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:
| Features | Details |
|---|---|
| Fees | No annual maintenance fees |
| APR | 28.24% 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 Deposit | Minimum security deposit of $200, maximum of $5,000 |
| Maximum Credit Limit | Determined by security deposit amount, income, and credit management ability |
| Welcome Bonus | No welcome bonus offered |
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:
- Fees: $0
- Cashback: 1.5%
- Welcome bonus: $0
- Credit Score: No
- Fees: $0
- Cashback: 1%-5%
- Welcome bonus: up to $300
- Credit Score: 690-850
- Fees: 0
- Cashback: No
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: Up to 3%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $300
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: $35
- Cashback: 0%
- Initial deposit: $200
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- 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:
| Pros | Cons |
|---|---|
| No annual maintenance fees | Standard APR of 28.24% for balance-carrying |
| Flexible cash back categories | No introductory APR |
| Quarterly cash back bonuses | No welcome bonus offered |
| Ability to change categories monthly | Requires a security deposit (minimum $200, maximum $5,000) |
| Helps build credit | Cash back limitations on certain categories |
| Access to FICO Score | Maximum credit limit determined by financial factors |
| Credit limit based on financial ability | Limited cash back on all other purchases |
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:
| Information | Description |
|---|---|
| Website | https://www.bankofamerica.com/ |
| https://twitter.com/BankofAmerica | |
| https://www.facebook.com/BankofAmerica | |
| YouTube | https://www.youtube.com/user/bankofamerica |
| https://www.linkedin.com/company/bank-of-america/ | |
| Phone | 1 (800) 432-1000 |
Anothers product of Bank of America
You also have a list of all the products offered by Bank of America:
- Checking accounts: here you have Bank of America checking accounts.
- Advantange plus: Bank of America Advantage Plus is the most popular checking account in BoA
- Bank of America Advantage Relationship Banking is a premier checking account.
- Bank of America Advantage safeBalance Banking.
- Bank of America certificate of deposit.
- Bank of America savings account.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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