Bank of America® Customized Cash Rewards Secured Credit Card Review 2025

The Bank of America® Customized Cash Rewards Secured Credit Card* offers cash-back rewards in useful categories and doesn’t charge an annual fee. You’ll have to put down a minimum of a $200 deposit to open an account. The maximum deposit is $5,000.

Like other issuers, Bank of America reports to the three main credit bureaus. It automatically reviews secured accounts for upgrades to unsecured cards so that users may receive their deposit back after several months of responsible use. The card comes with a couple of helpful features, including the ability to opt in to overdraft protection if you have an eligible Bank of America checking account and the ability to deposit your cash rewards directly into your eligible Bank of America or Merrill account starting at a $25 minimum or in any amount as a statement credit.

• $0 annual fee
• This card does not offer a welcome bonus
• Earn 6% cash back for the first year in the eligible category of your choice, 2% cash back at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and unlimited 1% cash back on all other purchases. After the first year from account opening, earn 3% cash back on purchases in your choice category and 2% cash back at grocery stores and wholesale clubs up to the quarterly maximum
• Minimum deposit is $200, maximum is $5,000
• Reports to all three main credit bureaus

Earning Rewards

The Bank of America® Customized Cash Rewards Secured Credit Card* earns 6% cash back for the first year in the eligible category of your choice, 2% cash back at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and unlimited 1% cash back on all other purchases. After the first year from account opening, earn 3% cash back on purchases in your choice category and 2% cash back at grocery stores and wholesale clubs up to the quarterly maximum.

Redeeming Rewards

Redeeming rewards with the Bank of America® Customized Cash Rewards Secured Credit Card* is straightforward and easy. You can receive your rewards as a:

• Statement credit of any amount
• Direct deposit into an eligible Bank of America account
• Credit to an eligible account with Merrill of any amount
• Check, with minimum redemption of $25
• Contribution to a 529 account with Merrill, with a minimum redemption of $25

You may also set up automatic redemptions to a Bank of America or Merrill account if they’re at least $25. No other redemption methods qualify for automation.

Rewards don’t expire as long as your account is open.

Rewards Potential

To determine the reward potential of the Bank of America® Customized Cash Rewards Secured Credit Card*, we consider what an average household might spend on a credit card each year. Forbes Advisor uses data from various government agencies to determine baseline income and spending averages across various categories. For secured credit cards, we estimate an average annual household income of $95,450 and $30,974 in expenses that can be reasonably charged to a credit card. 

We estimate the average household’s largest 3% cash-back qualifying category is dining, where $3,639 is spent annually, resulting in $109.17 cash back. We estimate that the average household would spend $5,703 at grocery stores, and if spent evenly throughout the year, this spending would not push the cardholder over the $2,500 quarterly threshold for total bonused earnings. This would result in $114.06 cash back.

The household would have $21,632 in additional expenses that can reasonably be charged to a credit card. At 1%, this would result in earning $216.32 in annual cash back. The household’s total cash-back earnings would be $439.55.

• $0 fraud liability. No cardholder responsibility for unauthorized transactions.
• Digital wallet. Cardholders can add the card to mobile wallets for contactless pay.
• Mobile and online banking. Convenience of the click with alerts and account monitoring via phone or computer.
• Overdraft protection. Use the card to implement overdraft protection on your checking accounts.
• Tap to pay. Cardholders can use chip-enabled cards to avoid inserting or swiping at the register.

Interest Rates

• Regular APR: 27.99% variable
• Purchase intro APR: N/A
• Balance transfer intro APR: N/A

Fees

• Annual fee: $0
• Balance transfer fee: 4% of the amount of each transaction
• Foreign purchase transaction fee: 3% of the U.S. dollar amount of each transaction

Bank of America® Customized Cash Rewards Secured Credit Card* vs. Discover it® Secured Credit Card

One primary difference between the no annual fee Discover it® Secured Credit Card and the Bank of America Customized Cash Rewards Secured card is the Discover it® Secured Credit Card’s welcome bonus, which is an Unlimited Cashback Match™ - Discover will automatically match all the cash back earned at the end of the first year.

The Discover it® Secured Credit Card’s cash-back earning categories may not, however, be as beneficial for as many cardholders: You earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases. It lacks a 3% cash-back category and limits the 2% cash-back category to lower quarterly spending.

Bank of America® Customized Cash Rewards Secured Credit Card* vs. Bank of America® Customized Cash Rewards credit card for Students

Students searching for a credit card may be better off considering the Bank of America® Customized Cash Rewards credit card for Students. The card is unsecured, so it doesn’t require a security deposit and still offers rewards of 6% cash back for the first year in the eligible category of your choice, 2% cash back at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and unlimited 1% cash back on all other purchases. After the first year from account opening, earn 3% cash back on purchases in your choice category and 2% cash back at grocery stores and wholesale clubs up to the quarterly maximum. The Bank of America® Customized Cash Rewards credit card for Students also offers a $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening.

Just be aware that students under 21 must apply with a co-signer and prove they have enough income to cover payment obligations.

Read more. Best Cash-Back Credit Cards

The Bank of America® Customized Cash Rewards Secured Credit Card* offers high cash-back rates in useful categories and allows the cardholder to graduate to an unsecured card after review by Bank of America. For those with the tolerance to track their spending on the card and select the most profitable bonus categories, this card is a lucrative option among secured cards. But for those who want a simpler card to help rebuild their credit, look elsewhere.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual rewards
• Included travel or merchant credits
• Additional cardholder benefits

We give greater weight to the card features we believe cardholders will use most frequently. These factors combine to generate a star rating for each card.

To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates credit cards.