Bank of America
Bank of America® Unlimited Cash Rewards Secured Credit Card
Key Features
| Annual Fee | $0.00 |
| Sign-up Bonus | Not eligible for signup bonus. |
| Rewards Rate | Unlimited 1.5% Cash Back. |
| Intro APR | Introductory APR None |
| Regular APR | Standard APR 27.74% variable |
| Other Fees | Balance Transfer Fee 5% of each transaction |
About this card
The Bank of America® Unlimited Cash Rewards Secured Credit Card earns a 'Good' overall rating of 3.1. This card stands out significantly within the secured card market due to its excellent rewards program, offering an unlimited 1.5% cash back on all purchases with no annual fee. This combination is a rare and highly valuable benefit for individuals looking to build or rebuild their credit, allowing them to earn tangible rewards without incurring recurring costs. The $0 annual fee is a major strength, making it accessible and cost-effective for its target audience. The card also benefits from being issued by Bank of America, a reputable institution, and offers a clear path to potentially graduating to an unsecured card. However, the card has notable drawbacks that prevent it from achieving a higher rating. The most significant is the very high regular APR of 27.74% variable, with no introductory APR offer. This means carrying a balance will quickly become very expensive, potentially undermining credit-building efforts if not managed diligently. Furthermore, while experts praise the card, user reviews indicate mixed experiences regarding the approval process and the timeline for graduating to an unsecured card, suggesting potential friction for some applicants. The absence of a sign-up bonus is also a minor detractor. In summary, for disciplined users who pay their balance in full each month, this card offers exceptional value for a secured product. However, the high APR and some reputational concerns for user experience temper its overall appeal, making it a solid choice with critical limitations.
Pros & Cons
What's great
- No annual fee
- Cashback on all purchases
- Flexible rewards redemption
- Potential to graduate to an unsecured card
- Fraud protection
Things to consider
- No intro APR period
- High regular APR
- No sign-up bonus
- Requires a security deposit
- High balance transfer fee
What this card offers
Sign-up bonuses
- Secured cards are not eligible for a new account bonus, like a cash rewards bonus offer, and introductory APRs are not available.
Rewards
- 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.
- Redeem your cash rewards for any amount, anytime for statement credits to your credit card, deposits made directly into an eligible Bank of America® checking or savings account, or to pay for purchases when you shop at Amazon.com or check out with PayPal
- 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.
- Credit card rewards bonus: When you join BofA Rewards™, you can earn bonus rewards on the purchases you already make using eligible Bank of America® credit cards.
Additional Notes
Note: minimum payments are applied to lower-interest balances first. Additional payments are applied to higher-interest balances first.