Bank of America® Customized Cash Rewards Secured Credit Card Review: Rewards, Fees & Benefits

Rewards

Reward TypeCash Back

Base Rate1x / 1%

Bonus RateUp to 3x

Point Value~0.01¢ each

Travel Portal1x

Annual Cap$2,500

ExpirationCash rewards do not expire as long as your account remains open and in good standing.

Redemption NotesMinimum redemption amount of $25 for direct deposit or statement credit.

Category	Rate	Type	Cap
Choice Category Earn 3% cash back in one category of your choice (Gas, Online Shopping, Dining, Travel, Drug Stores, Home Improvement/Furnishings). This rate applies to the first $2,500 in combined choice category, grocery store, and wholesale club purchases each quarter.	3x	Cash Back	No cap
Groceries & Wholesale Clubs Earn 2% cash back on purchases at grocery stores and wholesale clubs. This rate applies to the first $2,500 in combined choice category, grocery store, and wholesale club purchases each quarter.	2x	Cash Back	No cap
All Other Purchases Earn 1% cash back on all other purchases, including those that exceed the $2,500 combined quarterly cap for the 3% and 2% categories.	1x	Cash Back	No cap

Benefits & Protections

Benefit	Category	Value / Coverage
Credit Building Opportunity This secured credit card helps you establish or rebuild your credit history by reporting your payment activity to the three major credit bureaus.	Financial Management	Credit reporting
Free FICO Score Access Access your FICO Score for free through your online banking account or mobile app, helping you monitor your credit health.	Financial Management	Free FICO Score
Online and Mobile Banking Access Manage your account, pay bills, view statements, and set up alerts conveniently through Bank of America's online banking platform and mobile app.	Financial Management	Full online and mobile access
Refundable Security Deposit A security deposit is required to open the account, which determines your credit limit. This deposit is fully refundable upon account closure with a zero balance or if your account transitions to an unsecured card.	Financial Management	Refundable deposit
Regular Account Reviews for Upgrade Bank of America regularly reviews your account for responsible credit management, which may lead to an upgrade to an unsecured credit card and the return of your security deposit.	Financial Management	Potential upgrade to unsecured card
1% Cash Back on All Other Purchases Earn 1% cash back on all other eligible purchases.	Rewards	1% cash back
2% Cash Back on Grocery Stores and Wholesale Clubs Earn 2% cash back on purchases at grocery stores and wholesale clubs.	Rewards	2% cash back
Cash Back Category Cap The 3% and 2% cash back is earned on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter. After reaching this cap, purchases in these categories will earn 1% cash back.	Rewards	First $2,500 in combined purchases per quarter Up to $2,500
Customizable 3% Cash Back Category Earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. You can change your chosen category once a month.	Rewards	3% cash back
Non-Expiring Cash Rewards Your earned cash rewards do not expire as long as your account remains open and in good standing.	Rewards	Rewards do not expire
Account Alerts Receive customizable alerts via email or text for various account activities, such as large purchases, payment due dates, or low balance warnings, to help you monitor your account.	Security	Customizable alerts
Fraud Protection (Zero Liability) You are protected against unauthorized transactions made with your card. Bank of America's Zero Liability policy ensures you won't be held responsible for fraudulent charges.	Security	Zero liability for fraud
Digital Wallet Compatibility Use your card with popular digital wallets such as Apple Pay, Google Pay, and Samsung Pay for secure and convenient payments.	Shopping	Compatible with major digital wallets

Interest Rates

Purchase APR26.24% Variable

Balance Transfer APR26.24%

Cash Advance APR29.24%

Min. Interest Charge$1

Fees

Annual Fee $0 — No Annual Fee

Foreign Transaction Fee3%

Balance Transfer FeeEither $10 or 3% of the amount of each balance transfer, whichever is greater.

Cash Advance FeeEither $10 or 5% of the amount of each cash advance, whichever is greater.

Late Payment FeeUp to $40

Returned Payment FeeUp to $40

Approval & Eligibility

580 Recommended minimum FICO · Range 580–669

300 Poor580 Fair 670 Good740 Very Good 800+ Exceptional

Approval DifficultyEasy

Credit ProfileFair

Approval OddsExcellent

Pre-QualificationNot available

Student EligibleYes

Co-ApplicantNot allowed

Business EligibleNo

Credit Limit Range $200 – $5,000

Issuer Rules & Restrictions

Maximum Cards per Issuer

You can hold up to 7 cards from this issuer simultaneously.

Shutdown Risk Triggers

Manufactured spending, abuse of rewards programs, frequent balance transfers without new spending, high cumulative credit limit across Bank of America accounts, sudden uncharacteristic spending patterns, failure to make timely payments, suspicious activity, or opening too many accounts too quickly (even within the 2/3/4 rule, aggressive applications can flag risk).

Cliff Effect Rules

The primary 'cliff effect' for Bank of America cards is the Preferred Rewards program. While not directly impacting approval for this secured card, once an account holder qualifies for Preferred Rewards (by maintaining significant assets with Bank of America/Merrill Lynch), the cash back earned on eligible Bank of America credit cards, including the Customized Cash Rewards Secured card, can be boosted by 25%, 50%, or 75% depending on the tier. This significantly enhances the value proposition of the card's rewards.

International Friendly

May have limitations for international use.

Additional Issuer Rules

The Bank of America Customized Cash Rewards Secured card is designed for individuals looking to build or rebuild their credit. Eligibility typically requires applicants to be 18 years or older, have a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), be a U.S. resident, and provide a security deposit (minimum $200). Approval is generally easier for those with limited or poor credit history. Bank of America's application rules, often referred to as the '2/3/4 Rule,' apply: applicants are generally limited to 2 new Bank of America cards in the past 2 months, 3 in the past 12 months, and 4 in the past 24 months. This card typically does not offer a sign-up bonus, but earns 3% cash back in a category of choice (up to $2,500 in combined choice category/grocery store/wholesale club purchases per quarter), 2% cash back at grocery stores and wholesale clubs, and 1% on all other purchases.

Bank of America® Customized Cash Rewards Secured Credit Card