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Bank of America Unlimited Cash Rewards Secured Review: Great For Building Credit And Earning Cash Back – Bankrate.com

Snapshot

Bottom line

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Snapshot

Bottom line

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

Regular APR

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?

Pros

  • 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.

Cons

  • 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

Quick highlights

  • 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 …….

Source: https://www.bankrate.com/finance/credit-cards/reviews/bank-of-america-unlimited-cash-rewards-secured/

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