Bank of America® Unlimited Cash Rewards Secured Credit Card is a financial tool designed for individuals looking to build or rebuild their credit. It combines the benefits of a secured credit card with cash back rewards, offering a dual advantage for those who are working on improving their credit history.
In conclusion, the Bank of America® Unlimited Cash Rewards Secured Credit Card is a solid option for individuals looking to build or rebuild their credit while enjoying cash back rewards. Its combination of benefits, including flexible security deposit options and credit monitoring services, makes it a practical choice for those on a credit-building journey. However, potential users should be mindful of the associated fees and interest rates to ensure responsible and cost-effective card usage.
Bank of America® Unlimited Cash Rewards Secured Credit Card
Welcome Bonus
N/A
N/A
Annual Fee
$0
Annual Rewards
Earn unlimited 1.5% cash back on all purchases
N/A
Rewards on Approval
N/A
Interest rates
Purchase Rates
28.24%
Cash Advance Rates
29.24%
Balance Transfer Rates
28.24%
Table of Contents
Bank of America® Unlimited Cash Rewards Secured Credit Card
The Bank of America® Unlimited Cash Rewards Secured Credit Card is a secured credit card that provides a pathway for individuals with limited or damaged credit to enhance their financial standing. As a secured card, it requires a security deposit that determines the credit limit, allowing users to responsibly manage their spending while earning cash back rewards.
Pros
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Cash Back Rewards: Unlike many other secured credit cards, this Bank of America offering provides cash back rewards on every purchase. This feature can be an added incentive for users to make regular, responsible use of the card.
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Flexible Security Deposit: The credit limit is determined by the amount of the security deposit, offering flexibility for users to choose a limit that suits their financial capacity. This flexibility can be particularly beneficial for those with varying budget constraints.
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Credit Monitoring: Cardholders gain access to their FICO® Score for free, enabling them to track their credit progress over time. This feature serves as a valuable tool for individuals focused on improving their creditworthiness.
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Upgrade Potential: With responsible credit management, cardholders may qualify for an upgrade to an unsecured card, opening the door to a wider range of credit options in the future.
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No Annual Fee: The absence of an annual fee reduces the overall cost of ownership, making it a cost-effective choice for those looking to establish or rebuild their credit.
Cons
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Security Deposit Requirement: While the security deposit provides the opportunity to use the card, it can be a barrier for individuals with limited funds, as they need to have an amount available for deposit.
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Interest Rate: The card comes with an interest rate, and users who carry a balance may find themselves accruing interest charges over time. It's essential for cardholders to pay their balances in full each month to avoid these charges.
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Foreign Transaction Fee: For individuals who travel internationally, the card imposes a foreign transaction fee, which can increase the cost of using the card abroad. This may be a consideration for users who frequently engage in international transactions.
Details & Eligibility
- N/A
- N/A
- N/A
- $0
- N/A
- Visa
- No
- 28.24%
- 29.24%
- 28.24%
- N/A
- N/A
- N/A
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