Bank of America secured credit cards

Are you interested in discovering all the features of Bank of America’s secured credit cards? At Responsible Economy, we present all the secured credit card options available for application with Bank of America, along with a comparison of the best secured credit cards in the United States. Let’s get started!

Bank of America’s Secured Credit Cards

With Bank of America, you can apply for the following Secured Credit Cards:

  • Bank of America Customized Cash Rewards Secured.
  • Bank of America Unlimited Cash Rewards Secured.
  • BankAmericard Secured.

Now, we’re going to provide you with a detailed overview of the features of each card.

Bank of America Customized Cash Rewards Secured

Build your credit while earn cash back rewards with the Bank of America Customized Cash Rewards Secured:

  • Earn 3% cash back in a category of your choice: select from gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. Learn more about how to maximize your benefits.
  • Enjoy 2% cash back at grocery stores and wholesale clubs.
  • Get unlimited 1% cash back on all other purchases.

You can earn 3% and 2% cash back on the initial $2,500 spent on combined choice category, grocery store, and wholesale club purchases each quarter. After reaching this threshold, you’ll continue earning 1% cash back.

Changing your choice category for future purchases is a breeze. Simply visit Online Banking or use the Mobile Banking App. You can make one change per calendar month or maintain your current selection.

Apply for Bank of America Customized Cash Rewards Secured requires a minimum security deposit of $200 (maximum of $5,000). Your maximum credit limit is determined by your security deposit amount, income, and repayment capability.

Here’s a quick glance at the Interest Rates & Fees Summary:

  • Introductory APR: None.
  • Standard APR: 28.24% variable.
  • Annual Fee: $0.
  • Balance Transfer Fee: 3% of each transaction (minimum $0).

The Bank of America Customized Cash Rewards Secured empowers you to enhance your credit while earning valuable cash back rewards.

Bank of America Unlimited Cash Rewards Secured

Elevate your credit while enjoying unlimited cash back rewards with the Bank of America Unlimited Cash Rewards Secured:

  • Earn an unlimited 1.5% cash back on every purchase.
  • There’s no ceiling to the amount of cash back you can earn, and your cash rewards never expire.

Initiating your credit card requires a minimum security deposit of $200 (maximum of $5,000). Your maximum credit limit hinges on your security deposit amount, income, and capacity to manage the established credit line.

Bank of America periodically assess your account, considering your comprehensive credit history (including your relationship with Bank of America, other credit cards, loans, and overall financial standing). Depending on your history, you might qualify to have your security deposit refunded.

You have the convenience of accessing your updated FICO Score monthly, at no cost. This feature is accessible within your Mobile Banking app or through Online Banking. By opting in, you can receive your score, insights into the key factors impacting it, and other valuable information to help you maintain a healthy credit profile.

Interest Rates & Fees Summary:

  • Introductory APR: None.
  • Standard APR: 28.24% variable.
  • Annual Fee: $0.
  • Balance Transfer Fee: 3% of each transaction.

The Bank of America Unlimited Cash Rewards Secured empowers you to enhance your credit while reaping the benefits of unlimited cash back rewards.

BankAmericard Secured

Designed to assist in building your credit, this BankAmericard Secured is tailored to establish, reinforce, or reconstruct your credit profile.

Initiating the account necessitates a minimum security deposit of $200 (maximum of $5,000). Your credit limit will be determined by factors like your security deposit amount, income, and ability to manage the credit line established.

Access your FICO Score, updated monthly at no charge, within the Mobile Banking app or Online Banking. Opt-in to receive not just your score, but also insights into the key factors influencing it, alongside other valuable information for maintaining a healthy credit status.

Periodically, Bank of America assess your account based on your comprehensive credit history. This includes your relationship with Bank of America, as well as other credit cards and loans. Depending on your history, you could qualify to have your security deposit refunded. However, it’s important to note that not all customers will meet the criteria for this.

Bank of America has been recognized for providing exceptional customer satisfaction with financial health support for two consecutive years in Banking & Payments. Discover more about credit education, covering topics such as responsible credit card use and budgeting.

Please be aware that secured card products are not eligible for new account bonus offers, like statement credits, and introductory APRs are not available.

Interest Rates & Fees Summary:

  • Introductory APR: None.
  • Standard APR: 26.24% variable.
  • Annual Fee: $0.
  • Balance Transfer Fee: 3% of each transaction (minimum $0).

Comparison with the Best Secured Credit Cards

We have conducted a comparison of Bank of America secured credit cards with the best secured credit cards available for application in the United States:

Capital One Quicksilver Secured Credit Card Logo
  • Fees: $0
  • Cashback: 1.5%
  • Welcome bonus: $0
  • Credit Score: No
Discover it Cash Back
  • Fees: $0
  • Cashback: 1%-5%
  • Welcome bonus: up to $300
  • Credit Score: 690-850
  • Fees: 0
  • Cashback: No
  • Welcome bonus: No
  • Credit Score: No
Bank of America customized cash rewards secured credit card
  • Fees: 0
  • Cashback: Up to 3%
  • Initial deposit: $200-$5,000
  • Welcome bonus: No
  • Credit Score: No
Opensky plus secured credit card
  • Fees: 0
  • Cashback: 0%
  • Initial deposit: $300
  • Welcome bonus: No
  • Credit Score: No
Bankamericard secured credit card
  • Fees: 0
  • Cashback: 0%
  • Initial deposit: $200-$5,000
  • Welcome bonus: No
  • Credit Score: No
OpenSky secured credit card
  • Fees: $35
  • Cashback: 0%
  • Initial deposit: $200
  • Welcome bonus: No
  • Credit Score: No
Bank of america unlimited cash rewards secured
  • Fees: 0
  • Cashback: 1,5%
  • Initial deposit: $200-$5,000
  • Welcome bonus: No
  • Credit Score: No
U.S. Bank Secured Visa credit card
  • Fees: 0
  • Cashback: 1,5%
  • Initial deposit: $200-$5,000
  • Welcome bonus: No
  • Credit Score: No

More information about Bank of America

We have made a table with interesting information about Bank of America:

InformationDescription
Websitehttps://www.bankofamerica.com/
Twitterhttps://twitter.com/BankofAmerica
Facebookhttps://www.facebook.com/BankofAmerica
YouTubehttps://www.youtube.com/user/bankofamerica
Linkedinhttps://www.linkedin.com/company/bank-of-america/
Phone1 (800) 432-1000
Interesting information about Bank of America

Anothers product of Bank of America

You also have a list of all the products offered by Bank of America:

Finally, here you have more related content about secured credit cards:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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