Bank of America
Bank of America Customized Cash Rewards Secured Credit Card
Key Features
| Annual Fee | $0.00 |
| Intro APR | None |
| Regular APR | Standard APR 27.49% variable |
| Other Fees | Balance Transfer Fee 4% of each transaction |
About this card
The Bank of America® Customized Cash Rewards Secured Credit Card is a solid choice for individuals looking to build or rebuild their credit while earning rewards. Its strengths lie in its customizable cash back program, particularly the 3% cash back in a category of the user's choice and 2% at grocery stores and wholesale clubs. The absence of an annual fee further enhances its appeal. However, the card has significant drawbacks, including a high APR that can negate the value of the rewards if a balance is carried. User reviews also highlight potential issues with the graduation process to an unsecured card and mixed experiences with customer service. While Bank of America is a trustworthy issuer, these factors temper the overall rating. Taking the rewards (3.8/5.0), fees (4/5.0), APR (1.5/5.0) and reputation into account, the card's value proposition is good for its target audience, but not exceptional. Therefore, the overall rating is 3.1 out of 5.0.
Pros & Cons
What's great
- No annual fee
- Cashback on purchases
- Low credit score requirement
Things to consider
- High regular APR
- No sign-up bonus
- Balance transfer fee
What this card offers
Rewards
- Earn 3% cash back + 3% first-year cash back bonus in the category of your choice
- Automatic 2% cash back at grocery stores and wholesale clubs
- Unlimited 1% cash back on all other purchases
- Earn 6% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
- Choose which category you want to earn 6% cash back in – for the first year: gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; or home improvement and furnishings.
Other features
- A minimum security deposit of $200 (maximum of $5,000) is required to open this account.
- Your maximum credit limit will be determined by the amount of the security deposit you provide, your income and your ability to pay the credit line established.
- We'll periodically review your account and, based on your overall credit history (including your account and overall relationship with us, and other credit cards and loans), you may qualify to have your security deposit returned. Not all customers will qualify.
- Access to credit education on topics like using credit cards responsibly, budgeting and more
- We block potential fraud if abnormal patterns are detected and let you know if we suspect fraudulent activity. Plus, you always get a $0 Liability Guarantee for fraudulent transactions.
- Balance Connect for overdraft protection
- An optional service to help prevent declined purchases, returned checks or other overdrafts when you link your eligible Bank of America checking account to your credit card. No transfer fees. Other fees may apply.
- Paperless Statement Option
- Discover more ways to pay by adding your Bank of America credit card to your mobile device then shop in-store or in-app using Apple Pay, Google Pay or Samsung Pay.
- Access to our award-winning Online and Mobile Banking. Bank on the go from almost anywhere quickly and securely. Pay your credit card bill online, transfer funds, check available credit and more.
- Account Alerts
- Enjoy the flexibility to choose how you redeem your cash rewards – options include:
- Redeem your cash rewards for any amount, anytime for statement credits, deposits made directly into a Bank of America checking or savings account, or for credit to an eligible account with Merrill, or to pay for eligible purchases when you shop at Amazon.com or check out with PayPal.
- Redemptions for a contribution to a qualifying 529 account with Merrill or for a check start at $25.
- You may set up automatic redemptions into an eligible Bank of America or Merrill account. Automatic redemptions start at $25. Statement credits, checks and contributions into a qualifying 529 account are not eligible for automatic redemption enrollment.
Additional Notes
Secured cards are not eligible for a new account bonus, like a cash rewards bonus offer, and introductory APRs are not available. However, this offer is eligible for the first-year 3% bonus.