The Bank of America® Customized Cash Rewards Secured Credit Card stands out as an appealing option for those seeking to enhance their credit score while earning rewards.
Tailored towards individuals with less than stellar credit, this secured card combines the benefits of a traditional rewards card with the security and credit-building features of a secured card.
$0
1%-3%
N/A
New to Credit
CreditFinder’s Rating: 4.2/5
The Bank of America® Customized Cash Rewards Secured Card garners a rating of 4.2 out of 5, highlighting its robust rewards program and no annual fee as significant advantages for cardholders, especially those in the process of rebuilding their credit.
Earning Rewards: Tailored Cash Back Categories
Unlike typical secured cards that offer minimal rewards, if any, this card allows cardholders to earn significant cash back. Users can select one category to earn 3% cash back (choices include gas, online shopping, dining, travel, drug stores, or home improvement) and 2% cash back at grocery stores and wholesale clubs, with a cap on bonus category earnings at $2,500 per quarter.
Introductory Offers: None
This card does not feature any welcome offers or introductory APR promotions, which is somewhat common among secured cards. However, the potential to earn consistent rewards can offset this lack of initial bonuses.
APR and Fee Structure: Understanding the Costs
With no annual fee and a competitive APR for a secured card, this credit option is economically feasible for many. However, it carries a higher variable APR of 28.24%, making it crucial for cardholders to manage balances carefully to avoid substantial interest charges.
Credit Building Features: Secure Your Financial Future
Designed to aid individuals in establishing or repairing their credit, this card requires a refundable security deposit which acts as the credit line. By reporting to the three major credit bureaus, responsible use of this card can significantly enhance a cardholder’s credit score over time.
Comparative Analysis: Against Other Secured Cards
When compared to other products in the secured card market, such as the Discover it® Secured Credit Card, the Bank of America® Customized Cash Rewards Secured offers competitive cash back rates but falls short in terms of introductory bonuses and the flexibility of rewards redemptions.
Final Assessment: Is This Card Worth It?
For those rebuilding their credit while wishing to earn rewards on their expenditures, the Bank of America® Customized Cash Rewards Secured Credit Card presents a valuable tool. Its combination of credit-building potential, customizable cash back rewards, and the absence of an annual fee make it a noteworthy contender in the secured card category.
