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.
- 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
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.