By Budget Savvy Hub | Updated January 21, 2024

The Bank of America Customized Cash Rewards program offers a unique opportunity for cardholders to earn cash back on their everyday purchases. With a variety of categories to choose from and bonus offers to take advantage of, this program allows users to maximize their cash back potential. In this article, we will explore how the program works, how to maximize cash back, tips for managing your account, and how it compares to other cash back programs. Here are the key takeaways from this article:

Key Takeaways

• The Bank of America Customized Cash Rewards program allows cardholders to earn cash back on their everyday purchases.
• Users can choose from a variety of categories to earn cash back in, such as gas, groceries, and online shopping.
• Taking advantage of bonus offers and combining with other Bank of America programs can help maximize cash back.
• It is important to track cash back earnings, set up automatic redemption, and manage card benefits to make the most of the program.
• Comparing the Bank of America Customized Cash Rewards program with other cash back programs can help users make an informed decision.

Understanding the Bank of America Customized Cash Rewards Program

How the Customized Cash Rewards Program Works

The Bank of America Customized Cash Rewards program is a cash back program that allows cardholders to earn cash back on their everyday purchases. Cardholders can earn cash back in various categories, including gas, online shopping, dining, travel, and more. The program works by offering different cash back percentages for different categories, with some categories offering higher cash back rates than others.

To earn cash back, cardholders simply need to use their Bank of America Customized Cash Rewards credit card for eligible purchases. The cash back earned is automatically credited to the cardholder’s account and can be redeemed as a statement credit, deposited into a Bank of America checking or savings account, or used to make a payment towards the credit card balance.

Here is an example of the cash back percentages offered by the program:

Category	Cash Back Percentage
Gas	3%
Online Shopping	2%
Dining	1%

Note: The cash back percentages may vary and are subject to change.

By understanding how the Customized Cash Rewards program works, cardholders can make the most of their cash back rewards and maximize their savings.

Eligibility and Enrollment

To be eligible for the Bank of America Customized Cash Rewards program, you must have a Bank of America credit card. Enrollment in the program is automatic for eligible cardholders. Once you have a qualifying credit card, you can start earning cash back on your purchases.

If you don’t have a Bank of America credit card, you can apply for one online or at a Bank of America branch. The application process is straightforward, and you can choose from a variety of credit card options to find the one that best suits your needs.

Once you have a Bank of America credit card and are enrolled in the Customized Cash Rewards program, you can start enjoying the benefits of earning cash back on your everyday purchases.

Earning Cash Back

Earning cash back is one of the key benefits of the Bank of America Customized Cash Rewards program. With this program, you can earn cash back on every purchase you make, with no limits on the amount you can earn. The amount of cash back you earn depends on the category of your purchase. Here is a breakdown of the cash back percentages for each category:

Category	Cash Back Percentage
Gas	3%
Online Shopping	2%
Dining	1%

By using your Bank of America Customized Cash Rewards card for purchases in these categories, you can maximize your cash back rewards.

Additionally, the program offers bonus cash back offers on select categories throughout the year. These bonus offers can help you earn even more cash back on specific types of purchases. Keep an eye out for these offers and take advantage of them to boost your cash back rewards.

Remember, the more you use your Bank of America Customized Cash Rewards card, the more cash back you can earn. So make sure to use it for all your everyday purchases and watch your rewards grow!

Redeeming Cash Back

Once you have accumulated cash back rewards through the Bank of America Customized Cash Rewards program, you can easily redeem them for various options. Travel, gift cards, and statement credits are some of the popular redemption choices available. Additionally, you can also use your cash back to make a charitable donation or deposit it into a Bank of America checking or savings account.

To redeem your cash back, simply log in to your Bank of America online banking account and navigate to the rewards section. From there, you can select your preferred redemption option and follow the prompts to complete the process.

Here is a table summarizing the different redemption options and their corresponding values:

Redemption Option	Value
Travel	Varies
Gift Cards	Varies
Statement Credits	Varies
Charitable Donation	Varies
Bank Account Deposit	Varies

Remember to review the terms and conditions of each redemption option to ensure you make the most of your cash back rewards.

