Bank of America ranks among the largest financial institutions on the planet, serving roughly 69 million consumer and small-business customers across nearly 3,700 branches in the United States, alongside a digital banking platform used by about 59 million verified members.
Card Overview
The Customized Cash Rewards card charges no annual fee and rewards every purchase with cash back. New cardholders earn 6% back during their first year in a spending category they select themselves, dropping to 3% afterward. On top of that, purchases at grocery stores and wholesale clubs automatically earn 2% back, while every other purchase earns an unlimited 1%.
There's a catch worth noting: the boosted 6% and 2% rates only apply to the first $2,500 spent per quarter across the chosen category plus groceries and wholesale clubs combined. Once that threshold is hit, everything reverts to the standard 1% rate for the remainder of the quarter.
Who Benefits Most
This card rewards concentrated spending, since cardholders get to direct their highest cash-back rate toward whichever category fits their habits best. Frequent online shoppers, for instance, can pick that category and earn 3% at retailers like Amazon, Walmart, and Best Buy. Those who travel often can instead choose travel as their category and collect 3% on flights, hotels, rental cars, and rideshare services. It's also a solid pick simply for anyone who wants a straightforward card that pays cash back on absolutely everything they buy.
Rates and Fees
There's no annual fee to worry about. New accounts get a 0% introductory APR for 15 billing cycles on both purchases and balance transfers completed within the first 60 days of opening the account. Once that promotional period ends, a variable APR — currently ranging from 17.49% to 27.49% — kicks in. Balance transfers carry an introductory fee of 3% during the first 60 days, rising to 5% afterward; note that transfers can't be used to pay down another Bank of America-issued account.
| Annual fee | $0 |
| Interest rate | 17.49%–27.49% |
| Foreign transaction fee | 3% |
| Balance transfer fee | 3% for the first 60 days, then 5% |
How the Rewards Work
During the first year, cardholders earn 6% cash back in a self-selected category — options include gas and EV charging, online shopping (including internet, cable, phone, and streaming services), dining, travel, drug stores and pharmacies, or home improvement purchases. Grocery stores and wholesale clubs automatically earn 2%, and everything else earns 1% with no cap. After the first year, the chosen-category rate settles at 3% instead of 6%.
As with the introductory period, the enhanced 6%/2% (later 3%/2%) rates apply only to the first $2,500 in combined quarterly spending across the chosen category and groceries/wholesale clubs — spending beyond that earns the base 1% rate until the next quarter begins.
New applicants can also collect a $200 cash bonus by spending at least $1,000 within the first 90 days of opening the account.
Applying for the Card
The online application asks for standard identifying details — name, email, address, and phone number — along with confirmation of U.S. citizenship, a Social Security number, date of birth, and information about employment and income. Bank of America uses this data together with a credit check to decide on approval, and approved applicants should receive their physical card within about 10 business days.
Customer Support
Cardholders can reach support by phone, live chat, email, or social media, and the bank's website includes an extensive help center and FAQ library. Live support runs Monday through Friday from 8 a.m. to 9 p.m. ET, Saturdays from 8 a.m. to 8 p.m. ET, and Sundays from 8 a.m. to 5 p.m. ET, while help for lost or stolen cards is available around the clock.
Security Features
Bank of America protects accounts with SSL encryption plus optional two-factor and biometric login verification. Customers can tailor account alerts and control how their data is shared, and the bank provides educational resources on spotting and avoiding scams. Suspicious activity triggers automatic fraud blocks, and a $0 Liability Guarantee shields customers from being held responsible for unauthorized charges.
Bottom Line
With no annual fee, the Customized Cash Rewards card offers up to 6% cash back in a category of your choosing during year one (3% after that), 2% at grocery stores and wholesale clubs, and 1% on everything else, subject to a $2,500 quarterly spending cap on the bonus categories. New cardholders can also snag a $200 bonus for hitting $1,000 in spending within 90 days. Just keep the balance transfer fee structure in mind — 3% for the first 60 days, then 5% going forward.
Frequently Asked Questions
How long does it take to receive the card? Approved applicants typically receive their card in the mail within 10 days.
How do you redeem rewards? Rewards can be redeemed by phone, through the Bank of America website, or via its mobile app.
This overview was compiled using publicly available information from Bank of America's own website. Card terms, rates, and promotional offers can change without notice, so check the issuer's site directly for the most current details.