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Bank of America® Cash Rewards Secured Card

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This contactless Visa card offers impressive cash back rewards for a secured card with no annual fee. You can choose your own spending reward categories, rebuild your credit, and check your FICO Score from TransUnion for free.

Our rating
Min. credit level: Bad
Annual Fee: $0
Regular APR: 23.99% Variable

Bank of America® Cash Rewards Secured Card

Our rating
Bad Min. credit level
$0 Annual Fee
Apply Now

Highlights & Features

Rewards

Spending Rewards
  • 3% cash back in one category of your choice:
    • Gas
    • Online shopping
    • Dining
    • Travel
    • Drug stores
    • Home improvement/furnishings
  • 2% cash back at:
    • Grocery stores
    • Wholesale clubs
  • 1% cash back on all other purchases
  • 3% and 2% rewards only up to $2,500 spent per quarter, then 1% cash back

Balance Transfers

A balance transfer is a way to move credit card debt from one credit card to another with the goal of saving money on interest.

Intro Balance Transfer APR N/A
Regular Balance Transfer APR 23.99% Variable
Balance Transfer Fee 3%, $10 minimum
How to Transfer a Balance on a Credit Card

Fees

Penalty APR Up to 29.99% Variable
Late Fee Up to $40
Returned Payment Fee Up to $29
Additional Cards Annual Fee N/A
Foreign Transaction Fee 3%
Learn About Types of Credit Card Fees

Cash Advances

Borrowing cash on your credit card is a cash advance. Cash advances usually come with very high fees. Even worse, cash advances can signal to lenders that you’re being irresponsible with money.

Cash Advance APR 26.99%–27.24% Variable
Cash Advance Fee 5%, $10 minimum
How to Get a Cash Advance with a Credit Card

Card Benefits

PERKS
  • Free Credit Score
SECURITY
  • Zero Liability on Unauthorized Charges
Bank of America® Cash Rewards Secured Card

Highlights

  • 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, home improvement/furnishings
  • 2% cash back at grocery stores and wholesale clubs
  • After you spend $2,500 in the 3% and 2% categories, you’ll earn 1% cash back until the quarter ends
  • Security deposit between $300-$4,900 is required to open your account upon approval
  • Bank of America will periodically review your account and return your security deposit if you qualify
  • 3% foreign transaction fee
  • No annual fee
ABOUT THE ISSUER

Bank of America

Bank of America has several card types depending on your needs.

Manage your Account & Pay your Bill

You can usually pay your bill online on your

Credit card issuer's website

Speak to Customer Service

800-732-9194 or

Try a different phone number
See all Issuer Cards

The Bank of America Cash Rewards Secured Card is raising the bar at the secured level, offering some very decent spending rewards along with a steady path for rebuilding credit.

The card reports monthly to all three major credit bureaus, and you can check your FICO Score from TransUnion for free.

You’ll earn 3% cash back in your category of choice between: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. You’ll get 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases.

An important limitation: You can only spend up to $2,500 in combined purchases per quarter at the 3% and 2% cash back rate. After that you’ll earn 1% cash back, and your rates will reset once the next quarter begins.

You’ll need to supply a minimum security deposit of $300 (max of $4,900) to establish your credit line. Bank of America will periodically review your account to see if you qualify to have your security deposit returned; if that happens you can continue using the card as normal.

This secured rewards card has no annual fee.