Bank of America
Bank of America® Customized Cash Rewards Secured Credit Card
Key Features
| Annual Fee | $0.00 |
| Sign-up Bonus | No signup bonus offered |
| Rewards Rate | Up to 6% Cash Back |
| Intro APR | None |
| Regular APR | Standard APR 27.74% variable |
| Other Fees | Balance Transfer Fee 5% of each transaction |
About this card
The Bank of America® Customized Cash Rewards Secured Credit Card earns a strong overall rating of 3.9 out of 5.0, positioning it as an excellent choice within the secured credit card market for individuals looking to build or rebuild credit. Its most significant strengths are an exceptional rewards program and the absence of an annual fee, which are rare and highly valuable features for a secured card. Cardholders can earn an impressive 6% cash back in a chosen category for the first year (3% thereafter), 2% at grocery stores and wholesale clubs, and 1% on all other purchases. These robust, customizable rewards, combined with flexible redemption options and no annual fee, offer significant tangible value and a strong incentive for responsible use. The card also benefits from Bank of America's solid reputation and effective digital banking tools, enhancing user trust and convenience.The primary drawback is the very high variable APR of 27.74%, with no introductory APR period. This makes carrying a balance very expensive and can undermine credit-building efforts if not managed carefully. While a high APR is common for secured cards targeting those with poor credit, this rate is on the upper end. However, for its intended audience, the card's utility is maximized when balances are paid in full each month to avoid interest, thus mitigating the impact of the high APR.Despite the high interest rate, the card's unparalleled rewards for a secured product, coupled with its $0 annual fee and strong issuer backing, make it a top-tier option. It effectively serves its target audience by providing a clear path to establishing a positive credit history while simultaneously offering valuable cash back. It's an ideal choice for disciplined users committed to paying their statements in full.Strengths: No annual fee, exceptional cash back rewards program (especially for a secured card), flexible redemption options, strong issuer reputation, excellent for credit building, customizable rewards category.Weaknesses: Very high regular APR (27.74%), no introductory APR, requires a security deposit, no traditional lump-sum sign-up bonus, high balance transfer fee.
Pros & Cons
What's great
- No annual fee
- Cashback on purchases
- Flexible rewards with a choice category
- Helps build credit
Things to consider
- Requires a security deposit
- High regular APR
- No sign-up bonus
- High balance transfer fee
- No intro APR period
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
- After the first year from account opening, you'll earn 3% cash back on purchases in your choice category.
Other features
- A minimum security deposit of $200 (maximum of $5,000) is required to open this account.
- 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
- There's no annual fee and your cash rewards don't expire as long as your account remains open.
- Stay Protected 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 Opt for paperless credit card statements and increase account security while reducing paper consumption.
- Digital Wallet Technology 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.
- Online & Mobile Banking 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 Stay on top of your balances and due dates. Choose from several types of customer email or text alerts and let your phone tell you when payments are due and paid.
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. Note: minimum payments are applied to lower-interest balances first. Additional payments are applied to higher-interest balances first.