Bank of America Cash Rewards
Estimated value: 1.0¢ per points
Bank of America Cash Rewards is a cashback program for BofA credit cards. The flagship Customized Cash Rewards card lets cardholders choose one 3% category each month (gas, online shopping, dining, travel, drug stores, or home improvement/furnishings), with 2% on grocery stores and wholesale clubs (up to $2,500 in combined 2%/3% purchases per quarter) and 1% on everything else. Preferred Rewards members (with $20K–$100K+ in BofA/Merrill accounts) receive a 25–75% bonus multiplier on rewards, effectively turning 3% into up to 5.25% — one of the highest effective cashback rates in the market for eligible customers. Best for: Bank of America relationship customers who qualify for Preferred Rewards and have strong spending in a single bonus category.
Best next action
Understand how Bank of America Cash Rewards fits your rewards plan.
Use the program facts below to decide whether to earn, transfer, or simply keep this program on your shortlist.
Cards in This Program
Bank of America Customized Cash Rewards
Bank of America
$200 statement credit bonus
Bank of America Unlimited Cash Rewards
Bank of America
BankAmericard
Bank of America
Bank of America Business Advantage Customized Cash Rewards Mastercard
Bank of America
$500 statement credit bonus
Bank of America Business Advantage Unlimited Cash Rewards Mastercard
Bank of America
$500 statement credit bonus
Bank of America Platinum Plus Mastercard Business
Bank of America
$300 statement credit bonus
1.0¢
per points (baseline)
Cashback redemptions (always 1¢/point): - Statement credit - BofA checking/savings account deposit - Reduced minimum purchase (credit toward statement) No optimization needed — all redemptions are equal at 1¢/point. Rewards expire if the account is closed; otherwise they don't expire.
BofA Customized Cash Rewards: - 3% on your chosen category (change monthly via app) - 2% on groceries and wholesale clubs - 1% on everything else - $2,500/quarter cap on combined 2%+3% category spending Preferred Rewards multiplier (key advantage): - Gold tier ($20K+): 25% bonus → 3% becomes 3.75%, 2% becomes 2.5% - Platinum tier ($50K+): 50% bonus → 3% becomes 4.5%, 2% becomes 3% - Platinum Honors tier ($100K+): 75% bonus → 3% becomes 5.25%, 2% becomes 3.5% BofA Unlimited Cash Rewards: 1.5% base (1.875%–2.625% with Preferred Rewards) — best as a simple flat-rate complement to Customized Cash. Strategy: - If you have significant BofA/Merrill assets, prioritize maximizing Preferred Rewards tier - Choose the 3% category based on your highest non-recurring monthly spend - Use Customized Cash for your chosen bonus category and another card (e.g., Amex Gold, Chase Freedom) for dining/groceries if not capped