
The Bank of America Customized Cash Rewards Secured Credit Card is a great option for those looking to establish or rebuild credit. It requires a security deposit, which becomes your credit limit.
This card offers 3% cash back on gas, 2% cash back at grocery stores, and 1% cash back on all other purchases. You'll also get a $100 bonus after making a single purchase within the first 90 days.
The card has no annual fee, which is a great perk. It also offers a variety of benefits, including travel insurance and purchase protection.
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Key Information
The Bank of America Customized Cash Rewards Secured Credit Card is a great option for those looking to earn cash back rewards. The card type is cash back, and the annual fee is $0.
This card offers a sign-up bonus of $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. To earn this bonus, you'll need to spend a significant amount in the first few months of having the card.
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You can earn 3% back on a category of your choice, such as gas, online shopping, or dining, and 2% back on grocery stores and wholesale clubs for the first $2,500 of combined bonus category/grocery store/wholesale club spending per quarter. After hitting the $2,500 threshold, you'll earn 1% back on these purchases.
Here are the six options for the 3% back bonus category:
- Gas/EV charging
- Online shopping (including cable, streaming, internet and phone plans)
- Dining
- Travel
- Drugstores
- Home improvement and furnishings
You can change this category up to once a month, and your selected category will remain the same from month to month, unless you change it. If you don't make a selection, the default 3% cash-back category will be set to gas.
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Features and Benefits
The Bank of America Customized Cash Rewards Secured credit card offers a range of features and benefits that can help you earn rewards and manage your finances. This card is a secured version of the original card, which means it's designed for those with limited or no credit history.
The card has no annual fee, making it a great option for those who want to earn rewards without paying extra. You can earn a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening.
You can earn 3% back on a category of your choice, such as gas, online shopping, or dining, and 2% back on grocery stores and wholesale clubs up to $2,500 in combined spending per quarter. After that, you'll earn 1% back on these purchases.
Here are the six options for the 3% back bonus category:
- Gas/EV charging.
- Online shopping (including cable, streaming, internet and phone plans).
- Dining.
- Travel.
- Drugstores.
- Home improvement and furnishings.
You can change your selected category up to once a month, and if you don't make a selection, the default 3% cash-back category will be set to gas. Your selected category will remain the same from month to month, unless you change it.
The card also offers a 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After that, a Variable APR of 18.24%-28.24% will apply.
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Rewards and Limitations

The Bank of America Customized Cash Rewards Secured credit card offers a generous rewards program, but it does come with some limitations.
There's no limit to how much you can earn with this card, but the bonus rewards are capped at $2,500 in combined spending per quarter.
You'll still earn 1% cash back in the bonus categories after reaching that cap, so it's worth considering if you typically spend more than $2,500 in those categories per quarter.
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Customized Security Comparison
The Customized Security Comparison is a crucial aspect to consider when choosing between credit cards. The Bank of America Customized Cash Secured Credit Card requires a security deposit of at least $200 to get started.
This deposit can be a significant upfront cost, but it's a small price to pay for the potential rewards and benefits that come with the card. The card's rewards structure is also worth noting, with 3% back in the category of your choosing, 2% back at grocery stores and wholesale clubs, and 1% cash back on all other purchases.
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The Customized Cash Secured card offers a high rewards potential, which is one of the reasons why it was named one of the Best Secured Credit Cards of 2022 by Buy Side from WSJ. This is a notable achievement, especially considering the card's ability to help you build credit with bad or no credit.
Here's a comparison of the key features of the Customized Cash Secured card:
Keep in mind that the Customized Cash Secured card doesn't offer much in terms of benefits and perks, except for free credit score access. This is a common trait among secured credit cards, but it's worth considering when weighing the pros and cons of this card.
Rates Are Modest
The rewards rates on some credit cards can be pretty modest. The Bank of America Customized Cash Rewards credit card's rewards rate is 3% with spending caps if you don't qualify for the Bank of America Preferred Rewards program.

If you're looking for a card with more generous rewards, the U.S. Bank Cash+ Visa Signature Card might be a better option. It offers 5% cash back on your first $2,000 in combined eligible net purchases on two categories of your choice.
The spending caps on some rewards cards can be a drawback. For example, the U.S. Bank Cash+ Visa Signature Card's 5% categories are relatively narrow and include things like fast food and cell phone providers.
If you happen to spend a lot in one of the U.S. Bank Cash+ Visa Signature Card's 5% categories, it might be a good choice.
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Does the Card Have a Cash-Back Limit?
The Bank of America Customized Cash Rewards credit card has a bonus rewards limit of $2,500 in combined spending per quarter. This means you can earn up to $2,500 in bonus rewards in the card's 3% and 2% categories, but you'll still earn 1% cash back after that.
There's no overall cash-back limit, but you might earn more with a different rewards card if you typically spend more than $2,500 in the card's bonus categories per quarter.
If you have a good credit score of at least 690, you're likely to be approved for the card.
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Credit and Security

