Top perks
You get several great benefits from this secured credit card.
Up to 3% back
This is one of the few cash back credit cards you can get with a poor credit score. It offers 3% back in your choice of the following categories:
- Gas and EV charging stations
- Online shopping, including cable, internet, phone plans, and streaming
- Dining
- Travel
- Drug stores and pharmacies
- Home improvement and furnishings
You'll also get 2% back at grocery stores and wholesale clubs. The 3% and 2% cash back rates apply to your first $2,500 in combined purchases per quarter. Other purchases earn 1% back.
No annual fee
Building your credit shouldn't be expensive. The Bank of America® Customized Cash Rewards Secured credit card doesn't charge an annual fee, which is an important benefit with credit cards for bad credit.
SEE MORE: Best No Annual Fee Credit Cards
Flexible credit limit
Since this is a secured credit card, you must pay a security deposit upfront to open it. The minimum deposit amount is $200 and the maximum is $5,000. Your starting credit limit will be based on your deposit amount, your income, and other financial information.
This gives you some control over your card's credit limit. If you want more spending power, and you have some money saved, you can make a larger security deposit.
LEARN MORE: What Is a Secured Credit Card?
FICO® Score for free
As a cardholder, you can view your FICO® Score through your online account or the mobile app. Your FICO® Score is the type of credit score that's most widely used by lenders, so it's great to have access to this specific score.
This is a valuable tool when you're working on your credit. You can monitor your progress and find out the exact steps needed to increase your credit score.
Graduate to an unsecured card
Bank of America will periodically review your account to see if you qualify for graduation to an unsecured credit card. If so, you'll get a refund of your security deposit. You can improve your chances of this by always paying your credit card bill on time and keeping your balance low (aim to use no more than 20% of your credit limit).
This is a crucial feature for secured credit cards. When you graduate from a secured card, it means you get your deposit back and keep the credit card account open, which is good for your credit score.