Bank of America Unlimited Cash Rewards Secured Card – 1.5% Cashback & No Annual Fee

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

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.

Hat tip to Lrdx and YAR

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Rickster
Rickster

Many of the secured cards from smaller issuers are borderline predatory. This BOA card is actually reasonable for someone with bad or no credit.

Jan B
Jan B

With one caveat: That atrocious APR. Those who are anxious to pursue what is considered a good credit score should exercise self control and pay (off) every month.

Cyan
Cyan

There’s also a secured version of the Customized Cash Rewards.
https://www.bankofamerica.com/credit-cards/products/cash-back-secured-credit-card/
I still think the Discover is better because of the double cash back for the first year, but these two BofA cards and the Discover are definitely the top three options that I’ve seen.

Justin
Justin

Decent product!

mars
mars

why get this instead of citi DC………

Ben
Ben

Citi DC doesn’t have a secured version.

abe
abe

what part of “secured” don’t u understand

Alberto

This one is for people that can’t get a regular card. When I moved to the USA I got a secured card with Bank of America (no credit history at all), it had an annual fee then. It is nice seeing how the cards are changing in the last few years.

Lightspeed
Lightspeed

Because the Double Cash requires good to excellent credit and isn’t available as a secured card. Reread.