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


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 renovations/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. We estimate that our 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, those 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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