Review
Updated
Fact Checked
Nathan Alderman
The Bank of America® Customized Cash Rewards Secured credit card 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. Check out our Bank of America® Customized Cash Rewards Secured credit card review to find out if it's the right option for you.
Bank of America® Customized Cash Rewards Secured credit card
Great for: Secured card with rewards
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
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Credit Score
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Fair/New to Credit Under(669)
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
28.24% (Variable)
Rewards Earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings and 2% cash back at grocery stores and wholesale clubs on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%
1% - 3% cash back
Annual Fee
$0
Welcome Offer
N/A
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One of the most competitive secured credit cards we've come across. The rewards program and $0 annual fee are standout features that beat many similar offers.
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- Cash back rewards
- No minimum credit score required
- No annual fee
- Can qualify to have security deposit returned
- Minimum deposit amount
- Foreign transaction fee
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- A minimum security deposit of $200 (maximum of $5,000) is required to open this account.
- Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
- No annual fee and no expiration on rewards.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
Credit card comparison
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
| Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
|---|---|---|---|---|---|
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Discover will match all the cash back you’ve earned at the end of your first year. N/A | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 17.24% - 28.24% Variable APR |
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
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Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
60,000 bonus points Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠. | 5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more. |
Intro: N/A Purchases: N/A Balance Transfers: N/A Regular: 21.49%-28.49% Variable |
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Full Bank of America Customized Cash Rewards Secured Card review
This credit card is a good fit for: Consumers who are new to credit cards or rebuilding credit and want to earn cash back while raising their credit score.
Top perks
You get several great benefits from this secured credit card.
Up to 3% back
This is one of the few cash back credit cards you can get with a poor credit score. It offers 3% back in your choice of the following categories:
- Gas and EV charging stations
- Online shopping, including cable, internet, phone plans, and streaming
- Dining
- Travel
- Drug stores and pharmacies
- Home improvement and furnishings
You'll also get 2% back at grocery stores and wholesale clubs. The 3% and 2% cash back rates apply to your first $2,500 in combined purchases per quarter. Other purchases earn 1% back.
No annual fee
Building your credit shouldn't be expensive. The Bank of America® Customized Cash Rewards Secured credit card doesn't charge an annual fee, which is an important benefit with credit cards for bad credit.
SEE MORE: Best No Annual Fee Credit Cards
Flexible credit limit
Since this is a secured credit card, you must pay a security deposit upfront to open it. The minimum deposit amount is $200 and the maximum is $5,000. Your starting credit limit will be based on your deposit amount, your income, and other financial information.
This gives you some control over your card's credit limit. If you want more spending power, and you have some money saved, you can make a larger security deposit.
LEARN MORE: What Is a Secured Credit Card?
FICO® Score for free
As a cardholder, you can view your FICO® Score through your online account or the mobile app. Your FICO® Score is the type of credit score that's most widely used by lenders, so it's great to have access to this specific score.
This is a valuable tool when you're working on your credit. You can monitor your progress and find out the exact steps needed to increase your credit score.
Graduate to an unsecured card
Bank of America will periodically review your account to see if you qualify for graduation to an unsecured credit card. If so, you'll get a refund of your security deposit. You can improve your chances of this by always paying your credit card bill on time and keeping your balance low (aim to use no more than 20% of your credit limit).
This is a crucial feature for secured credit cards. When you graduate from a secured card, it means you get your deposit back and keep the credit card account open, which is good for your credit score.
What could be improved
Although there are no major problems with the Bank of America® Customized Cash Rewards Secured credit card, it does have a couple minor issues.
Minimum deposit amount
You need to deposit at least $200 to open the Bank of America® Customized Cash Rewards Secured credit card. That could be on the expensive side for some. While this is a normal minimum amount for secured cards, there are cards with lower minimums out there. If you need a more affordable deposit, check out credit card reviews for different secured cards.
Foreign transaction fee
This card charges a 3% foreign transaction fee. The fee applies to both transactions in foreign currencies and transactions that are made or processed outside the United States. If you decide to do any international traveling, you may want to look at other credit cards to save money.
LEARN MORE: What Are Foreign Transaction Fees?
Find the best credit card for your needs
Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.
Suggested credit score
There isn't a minimum credit score required for the Bank of America® Customized Cash Rewards Secured credit card. Because it's a secured card, you could get approved if you have no credit history yet or if you have a low credit score due to previous issues. That doesn't mean an approval is guaranteed, though. Bank of America will decide after evaluating your application.
During the application process, you'll need to choose a deposit amount and provide a bank account to fund it. If your application is approved, Bank of America will deduct the security deposit from that bank account.
MORE OPTIONS: Best Starter Credit Cards for No Credit
The Bank of America Customized Cash Rewards Secured Card is right for you if:
You're trying to increase your credit score and you can afford a deposit of $200 or more. In terms of value, the Bank of America® Customized Cash Rewards Secured credit card is tough to beat.
It offers enough cash back to compete with the top credit cards. It also gets you all the features needed in a secured card, including credit score monitoring and no pesky annual fee. You'll be able to make progress on your credit, earn lots of bonus cash back, and eventually get your deposit back.
Our credit card methodology
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
FAQs
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The starting credit limit for the Bank of America® Customized Cash Rewards Secured credit card generally ranges from $200 to $5,000. Your credit limit is determined by the amount of your security deposit, your income, and Bank of America's assessment of your creditworthiness.
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The Bank of America® Customized Cash Rewards Secured credit card usually isn't hard to get. Since it's a secured credit card and requires a security deposit upfront, it has much more relaxed approval requirements than other credit cards.
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Yes, you can use the Bank of America® Customized Cash Rewards Secured credit card internationally. However, it charges a 3% foreign transaction fee.
Our Credit Cards Experts
Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Bank of America is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bank of America, Mastercard, and Target. The Motley Fool recommends Discover Financial Services and recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.
The Motley Fool owns shares of and recommends Visa.