Updated: August 7, 2019

Choosing a cash back rewards credit card is no easy task, as each one earns different kinds of cash back on a variety of purchase categories and offers different perks, but what if you could pick and choose categories throughout the year? The recently revamped Bank of America Cash Rewards credit card gives you that power, with a rewards program that allows cardholders to change their 3% cash back rewards category once per month. Add to that a 15-billing cycle 0% intro APR on purchases and on balance transfers made in the first 60 days of account opening (with a 3% balance transfer fee, $10 minimum) and a $200 cash rewards bonus that you can earn after spending $1,000 on purchases in the first 90 days of account opening, and you have one well-rounded credit card. Keep reading to learn more about how this 3% cash back category works, what categories it entails and how this card stacks up against another rewards card with a similar design.

Up to 3% cash back, a $200 bonus, a 0% intro APR and more

Bank of America Cash Rewards credit card
  • Spend $1,000 on purchases in the first 90 days of account opening and earn an online-exclusive $200 bonus!
  • Choose from 6 different purchase categories to earn 3% cash back on, including gas, online shopping, dining, travel, drug stores and home improvement and furnishings.
  • Earn 2% cash back at grocery stores and wholesale clubs on up to $2,500 in combined category-of-choice and grocery store/wholesale club purchases each quarter.
  • Avoid interest with 0% intro APR on purchases for 15 billing cycles.
  • Enjoy a 15-billing cycle 0% intro APR on balance transfers made in the first 60 days (with a 3% or $10 balance transfer fee).
  • Get even bigger bonuses as a Bank of America Gold, Platinum or Platinum Honors customer when you redeem your rewards for a direct deposit into your account (ranging from 25% to 75% depending on account status).
  • Pay no annual fee.

We’ve long touted the awesomeness of the Bank of America Cash Rewards credit card’s intro bonus, as you just have to spend $1,000 on purchases in the first 90 days of account opening to get $200 back — that’s essentially 20% cash back on the first $1,000 you spend! You’ll need to make sure you apply for the card online to be eligible for this bonus, as it’s an online exclusive. Now, on top of that sweet intro bonus, you can take the reins when it comes to your ongoing cash back rewards. Here’s how it works:

Cardholders can choose one of 6 categories to earn 3% cash back (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases, then it’s 1%), including (1) gas, (2) online shopping, (3) dining, (4) travel, (5) drug stores and (6) home improvement and furnishings. Not only do you get to pick your 3% cash back category, but you can also elect to change it every month! That’s a truly unique feature, allowing Bank of America Cash Rewards credit card owners the ability to shift their rewards to suit their spending on a monthly basis, something you just don’t run into with other credit cards. In addition, you’ll also earn 2% cash back at grocery stores and wholesale clubs (that accept Mastercard), for up to $2,500 in combined choice-category/grocery store/wholesale club purchases per quarter. Once you hit that $2,500 maximum in a quarter, your remaining purchases will earn the standard 1%. Any purchase made outside of the 2% and 3% categories will also earn 1% cash back.

Rounding out the phenomenal rewards and intro bonus are a generous 15-billing cycle 0% intro APR on purchases as well as on balance transfers made in the first 60 days (note that there is a 3% or $10 balance transfer fee, whichever is greater), no annual fee and the opportunity for Bank of America account holders to maximize their rewards even more. Redeeming your rewards as a direct deposit into an eligible Gold, Platinum or Platinum Honors Bank of America account can net you an additional 25% to 75% bonus (depending on your account status) — essentially, this means that for Platinum Honors customers, the 3% choice category would earn 5.25% back and the 2% at grocery stores and wholesale clubs would go up to 3.5%. The quarterly max will still apply to those categories, but the 1% for all other purchases would be an uncapped 1.75%! Rewards earned with the Bank of America Cash Rewards credit card can also be redeemed for statement credit and a check.

Does this card have any competition?

Customizable rewards like what the Bank of America Cash Rewards credit card has to offer are rare in the cash back credit card landscape, but there is one card that can compare. The U.S. Bank Cash+ Visa Signature Card earns cardholders 5% back on the first combined $2,000 spent per quarter on purchases in 2 categories of their choosing (e.g., department stores or electronic stores), 2% cash back in 1 everyday category of their choice (e.g., gas stations or grocery stores) and 1% cash back on everything else. While 5% cash back offers a higher earning potential, you can only change categories with this card once per quarter — and if you forget to choose, your purchases default to earning the standard 1% cash back. Additionally, the category options are not always the same, so you might find yourself faced with choosing between categories that don’t completely suit your needs one quarter.

While the U.S. Bank Cash+ Visa Signature Card has a $150 bonus for spending $500 on eligible net purchases within the first 90 days, no annual fee and 0% intro APR on balance transfers made in the first 12 billing cycles (with a 3% balance transfer fee, $5 minimum), it does not have a 0% intro APR on purchases. Between the monthly customization options and interest-free 15 billing cycles on purchases, we think the Bank of America Cash Rewards credit card ekes out a victory over its competition.

Should you apply for the Bank of America Cash Rewards credit card?

Those who want a 20% cash rewards bonus opportunity, 15-billing cycles of paying no interest, no annual fee and the ability to earn 3% cash back on the category of their choice will love the Bank of America Cash Rewards credit card. Visit our Bank of America Cash Rewards credit card review to learn more and apply online.

To get more information about this and other rewards credit cards like it, be sure to check out our rewards cards reviews.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.