Looking to squeeze every last drop of value from your Bank of America Customized Cash Rewards® card? Here’s your essential guide to getting the most out of its perks—and making sure that extra cash back lands where you need it.
1. Smart Category Selection: Make Your 3% Work Harder
You get to pick one bonus category every month—like gas, dining, home improvement, travel, drugstores, or online purchases—where you’ll earn 3% back (plus an additional 3% as a first-year bonus, totaling 6%). Keep an eye on what you spend most each month and change your category accordingly—or set it once and forget it, if that’s easier.
Don’t worry if you forget to switch: your current category stays in place until you hit the quarterly cap—no category, no problem.
2. Respect the Quarterly Cap to Maintain Max Value
You’ll earn that elevated 6% (during year one) and 2% on groceries or wholesale club purchases up to $2,500 total per quarter. After you cross that threshold, all spending reverts to a flat 1% — so be strategic in how you use those bonus categories across groceries and your selected category.
3. Don’t Sleep on the Sign-Up Bonus
New cardholders can earn a $200 cash rewards bonus after spending at least $1,000 in the first 90 days. That’s a solid chunk of value—make it count.
4. Choose Your Redemption Style (or Automate It)
Redemption options include:
- Statement credit
- Direct deposit into your Bank of America checking or savings account
- Merrill account credit
- Even a contribution to an eligible 529 college savings plan (with a minimum of $25)
Fancy automation? Set up auto-redemption so your rewards flow into your checking or savings automatically—no extra steps required.
5. Take Advantage of Introductory APR Offers
If you’re planning big purchases or want to move existing balances, this card offers 0% APR for 15 billing cycles on purchases and on balance transfers made within the first 60 days (plus a 3% transfer fee in that window, rising to 4% thereafter). Use it wisely to save on interest, just be aware of the fees and deadlines.
6. Get Even More Value with Preferred Rewards
Enrolled in Bank of America’s Preferred Rewards? You can boost your rewards by 25% to 75%—meaning your usual 3% or 6%(first year) could climb to as high as 5.25% in your chosen category. It’s a great way to amplify your earnings if you’re eligible. (Intuit Credit Karma)
Who Stands to Benefit Most?
- Frequent spenders in a specific category: You’ll maximize those 3% back.
- Grocery shoppers: The automatic 2% is a nice bump.
- Balance transfer movers: Use that 0% intro APR to get interest relief—just pay attention to timing and fees.
- Preferred Rewards members: You’ll see significantly higher earnings.
Keep These Limitations in Mind
- After the $2,500 quarterly cap, earning drops to just 1%.
- The introductory 0% APR requires you to act quickly on balance transfers.
- You’ll need a Bank of America or Merrill account set up for some redemption options.
In Summary
| Strategy | Why It Helps |
|---|---|
| Choose and switch your 3% category strategically | Captures the most value where you spend most |
| Track the $2,500 quarterly cap | Avoid falling into low-value 1% spending |
| Meet the sign-up bonus requirement | That extra $200 adds real value early on |
| Automate cash-back redemption | Simple, hands-off savings |
| Use 0% intro APR wisely | Save on interest—just meet transfer deadline |
| Enroll in Preferred Rewards | Multiply your earnings dramatically |
