Bank of America® Personalized Cash Rewards Secured Credit Card Review – Forbes Advisor

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Earn rewards

Bank of America® Secure Credit Card with Personalized Cash Rewards* earn 3% cash back in the category of your choice: gas, online shopping, restaurants, travel, pharmacies or home improvement/furnishings; 2% cash back at grocery stores and wholesale clubs; unlimited cash back on all other purchases. Earn 3% and 2% cash back on the first $2,500 of combined purchases in the choice/grocery/wholesale club category each quarter, then earn 1%.

Redeem rewards

Redeem Rewards with the Bank of America® Customized Cash Rewards Secure Credit Card* is simple and easy. You can select how you want to receive your rewards:

  • As a statement credit of any amount
  • By direct deposit to an eligible Bank of America account
  • As a credit to an eligible account with Merrill in any amount
  • By check, with a minimum refund of $25
  • As a contribution to a 529 account at Merrill, with a minimum refund of $25

You can also set up automatic redemptions on a Bank of America or Merrill account, as long as those redemptions are worth at least $25. No other exchange method is eligible for automation.

Rewards do not expire as long as your account is open.

Rewards potential

To determine the rewards potential of the Bank of America® Customized Cash Rewards Secured Credit Card* we consider what an American household might spend on a credit card each year. Forbes Advisor uses data from various government agencies to determine both basic incomes and spending averages in various categories. Our estimated salaried households bring in $84,352 a year and we base our spending on that figure.

Forbes Advisor estimates the household has $25,087 in expenses that can reasonably be charged to a credit card. We estimate that the largest cash back category in our household is dining, where $3,526 is spent each year, resulting in cash back of $105.78. We estimate that our household would spend $4,942 on groceries, and if spent evenly throughout the year, these expenses would not push the cardholder above the $2,500 annual threshold for the total bonus winnings. This would result in a cashback of $98.84.

Our sample household would have $16,619 in additional expenses that can reasonably be charged to a credit card. At 1%, that would translate to an annual cashback of $166.19. Our sample household’s total cash back income would be $370.81.

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