The Bank of America® Unlimited Cash Rewards Secured Credit Card expertly combines the advantages of cash back rewards with credit-building opportunities, all without an annual fee. Ideal for those aiming to improve their credit score, it offers a structured spending approach through a security deposit that determines your credit limit. Regular account reviews could even lead to the return of this deposit, encouraging responsible spending — besides, the card grants free FICO® Score access, providing valuable insights into credit management. With comprehensive online banking features, this card is a prudent choice for anyone seeking to balance financial growth with the perks of a rewards program.
Bank of America® Unlimited Cash Rewards Secured Credit Card Review
Updated: October 22, 2024
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Bank of America® Unlimited Cash Rewards Secured Credit Card
On Issuer's Site
Annual Fee
$0Min. Security Deposit
$200APR
28.74% variableRecommended Credit
(No Credit History)Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Bank of America® Unlimited Cash Rewards Secured Credit Card Overview
A thorough evaluation of a credit card's features is essential, as they can significantly influence your financial habits and overall fiscal health.
- Regular APR: 28.24% (Variable)
- Deposit required: $200 to $5,000
- Potential credit limit: Credit limit is based on security deposit, income and payment ability
- Annual fee: $0
- Rewards rate: Earn unlimited 1.5% cash back on all purchases, and rewards do not expire
Important Card Details
In evaluating the features of the Bank of America® Unlimited Cash Rewards Secured Credit Card, it's crucial to consider how they align with the needs and habits of modern consumers. This analysis delves into the card's functionality and benefits, examining how its distinctive features impact everyday financial management and long-term credit health.
Cash Back
The Bank of America® Unlimited Cash Rewards Secured Credit Card offers an impressive unlimited 1.5% cash back on all purchases, a feature usually reserved for unsecured cards. This benefit is particularly significant as it allows you to earn rewards while building credit, turning everyday expenses into an investment. These rewards don't expire, adding long-term value and encouraging consistent use and financial discipline.
Security Deposit
A defining aspect of this secured card is the required security deposit, ranging from $200 to $5,000. This deposit, which determines the credit limit, is a safety net for the lender but also empowers users to set spending boundaries based on your financial capacity. This card offers a path to reclaim the deposit with responsible use and regular credit reviews, blending the security of a deposit with the potential for financial growth.
Fees
While the card boasts no annual fee, a standout for budget-conscious consumers, it does have a standard variable APR of 28.24% and a 3% balance transfer fee. The high APR underscores the importance of responsible spending and timely payments, particularly for those using the card to build credit. While standard across many cards, the balance transfer fee requires strategic financial planning when considering consolidating debts.
Other Perks
Beyond the primary benefits, this card offers valuable perks. Free monthly access to FICO® Scores helps you track your credit health, a crucial aspect of financial awareness. The inclusion of credit education resources aids in responsible credit use. The card's robust fraud protection and customizable alerts also enhance security and offer peace of mind. At the same time, access to award-winning online and mobile banking services ensures ease of use and convenience in managing finances.
How the Bank of America® Unlimited Cash Rewards Secured Credit Card Compares
In this comparative analysis, we'll closely examine the features and benefits of two popular credit cards to determine how they stack up against each other in meeting diverse consumer needs.
How This Card Compares
Bank of America® Unlimited Cash Rewards Secured Credit Card
- Regular APR: 28.24% (Variable)
- Deposit required: $200 to $5,000
- Potential credit limit: Credit limit is based on the security deposit, income and payment ability
- Annual fee: $0
- Rewards rate: Earn unlimited 1.5% cash back on all purchases, and rewards do not expire
- Best for: Those looking to improve their credit with a simple rewards program and flexible credit limits without an annual fee
Discover it® Secured Credit Card
- Regular APR: 28.24% (Variable)
- Deposit required: $200 to $2,500
- Potential credit limit: $200 to $2,500
- Annual fee: $0
- Rewards rate: Earn 2% cash back at gas stations and restaurants (up to $1,000 in purchases per quarter) and 1% cash back on other purchases. Matches all your cash back in the first year.
- Best for: Individuals building credit and seeking cash back rewards on everyday expenses, with a bonus match in the first year and no annual fee
About Grace Pilling
Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.
Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.