Bank of America
Bank of America® Unlimited Cash Rewards Secured Credit Card
Key Features
| Annual Fee | $0.00 |
| Intro APR | None |
| Regular APR | Standard APR 27.49% variable |
| Other Fees | Balance Transfer Fee 4% of each transaction |
About this card
The Bank of America® Unlimited Cash Rewards Secured Credit Card is a mixed bag, landing it at a 2.6 overall. Its primary strength is the straightforward 1.5% cash back rewards program with no annual fee, which is unusual and valuable for a secured card. This makes it attractive for those looking to earn while building credit. However, the high APR of 27.49% is a significant drawback, meaning users must be diligent about paying balances in full. The mixed reputation, with reports of unexpectedly difficult approval and slow graduation to an unsecured card, further tempers the appeal. While the card offers a decent value proposition for a secured card, the challenges some users face impact the overall rating.
Pros & Cons
What's great
- No annual fee
- Cashback on purchases
- Access to credit education
- Fraud protection
Things to consider
- High regular APR
- No sign-up bonus
- Balance transfer fee
- Requires a security deposit
What this card offers
Sign-up bonuses
Rewards
- Earn 2% cash back on purchases for the first year from account opening.
- Thereafter, you'll earn unlimited 1.5% cash back on all purchases.
Other features
- No limit to the amount of cash back you can earn and cash rewards do not expire as long as your account remains open.
- 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.
- Access to credit education on topics like using credit cards responsibly, budgeting and more
- 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.
- 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.
- Balance Connect® for overdraft protection 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.
- Paperless Statement Option Opt for paperless credit card statements and increase account security while reducing paper consumption.
- Digital Wallet Technology 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.
- Online & Mobile Banking 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.
- Account Alerts 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.
- Redeem your cash rewards for any amount, anytime for statement credits to your credit card, deposits made directly into a Bank of America® checking or savings account, or to pay for purchases when you shop at Amazon.com or check out with PayPal
Additional Notes
Secured cards are not eligible for a new account bonus, like a cash rewards bonus offer, and introductory APRs are not available. However, this offer is eligible for the first-year 0.5% bonus. Note: minimum payments are applied to lower-interest balances first. Additional payments are applied to higher-interest balances first.