Bank of America has unveiled a new Cash Rewards credit card, which gives clients option to decide how they wish to earn rewards based on their changing priority and interests.

From 14 January next year, the Bank of America Cash Rewards credit card can be used to earn 3% cash back on gas, online shopping, dining, travel, drug stores or home improvement and furnishings spends.

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Clients will also get 2% cash back for grocery store and wholesale club payments. Bank of America is further offering unlimited 1% cash back on all other purchases with the new card.

Bank of America credit card executive Jason Gaughan said: “We understand that consumers’ lives and spending priorities change constantly, and clients tell us that they want the power to choose how they are rewarded.

“Clients can choose which categories best align with their life priorities, allowing them to maximize the rewards they earn.”

Bank of America Cash Rewards credit card also offers flexible redemption options, including redeeming of credit into an eligible 529 account.

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Customers with the bank’s Preferred Rewards programme membership can receive a 25-75% rewards bonus on every transaction. The new card also features zero annual fees and no expiration on rewards.

Next year, the bank intends to add similar capabilities to Business Advantage Cash Rewards Card.

Cardholders will get 3% cash back on business consulting services, computer services, gas stations, office supply stores, travel and TV, telecom and wireless.