Bank of America’s Cash Rewards card, now called Customized Cash Rewards, has no annual fee and offers 1% cash back on all purchases; 2% or 3% on select categories. It’s notable that there’s also a Secured version of the card which is very similar to the ordinary version and is one of the best secured cards available.
Bank of America Customized Cash Rewards Secured Card
Card Details
- No annual fee
- A minimum refundable security deposit of $300 (maximum of $4,900) is required to open this account.
- Your maximum credit limit will be determined by the amount of the security deposit you provide, your income and your ability to pay the credit line established. If you provide a deposit that exceeds the calculated maximum amount based on your ability to pay, a check will be returned to you for the difference.
- 3% foreign transaction fee
- Rewards earnings rates go as follows:
- 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings
- 2% cash back at grocery stores and wholesale clubs
- 1% cash back on all other purchases
- You’ll earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1% with no limit. Each month, as you plan for future purchases, to change your 3% choice category you must go to Online Banking or use the Mobile Banking App. Rewards do not expire.
- Cash rewards can be redeemed as a statement credit to your credit or a deposit to your Bank of America checking, savings, or Merrill investing account.
- 23.99% APR
- No signup bonus on the Secured card version
Our Verdict
Not many Secured cards come with no annual fee and still offer rewards. There are a few other option that offer the same, though the Bank of America Customized Cash Rewards card is from a major bank and could be helpful in establishing a relationship with the bank. Bank of America also offers a Secured version of their Unlimited Cash Rewards card, so be sure to compare which is best for you. The Discover secured card is another good option for a secured card. All of these are solid options for someone who is struggling to get a credit card and wants to build a credit history.
Hat tip to reader Cyan
Does anyone know if paying traffic citations qualify for BofA 3% online purchase category?
Payment will be done online of course and most likely processed by a 3rd party payment processor
I received a snail-mail letter that my BofA MLB card is being converted to this card because the MLB contract has ended. Not sure it’s newsworthy, but I can send in a picture of the letter if you want
William Charles 
Chuck.
My 1st question was if they would change the card from a Mastercard to a Visa, but it appears it will stay whatever card type you have. It’s not expressly stated Visa or Mastercard in the letter that I could find, but it says the account number will not change. (Mastercards start with a 5 & Visa a 4, so, no change in the flavor).
Yeah that would be great if you can send the letter
I would be all over this if it had a signup bonus
probably worth the deposit just to have a second card to get the 5.35% cashback for online purchases with platinum rewards, thanks.
5.25%? (3% * 1.75 = 5.25%)
You could always apply for multiple BofA Cash Rewards flavors. On the BofA site, you can find their Komen/Pride cards. They used to also have the WWF and MLB cards on the site too.
You can also find various affinity branded cash reward cards with a bunch of organizations, such as alumni associations and such.
BoA really stepping up with their secured card offering. Up there with Discover.