The Bank of America® Unlimited Cash Rewards Secured Credit Card stands out in the world of secured credit cards by offering a straightforward and rewarding cash back program.
This review will delve into the features that make this card a competitive option for those looking to establish or rebuild their credit.
$0
1.5%
N/A
Bad/Poor (0 – 649)
CreditFinder’s Rating: 4.4/5
The Bank of America Unlimited Cash Rewards Secured card simplifies the secured card experience by offering 1.5% cash back on all purchases without the complication of rotating categories or spending caps. This approach not only makes it easier to earn rewards but also to understand exactly how much you’re earning from your spending.
Rewards and Benefits
The card’s standout feature is its unlimited 1.5% cash back on every purchase. For a secured card, which typically comes with minimal rewards or none at all, this is a significant offering. It enables cardholders to earn rewards while they work on building or rebuilding their credit scores.
Fees and Costs
There’s no annual fee for this card, which is particularly beneficial for those who are mindful of costs as they build credit. The APR is set at a variable rate of 28.24%, which is relatively high, so it’s best to pay off balances in full each month to avoid interest charges.
Credit Building Features
As a secured credit card, the Bank of America Unlimited Cash Rewards Secured requires a minimum deposit of $300, which acts as your credit limit. This deposit is typical of secured cards and is fully refundable provided the account is managed well and eventually upgraded or closed in good standing.
Pros and Cons
Pros:
- Generous Rewards: 1.5% cash back on all purchases is competitive, particularly for a secured card.
- No Annual Fee: Ideal for keeping costs down while building credit.
- Credit Building: Reports to the three major credit bureaus, helping users improve their credit scores through responsible use.
Cons:
- Security Deposit Required: As with most secured cards, an upfront deposit equal to the credit limit is necessary.
- High APR: Carrying a balance can be costly due to the high interest rate.
Comparison With Other Secured Cards
When compared to other popular secured cards like the Discover it® Secured and the Capital One Secured Mastercard, the Bank of America Unlimited Cash Rewards Secured offers a simpler and potentially more rewarding cash back program, especially since it does not require rotating categories or track spending categories.
Who Should Consider This Card?
This card is ideal for anyone looking to rebuild their credit while earning rewards on their everyday spending. It’s particularly suited to those who prefer a straightforward rewards program without the need to track specific categories.
Conclusion
The Bank of America® Unlimited Cash Rewards Secured Credit Card offers an excellent opportunity for individuals with limited or damaged credit to improve their scores while enjoying cash back rewards. Its simple rewards structure, coupled with the absence of an annual fee, makes it a compelling choice for budget-conscious consumers focusing on credit improvement.
