Bank of America® Travel Rewards Secured Credit Card
- Best for: People rebuilding credit who’ll use a card abroad or redeem rewards for travel and dining
- What Sets It Apart: The only Bank of America personal secured card that skips the 3% charge on foreign-currency purchases; points pay back trips and restaurant meals at a cent each
- Rewards: 1.5 points per $1, 3 through the bank’s Travel Center; a 10% to 75% BofA Rewards bonus; 1 cent a point toward travel and dining, 0.6 cent as cash; redemptions from 2,500 points
- Features: Periodic reviews can return the deposit while you keep the card; reports to the credit bureaus; FICO Score 8 from TransUnion at no charge
- Annual Fee: $0
- Security Deposit: $200 to $5,000, refundable; sets your maximum credit limit, along with your income and what you can afford to repay
- APR: 27.74% variable
- Cost: 5% balance transfer fee; no foreign transaction fee; 5% cash advance fee; late fee up to $41
- Pros: No foreign transaction fee; points cover dining and takeout too; the deposit can come back while you keep the card
- Cons: Cash worth only 0.6 cent a point; no welcome bonus or intro APR; the deposit earns no interest; no stated schedule for deposit reviews
Get the Bank of America® Travel Rewards Secured Credit Card if you’re rebuilding credit and will use it abroad, since it’s the only personal secured card Bank of America offers without a foreign transaction fee. Its points are worth a cent each toward travel and dining but only 0.6 cent as cash.
Unlike the unsecured Bank of America Travel Rewards card, this version needs a refundable security deposit, and that deposit, your income, and what you can afford to repay set your maximum credit limit. There’s no annual fee, and Bank of America reports the account to the credit bureaus, so on-time payments add to your credit history.
Key Features
- $0 annual fee and no foreign transaction fee
- Refundable deposit of $200 to $5,000
- 1.5 points per $1, or 3 points per $1 on travel booked through Bank of America’s Travel Center, the bank’s booking site
- Points worth 1 cent each as a credit against travel and dining charges from the past 12 months, or 0.6 cent each as cash
- 27.74% variable APR, the yearly interest rate on any balance you carry
Pros
- No foreign transaction fee, while Bank of America’s other personal secured cards charge 3%
- Points pay back restaurant meals and takeout as well as flights and hotels
- A 10% rewards bonus for Bank of America checking customers who join its free BofA Rewards program, up to 75% with $1 million or more in combined balances
- Periodic reviews can return the deposit while you keep the card
Cons
- Cash redemptions pay 0.6 cent a point, which works out to 0.9% back
- Redemptions start at 2,500 points, about $1,667 of purchases at 1.5 points per $1
- No stated schedule for deposit reviews, and not all customers qualify
- The deposit earns no interest
- No welcome bonus or intro APR
It’s the pick for rebuilders who’ll use a card abroad, and its points match flat 1.5% cash back for anyone who uses them against travel and dining charges. For cash, the Unlimited Cash Rewards Secured pays a flat 1.5%, and the Customized Cash Rewards Secured’s 3% category beats both once that category takes more than a quarter of your spending.
Learn more about the Bank of America® Travel Rewards Secured Credit Card.
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