Bank of America Customized Cash Rewards Secured credit card

Are you interested in discovering all the details about the Bank of America Customized Cash Rewards Secured credit card? Responsible Economy offers a thorough insight into the key aspects of the Bank of America Customized Cash Rewards Secured, including fees, interest rates, minimum deposit, and all the essential information. Additionally, we’ll offer you a comparison of the top secured credit cards in the market. Let’s begin exploring!

Features

In this section, we will go through all the features one by one.

Fees

Fees are a crucial factor in evaluating financial products, and credit cards are no different. The Bank of America Customized Cash Rewards Secured stands out in this aspect by offering a significant advantage – it does not impose any annual maintenance fees.

APR

Choosing to delay payments comes with a relatively higher interest rate. The Annual Percentage Rate (APR) for carrying a balance on purchases is 28.24%, which is an aspect to take into account. It’s important to note that while some cards provide an introductory 0% interest rate, the Bank of America Customized Cash Rewards Secured does not fall within that category.

Cash back

Introducing the Bank of America Customized Cash Rewards Secured—a credit card that not only helps you build your credit but also rewards you for your spending. Here’s a breakdown of its cash back features:

  • 3% Cash Back: Choose a preferred category from options like gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. You’ll earn 3% cash back on purchases in this category.
  • 2% Cash Back: Enjoy 2% cash back at grocery stores and wholesale clubs, making your everyday purchases more rewarding.
  • Unlimited 1% Cash Back: For all other purchases, you’ll earn a consistent 1% cash back, adding to your rewards.
  • Quarterly Bonus: Get 3% and 2% cash back on the first $2,500 spent in combined choice category/grocery store/wholesale club purchases each quarter. After that, you’ll still earn 1% cash back.
  • Flexibility: You can change your choice category for future purchases every month using Online Banking or the Mobile Banking App.

Minimum deposit

To open an account with the Bank of America Customized Cash Rewards Secured, a minimum security deposit of $200 is needed, with a maximum limit of $5,000. The credit limit you receive will depend on factors such as the amount of your security deposit, your income, and your capability to manage the established credit line. This arrangement ensures a responsible approach to credit utilization and helps you gradually enhance your financial standing.

Welcome bonus

Unlike many credit cards that offer enticing welcome bonuses potentially reaching up to $800, it’s important to note that the Customized Cash Rewards Secured doesn’t provide any welcome bonus incentives.

Summary table

We have created a table summarizing all the features:

FeaturesDetails
FeesNo annual maintenance fees
APR28.24% APR for carrying a balance on purchases
Cash Back– 3% cash back in preferred category: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings
– 2% cash back at grocery stores and wholesale clubs
– Unlimited 1% cash back on all other purchases
– Quarterly bonus: 3% and 2% cash back on initial $2,500 in combined choice/grocery/wholesale club purchases
– Flexibility to change category monthly using Online Banking or Mobile Banking App
Minimum DepositMinimum security deposit of $200, maximum of $5,000
Maximum Credit LimitDetermined by security deposit amount, income, and credit management ability
Welcome BonusNo welcome bonus offered
Bank of America Customized Cash Rewards Secured credit card summary table features

Comparison with the Best Secured Credit Cards

We have conducted a comparison of Bank of America Customized Cash Rewards Secured credit card 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

Pros and cons

Here’s a table summarizing the pros and cons of the Bank of America Customized Cash Rewards Secured credit card:

ProsCons
No annual maintenance feesStandard APR of 28.24% for balance-carrying
Flexible cash back categoriesNo introductory APR
Quarterly cash back bonusesNo welcome bonus offered
Ability to change categories monthlyRequires a security deposit (minimum $200, maximum $5,000)
Helps build creditCash back limitations on certain categories
Access to FICO ScoreMaximum credit limit determined by financial factors
Credit limit based on financial abilityLimited cash back on all other purchases
Bank of America Customized Cash Rewards Secured credit card pros and cons

Requirements

To qualify for the Bank of America Customized Cash Rewards Secured credit card, you must meet the following minimum requirements:

  • Reside in the United States: This card is exclusively available for individuals residing in the United States.
  • Age Requirement: You must be at least 18 years old to apply for this credit card.
  • Employment Verification: Providing evidence of your employment is essential to demonstrate your ability to manage the card responsibly.
  • Social Security Number: A valid Social Security Number is required for identity verification and evaluating your credit history.

Frequent questions

Now we’re here to address any questions you might have about the Customized Cash Rewards Secured.

Conclusion and opinions

After conducting our analysis, our conclusion is that the Bank of America Customized Cash Rewards Secured credit card is one of the best secured credit cards in the United States. It stands out for its fee-free structure, cash back rewards on purchases, and the security of being backed by Bank of America. However, it’s worth noting that the card does not provide a welcome bonus or an introductory APR offer.

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

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Updated the day 1 September, 2023 by Alfredo Barandiarán

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