Bank Of America Unlimited Cash Rewards Secured Credit Card Review 2024

Like all secured cards, the Bank of America® Unlimited Cash Rewards Secured Credit Card* requires cardholders to secure a line of credit with a deposit equal to the desired credit limit. Bank of America requires a $200 minimum deposit and allows up to a $5,000 deposit. As always, we recommend maintaining optimum conditions for great credit building: Strive not to exceed 30% of your total available credit limit (across all open accounts). This keeps your credit utilization low and elevates your credit score.

The Bank of America® Unlimited Cash Rewards Secured Credit Card* earns 1.5% unlimited cash back on all purchases for a $0 annual fee. This card does not offer a welcome bonus, but few secured cards do. While some secured cards may offer tailored rewards that fit some potential cardholders’ spending habits better, few will offer the same sort of flat-rate cash back.

• $0 annual fee
• No welcome bonus
• Minimum $200 minimum deposit up to a maximum $5,000 deposit
• 1.5% unlimited cash back on all purchases
• No-extra-charge FICO Score access
• $0 fraud liability

Earning Rewards

The Bank of America® Unlimited Cash Rewards Secured Credit Card* earns 1.5% unlimited cash back on all purchases. Rewards don’t expire and there’s no limit on the amount of rewards a cardholder can earn.

Redeeming Rewards

A Bank of America® Unlimited Cash Rewards Secured Credit Card* account permits cash back rewards to be redeemed as statement credits, as a deposit to a Bank of America checking or savings account, or as a deposit to an eligible Merrill account (including 529 accounts).

Rewards Potential

To determine the rewards potential of the Bank of America® Unlimited Cash Rewards Secured Credit Card*, we look at the bonus categories and calculate what an average household might spend in those areas. Forbes Advisor uses data from various government agencies to determine baseline income and spending averages across various categories.

We estimate that annual household credit card spending for this card is $30,974. If all of that spending is put on this card, the cardholder would earn $464.61 in cash back each year.

• $0 fraud liability. Cardholders aren’t responsible for unauthorized charges.
• FICO Score access. No-extra-charge access to credit scores through Bank of America’s online or mobile apps.
• Overdraft protection. Use the card to implement overdraft protection to your Bank of America checking accounts.

Interest Rates

• Regular APR: 28.24% variable
• Purchase intro APR: N/A
• Balance transfer intro APR: N/A

Fees

• Annual fee: $0
• Balance transfer fee: 4% of the amount of each transaction
• Foreign purchase transaction fee: 3% of the U.S. dollar amount of each transaction

Bank of America® Unlimited Cash Rewards Secured Credit Card* vs. Discover it® Secured Credit Card

The Discover it® Secured Credit Card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases but where it really sets itself apart is its welcome bonus. With the Unlimited Cashback Match™ - Discover will automatically match all the cash back earned at the end of the first year.

Having similar extra benefits, the rewards after the first year come down to spending habits and whether the bonus category with the Discover it® Secured Credit Card reward you more than a flat-rate cash-back card like with the Bank of America® Unlimited Cash Rewards Secured Credit Card*.

Bank of America® Unlimited Cash Rewards Secured Credit Card* vs. BankAmericard® Secured credit card*

Also from Bank of America is the BankAmericard® Secured credit card*, which offers many similar terms and benefits without earning any rewards. For those seeking a secured card from Bank of America who want less risk of rejection or don’t care about rewards, the BankAmericard® Secured credit card* may be an option.

Bank of America® Unlimited Cash Rewards Secured Credit Card* vs. U.S. Bank Altitude® Go Secured Visa® Card*

The U.S. Bank Altitude® Go Secured Visa® Card* offers points rewards instead of cash back. Cardholders earn 4 points per dollar spent on dining and takeout, 2 points per dollar spent at grocery stores (effect September 9, 2024 discount stores and wholesale clubs are excluded), gas stations and EV charging and on streaming services and 1 point per dollar on all other eligible purchases. Points are worth a penny each no matter the redemption option and can be redeemed for rewards like cash back, travel, merchandise and gift cards.

With similar limits on security deposits, the cards are otherwise well matched. A choice between these cards comes down to a choice between flat-rate cash back or structured points rewards. Individual applicants should evaluate spending habits before making a decision.

Maybe. The Bank of America® Unlimited Cash Rewards Secured Credit Card* likely best suits those looking for maximum reward leverage on a secured card across all categories. The only cards that will likely outearn this card’s rewards are those cards that align best with each cardholder’s spending habits. To make comparisons for yourself, check out our list of the best secured cards.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.

Read more: How Forbes Advisor Rates Credit Cards