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- Bank of America® Customized Cash Rewards Secured Credit Card
A great no-annual-fee card for earning high cash back on bonus categories
- 28.24% VariableAPR
- $200Min. Security Deposit
- $0Annual Fee
- None–PoorRecommended Credit
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The Bank of America® Customized Cash Rewards credit card Secured card is ideal for individuals who want to earn cash back while building or improving their credit scores. It lets you earn 3% cash back in the category of your choice (gas, online shopping, dining, travel, drug stores or home improvement), 2% cash back at grocery stores and wholesale clubs, and 1% cash back on other purchases. The card doesn’t charge an annual fee, so it’s a great option as long as you can pay an upfront deposit of at least $200.
Bank of America® Customized Cash Rewards Secured Card Overview
- $0 annual fee
- Earn up to 3% cash back on up to $2,500 you spend on bonus categories every quarter
- Choose from gas, online shopping, dining, travel, drug stores, and home improvement & furnishings as your 3% bonus category
- Higher cash back for Preferred Rewards members
- Redeem cash back as a statement credit, a direct deposit into a Bank of America checking/savings account or a contribution to an eligible Merrill account
- 3% balance transfer fee
- 3% foreign transaction fee (5% for overseas cash advances)
Important Card Details
Before applying for the Bank of America® Customized Cash Rewards credit card Secured card, it’s critical to read the fine print thoroughly. That way, you familiarize yourself with the fees and charges that come with the card.
You don’t have to pay yearly to have this secured credit card, thanks to its no annual fee.
To open an account, there is the requirement of a security deposit of between $200 and $5,000.
If you carry a balance on the Bank of America® Customized Cash Rewards credit card Secured credit card, you pay interest at the rate of 27.99% (variable) on purchases and balance transfers.
Late payments incur a fee of up to $40.
Foreign Transaction Fee
When you use this card outside the United States, you pay a foreign transaction fee of 3% of the transaction amount.
The Bank of America® Customized Cash Rewards credit card Secured card boasts other features besides cash back that may benefit its cardholders.
- Free FICO score access: You can access your FICO score for free through your online account or the Bank of America mobile app to monitor your progress in building your credit score with a secured credit card.
- Flexible credit limit: Your security deposit helps determine your credit limit. With the Bank of America® Customized Cash Rewards credit card Secured card, you can deposit up to $4,900. The issuer also considers your income and ability to repay charges when calculating your credit limit. You won’t be able to get a credit limit higher than the set amount, even if you deposit more money.
- Zero fraud liability: The card comes with a $0 liability guarantee that covers fraudulent transactions others make on your account.
- Account alerts: You keep your balance and account payments in check when you choose to receive email or text alerts on transactions and due dates.
How the Bank of America® Customized Cash Rewards Secured Card Compares To Other Cards
MoneyGeek’s Bank of America® Customized Cash Rewards credit card Secured credit card review found it is a great option for those trying to build or improve credit. Still, we compared it to another secured credit card to help you figure out if it’s the right card for your needs.
How the Bank of America® Customized Cash Rewards Secured Card Compares
Bank of America® Customized Cash Rewards credit card Secured Card
- Annual fee: $0
- Regular APR: 27.99% variable
- Cash back rewards: 3% cash back in one chosen category, 2% at grocery stores and warehouse clubs, 1% on all other purchases
- Minimum deposit: $200
- Best for: People with poor or no credit who want to earn cash back
Citi® Secured Mastercard®
- Annual fee: $0
- Regular APR: 27.24% variable
- Cash back rewards: None
- Minimum deposit: $200
- Best for: Individuals looking to build credit with limited credit history
Frequently Asked Questions
- Bank of America. "Bank of America® Customized Cash Rewards Secured Credit Card." Accessed April 13, 2022.
- Bank of America. "Terms and Conditions." Accessed April 13, 2022.
- Bank of America. "Credit Card Account Management FAQs." Accessed April 13, 2022.
- J.D. Power. "While Many U.S. Credit Card Issuers Struggle to Meet Evolving Customer Expectations, Some Bright Spots Exist, J.D. Power Finds." Accessed April 13, 2022.
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