Bank of America Customized Cash Rewards Secured Credit Card Review

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The Bank of America® Customized Cash Rewards Secured Credit Card
is unusual because it’s one of the few secured credit cards that allow you to earn cash back — and even choose your 3% cash-back category. And with responsible use over time, the card can help you improve your credit score.

Review: Is the Bank of America Customized Cash Rewards Secured Credit Card the Best Credit Card for You?

If you’re just getting started with credit or have a bad credit score you’re working on rebuilding, qualifying for the best credit cards is almost impossible. Luckily, secured credit cards offer a workaround – it’s possible to get approved with poor credit or none at all, because they require a deposit to secure your credit line.

The Bank of America® Customized Cash Rewards Secured Credit Card is one of the best credit cards for bad credit because it’s one of the rare secured cards that earn strong cash-back rewards for spending. Cardholders earn 3% cash back in one category of their choice (from a list of six), 2% back at grocery stores and wholesale clubs, and 1% back on all other purchases (the 3% and 2% reward rates apply up to the first $2,500 in combined purchases per quarter, then 1% cash back). 

While the card is otherwise light on benefits, cardholders have the opportunity to demonstrate good financial habits with responsible use — that is, consistently paying on time. This can improve your credit score and help you qualify for other forms of credit in the future, including more lucrative rewards credit cards.

There’s no annual fee for the Bank of America® Customized Cash Rewards Secured Credit Card, but be careful if you decide to carry a balance from month to month. This card charges a 28.24% Variable APR, which is much higher than the average credit card interest rate.

You’ll also want to compare the Bank of America® Customized Cash Rewards Secured Credit Card to other secured credit cards, such as the Capital One Quicksilver Secured Cash Rewards Credit Card and Discover it® Secured Credit Card. These cards also earn cash back on purchases (with different categories), and come with slightly more benefits, including no foreign transaction fees.

How the Bank of America Customized Cash Rewards Secured Card Works

Secured credit cards require you to put down a security deposit as collateral against your credit line. That way, if you default on payments, the bank can use your deposit to pay off your account. The amount of your deposit acts as your credit limit.

The Bank of America® Customized Cash Rewards Secured Credit Card requires a minimum $200 security deposit, but you can certainly put down more, depending on your income and ability to pay (up to a maximum of $5,000). 

Once you’ve funded your deposit, you can start using your card. 

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

How to Earn Rewards From the Bank of America Customized Cash Rewards Secured Credit Card

The Bank of America® Customized Cash Rewards Secured Credit Card’s standout feature is the ability to choose your 3% cash back category from a list:

• Gas (default)
• Online shopping
• Dining
• Travel
• Drug stores
• Home improvement/furnishings

You can change your category once per calendar month through Bank of America online banking or its mobile app, which is handy if your expenses change from month to month.

Cardholders also earn 2% cash back at grocery stores and wholesale clubs, and 1% back on all other purchases. Keep in mind the 3% and 2% cash-back categories are capped at a maximum of $2,500 total spending per quarter; after that, you’ll earn 1% back.

How to Use Rewards From the Bank of America Customized Cash Secured Card

Bank of America allows you to redeem your cash back from the Bank of America® Customized Cash Rewards Secured Credit Card in several ways:

• You can redeem any amount, at any time, for a statement credit, a deposit made directly into a Bank of America checking or savings account, or for credit to an eligible Merrill account
• There’s a minimum redemption of $25 if you want your cash back as a check, or for a deposit to a qualifying 529 account with Merrill
• You can also set up automatic redemptions (minimum $25) into an eligible Bank of America or Merrill account (deposits to 529 accounts, statement credits, and checks aren’t eligible for automatic redemptions) 

Bank of America Customized Cash Rewards Secured Card Benefits and Features

As with many no-annual-fee credit cards, the Bank of America® Customized Cash Rewards Secured Credit Card is pretty light on benefits. However, it does have a few features that can help you manage your money and keep tabs on your credit score.

Refundable security deposit

Bank of America will periodically review your account, and — depending on your credit history (including your account and overall relationship with Bank of America), other credit cards, and loans — you may qualify to have your security deposit returned in the future. Using your card responsibly and paying it on time every month will go a long way toward showing the bank you’re a trustworthy borrower.

Free FICO score

Cardholders can access their FICO score at no cost through Bank of America online banking or its mobile app. This is a perk that comes standard on just about every credit card, but it’s extra useful on secured cards like this one. Staying on top of your credit score (and, hopefully watching it progress upward) is important when you’re building credit and is a great motivator, too.

Other benefits

As with other Bank of America credit cards, you’ll get a handful of standard features with the Bank of America® Customized Cash Rewards Secured Credit Card, including:

• Contactless chip technology
• Balance Connect for overdraft protection
• $0 liability on fraudulent transactions
• Paperless statements
• Digital wallet technology
• Account alerts

Fees and Costs

The Bank of America® Customized Cash Rewards Secured Credit Card doesn’t charge an annual fee, but there are other fees to be aware of. If you use the card for international purchases, you’ll be charged a 3% foreign transaction fee. There are also fees for balance transfers, cash advances, and late payments.

Again, this card has a very high 28.24% Variable APR, so you’ll want to avoid carrying a balance by paying your card in full each month. Otherwise, you’ll be on the hook for high interest charges.

Compare Bank of America Customized Cash Secured vs Other Bank of America Secured Credit Cards

*On the Bank of America® Customized Cash Rewards Secured Credit Card, earn 3% and 2% cash back on up to the first $2,500 spent in these categories combined each quarter, then 1% cash back

***Eligible Bank of America® Customized Cash Rewards Secured Credit Card 3% categories are gas, online shopping, dining, travel, drug stores, or home improvement/furnishings

Bank of America Customized Cash Secured vs Secured Credit Cards From Other Banks

Bank of America Customized Cash Rewards Secured Card Frequently Asked Questions (FAQ)