Introduction

A previous version of this post led with a limited-time 6% promo on the Bank of America Customized Cash Rewards card. That offer expired. The card itself is still a flexible no-annual-fee cash back option, especially if you already bank with Bank of America. Here is how it actually works in April 2026, and who it makes sense for.

How the Earning Structure Works

The base rates have been steady for years:

  • 3% cash back in one category you choose
  • 2% at grocery stores and wholesale clubs
  • 1% on everything else

The 3% and 2% rates share a combined $2,500 quarterly cap on bonus earnings. After you hit the cap, those purchases drop to 1% for the rest of the quarter. The 1% on all other spend is uncapped.

You pick the 3% category yourself, and you can change it once per calendar month through your Bank of America account. The choice list:

  • Gas and EV charging stations
  • Online shopping (including cable, streaming, internet, and phone services)
  • Dining
  • Travel
  • Drug stores and pharmacies
  • Home improvement and furnishings stores

That flexibility is the real selling point. If your spending shifts seasonally, you can move the 3% category to match it. Most cash back cards lock you into a fixed bonus or rotate it for you.

The Preferred Rewards Multiplier

This is where the card becomes genuinely interesting for existing Bank of America customers. If you keep qualifying balances across Bank of America deposit accounts and Merrill investment accounts, the Preferred Rewards program adds a bonus on every cash back dollar:

  • Gold (at least $20,000 combined): 25% bonus, taking the choice category to 3.75%
  • Platinum (at least $50,000): 50% bonus, taking it to 4.5%
  • Platinum Honors (at least $100,000): 75% bonus, taking it to 5.25%

For someone with a sizable Merrill brokerage already, the Platinum Honors version of this card outearns most no-annual-fee cards in its bonus category and at grocery stores.

The Welcome Bonus

The card carries a welcome bonus, typically around $200 cash back after meeting a modest first-90-day spend threshold. The exact dollar amount and minimum spend rotate. Pull up the current Bank of America Customized Cash Rewards application page before applying so you see the live offer.

Who This Card Is For

The Customized Cash Rewards card makes sense if you already have a Bank of America banking or Merrill relationship that qualifies for Preferred Rewards, or if your spending is concentrated enough in one of the choice categories that 3% beats your alternatives. If neither applies, a flat-rate 2% cash back card or a rotating-category card is usually the stronger pick.

This article contains affiliate links. If you apply through our links, we may earn a commission at no cost to you, which helps us continue sharing points and miles strategies with the community.

Some of the links in this article are affiliate links. We may receive a small commission at no extra cost to you if you apply through these links. This helps us keep the site running and continue creating free content.