Bank of America® Unlimited Cash Rewards Secured Credit Card
- Best for: People rebuilding credit who want one flat cash back rate; Bank of America checking customers, whose BofA Rewards bonus adds 10% to 75%
- What Sets It Apart: Cash back on a secured card, 1.5% on every purchase; at least 1.65% with BofA Rewards
- Cost: $0 annual fee; $200 to $5,000 refundable deposit; 27.74% variable APR; 3% foreign transaction fee
- Features: 1.5% on every purchase with no cap; periodic reviews for a deposit return while you keep the card; reports to the credit bureaus; cash back in any amount
- Pros: Rewards on the same deposit the no-rewards BankAmericard Secured takes; cash back doesn’t expire while the account is open
- Cons: No set schedule for deposit reviews; a late payment can raise the APR on new purchases with no end date; the deposit earns no interest
Get the Bank of America® Unlimited Cash Rewards Secured Credit Card if you need a secured card to rebuild credit and want cash back while you do. It pays 1.5% on every purchase with no annual fee, and Bank of America checking customers who join the bank’s free BofA Rewards program earn at least 1.65%.
Of Bank of America’s secured cards, the Unlimited Cash Rewards Secured is the one that pays a single cash back rate on everything. Your refundable deposit backs the credit line, and on-time payments reach the credit bureaus, which is how you rebuild credit with a secured card.
Key Features
- 1.5% cash back on every purchase, with no cap
- BofA Rewards, the bank’s free loyalty program for checking customers, adds 10% to your cash back with no minimum balance, or up to 75% with $1 million in Bank of America and Merrill accounts
- A refundable deposit of $200 to $5,000, which sets your credit limit along with your income and ability to pay
- $0 annual fee and a 27.74% variable interest rate (APR)
Pros
- Cash back on the same $200 to $5,000 deposit the no-rewards BankAmericard Secured takes
- At least 1.65% cash back for checking customers who join BofA Rewards, above the 1.5% Capital One’s Quicksilver Secured pays on everyday purchases
- Cash back in any amount, as a statement credit or a deposit to a Bank of America account
- You keep the card if the bank returns your deposit
Cons
- No set schedule for the reviews that can return your deposit, which weigh all your cards and loans, not just this one
- One late payment can raise the APR on new purchases, with no end date
- 3% fee on purchases made in a foreign currency
- The deposit earns no interest
It suits people rebuilding credit who want one rate on everything, and Bank of America checking customers get the most from it through BofA Rewards. If more than a quarter of your spending goes to one category, like gas or dining, the Customized Cash Rewards Secured earns more than this card’s 1.5%, with 3% there up to a $2,500 quarterly cap.
Learn more about the Bank of America® Unlimited Cash Rewards Secured Credit Card or see how it compares to the best secured credit cards.
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