Pro Tip: Consider redeeming your cash back for travel or gift cards to maximize the value of your rewards. These options often provide higher redemption rates compared to statement credits or cash deposits.

Maximizing Cash Back with Bank of America Customized Cash Rewards

Choosing the Right Categories

When it comes to choosing the right categories for your Bank of America Customized Cash Rewards card, it’s important to consider your spending habits and priorities. By selecting the categories that align with your everyday expenses, you can maximize your cash back rewards.

One strategy is to analyze your monthly budget and identify the categories where you spend the most. For example, if you frequently dine out or order takeout, selecting the ‘Dining’ category can help you earn cash back on those expenses. Similarly, if you often shop for groceries, choosing the ‘Grocery Stores’ category can be beneficial.

Another approach is to take advantage of the quarterly bonus categories offered by Bank of America. These categories change every quarter and typically include popular spending areas such as gas stations, online shopping, and home improvement stores. By keeping track of these bonus categories and adjusting your spending accordingly, you can earn even more cash back.

Remember, the key is to select categories that align with your spending habits and to regularly review and update your category choices to ensure you’re maximizing your cash back rewards.

Utilizing Bonus Offers

When it comes to maximizing your cash back with the Bank of America Customized Cash Rewards program, utilizing bonus offers can significantly boost your earnings. These special promotions provide you with the opportunity to earn even more cash back on specific categories or purchases.

One effective way to take advantage of bonus offers is to regularly check your Bank of America online account or mobile app. This will ensure that you stay informed about any new promotions that are available. Additionally, signing up for email notifications from Bank of America can keep you updated on the latest bonus offers.

To make the most of bonus offers, it’s important to plan your purchases accordingly. If a bonus offer is available for a specific category, consider making larger purchases in that category during the promotional period. This will allow you to earn a higher percentage of cash back on those purchases.

Remember, bonus offers are time-limited, so it’s essential to act quickly and take advantage of them before they expire. By utilizing bonus offers effectively, you can maximize your cash back and get the most out of the Bank of America Customized Cash Rewards program.

Combining with Other Bank of America Programs

When it comes to maximizing your cash back with the Bank of America Customized Cash Rewards program, combining it with other Bank of America programs can be a smart move. By leveraging the benefits of multiple programs, you can earn even more cash back and enjoy additional perks.

One program that pairs well with the Customized Cash Rewards program is the Bank of America Preferred Rewards program. This program offers even higher cash back rates and additional benefits for customers who have a qualifying Bank of America account. By enrolling in both programs, you can earn cash back at an accelerated rate and enjoy exclusive perks such as waived fees and higher interest rates on savings accounts.

Another program to consider is the Bank of America Travel Rewards program. If you frequently travel, this program allows you to earn points that can be redeemed for travel expenses. By combining the Customized Cash Rewards program with the Travel Rewards program, you can earn cash back on everyday purchases and accumulate points for your next trip.

In summary, combining the Bank of America Customized Cash Rewards program with other Bank of America programs can help you maximize your cash back and enjoy additional benefits. Consider enrolling in programs like Preferred Rewards and Travel Rewards to make the most of your banking experience.

Tips for Maximizing Cash Back

When it comes to maximizing your cash back with the Bank of America Customized Cash Rewards program, there are a few strategies you can employ:

1. Choose the Right Categories: Take advantage of the ability to choose your own 3% cash back category. Select a category that aligns with your spending habits to earn more cash back.

2. Utilize Bonus Offers: Keep an eye out for bonus offers that can boost your cash back earnings. These offers may include increased cash back percentages or additional rewards for spending in specific categories.

3. Combine with Other Bank of America Programs: Consider combining your Customized Cash Rewards card with other Bank of America programs, such as the Preferred Rewards program, to earn even more cash back.

Tip: Keep track of your spending and cash back earnings to ensure you are maximizing your rewards potential.

By following these tips, you can make the most of your Bank of America Customized Cash Rewards card and maximize your cash back earnings.

Managing Your Bank of America Customized Cash Rewards Account

Tracking Cash Back

Tracking your cash back earnings is an important part of maximizing the benefits of the Bank of America Customized Cash Rewards program. By keeping a close eye on your cash back, you can ensure that you are taking full advantage of the rewards you have earned.

