| Last updated on September 22nd, 2023
Bank of America® Unlimited Cash Rewards Secured Credit Card
Bank of America® Unlimited Cash Rewards Secured Credit Card
Bank of America® Unlimited Cash Rewards Secured Credit Card
- 28.24% variable based on the Prime Rate Regular Purchase APR
- 28.24% variable based on the Prime Rate Balance Transfer APR
- 30.24% variable based on the Prime Rate Cash Advance APR
At a Glance
The Bank of America® Unlimited Cash Rewards Secured Credit Card offers cash back rewards and credit building tools in one nice, neat package. The card earns unlimited 1.5% cash back on all purchases, with no cap on rewards – all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Monthly reporting to the 3 major credit bureaus
- Unlimited 1.5% cash back on all purchases
- Chance at a deposit return with responsible usage
- Regular Purchase APR: 28.24% variable based on the Prime Rate
- Balance Transfer APR: 28.24% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
- Cash Advance APR: 30.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
- Penalty APR: Up to 29.99%
- Foreign Transaction Fee: 3% of the U.S. dollar amount of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- Minimum Deposit Required: $300
- You have bad credit or no credit history at all
- You want to earn 1.5% back while repairing their credit score
- You have $300 available for a security deposit
- You don’t want to pay an annual fee
Bank of America® Unlimited Cash Rewards Secured Credit Card Review
The Bank of America® Unlimited Cash Rewards Secured Credit Card is a lucrative cash back card that lets those with no credit or bad credit scores boost their financial health while earning rewards at the same time. The card is just one of many secured cards from Bank of America, with other options including the Customized Cash Rewards Secured Credit Card and the BankAmericard® Secured Credit Card.
Earn Unlimited 1.5% Cash Back While Building Credit
The main headline with the secured card is that holders earn the same 1.5% cash back on all eligible purchases as the unsecured and student versions of the card. That cash back earning rate is exceptional and provides a great bonus for regularly using the card.
Rewards with the card apply towards statement credits on the card account, deposits into Bank of America checking or savings accounts, or into eligible investment accounts with Merrill. These redemption options don’t include travel or other perks but provide a great resource for those looking to establish good financial habits.
Rewards never expire with the Unlimited Cash Rewards Secured Credit Card, nor is there a cap on the total number of rewards earnable by the account holder.
Deposit Requirements
This is the major difference between secured credit cards and unsecured credit cards. Secured credit cards require a cash deposit that acts as collateral to open the card account – and the credit limit. With the Bank of America® Unlimited Cash Rewards Secured Card, that deposit has a broad range, with the minimum deposit being $300, while the maximum is $4,900.
One of the excellent features of Bank of America secured credit cards is that the bank regularly checks the credit growth of cardholders. This process allows BoA to return the security deposit for those who demonstrate financial responsibility. Not everyone will qualify for graduation to an unsecured credit card, however, so don’t go in to the card with a false sense of certainty.
How to Build Credit with a Secured Card
Building (or rebuilding) your credit score with a secured credit card takes time, patience, and know-how. Making on-time payments and keeping overall credit usage low are the two most essential components to building positive credit histories. These two factors account for 65% of what goes into a credit score, with both being critical to FICO Score and VantageScore.
Other Card Features
Other notable features with the Bank of America® Unlimited Cash Rewards Secured Card include:
- No annual fee
- 3% foreign transaction fee
- Visa Zero Fraud Liability
- Complimentary access to the cardholder’s FICO credit score every month
- Access to Bank of America credit education tools, with information on topics like using credit cards responsibly, budgeting, and more
- Contactless payment and EMV chip technology
- Overdraft protection via an eligible Bank of America checking account
- Digital wallet technology
Should You Apply for the Bank of America® Unlimited Cash Rewards Secured Credit Card?
Bank of America offers an impressive array of secured credit cards, including rewards cards. The Bank of America® Unlimited Cash Rewards Secured Credit Card is another fine example of a secured card from the bank.
The card offers an unlimited 1.5% back on all purchases, which is a very nice feature for those that want accelerated rewards but don’t want to be tied down to confusing bonus categories, like with the Customized Cash Secured Card. The lack of an annual fee is another feather in the card’s cap since many secured cards charge an annual fee of $25 or more.
Overall, the Unlimited Cash Rewards Secured Card provides exceptional value, and the tools users need to establish or build a positive credit history. It might not offer the biggest rewards, but it provides just enough sizzle to attract new applicants and give them a product they’ll enjoy as they boost their credit score.
Those considering credit-builder options outside of Bank of America should check out popular options, such as the Mission Lane Visa, Revvi Card, or the Merrick Bank Double Your Line Visa. Once you graduate, consider more impressive cards, either from Bank of America, or other cash back cards like the Citi Custom Cash℠ Card, Chase Freedom Flex or Chase Freedom Unlimited cards.
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