Bank of America launched their Unlimited Cash Rewards card which has no annual fee and earns 1.5% cash back. It’s notable that there’s also a Secured version of the card which is very similar to the ordinary version and is one of the best secured cards available.
Bank of America Unlimited Cash Rewards Secured Card
Contents
Card Details
- No annual fee
- A minimum refundable security deposit of $300 (maximum of $4,900) is required to open this account.
- Your maximum credit limit will be determined by the amount of the security deposit you provide, your income and your ability to pay the credit line established. If you provide a deposit that exceeds the calculated maximum amount based on your ability to pay, a check will be returned to you for the difference.
- 3% foreign transaction fee
- Card earns 1.5% cash back on all purchases with no limit. Rewards do not expire.
- Cash rewards can be redeemed as a statement credit to your credit or a deposit to your Bank of America checking, savings, or Merrill investing account.
- 23.99% APR
- No signup bonus on the Secured card
Our Verdict
Not many Secured cards come with no annual fee and still offer rewards. There are a few other option that offer the same, though the Bank of America Unlimited Cash Rewards card is from a major bank and could be helpful in establishing a relationship with the bank. Bank of America also offers a Secured version of their Customized Cash Rewards card, so be sure to compare which is best for you. The Discover secured card is another good option for a secured card. All of these are solid options for someone who is struggling to get a credit card and wants to build a credit history.
