Bank of America® Customized Cash Rewards Secured 2023 Review: Great Rewards for Poor Credit

The Bank of America Customized Cash Rewards card is a fantastic alternative if the credit is not strong enough to qualify for the market’s most attractive rewards on cards. It is a secured credit card but doesn’t have an annual charge & pays cash-back incentives on all purchases. This post will examine the Bank of America customized cash rewards credit card review so that you can decide whether or not it is worthwhile to apply for the card.

Bank of America Customized Cash Rewards Overview

Bank of America Customized Cash Rewards

Our Rating: 4.9/5

The Bank of America customized cash rewards credit card comes in the category of the secured card and it is for those who have low credit. It also offers 1% to 3% rewards with 0 annual fees and you have to deposit some amount as a security. But, the shortfall of this card is that it has more APR and it is not for those who want to carry the amount each month. 

Important Points

  • Deposit: $200 to $5,000
  • Credit Score: 300 to 669
  • Purchase APR: 26.99% (variable)
  • Annual Fees: $0

Pros 

  • 1% to 3% cash back rewards
  • It reports to all 3 major agencies.
  • Zero annual fees
  • Less foreign settlement fee
  • It can direct you to an unsecured upgrade

Cons

  • You have to deposit the security amount.
  • More APR
  • Cap on 2%-3% rewards types.

Additional Information

  • You can protect your Overdraft.
  • Able to see a free FICO score.
  • Text/email alerts are available.
  • $0 liability assurance
  • Mobile finance app.
  • The intro credit limit will be equal to the deposit amount & it can be between $200 to $5,000.
  • 3% or 2% cash back types are limited at $2,500 & merge the spending of every quarter. 

Key Features

Have a look at the key features of the Bank of America customized cash rewards review:

 1. Fees

  • Late fee: Up to $40
  • Annual fee: $0
  • Foreign transaction fee: 3%
  • Balance transfer fee: 3% to 5% or $10
  • Cash advance fee: 5%/$10 

2. Rewards

The Bank of America customized cash rewards provide various offers:

  • You can get 3% cash back on the option you want.
  • Also 2% on grocery & wholesale clubs.
  • And the remaining 1% on others.

You have an option of changing the category every month and you can do it virtually. Else, you can join the Preferred Rewards Program to maximize your earnings. 

3. Security Deposit

This card is a secured one so you have to deposit some amount as security then only you will be able to open the account. It can range between $200 to $5000 & which will be equivalent to your credit limit.

4. Cash Advance 

The cash advance can be used if you want to withdraw some money from the ATM. But, we suggest that you don’t use it as it comes with high fees &  more APR. 

5. Balance Transfers 

You can do balance transfers by using this card & for that, you have to pay a minimal fee and the APR.

Advantages

Let’s see some of the advantages that Bank of America customized cash rewards deliver:

1. Authorized Users

This card gives you the option of adding an authorized user. For this, they will not charge any fee from you & you can also add a minor member. 

2. Credit Reporting

Credit reporting is very important and you should always choose a card that reports to all 3 major agencies. Because they will upgrade the credit report on the basis of the information that will be provided to you by the lenders. 

3. Customer Service

While using the card if you get into trouble then you can call customer care and they will guide you and it will solve all your problems in a few seconds.

Is the Bank of America Customized Cash Rewards Credit Card Good to Use?

Yes, the Bank of America customized credit card is the perfect option in case you have a shortfall in your credit score and want to improve it. As it comes with zero annual fees but with rewards that range from 1% to 3%. You go for this card as it is reasonable and you can expect good returns.

For Whom this Card Stated?

We have mentioned the users for whom it is aimed: 

  • Rewards Aspirants with Low Credit Scores: Though it doesn’t offer very ideal rewards, users with low credit scores can go for this card. If you see other secured cards that don’t offer any rewards if you have bad credit. But, it is giving 1% to 3% rewards that you can get whenever you make any purchase. 
  • Credit Building: For new users to get a credit card or even for those who have bad credit scores. So, if you want to get approval then you should look for secured cards, and for that, this card is the ultimate choice for you. You can also verify your score for free and you can use your card for building credit.

Best Alternative Options for You

1. Discover it Secured Credit Card

Discover It Secured Card

Our Rating: 4.8/5

The Discover it secured card is one of the most chosen cards. It only requires you to deposit the security amount which is equal to your credit limit. You will only have to pay $200 and they will repay it once you cancel or upgrade the card. It also offers 2% rewards on “Gas & Restaurant” & remaining 1% on different purchases.

Important Points

  • Credit Score: 300 to 669
  • Purchase APR: 25.99% (variable)
  • Deposit: $200 to $2,500
  • Annual Fee: $0

Pros 

  • Cashback matches the first year.
  • Low intro APR towards balance transfers.
  • Less purchase APR.

Cons

  • Low rewards rates.
  • Fewer rewards cap.
  • The intro credit limit is headed at $2,500.

2.  BankAmericard Secured Credit Card

Bank Americard Secured Credit card

Our Rating: 4.1/5

This card is for those who have less credit score. You need to deposit the security and the minimal amount for that is $300. It is not opted for by everyone because it doesn’t provide any rewards but if you have bad credit and you are not getting approval for other cards this card is an excellent option.

Important Points

  • Credit Score: 300 to 669
  • Purchase APR: 24.99% (variable)
  • Deposit: $200 to $5,000
  • Annual Fee: $0

Pros 

  • You can easily get approval.

Cons

  • Zero rewards.
  • Security deposit requirements are high.
  • The top security deposit should be lower.

Conclusion

The Bank of America customized cash rewards are meant for those who have low credit and also offer 1% to 3% rewards with 0 annual fees. So, you can choose this card after looking at the pros & cons. But, for new users who want a credit card or have a bad credit score, it is a good option. Keep in mind that proper research is a must on your end before taking any final decision.

Frequently Asked Questions (FAQs)

Q1. How to get a customized Bank of America card?

You can get a Bank of America card by calling their customer care number or you can visit the Bank of America center. 

Q2. What is the credit limit on Bank of America Customized Cash Rewards?

The credit limit on Bank of America customized cash rewards is $1000 or more. But for a few cardholders, it can go up to $50,000. 

Q3. How hard is it to get a Bank of America Cash Rewards credit card?

Getting a Bank of America Cash Rewards credit card is very easy & not at all hard.  

Q4. What is the highest credit limit for Bank of America?

The highest credit limit for Bank of America is $95,000.

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