Accepted Credit Score 
Bad Credit
Bank of America® Cash Rewards Secured Credit Card
Minimum. Security Deposit:
$300
$300
By:
Bank of America
Info about the Bank of America® Cash Rewards Secured Credit Card has been collected by WalletHub to help consumers better compare cards.
The financial institution did not provide the details.
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APRs |
REWARDS |
REVIEWS |
Q&A
|
CUSTOMER SERVICE INFO
Existing Cardholders
- Issuer's Customer Service: 800-432-1000, Ext.
-
Issuer's Online Account Management
APRs |
REWARDS |
REVIEWS
Q&A | CUSTOMER SERVICE INFO
Q&A | CUSTOMER SERVICE INFO
Existing Cardholders
- Issuer's Customer Service: 800-432-1000, Ext.
-
Issuer's Online Account Management
Bank of America® Cash Rewards Secured Credit Card's Rewards
- Earn 1% back on purchases, 2% back at grocery stores and wholesale clubs and 3% back in the category of your choice (gas, online shopping, dining, travel, drug stores, or home improvement / furnishings) for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases.
- When your cash rewards balance is $25 or more, you can redeem your cash rewards for a statement credit, a check, or an electronic deposit into a Bank of America® checking or savings account.
- Rewards are automatic and do not expire. Go to Online Banking or the Mobile Banking app to change your choice category for future purchases, or it stays the same.
Bank of America® Cash Rewards Secured Credit Card's Key APRs & Fees
| ONE-TIME FEES |
|---|
| None |
| ANNUAL FEE |
| $0 |
| MONTHLY FEE |
| None |
| REGULAR RATE |
|---|
| 23.99% (V) |
| GRACE PERIOD |
| 25 days |
Bank of America® Cash Rewards Secured Credit Card's Highlights
| Credit line $300-$4,900. Your maximum credit line is determined by the amount of the security deposit you provide, your income and your ability to pay the credit line established. |
| Important account information is shared with the 3 major credit bureaus helping you to establish a credit history that could benefit you now and in the future. |
| Your account will be reviewed periodically and, based on your overall credit history, you may qualify to have your security deposit returned. |
| Security Benefits: $0 Liability Guarantee, Fraud Monitoring, Overdraft Protection and Paperless Statement Option. |
| Mobile banking, text or email alerts to keep you on top of your finances, quick access to your account information with text banking. |
Bank of America® Cash Rewards Secured Credit Card's Additional Info
| MAX LATE FEE |
$40 |
|---|---|
| MAX OVERLIMIT FEE |
None |
| MAX PENALTY APR |
29.99% (V) |
| FOREIGN TRANSACTION FEE |
3% |
| SMART CHIP |
Yes, chip-and-signature |
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CASH ADVANCE APR
27.24% (V)
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CASH ADVANCE FEE
5% (min $10)
Editor's Pick
Bank of America® Cash Rewards Secured Credit Card is an Editor's Pick for:
Related Credit Card Categories
Bank of America® Cash Rewards Secured Credit Card is related to the following categories:
Customer Questions and Answers
Don't see what you're looking for? Submit your question about Bank of America® Cash Rewards Secured Credit Card to our community.
How do I get a Bank of America Cash Rewards Secured card credit limit increase? Reply 7
Patrick Murphy
@stpatrick1982
You will have to proactively request a Bank of America Cash Rewards Secured card credit limit increase. You can do that over the phone, at 800-732-9194. While they will only consider anyone with at least 6 months of on-time payments, they won't automatically increase your credit limit.
The maximum limit you can have is $4,900 and it's determined by the amount of the security deposit you provide, your income, and your proven ability to pay the credit line established.
If you provide a deposit that exceeds the calculated maximum amount based on your ability to pay, a check will be returned to you for the difference.
7
Upvotes
Does the Bank of America Cash Rewards Secured card do a hard pull? Reply 5
Thom Fotenberg
@thom.f
Yes, the Bank of America Cash Rewards Secured card will do a hard pull. You can get approved for the Bank of America Cash Rewards Secured card with bad credit though.
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.
5
Upvotes
Can I get the Bank of America Cash Rewards Secured card with bad credit? Reply 3
Matthew Pena
@matthew_pena
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.
3
Upvotes
Can you get approved for the Bank of America Cash Rewards Secured card after bankruptcy? Reply 31
MICHAEL BATTLE
@mikebattle
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.
3
Upvotes
How do you get a Bank of America Cash Rewards Secured deposit refund? Reply 3
Frieda Reiss
@freiss
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.
3
Upvotes
Bank of America® Cash Rewards Secured Credit Card Reviews
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WalletHub is an independent comparison service.
We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. When you click "Apply Now" you will be directed to the offering institution's website. In addition, keep in mind that actual rates and other information may vary for a number of reasons including the applicant's' creditworthiness and differences between an individual's situation and the criteria/assumptions used to generate the information displayed. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.
Ad Disclosure: Offers originating from paying advertisers are noted as “Sponsored” at the top of this page. Advertising may impact how and where offers appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Irrespective of whether an offering institution is a paid advertiser, the presence of offer information on WalletHub does not constitute a referral or endorsement of the institution by us or vice versa. Furthermore, offers have not been reviewed or approved by the offering institution. Information is displayed first and foremost to help consumers make better decisions.
Editorial Disclaimer: Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by the issuer. In addition, it is not issuer’s responsibility to ensure all posts and/or questions are answered.
Last updated on: September 15th, 2020 at 11:02
Editor's Pick
Bank of America® Cash Rewards Secured Credit Card is an Editor's Pick for:
Related Credit Card Categories
Bank of America® Cash Rewards Secured Credit Card is related to the following categories:
WalletHub is an independent comparison service.
We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. When you click "Apply Now" you will be directed to the offering institution's website. In addition, keep in mind that actual rates and other information may vary for a number of reasons including the applicant's' creditworthiness and differences between an individual's situation and the criteria/assumptions used to generate the information displayed. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.
Ad Disclosure: Offers originating from paying advertisers are noted as “Sponsored” at the top of this page. Advertising may impact how and where offers appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Irrespective of whether an offering institution is a paid advertiser, the presence of offer information on WalletHub does not constitute a referral or endorsement of the institution by us or vice versa. Furthermore, offers have not been reviewed or approved by the offering institution. Information is displayed first and foremost to help consumers make better decisions.
Editorial Disclaimer: Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by the issuer. In addition, it is not issuer’s responsibility to ensure all posts and/or questions are answered.
Offer last updated: Sep 15th, 2020 at 11:02 ET