Bank of America
Bank of America Travel Rewards Secured Credit Card
Key Features
| Annual Fee | $0.00 |
| Sign-up Bonus | No signup bonus |
| Rewards Rate | 1.5x Points on every purchase |
| Intro APR | None |
| Regular APR | Standard APR 27.49% variable |
| Other Fees | Balance Transfer Fee 5% of each transaction No foreign transaction fees |
| Network | Visa |
About this card
The Bank of America Travel Rewards Secured Credit Card is primarily a tool for building or rebuilding credit, and its value proposition should be viewed in that context. While it offers a flat rewards rate of 1.5 points per dollar spent, the rewards are limited compared to unsecured travel cards. The high APR is a significant drawback, but this is common for secured cards. The absence of an annual fee and foreign transaction fees are definite positives. Considering the target audience, the card provides a fair, but not exceptional, value. Given that the main goal is credit improvement, the card achieves this with some additional perks, although the high APR means users need to be highly disciplined in paying off their balance each month. Factoring in the solid reputation of Bank of America, I am giving this card an overall rating of 2.3. Strengths include no annual fee, no foreign transaction fees, and a flat rewards rate. Weaknesses include a high APR, the need for a security deposit, and no sign-up bonus.
Pros & Cons
What's great
- No annual fee
- Cashback on purchases
- No foreign transaction fees
- Good for building credit
- Flexible rewards redemption
Things to consider
- No sign-up bonus
- No intro APR period
- High regular APR
- Requires a security deposit
- High balance transfer fee
What this card offers
Rewards
- Earn unlimited 1.5 points for every $1 you spend on all purchases everywhere, every time.
Other features
- Help build your credit while earning unlimited points
- A minimum security deposit of $200 (maximum of $5,000) is required to open this account.
- Your maximum credit limit will be determined by the amount of the security deposit you provide, your income and your ability to pay the credit line established.
- We'll periodically review your account and, based on your overall credit history (including your account and overall relationship with us, and other credit cards and loans), you may qualify to have your security deposit returned. Not all customers will qualify.
- Access to credit education on topics like using credit cards responsibly, budgeting and more.
- No blackout dates or restrictions and points do not expire as long as your account remains open.
- Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
- Flexibility to redeem points for a statement credit to pay for travel and dining purchases, such as flights, hotel stays, vacation rentals, baggage fees, and also at restaurants – including takeout.
- Credit card rewards bonus: When you join BofA Rewards, you can earn bonus rewards on the purchase you already make using eligible Bank of America credit cards.
- We block potential fraud if abnormal patterns are detected and let you know if we suspect fraudulent activity. Plus, you always get a $0 Liability Guarantee for fraudulent transactions.
- An optional service to help prevent declined purchases, returned checks or other overdrafts when you link your eligible Bank of America checking account to your credit card. No transfer fees. Other fees may apply.
- Opt for paperless credit card statements and increase account security while reducing paper consumption.
- Discover more ways to pay by adding your Bank of America credit card to your mobile device then shop in-store or in-app using Apple Pay, Google Pay or Samsung Pay.
- Access to our award-winning Online and Mobile Banking. Bank on the go from almost anywhere quickly and securely. Pay your credit card bill online, transfer funds, check available credit and more.
- Stay on top of your balances and due dates. Choose from several types of customer email or text alerts and let your phone tell you when payments are due and paid.
- No annual fee and no foreign transaction fees
Additional Notes
Secured card products are not eligible for a new account bonus offer, like a bonus points offer and introductory APRs are not available.