Bank of America Customized Cash Rewards

The real reason to hold this is the Preferred Rewards boost: with enough deposits or investments at Bank of America, your 3% chosen category and 2% grocery/warehouse rate can climb meaningfully, which a non-customer never sees. You pick the 3% category (gas, online shopping, dining, etc.), but the combined 3%/2% bonus is capped at $2,500 in spend per quarter. No fee. If you don't bank with BofA, a flat 2% card likely beats it after the cap. Confirm the current Preferred Rewards tiers on bankofamerica.com.

Bank of America Customized Cash Rewards at a glance

Rewards & perks

• Choose which category earns 3%
• Preferred Rewards members can earn up to 75% more
• Stretch of 0% intro APR

Pros

• No annual fee
• Your 3% category is yours to pick
• Loyalty tiers raise your earnings

Cons

• Shared cap that resets each quarter
• Charges a foreign purchase fee

Who should apply

• A good credit score

Before you apply: card terms change often. Confirm the current annual fee, APR, welcome offer and rewards on the official Bank of America site. CreditCardCompare is an independent comparison resource, not the card issuer, and this is not financial advice.