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

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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 now arguably the best Secured card available.

Unlimited Card 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. This new card is now the best secured card available; the Discover secured card is another good option. Both 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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