Bank of America Cash Rewards Secured
A great choice for people who have a poor credit rating, which has no annual fee and comes with 3% cash back on a category of your choice, 2% on groceries and wholesale clubs, and 1% on everything else.
Your total savings: $1,438 over the next 5 years
View reward detailsRewards & Perks
Reward Highlights
- 3% cash back on a category of your choice
- 2% on groceries and wholesale clubs
- 1% on everything else
Other Rewards & Perks
- FICO score: Free online access to your FICO credit score
- Fraud protection: Automatically blocks potential fraud if abnormal patterns are detected and lets you know if fraudulent activity is suspected. Plus, you always get a $0 Liability Guarantee for fraudulent transactions.
- Overdraft protection: An optional service to help prevent declined purchases, returned checks or other overdrafts when you link your eligible Bank of America checking account to your credit card. (Transfer fees may apply.)
- Account Alerts: Stay on top of your balances and due dates. Choose from several types of customer email or text alerts and let your phone tell you when payments are due and paid.
Rates & Fees
Summary of Rates & Fees
- No annual fee
- APR (on purchases and balance transfers): 23.99%
- Foreign transaction fee: 3%
Annual Fee: $0
Interest Rate (“Purchase APR”): 23.99%
Cash Advance Notes
- Direct Deposit and Check Cash Advances: 26.99%
- Bank Cash Advances: 27.24%
- Cash advance fee for Direct Deposit and Check Cash Advances: Either $10 or 3% of the amount of each transaction, whichever is greater.
- Cash advance fee for ATM, Over-the-Counter, Same-Day Online and Cash Equivalent Cash Advances: Either $10 or 5% of the amount of each transaction, whichever is greater.
- Overdraft Protection Cash Advance fee (if enrolled): $12 for each transaction.
Other Info
Date Introduced: 2020-12-12
Date Last Updated: 2021-01-01
Notes & Fine Print
If you are charged interest, the charge will be no less than $1.50. A minimum refundable security deposit of $300 (maximum of $4,900) is required to open this account. (Your maximum credit limit will be determined by the amount of the security deposit you provide, your income and your 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.)
Summary of Penalty Conditions
Up to 29.99%, based on your creditworthiness. This APR will vary with the market based on the Prime Rate. This APR may be applied to new transactions on your account if you: - Make a late payment. How Long Will the Penalty APR Apply?: If your APRs are increased, the Penalty APR will apply indefinitely.
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