The Bank of America® Customized Cash Rewards Secured Credit Card excels in helping users build credit while enjoying adaptable rewards. Its standout feature is flexible cash back in various everyday categories, making it highly user-friendly. It also has the potential to transition from a secured to an unsecured card, adding long-term value. This card is a practical financial management tool with robust fraud protection and easy access to online banking; it also balances fostering credit growth and rewarding spending habits. However, users should consider its high APR and security deposit requirement.
Bank of America® Customized Cash Rewards Secured Credit Card Review
Updated: October 21, 2024
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Bank of America® Customized Cash Rewards Secured Credit Card
On Issuer's Site
APR
28.74% variableMin. Security Deposit
$200Annual Fee
$0Recommended Credit
(No Credit History)Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Bank of America® Customized Cash Rewards Secured Credit Card Overview
When selecting a credit card, it's essential to carefully assess its features, as they can significantly impact your financial habits and overall fiscal health.
- Regular APR: 28.24% (variable)
- Deposit required: $200 to $5,000
- Potential credit limit: $200 to $5,000 (equal to your deposit)
- Annual fee: $0
- Rewards rate: Earn 3% cash back in a choice category: gas and EV charging, online shopping, dining, travel, drug stores or home improvement and furnishings; 2% cash back at grocery stores and wholesale clubs and unlimited 1% cash back on all other purchases. Note that 3% and 2% cash back have a $2,500 purchase limit each quarter. After this limit is met, cash back becomes 1%.
Important Card Details
In evaluating the Bank of America® Customized Cash Rewards Secured Credit Card, it's crucial to consider its diverse features that cater to various aspects of financial management and credit building. From its credit-building potential and absence of annual fees to its flexible rewards program and educational credit score updates, this card presents a multifaceted approach to personal finance.
Cash Back
The Bank of America® Customized Cash Rewards Secured Credit Card stands out with its flexible cash back rewards. Users can earn a significant 3% in categories like gas, online shopping and dining, tailoring rewards to their spending habits. A notable perk is the ability to change the preferred category monthly via online banking, offering unparalleled adaptability. However, it's important to note the card's $2,500 quarterly limit in these categories, after which the cash back rate drops to 1%. This feature makes the card particularly appealing for those who can maximize their rewards within these limits.
Security Deposit
A key aspect of this secured credit card is the security deposit — ranging from $200 to $5,000 — which sets the card's credit limit. This deposit makes the card accessible to those with limited credit history, as it minimizes risk for the issuer. Interestingly, this card also offers the potential for the return of the security deposit based on the user's credit behavior and overall relationship with the bank. This feature incentivizes responsible credit use and can be a stepping stone to an unsecured card, making it an excellent choice for building or rebuilding credit.
Fees
The card's fee structure is a critical consideration. The absence of an annual fee is a major plus, making it a cost-effective option for those looking to build credit. However, the card comes with a high standard APR of 28.24% (variable), which could be costly if balances are carried month-to-month. Additionally, those looking to consolidate debt should consider the card's 3% balance transfer fee. This fee structure suggests that the card is best suited for users who plan to pay their balance in full each month.
Other Perks
Apart from its cash back rewards, the card offers several other perks. Users get free monthly access to their FICO® Score, an invaluable tool for monitoring and understanding credit health. The card's fraud protection measures — including abnormal pattern detection and a $0 Liability Guarantee — provide a sense of security in case of unauthorized transactions. Furthermore, access to Bank of America's award-winning online and mobile banking platforms enhances user experience, allowing easy management of finances on the go. These additional features make the card a comprehensive financial tool beyond just a credit-building instrument.
How the Bank of America® Customized Cash Rewards Secured Credit Card Compares
In this side-by-side comparison, we examine the distinct features and benefits of two prominent credit cards to aid you in choosing the one that best suits your financial goals and spending patterns.
How This Card Compares
Bank of America® Customized Cash Rewards Secured Credit Card
- Regular APR: 28.24% (variable)
- Deposit required: $200 to $5,000
- Potential credit limit: $200 to $5,000 (equal to your deposit)
- Annual fee: $0
- Rewards rate: Earn 3% cash back in a choice category: gas and EV charging, online shopping, dining, travel, drug stores or home improvement and furnishings; 2% cash back at grocery stores and wholesale clubs and unlimited 1% cash back on all other purchases. Three percent and 2% cash back have a $2,500 purchase limit each quarter; after this limit is met, cash back becomes 1%.
- Best for: Individuals looking to build or rebuild credit who can handle a high APR and want a rewards program tailored to everyday expenses without an annual fee.
Discover it® Secured Credit Card
- Regular APR: 28.24% Variable APR (See rates and fees)
- Deposit required: $200 to $2,500
- Potential credit limit: $200 to $2,500 (equal to your deposit)
- Annual fee: $0 (See rates and fees)
- Rewards rate: Earn 2% cash back at gas stations and restaurants (up to $1,000 in purchases per quarter) and a percentage cash back on other purchases. This card matches all your cash back in the first year.
- Best for: Individuals aiming to build credit and earn rewards at gas stations and restaurants, focusing on maximizing first-year cash back and managing a high variable APR without an annual fee.
About Grace Pilling
Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.
Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.