The Bank of America Customized Cash Rewards Secured Credit Card is designed to help you build credit, and it does so by reporting your activity to the three major credit bureaus: Experian, Equifax, and TransUnion.
As you use the card, the bureaus will add the reported data to your credit reports, which will begin to impact your credit scores. This is a key aspect of building credit, as responsible behavior with the card can help your scores go up.
Paying your bill on time and keeping other Bank of America accounts current are important ways to demonstrate responsible behavior with the card. This can also help you graduate to an unsecured Bank of America Customized Cash card and get your deposit back.
The issuer's website doesn't provide specific eligibility guidelines for graduating to an unsecured card, but a Bank of America spokesperson says cardholder account reviews start after nine months with the card. The bank considers your overall credit history and how well you've managed other Bank of America accounts when making this decision.
If you're looking for more clarity on the process, you might consider the Discover it Secured card, which offers a clear road map to graduation and begins monthly account reviews after just six months with the card.
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Comparison and Analysis

The Bank of America Customized Cash Rewards Secured Credit Card is a solid option for those looking to rebuild their credit or establish a credit history.
This card offers 1% cash back on all purchases, 3% on gas and 2% on groceries, and 3% on dining.
Its annual fee is $0, making it a great choice for those on a budget.
The card also offers a credit limit of up to $2,500, which can be a significant help for those with limited credit.
To be eligible for this card, you'll need to have a Bank of America checking or savings account, which can be a convenient option for those already banking with Bank of America.
The card's approval process is relatively quick, with decisions typically made in a matter of minutes.
This card does report to all three major credit bureaus, which can help you build a strong credit history.
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Eligibility and Suitability
To be eligible for the Bank of America Customized Cash Rewards Secured credit card, you must have a minimum age of 18 years old and a Social Security number.

You can apply for the card online or by phone, and approval is typically instant.
The card has a minimum credit limit of $300 and a maximum credit limit of $2,500, which is determined by your income and creditworthiness.
To qualify for the card, you'll need to have a good credit history, with no recent bankruptcies or foreclosures.
The card has no annual fee, making it a great option for those who want to rebuild their credit without incurring additional costs.
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Conclusion
The Bank of America Customized Cash Rewards Secured Credit Card is a solid choice for those looking to rebuild their credit or establish a credit history.
This card offers a 1% cash back reward on all purchases, which is a great incentive for responsible spending.
The card's secured nature also means that you'll need to make a security deposit, which will become your credit limit.
In the article, we discussed how this card has no annual fee, which is a definite plus for those who want to avoid extra charges.

The cash back rewards can be redeemed for statement credits, bank deposits, or even gift cards, giving you flexibility in how you use your rewards.
Overall, the Bank of America Customized Cash Rewards Secured Credit Card is a great option for those who want a simple, no-frills credit card with rewards and no annual fee.
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Frequently Asked Questions
What credit score is needed for a Bank of America secured credit card?
To qualify for a Bank of America secured credit card, you'll need a minimum credit score of 300. This makes it a potential option for individuals with bad credit or limited credit history.
What is the credit limit for Bank of America Customized Cash Rewards credit card?
The credit limit for the Bank of America Customized Cash Rewards credit card is typically at least $1,000, but can be higher, up to $50,000 or more, based on income, credit profile, and other factors. Your individual credit limit will be determined by Bank of America's evaluation of your financial situation.
What credit score do you need for Bank of America cash rewards?
To qualify for the Bank of America Customized Cash Rewards credit card, you'll need an excellent credit score of 750 or higher. If you're unsure about your credit score, learn more about our credit card approval requirements.
Can I get denied for a secured credit card with Bank of America?
Yes, you can be denied for a Bank of America BankAmericard Secured credit card due to reasons like insufficient income, bankruptcy, or being under 18. Check your denial letter for the specific reason and learn how to improve your chances for approval.
Sources
- https://www.nerdwallet.com/reviews/credit-cards/bankofamerica-cash-rewards
- https://www.moneygeek.com/credit-cards/reviews/bank-of-america-customized-cash-rewards-secured-card/
- https://www.wsj.com/buyside/personal-finance/credit-cards/bank-of-america-customized-cash-rewards-secured-review
- https://www.moneycrashers.com/best-bank-of-america-credit-cards/
- https://money.slickdeals.net/guides/how-to-get-a-credit-card-with-bad-credit/
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