Bank of America Travel Rewards Secured Credit Card Review: Earn Travel Rewards While Building Credit
Looking to build credit and earn travel rewards? This Bank of America® Travel Rewards Secured Credit Card review breaks down how you can achieve both, with no annual fees or foreign transaction fees to worry about.
| 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 |
Overview
The Bank of America® Travel Rewards Secured Credit Card is a rare find for those looking to build or rebuild their credit. Unlike most secured cards, which focus solely on credit-building, this card offers a solid, flat-rate rewards program. You'll earn an unlimited 1.5 points for every dollar you spend on all purchases, with no categories to track. Plus, with a $0 annual fee and no foreign transaction fees, it’s an exceptionally low-cost way to establish a positive payment history while saving up points for future travel.
Like all secured cards, this one requires a security deposit (starting at $200) which will determine your credit limit. While it lacks a sign-up bonus and has a high ongoing APR, these are standard trade-offs in the secured card market. The primary goal is to use the card responsibly and pay your balance in full each month. Bank of America will periodically review your account, and you may eventually qualify to have your deposit returned and graduate to an unsecured card.
Ultimately, this card is an excellent choice for individuals with poor or limited credit who want more than just a basic credit-building tool. If you want to earn simple travel rewards and avoid common fees while you work on improving your credit score, the Bank of America® Travel Rewards Secured Credit Card offers a clear and valuable path forward.
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
Benefits
A Path to Better Credit with Rewards
The primary benefit of the Bank of America® Travel Rewards Secured Credit Card is its ability to help you establish, strengthen, or rebuild your credit history. Because this is a secured card, your credit line is determined by a refundable security deposit, making it accessible to those with limited or poor credit. Bank of America also periodically reviews your account, offering the potential to have your security deposit returned and graduate to an unsecured card as you demonstrate responsible use.
Simple Rewards and Travel-Friendly Perks
Unlike many secured cards that offer no rewards, this card provides a solid and straightforward earning structure. You'll earn an unlimited 1.5 points for every dollar spent on all purchases, with no categories to track or activate. This simple flat rate is great for everyday spending. Plus, as a travel-focused card, it shines by charging no foreign transaction fees, a valuable perk that's rare in the secured card market. This, combined with a $0 annual fee, makes it an excellent low-cost tool for building credit while still earning rewards.
When it's time to redeem, your points can be applied as a flexible statement credit to cover a wide range of travel and dining purchases, from flights and hotels to restaurant takeout. There are no blackout dates, and your points won't expire as long as your account remains open, giving you the freedom to use your rewards on your own schedule.
Drawbacks
As a secured card designed for building credit, its primary drawbacks are typical for this type of product. The most significant is the very high variable APR. If you plan to carry a balance, the interest charges will be substantial and could easily negate the value of any rewards you earn. This card is best for individuals who are confident they can pay their balance in full each month.
Another key limitation is the required security deposit, which starts at $200 and will be equal to your credit limit. While this deposit is refundable, it ties up your cash, which could be a barrier for some. Furthermore, there's no sign-up bonus to provide an initial boost in value, and Bank of America notes that graduation to an unsecured version of the card isn't guaranteed for all cardholders.
Decision Guidance
This card is an excellent choice for individuals building or rebuilding credit who don't want to sacrifice earning rewards while they do so. The combination of a solid 1.5x points rate, a $0 annual fee, and no foreign transaction fees is exceptionally rare in the secured card market. However, if you already have a good credit score, you will find far more value in unsecured travel cards that offer lucrative sign-up bonuses and premium benefits.
Summary
The Bank of America Travel Rewards Secured card is a standout option for building credit, offering a simple yet valuable 1.5 points per dollar on all purchases—a rare feature for a secured card. With no annual fee or foreign transaction fees, it provides a genuinely low-cost way for those with limited or damaged credit to improve their score while earning rewards for future travel. It’s the ideal choice if you need a credit-building tool but don't want to settle for a no-frills card.