The Bank of America® Customized Cash Rewards credit card offers flexibility to maximize your cash back earnings, but you’ll need to understand its key features to truly make it work for you.
As a new cardholder, you can immediately take advantage of high cash back rates in your first year. Beyond that initial boost, knowing how to use its adaptable reward structure is key to continuously optimizing your benefits.
- Select your 6% cash back category
- Keep an eye on quarterly earning caps
- Earn your welcome bonus
- Choose how to get your cash back
- Understand your 0% intro APR offer
- Explore Preferred Rewards for even more cash back
1. Select your 6% cash back category
Choosing your top category early with the Bank of America® Customized Cash Rewards credit card can be the difference when it comes to maximizing your rewards.
As a new cardholder, you’ll earn 6% cash back in your chosen category for your first year from account opening. Officially, that’s 3% cash back plus an additional 3% first-year cash back bonus in the category of your choice. After your first year, you’ll earn 3% cash back in your chosen category and 1% on other purchases. Keep in mind that you’ll receive the boosted cash back rate in your chosen category and 2% cash back at grocery stores and wholesale clubs on up to $2,500 in combined purchases each quarter, then 1% on all purchases.
You can select from the following categories for this higher cash back rate:
- Gas and EV charging stations (default)
- Online shopping
- Dining
- Travel
- Drugstores
- Home improvement and furnishings
No matter your initial pick, you can change your bonus category once each calendar month through your Bank of America Online Banking or Mobile Banking app.
2. Keep an eye on quarterly earning caps
While the bonus cash back on your chosen category is a nice perk, there’s a limit to how much you can earn at the higher rate.
Your earnings on both that bonus category and the 2% cash back you earn at grocery stores and wholesale clubs are capped at $2,500 in combined purchases each quarter. After that, you earn 1% — the same rate as on all other purchases.
Even if you don’t hit the cap, it’s good to be mindful of your spending to maximize rewards. If you have another card that earns rewards in those categories, it might be worth using once you reach your limit.
3. Earn your welcome bonus
New cardholders can earn a $200 online cash rewards bonus after making at least $1,000 in purchases within the first 90 days of account opening. That’s a substantially higher rewards rate than what you can earn in your 6% bonus category each quarter.
4. Choose how to get your cash back
Once you start earning and accumulating cash back, you have a few redemption options.
- Statement credit — Apply your cash back directly to your credit card balance.
- Direct deposit — Have your cash back deposited into a Bank of America checking or savings account.
- Pay for purchases — Use your cash back to pay for eligible purchases when you shop at Amazon or check out with PayPal.
- Credit to an eligible Merrill account — If you have an investment account with Merrill, you can deposit your cash back there.
The deposit options have the potential to be especially convenient — you can set up automatic redemptions (minimum $25) to have your cash back applied as a deposit into an eligible Bank of America or Merrill account.
5. Understand your 0% intro APR offer
Your Bank of America® Customized Cash Rewards credit card comes with a 0% introductory APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of account opening. Here’s what to know.
- Balance transfer fee: There’s an intro balance transfer fee of 3% for 60 days from account opening, then 4% for future balance transfers.
- Variable APR after intro period: After the intro 0% APR offer ends, a variable APR of 18.24% - 28.24% will apply to both purchases and balance transfers.
You can use the introductory APR strategically to save on interest, but it’s crucial to have a plan to pay off your balance before the promotional period expires to avoid interest charges.
6. Explore Preferred Rewards for even more cash back
If you’re an existing Bank of America member with significant assets, you might be eligible for the Bank of America Preferred Rewards® program. This program offers an even higher cash back bonus on your Bank of America® Customized Cash Rewards credit card, ranging from 25% to 75% more cash back, depending on your tier.
Even the lowest thresholds for Preferred Rewards requires a three-month average daily balance of $20,000, but it’s worth investigating if you qualify. It could significantly boost your card’s rewards-earning potential.
Next steps
The perks we’ve highlighted in this guide are designed to help you maximize your card’s value, especially in your first year. As your financial journey continues, though, you may want to consider other Bank of America credit cards to fill any gaps you may have. For example, you might be able to optimize your travel rewards with a card that earns points that can be redeemed for flights and hotel stays.