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For most who are looking for a new credit card, a product with no benefits should be a non-starter. However, the best secured credit cards are less about benefits and more about building credit. If you're opening a secured credit card, you've either got a limited, nonexistent, or spotty credit history. Once your credit score is in a better place, you can focus on pursuing the best credit cards that earn valuable travel rewards and cash back.
Bank of America Unlimited Cash Rewards Secured Review: Is It the Best Credit Card for You?
If you're searching for a product that can help you begin your journey into the world of credit (or regain your footing), the
Secured credit cards are excellent credit-building tools for a couple of reasons.
First, secured credit cards almost always incur no annual fee — so there's no real financial risk to opening them. Also, many folks with little or no credit can qualify for them, as they are designed to minimize the risk a bank takes by extending credit to those with minimal credit history.
Here's why: When you apply for the
This deposit is refundable if you decide to move away from the
We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
Bank of America Unlimited Cash Rewards Secured Rewards
Bank of America Unlimited Cash Rewards Secured welcome bonus
The
How to earn rewards from the Bank of America Unlimited Cash Rewards
The
That said, it's not an industry leader, either. For example, the
- Fast food
- Home utilities
- TV/internet/streaming
- Department stores
- Cell phone providers
- Electronic stores
- Sporting goods stores
- Gyms/fitness centers
- Ground transportation
- Movie theaters
- Furniture stores
- Select clothing stores.
You can choose new categories each quarter. You'll also get 2% cash back for spending in one eligible category:
- Grocery stores/delivery
- Restaurants
- Gas/EV charging stations
Again, you can choose your bonus category each quarter. You'll get 1% back on everything else.
How to redeem rewards from the Bank of America Unlimited Cash Rewards Secured
This card offers a few different redemption options for your rewards, including:
- A statement credit to your credit card
- A deposit made directly into your Bank of America checking or savings account
- A credit to your qualifying Merrill Cash Management Account, including 529 accounts
For one-time redemptions for statement credits, deposits to Bank of America checking/savings accounts, or to qualifying Merrill Cash Management Accounts, there's no minimum redemption amount. A minimum $25 deposit applies to 529 accounts, as well as to automatic redemptions (available for checking/savings deposits or Cash Management Account deposits only).
Your rewards will never expire as long as your account is open and in good standing.
Bank of America Unlimited Cash Rewards Secured Benefits and Features
Refundable security deposit
You must deposit at least $200 as collateral to Bank of America upon opening this card. Once you're able to upgrade your card to a non-
Free FICO score
This card gives you the ability to view your FICO score each month for free after you opt-in. Monitoring your credit score regularly is key to healthy credit — and it's one way you can quickly discern whether you've been a victim of fraud.
Account alerts
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Bank of America Unlimited Cash Rewards Secured Annual Fee and Other Costs
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In addition, you'll be charged fees in certain situations, including:
- Foreign transaction fee: 3% of the US dollar amount of each transaction made in a foreign currency (this fee will be in addition to any other applicable fee, so use one of the best credit cards with no foreign transaction fees instead if you're overseas)
- Balance transfer fee: 3% of the amount of each transaction
- Cash advance fee: Direct deposit and check cash advances: 3% of the amount of each transaction; ATM, over-the-counter, same-day online, and cash equivalent cash advances: 5% of the amount of each transaction
- Late payment fee: Up to $40
How the Bank of America Unlimited Cash Rewards Secured Compares
Bank of America Unlimited Cash Rewards Secured vs other Bank of America secured credit cards
Annual fee | |||
Rewards rate | N/A | ||
Minimum security deposit | $200 | $200 | $200 |
Review | Bank of America Customized Cash Rewards Secured credit card review |
Bank of America Unlimited Cash Rewards Secured vs other secured credit cards
Annual fee | |||
Rewards rate | |||
Minimum security deposit | $200 | $300 | $300 |
Review | U.S. Bank Cash Plus Secured credit card review | U.S. Bank Altitude Go Secured credit card review |
Bank of America Unlimited Cash Rewards Secured Frequently Asked Questions
Is the Bank of America Unlimited Cash Rewards Secured card worth it?
The
How hard is it to get the Bank of America Unlimited Cash Rewards Secured card?
It is not difficult to open the
What is the Bank of America Unlimited Cash Rewards Secured credit limit?
The highest credit limit you can have with this card is $5,000.
What are the disadvantages to the Bank of America Unlimited Cash Rewards Secured?
This card lacks any notable benefits. However, most secured credit cards are devoid of valuable benefits, as their main purpose is to help you build healthy credit.
Methodology: How we reviewed the Bank of America Unlimited Cash Rewards Secured Credit Card
We compared the ongoing benefits, earning rate, and minimum security deposit stipulations of the
Here's a full breakdown of how we rate credit cards at Insider.