Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content
Advertiser Disclosure Many of the offers that appear on this site are from companies from which The Motley Fool receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear) and may influence which products we write about, but our product ratings are not influenced by compensation. We do not include all companies or offers available in the marketplace.
    |    Accessibility Options

Bank of America Customized Cash Rewards Secured Card Review: Bonus Cash Back in a Category You Choose

Review Updated
Lyle Daly
Author: Lyle Daly
Lyle Daly
Lyle Daly
Writer

Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. His work with Motley Fool Money and The Motley Fool has appeared syndicated in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.

See Full Bio

| 1 other [ + ]
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee 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 Motley Fool Money'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.

See Full Bio

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page.

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.

Ratings Methodology

Bank of America® Customized Cash Rewards Secured credit card

Great for: Secured card with rewards

Bank of America® Customized Cash Rewards Secured credit card
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Credit Score: Circle with letter I in it. 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.
Recommended Credit Score required for this offer is: Fair/New to Credit Under(669)
Credit Score Circle with letter I in it. 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

29.24% (Variable)

Rewards Circle with letter I in it. 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

  • 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.

    • Cash back rewards
    • No minimum credit score required
    • No annual fee
    • Can qualify to have security deposit returned
    • Minimum deposit amount
    • Foreign transaction fee
    • 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
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. 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
Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. 1% - 5% Cashback Circle with letter I in it. 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.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.49% - 27.49% Variable APR *Rates as of December 12, 2024.

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. 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
Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: 19.24%, 24.24%, or 29.24% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.49% - 28.49% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 18.49% - 28.49% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America'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
Image of reviewer

Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

Compare cards

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 Motley Fool Money, 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 Motley Fool Money rates credit cards.

FAQs

  • 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.

  • 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.

  • Yes, you can use the Bank of America® Customized Cash Rewards Secured credit card internationally. However, it charges a 3% foreign transaction fee.