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Bank of America® Customized Cash Rewards Secured Credit Card review

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Advertiser Disclosure

Annual Fee
$0.00
Minimum Deposit
$300.00
Interest Rate: Purchases
26.24% (Variable)
Balance Transfer
26.24% (Variable)


9/10
Informr score
The Bank of America® Customized Cash Rewards Secured Credit Card currently has an Informr score of 9 out of 10. This score is based on our evaluation of 5 sources including reviews from users and the web's most trusted critics.

Am I eligible?


Bank of America® Customized Cash Rewards Secured Credit Card is typically available to those with poor credit scores (650 or greater).
To get this card, you must also:
Yes Be a permanent or temporary resident of USA
Yes Provide a minimum security deposit of $300.

Note: This information is only intended as a guide. The final decision is up to the bank and your application could still be rejected even if you can answer 'Yes' to all the minimum criteria above. Always consider your options and your financial situation before you apply for a credit card.

What the Critics Are Saying...


Forbes
Forbes

The Bank of America® Customized Cash Rewards Credit Card for Students* offers high cash-back rates in useful categories and allows the cardholder to graduate to an unsecured card after review by Bank of America. For those with the tolerance to track their spending on the card and select the most pro...

- Chauncey Crail, Robin Saks Frankel, Forbes
MoneyGeek
MoneyGeek

A secured credit card comes in handy when you want to build or rebuild your credit score. With the Bank of America Customized Cash Rewards Secured credit card, you can increase your credit score while earning cash back on various purchases. To open an account, you need a minimum security deposit of...

- Brett Holzhauer, MoneyGeek
The Ascent
The Ascent

Lets you build credit and earn lots of cash back rewards along the way. There's no annual fee for this card, which also offers free credit score monitoring so you can watch your credit improve.

- Lyle Daly, The Ascent
Bankrate
Bankrate

Meaning you have to put down cash in order to secure your line of credit. However, the security deposit requirement means almost anyone can get approved for this card, even individuals with bad credit who can’t get approved for unsecured credit cards.

- Holly D. Johnson, Itzel Garcia Ruiz, Nou, Bankrate
Finder
Finder

It is designed to help you build credit and earn cash back at the same time. This is interesting because not many secured cards let you earn any rewards at all.

- Kliment Dukovski, Finder

Details


Interest Rates
Regular APR Interest Rate 26.24% (Variable)

 This APR will vary with the market based on the Prime Rate.

Balance Transfer Interest Rate 26.24% (Variable)

 This APR will vary with the market based on the Prime Rate.

Cash Advance Interest Rate 29.24% (Variable)

 This APR will vary with the market based on the Prime Rate.

Rates & Fees
Annual Fee $0.00
Balance Transfer Fee 3%

Minimum of $10

Cash Advance Fee 3%

Minimum of $10

Foreign Transaction Fee 3%

Of each transaction in U.S. dollars.

Over Limit Fee $0.00
Late Payment Fee $40.00

Maximum

Promotions
Sign up bonus No
Rewards
All Purchases 1% cash back
Restaurants No
Gas No
Groceries 2% cash back

On purchases spent on grocery stores and wholesale clubs

Hotels No
Travel No
Pharmacy No
Bills No
Additional Details
  • Choose your 3% category (On up to $2,500 of quarterly spending)
    • Gas
    • Online Shopping
    • Dining
    • Travel
    • Drug stores
    • Home improvement/furnishings
  • Preferred Rewards clients get a 25% - 75% rewards bonus on every purchase.
  • You’ll earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%
  • Features & Benefits
    Additional Card Holders Yes
    Travel Accident Insurance No
    Car Rental Insurance No
    Car Rental Discount No
    Extended Warranty No
    Purchase Protection No
    Zero Liability Yes
    No Foreign Transaction Fees No
    Emergency Assistance No
    Concierge Service No
    Price Protection No
    Fraud Protection Yes
    Free Credit Scores Yes
    Wireless Payments Apple Pay, Samsung Pay, Google Pay
    Virtual Cards No
    Additional Benefits
  • Overdraft Protection
  • Chip Cards
  • Account Alerts
  • Access to monthly free update of FICO® Score
  • Eligibility
    Minimum Security Deposit $300
    Minimum Age 18
    Minimum Personal Income
    Temporary Residents No
    More
    Additional comments -
    Terms & Conditions Official Terms & Conditions
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    Information in this article is believed to be accurate at the time it was written, but terms and conditions may change at any time. All information is presented without warranty or guarantee. Please verify all terms and conditions of any credit card prior to applying.

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