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BofA Customized Cash Rewards Secured: terms, score and downsides Not credit advice. Facts and math from issuer pages and the CFPB, each with its date. Offers change; approval depends on your credit. Verify on the issuer's site.
Rubric score 43.4% across 78 cards. Issuer page ↗
Downsides first 3% foreign transaction fee APR up to 28.24% if you carry a balance Penalty APR up to 29.99% Late fee up to $40 Same earn structure as Customized Cash (issuer page). Terms & fees Issuer Bank of America Type secured Annual fee $0 bankofamerica.com, 2026-10-12 Regular purchase APR 27.49%–28.24% variable files.consumerfinance.gov, 2025-12-31 Rewards 1% base; 2% groceries (to $10,000/yr); 3% choice of gas/online/dining/travel bankofamerica.com, 2026-10-12 Sign-up bonus (≈$) $0 Secured cards not eligible for a new-account bonus (issuer page) bankofamerica.com, 2026-10-12 Intro APR none No intro APR shown bankofamerica.com, 2026-10-12 Foreign transaction fee 3% files.consumerfinance.gov, 2025-12-31 Penalty APR up to 29.99% up to; per BofA agreement consumerfinance.gov, 2026-06-30 Late fee up to $40 up to (first and repeat late fee) files.consumerfinance.gov, 2025-12-31 Balance transfer fee 4% files.consumerfinance.gov, 2025-12-31 Cash advance fee 5% files.consumerfinance.gov, 2025-12-31 Credit needed ≤619, 620–719 (CFPB TCCP targeted tiers) files.consumerfinance.gov, 2025-12-31 Grace period 25 days files.consumerfinance.gov, 2025-12-31 Cash advance APR 29.24% files.consumerfinance.gov, 2025-12-31 Complaint record (CFPB) Complaints, last 12 months 23,829 Trend ▲ 35.9% (last 12 mo 23,829 vs prior 12 mo 17,533)Timely response (last 36 mo) 99.2% Per $1B deposits (12 mo) 11.23 Top issue Managing an account Insurance status FDIC-insured: Bank of America, National Association (cert 3510, active; deposits $2,121.8B as of 06/30/2026) Company-level (BANK OF AMERICA, NATIONAL ASSOCIATION), all products, as of 2026-10-12. Bank of America (incl. Merrill) complaints: full record → Shown for context; does not change the score.
Score breakdown Annual fee 10.0 /10 Annual fee $0 (as of 2026-10-12). Rubric: $0=10, ≤$95=8, ≤$395=5, ≤$695=3, more=1 (perks/credits are not counted). Rewards rate 5.0 /10 Base 1% on everything, top category 3% (as of 2026-10-12; points/miles valued at 1¢). Score = base/2%×7 + min(top,6)/6%×3. 1% base; 2% groceries (to $10,000/yr); 3% choice of gas/online/dining/travel Sign-up bonus 0.0 /10 Bonus ≈ $0: Secured cards not eligible for a new-account bonus (issuer page) (as of 2026-10-12). Score = value/$75, max 10. Intro 0% APR 0.0 /10 No intro APR shown (as of 2026-10-12). Score = months/21×10. Regular APR 4.4 /10 27.49%–28.24% variable; CFPB TCCP range (as of 2025-12-31); midpoint 27.86%. Score = (34 − midpoint)/1.4, 0–10. Foreign transaction fee 3.0 /10 3% foreign transaction fee (as of 2025-12-31). Regulatory record (CFPB) 8.0 /10 Issuer Bank of America: Base 10, −2 CFPB 2023-07 0.143×10.0 + 0.143×5.0 + 0.143×0.0 + 0.143×0.0 + 0.143×4.4 + 0.143×3.0 + 0.143×8.0 = 4.34 → 43.4%
Is BofA Customized Cash Rewards Secured worth it? (break-even math) → Value for my spending →
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FAQ What is the BofA Customized Cash Rewards Secured annual fee? $0
What is the BofA Customized Cash Rewards Secured APR? 27.49%–28.24% variable
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