Bank of America® Unlimited Cash Rewards Secured review
In this Bank of America® Unlimited Cash Rewards Secured review you will learn about this card's cashback rewards, and other benefits.
Build Credit and Earn Unlimited Cash Back with the Bank of America® Unlimited Cash Rewards Secured
Looking for a secured credit card with a high rewards rate, no annual fee, and the potential for unsecured credit? Check out this Bank of America® Unlimited Cash Rewards Secured review.
- Credit Score: Poor – Bad
- APR: 27.49% Variable
- Annual Fee: $0
- Fees: 3% Balance transfer fee, 3% Cash advance fee, 3% Foreign transaction fee
- Welcome Bonus: N/A
- Rewards: Unlimited 1.5% cash back on all purchases.
This card is perfect for frequent travelers who enjoy earning rewards and benefits like lounge access and travel credits. Read on and learn all the details about this card to decide whether it is the right one for you.
Bank of America® Unlimited Cash Rewards Secured: how does it work?
The Bank of America® Unlimited Cash Rewards Secured Credit Card offers an efficient way to earn rewards while building credit.
The card provides 1.5% unlimited cash back on all purchases with no annual fee. However, the card’s minimum deposit of at least $200 is somewhat high. Plus, there’s a foreign transaction fee.
Despite this, the card’s simple rewards structure is easy to manage, and there’s potential to graduate to an unsecured card with good payment behavior. Cardholders can also access their FICO score for free.
The Bank of America® Unlimited Cash Rewards Secured Credit Card’s rewards structure is easy to understand, as it offers flat-rate cash back on all purchases.
While there are other secured cards that may earn you higher rewards, few will offer the same sort of flat-rate cash back.
Cardholders can redeem their rewards as statement credits or as deposits to a Bank of America Checking or Savings account.
The Bank of America® Unlimited Cash Rewards Secured Credit Card requires cardholders to secure a line of credit with a deposit equal to the credit limit.
The institution requires a $200 minimum deposit. Cardholders can earn 1.5% unlimited cash back on all purchases for a $0 annual fee.
The card also offers $0 fraud liability, FICO score access, and overdraft protection for Bank of America checking accounts.
Overall, the Bank of America® Unlimited Cash Rewards Secured Credit Card may best suit those looking for maximum reward leverage on a secured card across all categories.
However, to make comparisons for yourself, check out Forbes Advisor’s list of the Best Secured cards.
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Significant benefits and disadvantages you may find
Now that you’ve familiarized yourself with this card it’s time for a comparison between this card’s pros and cons. Our Bank of America® Unlimited Cash Rewards Secured review would be incomplete without it.
- Complimentary access to FICO credit score.
- Option to upgrade to an unsecured card
- Straightforward rewards program for easy tracking.
- Does not charge an annual fee
- Requires a minimum deposit of at least $200
- Foreign transaction fee applies
- Other secured cards may offer better reward options
Is a good credit score required for applicants?
No. The Bank of America® Unlimited Cash Rewards Secured is an excellent card for those who are new to credit and are trying to build credit.
Learn how to apply and get a Bank of America® Unlimited Cash Rewards Secured
Want to get your hands on the Bank of America® Unlimited Cash Rewards Secured card? Our application guide will walk you through the process. Click below to start.
About the author / Danilo Pereira
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