One way to track your cash back is through the Bank of America mobile app or online banking. These platforms provide a clear overview of your cash back balance, allowing you to see how much you have earned and how close you are to reaching your redemption threshold.

Additionally, Bank of America sends regular statements that detail your cash back earnings. These statements can be a helpful tool for tracking your progress and identifying any discrepancies.

To make tracking even easier, consider setting up automatic alerts for when you reach certain cash back milestones. This way, you’ll be notified when you’ve earned enough to redeem your cash back rewards.

Remember, staying on top of your cash back earnings is key to getting the most out of the Bank of America Customized Cash Rewards program.

Setting Up Automatic Redemption

Setting up automatic redemption is a convenient way to ensure that you never miss out on redeeming your cash back rewards. With Bank of America Customized Cash Rewards, you can easily set up automatic redemption by linking your rewards account to your bank account. Once linked, your cash back rewards will be automatically deposited into your bank account at regular intervals.

By setting up automatic redemption, you can avoid the hassle of manually redeeming your cash back rewards and enjoy the benefits of a seamless and effortless redemption process. It also helps you stay organized and ensures that you make the most of your cash back rewards.

To set up automatic redemption, simply log in to your Bank of America Customized Cash Rewards account and navigate to the redemption settings. Follow the prompts to link your rewards account to your bank account and choose the frequency at which you want your cash back rewards to be deposited.

Note: It’s important to keep your bank account information up to date to ensure smooth automatic redemption.

Managing Card Benefits

When it comes to managing your Bank of America Customized Cash Rewards account, there are several card benefits that you should take advantage of. These benefits can help you maximize your cash back and enhance your overall experience with the program.

One of the key benefits of the Customized Cash Rewards program is the ability to earn cash back on every purchase. Whether you’re shopping online or making in-store purchases, you can earn cash back on eligible transactions. This allows you to earn rewards on your everyday spending, helping you save money in the long run.

In addition to earning cash back, the Customized Cash Rewards program also offers various cardholder benefits. These benefits may include things like extended warranty protection, purchase security, and travel and emergency assistance services. By understanding and utilizing these benefits, you can enhance your shopping experience and have peace of mind knowing that you’re protected.

To make the most of your card benefits, it’s important to stay informed about the latest offers and promotions. Bank of America regularly updates its rewards program with new bonus offers and discounts. By keeping an eye out for these opportunities, you can maximize your cash back and take advantage of additional savings.

Remember, managing your Bank of America Customized Cash Rewards account is not just about earning cash back. It’s also about utilizing the various card benefits and staying informed about the latest offers. By doing so, you can make the most of your rewards and enhance your overall experience with the program.

Avoiding Common Pitfalls

When using the Bank of America Customized Cash Rewards program, it’s important to be aware of some common pitfalls to avoid. Here are a few tips to help you make the most of your rewards:

• Avoid carrying a balance: To fully benefit from the cash back rewards, it’s essential to pay off your balance in full each month. Carrying a balance can result in interest charges that may outweigh the value of the rewards.

• Keep track of category changes: Bank of America periodically updates the cash back categories for the Customized Cash Rewards program. Make sure to stay informed about any changes to ensure you are earning cash back in the categories that align with your spending habits.

• Redeem your rewards regularly: Don’t let your cash back rewards accumulate for too long. It’s a good practice to redeem your rewards regularly to avoid any potential expiration or devaluation.

Tip: Consider setting up automatic redemption to ensure you never miss out on redeeming your rewards.

Comparing Bank of America Customized Cash Rewards with Other Cash Back Programs

Key Differences

When comparing the Bank of America Customized Cash Rewards program with other cash back programs, there are several key differences to consider:

• Flexibility: The Customized Cash Rewards program allows you to choose your own bonus categories, giving you the flexibility to earn cash back on the purchases that matter most to you.

• Tiered Rewards: With the Customized Cash Rewards program, you can earn higher cash back rates as you spend more on eligible purchases, providing an incentive to maximize your rewards.

• Relationship Rewards: Bank of America offers additional cash back bonuses for customers who have a qualifying Bank of America checking or savings account, providing even more opportunities to earn.

