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.
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
$500 statement credit bonus
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
$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