Bank of America
Bank of America® Travel Rewards Secured Credit Card
Key Features
| Annual Fee | $0.00 |
| Sign-up Bonus | No signup bonus offered |
| Rewards Rate | 1.5x Points on all purchases |
| Intro APR | None |
| Regular APR | Standard APR 27.49% variable |
| Other Fees | Balance Transfer Fee 5% of each transaction |
| Network | Visa |
About this card
The Bank of America® Travel Rewards Secured Credit Card is a good option for individuals focused on building or rebuilding credit while simultaneously earning practical travel rewards. Its standout features include a robust fee structure, particularly the absence of an annual fee and foreign transaction fees (Fees Rating: 4.5/5.0), which is exceptional for a secured card. The rewards program is straightforward and consistent, offering unlimited 1.5 points per dollar on all purchases (Rewards Rating: 3.5/5.0), a solid earning rate for its category, further enhanced for Bank of America Preferred Rewards members. The card also benefits from a strong reputation as an effective tool for credit building and as an entry point into the Bank of America ecosystem (Reputation: 4.3/5.0). However, significant drawbacks prevent it from achieving a higher rating. The most notable concern is the very high variable APR of 27.49% (APR Rating: 1.5/5.0), which makes carrying a balance extremely costly. Additionally, the card offers no sign-up bonus (Sign-up Bonus Rating: 1.0/5.0), a common perk that could provide initial value to new cardholders. While the security deposit is inherent to secured cards, the high APR and lack of introductory offers are considerable limitations. Overall, the card successfully serves its target audience by offering valuable features like no annual fee and consistent rewards while facilitating credit growth. However, users must be diligent in paying balances in full to avoid the punitive interest rates. Considering the balance of strong fees and rewards against the high APR and lack of a bonus, the card earns an overall rating of 3.2, placing it in the 'Good' category.
Pros & Cons
What's great
- No annual fee
- Cashback on all purchases
- No foreign transaction fees
- Designed for building credit
- Flexible redemption options
Things to consider
- No sign-up bonus
- High regular APR
- No intro APR period
- High balance transfer fee
What this card offers
Sign-up bonuses
- Secured card products are not eligible for a new account bonus offer, like a bonus points offer and introductory APRs are not available.
Rewards
- Earn unlimited 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points as long as your account remains open.
- Earn unlimited 1.5 points for every $1 you spend on all purchases everywhere, every time.
Other features
- 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 annual fee and no foreign transaction fees
- 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.
- 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.
- Manage your money from almost anywhere. From home, the library and everywhere else, help stay in control of your finances with our award winning Mobile Banking app.
- Want to talk to someone one-on-one? No problem. We're here with you every step of the way. Set up an appointment at a time and place that works for you.
- Learning to handle your credit is a big responsibility. A little knowledge can go a long way with Better Money Habits® Opens in a new window
Additional Notes
Note: minimum payments are applied to lower-interest balances first. Additional payments are applied to higher-interest balances first.