👍 The Good Stuff
- ✅ You Choose: Pick your 3% category from 6 options.
- ✅ Flexibility: Change your category monthly to fit your life.
- ✅ Online Shopping: Includes Amazon, Target.com, and more.
- ✅ Preferred Rewards: Boost your rate up to 5.25% if you bank with BofA.
👎 The Bad Stuff
- ❌ Quarterly Cap: Rewards capped at $2,500 spending/quarter.
- ❌ Foreign Fees: 3% fee on international transactions.
- ❌ Manual Updates: You must log in to switch categories.
The Deep Dive
The Bank of America Customized Cash Rewards card is the ultimate “Gap Filler.” Use your other cards for food and travel, and use this card for whatever category they miss. It fits into any wallet strategy perfectly because it can change to be whatever you need it to be.
The Offer (The Chameleon)
The “Online Shopping” category is the secret weapon here. Almost nobody else offers 3% on Amazon, Best Buy, Wayfair, and Target.com with no annual fee.
- Annual Fee: $0.
- 3% Category: You Choose (Gas, Online Shopping, Dining, Travel, Drug Stores, Home Improvement).
- 2% Categories: Grocery Stores & Wholesale Clubs (Costco/Sam’s).
- 1% Category: Everything else.
The “Online Shopping” Cheat Code
Most cards give you points for travel or dining. Very few cards give you a bonus for buying random junk on the internet. If you set your 3% category to “Online Shopping,” almost anything you buy through a web browser counts.
- Ordering online for in-store pickup at Target? 3%.
- Buying plane tickets on Expedia? 3%.
- Buying clothes on Zara/H&M apps? 3%.
The “Preferred Rewards” Multiplier
This is where Bank of America loyalists win big. If you keep money in BofA checking/savings accounts or Merrill investment accounts, your rewards get boosted.
- Gold ($20k balance): 25% bonus (Your 3% becomes 3.75%).
- Platinum ($50k balance): 50% bonus (Your 3% becomes 4.5%).
- Platinum Honors ($100k balance): 75% bonus (Your 3% becomes 5.25%).
Who Should Get This Card?
- You do a lot of online shopping (Amazon, apps, pickup orders).
- You have variable spending (buying furniture one month, traveling the next).
- You have substantial savings/investments with Bank of America or Merrill.