The Bank of America Cash Rewards Secured Credit Card is a unique option designed for individuals who are looking to establish or rebuild their credit while enjoying the benefits of a rewards program.
Unlike traditional secured cards, this card allows you to earn cash back on your purchases, combining the practicality of credit building with the perks of rewards.
By making a refundable security deposit, you unlock a line of credit that helps you gain financial independence and develop healthy credit habits.
About the Financial Institution
Bank of America, one of the largest and most reputable banks in the United States, is renowned for its wide range of financial products and services.
With a history dating back over a century, the bank is committed to supporting individuals, businesses, and communities in achieving financial success.
Its dedication to innovation and customer satisfaction makes Bank of America a trusted choice for millions of customers worldwide.
Who Is This Card For?
The Bank of America Cash Rewards Secured Credit Card is specifically tailored for:
- Individuals building credit: Those with little or no credit history who want to establish their financial credentials.
- Credit rebuilders: Consumers recovering from past financial difficulties who aim to improve their credit scores.
- Reward seekers: People who want to earn cash back on everyday purchases, even with a secured credit card.
This card is ideal for anyone seeking to combine the benefits of a secured credit card with the ability to earn valuable rewards.
Advantages of the Bank of America Cash Rewards Secured Credit Card
This card offers a variety of features that set it apart:
- Earn Cash Back: Enjoy 3% cash back in a category of your choice (e.g., gas, dining, travel), 2% at grocery stores and wholesale clubs, and 1% on all other purchases.
- Customizable Rewards: Select your 3% cash back category to align with your spending habits, offering more flexibility than most rewards cards.
- Credit-Building Opportunities: Your payment activity is reported to all major credit bureaus, helping you build or rebuild your credit.
- Refundable Security Deposit: Secure your credit line with a refundable deposit starting at $300, which also acts as your credit limit.
- Upgradable Option: With responsible use, you may qualify to graduate to an unsecured card and have your deposit refunded.
Additional Benefits
The card provides several additional perks to enhance your financial journey:
- No Annual Fee: Enjoy the benefits of a rewards card without the burden of an annual fee.
- Zero Fraud Liability: You won’t be held responsible for unauthorized transactions.
- Online Banking and Mobile App: Manage your account easily with Bank of America’s user-friendly digital platforms.
- Free Credit Score Access: Track your progress with free access to your FICO® Score through the Bank of America app or website.
- Introductory Offer: Get a $200 online cash rewards bonus after spending $1,000 in purchases within the first 90 days of account opening.
Why Choose the Bank of America Cash Rewards Secured Credit Card?
The Bank of America Cash Rewards Secured Credit Card is a standout option in the secured card market due to its rewards structure and potential for growth.
Most secured cards focus solely on credit building, but this card goes a step further by allowing users to earn valuable cash back on their spending.
Additionally, the ability to graduate to an unsecured card makes it a smart long-term choice for those committed to improving their creditworthiness.
Is This Card Right for You?
This card is perfect for you if:
- You want to build or rebuild your credit while earning cash back.
- You’re comfortable making a refundable security deposit to secure your credit line.
- You value customizable rewards that fit your spending habits.
It’s also a great choice for individuals who appreciate the reputation and customer service of Bank of America.
Conclusion
The Bank of America Cash Rewards Secured Credit Card combines the essential features of a secured card with the perks of a rewards program, making it an excellent option for credit builders who want more value from their spending.
With no annual fee, customizable rewards, and the potential to transition to an unsecured card, it’s a practical and rewarding step toward financial success.
Fees and charges
a Late Payment Fee of $29 will be assessed;
● Introductory APR: 0% for 15 billing cycles;
● Standard APR: 18.24% - 28.24%;
● Balance Transfer Fee: 3% fee on balance transfers in the first 60 days; afterward, 4%;
● Cash Advance: 4% of the amount of each transaction.
Expert review
Bank of America Cash Rewards Secured is an excellent option for those looking to build or rebuild credit.
With it, you can customize the highest cashback category, offering 3% on specific expenses such as gasoline, restaurants or online purchases, as well as 2% at supermarkets and wholesale clubs.
Ideal for consumers with limited or damaged credit history, the card requires a security deposit as collateral, which determines the credit limit.
It also offers control via the app and no annual fee, making it a practical and affordable solution.
You will remain on this site
+Positive points
- Cashback rewards: Offers 3% cashback in a category of your choice, 2% in grocery stores and wholesale clubs, and 1% on all other purchases.
- No annual fee: The card has no annual fee, keeping maintenance costs low.
- Credit-building tool: Reports activity to major credit bureaus, helping improve your credit score.
- Customizable rewards: You can choose the category with the highest cashback to match your spending habits.
- Mobile app access: Allows easy expense tracking, bill payments, and reward management via the app.
- Negative points
- Security deposit required: A refundable deposit is mandatory, which determines your credit limit and may be a hurdle for some users.
- Limited rewards: Higher cashback categories have a spending cap, reducing earning potential for heavy spenders.
- U.S.-centric benefits: Rewards are more relevant for domestic spending, with limited appeal for international purchases.
