Bank of America Customized Cash Rewards 2021 Review: Is It Right for You?

Top perks

Up to 3% cash back: You’ll earn the following cash back rates with the card:

  • 3% in your choice of one of six popular spending categories (gas, online shopping, dining, travel, drug stores, or home improvement/furnishings)
  • 2% at grocery stores and wholesale clubs
  • 1% on all other spending

The 2% and 3% cash back rates are for your first $2,500 in spending combined at grocery stores, wholesale clubs, and in your choice category each quarter.

$200 intro bonus: To get this bonus, you must spend $1,000 within the first 90 days. Considering how much you’ll make for a very small minimum spending requirement, this card has one of the best sign-up bonuses among cash back cards.

No annual fee: Like quite a few of the best cash back cards, this card doesn’t charge an annual fee.

0% intro APR: The 0% intro APR lasts for 15 billing cycles and applies to purchases and balance transfers, although balance transfers must be made within 60 days of your account opening to qualify. That’s not a big deal, because if you’re planning to transfer credit card debt, you’d want to do that as soon as possible, anyway

Bonus cash back for Bank of America customers: What makes Bank of America different from other card issuers is the special bonuses it offers for clients who also have banking or investment accounts.

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Here’s how it works: If you meet combined balance minimums in any bank accounts with Bank of America and investment accounts with Merrill, you’ll qualify for even larger bonuses through the Preferred Rewards program. The tiers to that program are:

  • Gold — $20,000 combined balance minimum, 25% bonus
  • Platinum — $50,000 combined balance minimum, 50% bonus
  • Platinum honors — $100,000 combined balance minimum, 75% bonus

You can see how each bonus would affect your cash-back rates in the table below.

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