Bank of America® Customized Cash Rewards Secured Credit Card

Yes, the Bank of America Cash Rewards Secured card does a hard pull on your credit report when you apply. Even with the hard inquiry, you can still get approved for the Bank of America Cash Rewards Secured credit card with bad credit.

You can prequalify for the Bank of America Cash Rewards Secured card on Bank of America's pre-qualification page, which will not affect your credit score as it will be a soft pull. However, if you do prequalify and want to get the card, you will need to submit an actual application which will result in a hard pull. 

A hard pull usually causes an applicant's credit score to drop by 5-10 points. Most people’s scores bounce back within 3-6 months with responsible credit management, but it can take up to 12 months. You can learn more about how to minimize the credit score damage here.

To qualify for Bank of America Cash Rewards Secured card graduation, you must manage the account responsibly for several months - until Bank of America determines your account is ready to graduate. The odds of your BofA secured card graduating to an unsecured card will be highest if your credit score and income have improved.

You could request a card graduation by calling 1-800-732-9194, although it’s not guaranteed you will be given one. Please note that a request will result in a hard pull on your credit, lowering your score for a short period of time.

Bank of America will also review your account as long as it’s been open for at least a year, and decide if you qualify for a graduation. This will only result in a soft pull on your credit report.

If your card graduates, your security deposit will be refunded and you’ll have be offered a product change to an available unsecured card.

Keep in mind that your new card will have the same credit limit as your secured card did. You will be able to request a credit limit increase after 6 months.

The Bank of America Cash Rewards Secured card APR is 23.99% (V). The (V) at the end stands for “variable” and means that the APR can change based on the Prime Rate.

Its cash advance APR is 26.99% - 28.99% (V), and the maximum penalty APR is 29.99% (V).

You can lower your APR by requesting it from U.S. Bank, after you’ve been consistently paying your bills on time and in full or if you’ve improved your credit score.

It's likely to get approved for the Bank of America Cash Rewards Secured card after bankruptcy. There is nothing in the card’s terms and conditions that indicates you would be automatically rejected after bankruptcy.

The decision is based on your overall credit history, ability to pay, and the application information you provide. The card was designed for applicants with bad credit after all.

You can get a Bank of America Secured Credit Card deposit refund in either of these 2 situations: when you close the account, or after BofA reviews your account and decides your account qualifies to operate without a deposit. 

If you qualify, they'll return your deposit and let you keep using the card. Usually, this happens after you've had the card for 12 months, but it can vary. 

To see if your account qualifies for a deposit refund, call their card services number: 800-732-9194. They'll generally send you a check for the deposit amount.

You can pay your Bank of America Cash Rewards Secured card with a checking account:

• By calling 1-800-236-6497
  
• Online
  
• Through BofA's Mobile Banking app for iOS and Android.
  

You could also use a check or your debit card associated with a checking account to withdraw money from an ATM and pay at a Bank of America financial center or ATM.

Ultimately, you can send a check via mail to the following address:

PO Box 15019
Wilmington, DE 19850-5019

Yes, you can get the Bank of America Cash Rewards Secured credit card with bad credit.

The most important thing about secured credit cards is that they are the best option for people with bad, or limited credit. By requiring a refundable deposit, they are safe for both the bank and the beneficiary.

The Cash Rewards Secured credit card reports to all three major credit bureaus. This way, you'll be able to improve your credit score or establish a credit history and eventually qualify to have your deposit refunded.

Yes, the Bank of America Custom Cash Secured Card reports to all major credit bureaus, Transunion, Experian, and Equifax. It will do so in a few days after the closing date of each cardholder’s billing cycle.

This means that the Bank of America Custom Cash Secured Card can help you build credit as long as you use it responsibly. Just try to stay well below your credit limit, and always pay your bills in time and preferably in full.

Yes, the Bank of America Custom Cash Secured Card can be partially secured. Whether your account will be secured or just partially secured depends on the amount of your security deposit, as well as on your income and existing debts. Based on these factors, the issuer will establish your credit line which can be equal to or higher than your deposit.