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 | 1%-6% Cash Back |
| Intro APR | None |
| Regular APR | Standard APR 27.49% 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 a highly commendable option within the secured credit card market. Its most significant strengths are its exceptional rewards program and the absence of an annual fee, which are rare and highly valuable features for a card designed for credit building. Cardholders benefit from customizable cash back categories (3% in a chosen category, 2% at grocery stores and wholesale clubs, and 1% on all other purchases), with an impressive 6% in the chosen category for the first year. These rewards, combined with flexible redemption options and no annual fee, provide significant value and an excellent incentive for individuals to establish or rebuild their credit. The card also benefits from Bank of America's solid reputation. However, the primary drawback is the very high variable APR of 27.49% with no introductory period. This makes carrying a balance very expensive and can undermine credit-building efforts if not managed carefully. While the high APR is a notable weakness, it's somewhat mitigated by the card's intended use for responsible credit building where balances should ideally be paid in full each month. For those who can commit to paying their balance in full, this card offers an outstanding value proposition and a powerful tool for improving credit, justifying its strong rating despite the high interest rate.
Pros & Cons
What's great
- No annual fee
- High rewards rate
- Customizable bonus categories
- Cashback on purchases
- Low credit score requirement
- Potential for security deposit return
Things to consider
- No intro APR period
- High regular APR
- No sign-up bonus
- High balance transfer fee
- Bonus reward caps
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.
- After the first year from account opening, you’ll earn 3% cash back on purchases in your choice category.
Other features
- 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.
- To change your choice category for future purchases, you must go to Online Banking, or use the Mobile Banking app. You can change it once each calendar month, or make no change and it stays the same.
- 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
- There's no annual fee and your cash rewards don't expire as long as your account remains open.
- 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.
- 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.
- Credit card rewards bonus: When you join BofA Rewards™, you can earn bonus rewards on the purchase you already make using eligible Bank of America® credit cards.
Additional Notes
Note: minimum payments are applied to lower-interest balances first. Additional payments are applied to higher-interest balances first.