Bank of America® Customized Cash Rewards
Flexible 3% choice category with no annual fee
Practical Recommendation
If you already bank with Bank of America and can qualify for a BofA Rewards boost, this card is an easy keeper: $0 annual fee, a 3% category you can switch monthly (6% for your first 12 months), and a useful 2% tier—great for everyday spend (within the $2,500/quarter cap), not big one-off purchases. Note that Bank of America renamed Preferred Rewards to BofA Rewards in May 2026 and moved the goalposts: the 75% boost now takes $1 million in balances instead of $100,000.
If you don't bank with Bank of America, this card usually isn't the standout. Citi Custom Cash is simpler and typically richer: it automatically gives 5% on your top eligible category each billing cycle (up to $500), no toggling required. Pair that with a basic 2% everywhere card and you'll beat 3% most months.
Perks
- Earning structure (set-and-forget, with a knob) – 3% in one category you choose (gas & EV charging; online shopping plus cable, streaming, internet & phone plans; dining; travel; drug stores & pharmacies; or home improvement/furnishings), 2% at grocery stores and wholesale clubs, 1% on everything else. The 3%/2% rates share a $2,500 quarterly cap; after that, it's 1%. You can change your 3% category once per calendar month; default is gas & EV charging. Helpful if your spending pattern changes seasonally.
- BofA Rewards bonus (10%–75%) – If you have a Bank of America checking account, your earned cash back gets an automatic boost when the purchase posts: 10% at Member (no balance minimum), 25% at Preferred Plus ($30k), 50% at Preferred Honors ($100k), 75% at Premier ($1M). Great for BofA loyalists; irrelevant if you do not bank there.
- First-year 6% boost – New cardholders get 6% in the chosen 3% category for the first 12 months from account opening (then it returns to 3%). Still running as of August 2026. Good for front-loading value on expenses you can time (e.g., big online purchases or a home project).
Protections
- Extended warranty – Adds up to one extra year on eligible items with manufacturer warranties of three years or less. Useful for gadgets and appliances; keep receipts and pay with the card.
- $0 liability for fraud – Standard fraud protection when you report unauthorized charges promptly.
- Foreign transaction fee (heads-up) – Charges 3% on purchases outside the U.S., so it's a poor pick for international trips.
BofA Rewards: How to Boost Your Cash Back
If you bank with Bank of America or Merrill, you can boost your cash back by 10% to 75%. Bank of America replaced Preferred Rewards with BofA Rewards on May 27, 2026. Here's how it works:
How to Qualify
Step 1: Open a Bank of America checking account (that alone gets you the Member tier and a 10% boost, with no balance minimum)
Step 2: Maintain qualifying balances across your accounts to move up:
- What counts: Any mix of Bank of America deposits + Merrill accounts (IRAs and 529s included)
- How to qualify: Keep the tier's 3-month average, or get early enrollment by hitting the balance within 30 days of opening your checking account
$30,000 - $99,999
$100,000 - $999,999
$1,000,000+
What It Does to This Card
BofA Rewards boosts your earned cash back by:
- Member: +10% boost (just a BofA checking account, no balance minimum)
- Preferred Plus: +25% boost
- Preferred Honors: +50% boost
- Premier: +75% boost (maximum for credit cards)
The boost applies to your earned cash back after purchase, but doesn't change the $2,500 quarterly cap or your ability to change categories monthly.
Your Effective Rates
Important Notes
- First-year 6% promo: This is separate from BofA Rewards and doesn't get further boosted
- Foreign transaction fee: The 3% fee remains even with Premier status