in particular, should be aware of: The 3 per percent and 2 per cent bonus rates have a combined $2,500 quarterly spending cap. After that, you’ll earn just 1 per cent cash back on purchases that fall within those categories. Bank of America Customized Cash

Promotional offers and admission perks

The no-annual-fee Bank of America Cash credit card is pretty light on extras. The good news is that, as a Visa Signature card, you do get some purchase protections, including extended warranty coverage, which doubles the manufacturer’s warranty for up to an extra year. Bank of America Customized Cash

You’ll also have access to BankAmeriDeals, a card-linked offer program that can help you earn extra cash back — in some cases up to 15 percent — on eligible purchases at select restaurants and other retailers, without having to use a promo code or coupon. Here’s how:

1. Log in to your Bank of America mobile app or online account.
2. Browse through the current promotions and activate the deals you like. (There’s no limit to how many you can pick.)
3. Link them to your Bank of America Customized Cash credit card.
4. Use your linked card to pay for your purchase. Bank of America Customized Cash

A statement credit will be added to your account automatically within 30 days. Plus, you’ll earn a BankAmeriDeals coin for each qualifying purchase you make. Racking up coins earns additional cash bonuses as you continue to redeem promotions. Bank of America Customized Cash

One lesser-known Bank of America perk is the issuer’s Museums on Us program, wherein cardholders receive free general admission to hundreds of “cultural institutions” during the first weekend of every month. Just present your Bank of America Customized Cash card and photo ID at participating partners, which include the Whitney Museum of American Art and the Liberty Science Center. Bank of America Customized Cash

Modest sign-up bonus

The Bank of America Customized Cash credit card offers a few other features worth mentioning. For starters, new cardholders can earn a modest sign-up bonus of $200 in online cash rewards when they spend a manageable $1,000 on purchases in their first 90 days of account opening.

Intro APR offer on balance transfers

The card also carries a 0 percent intro APR on balance transfers for 18 billing cycles for any balance transfers made in the first 60 days (18.24% to 28.24% variable APR thereafter), which could come in handy if you’ve racked up high-interest debt on another card. Note, however, that you’ll have to pay either a $10 or 3 percent balance transfer fee, whichever is greater, and request the transfer within the first 60 days.

Who should get the Bank of America Customized Cash card?

The Bank of America Customized Cash credit card might be a good fit if you prefer a mostly hands-off approach to earning rewards and want to avoid an annual fee. It’s an even better match if you’re a Bank of America or Merrill account holder and you qualify for the Preferred Rewards program. If you do, depending on your account balance, you could boost your earnings rates across all categories, including your 3 percent pick, by as much as 75 percent. And if you have a large balance on another card and want some interest-free time to pay it off, the card’s intro APR may be particularly appealing.

Who shouldn’t get the Bank of America Customized Cash card?

On the other hand, those who don’t mind putting in a little extra work to maximize their earnings might be better off with a card that has a 5 percent cash back rate in rotating spending categories, like the Discover it® Cash Back or the Chase Freedom Flex℠. You might also want to steer clear if you’re looking to use your rewards for travel redemptions — the Bank of America Customized Cash card comes with limited redemption options — or if you think you’ll regularly spend more than $2,500 per quarter in the 2 percent and 3 percent bonus categories.

Bottom line

The Bank of America Customized Cash card lives up to its name, letting you customize your cash back without too much hassle. If you’re looking to earn more rewards while doing less, this could be the card for you, especially if you’re an existing Bank of America customers who can take advantage of boosted earning rates. That said, the card has its limitations, and you’ll probably want to steer clear if you want unfettered cash back earning potential or are looking for a more travel-orientated card.

kelli pare is a former contributor to CreditCards.com and a freelance writer and copy editor living in Kansas City, though she’s a Jersey girl at heart. When she’s not writing about personal finance and credit cards, she’s immersing herself in the world of travel hacking.