The Bank of America Unlimited Cash Rewards Secured offers a superior rewards rate when compared to other secured credit cards. Plus, the minimum security deposit starts at just $300, and there’s no annual fee required.
Our take? This secured credit card offers better rewards and value than most competing cards.
Bank of America® Unlimited Cash Rewards Secured credit card
23.99% Variable APR
Bank of America Unlimited Cash Rewards Secured Overview
The Bank of America Unlimited Cash Rewards Secured keeps things simple by offering a flat 1.5 percent cash back for each dollar you spend. While it’s a secured card that requires a cash deposit as collateral, you can start building credit with this card with as little as $300 down.
There’s no annual fee, and a free FICO score can help you track your progress toward better credit.
What are the advantages and disadvantages?
- Earn generous rewards on everything you buy making this card superior to other secured credit cards that offer rewards.
- No annual fee required.
- Reports to the three credit bureaus so you can use it to build your credit score over time.
- Low minimum security deposit of $300 to get started on your journey to better credit.
- Requires collateral like all secured credit cards, the Bank of America Unlimited Cash Rewards Secured requires you to put down cash to secure your own line of credit.
- No welcome offer.
- Charges foreign transaction fees on purchases you make overseas.
- High APR for spending.
A deeper look into the current card offer
- Rewards rate: Earn unlimited 1.5 percent cash back on all your purchases
- Welcome offer: None
- Annual fee: $0
- Purchase intro APR: None
- Balance transfer intro APR: None
- Regular APR: 23.99 percent variable APR
Current welcome offer
The Bank of America Unlimited Cash Rewards Secured doesn’t offer a sign-up bonus, which is relatively disappointing. However, this is pretty much par for the course among secured credit cards, many of which do …….