• Redemption Options: The Customized Cash Rewards program offers multiple redemption options, including statement credits, deposits into a Bank of America account, or contributions to eligible Merrill accounts.

• No Annual Fee: Unlike some other cash back programs, the Customized Cash Rewards program does not have an annual fee, making it a cost-effective choice for earning cash back.

Pros and Cons

When considering the Bank of America Customized Cash Rewards program, it’s important to weigh the pros and cons. Here are some key points to consider:

• Pros:

  • Flexible cash back categories that can be customized to fit your spending habits.
  • No annual fee, making it a cost-effective option.
  • Ability to earn bonus cash back through the Bank of America Preferred Rewards program.

• Cons:

  • Limited redemption options compared to other cash back programs.
  • Cash back rewards expire after a certain period of time.
  • The program may not be available to all Bank of America customers.

It’s important to carefully evaluate these factors to determine if the Bank of America Customized Cash Rewards program is the right fit for your financial needs and goals.

Customer Reviews

Bank of America Customized Cash Rewards has received positive reviews from customers who appreciate the flexibility and rewards offered by the program. Users have praised the ability to choose their own cash back categories and the generous cash back rates. Many customers have found the program easy to use and have enjoyed the convenience of automatic redemption. Overall, Bank of America Customized Cash Rewards has been well-received by customers looking to maximize their cash back rewards.

Making an Informed Decision

When comparing the Bank of America Customized Cash Rewards program with other cash back programs, it’s important to consider a few key factors:

• Rewards Structure: The Bank of America Customized Cash Rewards program offers a flexible rewards structure that allows you to earn cash back in categories of your choice. This can be beneficial if you spend more in certain categories, such as dining or groceries.

• Redemption Options: Bank of America provides various redemption options for your cash back, including statement credits, deposits into a Bank of America checking or savings account, or even a contribution to a Merrill Lynch Cash Management Account.

• Additional Benefits: In addition to cash back rewards, the Bank of America Customized Cash Rewards program offers additional benefits such as no annual fee, a 0% introductory APR for purchases and balance transfers, and the ability to earn even more cash back through the Bank of America Preferred Rewards program.

• Customer Reviews: It’s always helpful to read customer reviews and experiences with the program to get a better understanding of its pros and cons.

Considering these factors can help you make an informed decision when choosing a cash back program.

Conclusion

In conclusion, Bank of America Customized Cash Rewards offers a range of benefits that make it a valuable credit card option. With its customizable cash back categories, cardholders can earn rewards on the purchases that matter most to them. The card also provides a generous sign-up bonus and a competitive APR. Additionally, the card offers enhanced security features and access to Bank of America’s extensive network of ATMs. Overall, the Bank of America Customized Cash Rewards card is a versatile and rewarding choice for consumers looking to maximize their cash back rewards.

Frequently Asked Questions

How do I enroll in the Bank of America Customized Cash Rewards program?

To enroll in the Bank of America Customized Cash Rewards program, you can visit the Bank of America website or contact their customer service to apply for the credit card associated with the program.

What are the eligible categories for earning cash back?

The eligible categories for earning cash back with the Bank of America Customized Cash Rewards program include gas, online shopping, dining, travel, drug stores, and home improvement/furnishings.

Is there a limit to the amount of cash back I can earn?

There is no limit to the amount of cash back you can earn with the Bank of America Customized Cash Rewards program. You can earn cash back on every purchase you make.

How can I redeem my cash back rewards?

You can redeem your cash back rewards by logging into your Bank of America online account or mobile app. From there, you can choose to redeem your cash back as a statement credit, deposit it into your Bank of America checking or savings account, or redeem it for gift cards or travel rewards.

Can I combine my cash back rewards with other Bank of America programs?

Yes, you can combine your cash back rewards with other Bank of America programs. For example, if you have a Bank of America Preferred Rewards membership, you can earn additional bonuses on your cash back rewards.

What happens if I miss a payment on my Bank of America Customized Cash Rewards credit card?

If you miss a payment on your Bank of America Customized Cash Rewards credit card, you may be subject to late fees and your interest rate may increase. It is important to make your payments on time to avoid these penalties.