Customized Cash Rewards Secured from Bank of America Review

Bank of America Customized Cash Rewards Secured Credit Card Review

The Bank of America Customized Cash Rewards Secured Credit Card is the perfect choice for those looking to earn cash back while building or improving their credit scores, as it has no minimum required or recommended credit score. With this card, you can earn up to 3% cash back on your favorite purchases, such as gas, online shopping, dining, travel, drug stores, or home improvement, 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases. Plus, there's no annual fee, so you can enjoy all these benefits without any extra cost, as long as you make an upfront deposit of at least $200.

Bank of America Customized Cash Rewards Secured Credit Card: Pros and Cons

Bank of America Customized Cash Rewards Secured Credit Card: Rewards System in a Nutshell

The Bank of America Customized Cash Rewards Secured Credit Card is a great option for customers who want to earn cash back on their purchases but don't want to pay an annual fee or worry about their credit scores on signing up.

Using this card, you can earn 3% cash back in these categories: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. Meanwhile, you can get 2% cash back at grocery stores and wholesale clubs and, finally, 1% cash back on all other purchases.

Note that you can only get 2% to 3% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter and then earn 1% cash back after that.

About getting your cash rewards, Bank of America and Merrill have come up with a great way to make it more flexible. Now, you can redeem them for any amount, at any time, for statement credits, deposits into a Bank of America checking or savings account, or credit to an eligible Merrill account.

Furthermore, you can set up automatic redemptions into an eligible Bank of America or Merrill account, with a minimum of $25.

Just keep in mind that statement credits, checks, and even contributions into a qualifying 529 account are ineligible for automatic redemption enrollment. Fortunately, this program guarantees that your cash rewards benefits won’t expire as long as your account is active.

Who can benefit from getting the Bank of America Customized Cash Rewards Secured Credit Card?

The Bank of America Customized Cash Rewards Credit Card is an excellent choice for those, looking to maximize their rewards and savings. Benefit-wise, this cash rewards card offers an array of options tailored to the needs of the user, especially those starting in this new financial milestone.

This credit card for students offers numerous rewards for timely payments, making it easy to maximize benefits. It also serves as an incentive for those who are prone to procrastination, encouraging them to meet their deadlines and reap the rewards.

However, be aware that if you miss a payment, this credit card has one of the highest Annual Percentage Rates (APRs) for student credit cards. In addition, this card also has a penalty APR of up to 29.99%, depending on your creditworthiness.

So, keep in mind that your due date is at least 25 days after the end of each billing cycle. If you pay your entire balance by the due date each month, you won't be charged any interest on your purchases. Make sure to pay your balance on time to avoid any additional fees!

If you're looking for a reliable rewards card to help you build credit, this is the one for you. Since it has no minimum credit score, you’ll have high approval odds even if you’re just starting out.

It's also important to consider your spending habits when selecting a card. If you tend to spend more than the average on online shopping or prefer to dine out than in, then this card is for you.

However, if you frequent wholesale clubs and spend more than average on groceries, you might want to consider other cash-back deals.

Are there any other benefits?

While Bank of America Customized Cash Rewards Secured doesn’t have a signup bonus or other cash perks, you might want to consider other benefits:

• $0 Liability Guarantee. Bank of America blocks potential fraud if abnormal patterns are detected and notify you if they suspect fraudulent activity. Furthermore, you are always protected by their $0 Liability Guarantee for fraudulent transactions.
• Contactless Technology. Simply tap your card to pay wherever you spot the Contactless Symbol. Make purchases quickly, easily, and securely at millions of locations around the world with just a few taps of your card. Enjoy the convenience of a secure and hassle-free payment experience.
• Overdraft Protection with Balance Connect. With this optional service, you only need to link your eligible Bank of America checking account to your credit card to help prevent declined purchases, returned checks, or other overdrafts. This way, you can avoid the hassle of rejected purchases and returned checks, all without incurring any transfer fees. However, other fees may still apply.
• Access your FICO Score. When you opt-in, you can access your FICO Score, updated monthly and free of charge, within your Mobile Banking app or Online Banking. Unlock the power of your credit score and stay informed with the latest updates, all at your fingertips.
• Accounts Alerts. Stay on top of your account balances and due dates with ease. Choose from a variety of customer email or text alerts and let your phone notify you. Make sure you never miss a payment again, and get on top of your finances!

Conclusion

Considering all the perks, the Bank of America Customized Cash Rewards Secured Credit Card is a highly recommended card for specific types of spenders.

The most obvious reason here is that it has no minimum credit score requirement, giving you the potential to apply for your first student credit card. If you’re not a student, you can still opt for this card because it can help you recover from bad credit. Just make sure to partner that with careful spending decisions.

The rewards rate here is also pretty high if you’re a big spender in the online store category. It’s also decent if you like grocery stores and wholesale shops.

The only downside here is that once your combined category purchases reach $2,500, you’ll only get 1% cashback.

Since the cashback rewards seem pretty limiting, it’s still great to know that you won’t need to pay any annual fees. And as long as your payments are up to date and you maintain a good credit history, you'll also have the option to switch to unsecured credit cards.