Bank of America® Customized Cash Rewards Secured Credit Building
No annual fee. 3 credit building benefits, with what each is worth and the limits that apply.
- Annual fee
- No fee
- Estimated value
- $165/yr
- Benefits
- 3
Credit Bureau Reporting
IncludedAccount activity reported monthly to Equifax, Experian, and TransUnion to build your credit history.
Pro Tips
- 1Make all payments on time—payment history is the biggest factor in credit score calculation
- 2Keep your credit utilization low (under 30%) on all cards to maximize credit score benefits
- 3Regular monthly reporting shows consistent responsible credit behavior to lenders
- 4Building credit with this card can help qualify for unsecured cards and better rates over time
Value Analysis
- Estimated Value
- $50
FICO® Score Monitoring
IncludedAccess your updated FICO score monthly free in Mobile or Online Banking with key factors and credit health tips.
Pro Tips
- 1Use the factors report to identify which behaviors (payment history, utilization) have the biggest impact
- 2Monitor score trends monthly to see how credit actions improve your profile over time
- 3Combine with your bank account management to see credit-building progress
Value Analysis
- Estimated Value
- $15
Security Deposit Refund Opportunity
IncludedBank of America may review your account to refund your security deposit and upgrade you to an unsecured card.
Pro Tips
- 1Make all payments on time and maintain low credit utilization to improve graduation chances
- 2Responsible card usage with good payment history typically leads to faster deposit refund qualification
- 3Once upgraded to an unsecured card, you may be eligible for future credit line increases
- 4Timeline varies but typical timeframe is 6-12 months of responsible card use
Value Analysis
- Estimated Value
- $100