Are you curious to learn about the Bank of America Unlimited Cash Rewards Secured Credit Card? Responsible Economy presents a comprehensive overview of the Unlimited Cash Rewards Secured, covering fees, interest rates, minimum deposit, and crucial details. Moreover, we’ll provide a comparison of leading secured credit cards available. Let’s embark on this exploration!
Features
In this section, we will go through all the features one by one.
Fees
When assessing financial products, fees play a pivotal role, and credit cards are no exception. The Bank of America Unlimited Cash Rewards Secured Credit Card distinguishes itself in this regard by not having any annual maintenance fees, providing a notable advantage.
APR
Opting to defer payments entails a relatively higher interest rate. The Annual Percentage Rate (APR) for maintaining a balance on purchases is 28.24%, which is a factor to consider. It’s worth noting that while certain cards offer an introductory 0% interest rate, the Unlimited Cash Rewards Secured Credit Card does not fall under that category.
Cash back
With the Bank of America Unlimited Cash Rewards Secured Credit Card, you can enjoy the advantage of earning an unlimited 1.5% cash back on all your purchases. What sets this card apart is that there’s no cap on how much cash back you can earn, and your earned cash rewards do not have an expiration date. This feature allows you to accumulate cash rewards over time without any restrictions on the amount you can earn or worries about them expiring. It’s a straightforward way to benefit from your everyday spending while building or rebuilding your credit.
Minimum deposit
To initiate an account with the Bank of America Unlimited Cash Rewards Secured Credit Card, you’ll need to provide a minimum security deposit of $200, which can go up to a maximum of $5,000. The credit limit assigned to you will be determined by various factors, including the size of your security deposit, your income, and your ability to effectively handle the credit line that’s established. This approach is designed to promote responsible credit usage and enable you to steadily improve your financial position over time.
Welcome bonus
In contrast to numerous credit cards that present alluring welcome bonuses that could potentially go as high as $1,000, it’s crucial to highlight that the Unlimited Cash Rewards Secured Credit Card does not offer any welcome bonus incentives.
Summary table
We have created a table summarizing all the features:
Certainly, here’s the information you provided in a tabular format:
| Features | Description |
|---|---|
| Fees | When evaluating financial products, fees are pivotal. The Unlimited Cash Rewards Secured Credit Card stands out for its absence of annual maintenance fees. |
| APR | Opting to delay payments carries a higher APR (28.24%) for balance maintenance on purchases. While some cards have 0% introductory rates, this card does not. |
| Cash Back | Earn unlimited 1.5% cash back on all purchases with no cap on earnings and no expiration of rewards. Accumulate rewards without restrictions or expiration. |
| Minimum Deposit | Open an account with a $200 minimum security deposit, up to $5,000. Credit limit determined by deposit size, income, and credit management capability. |
| Welcome Bonus | Unlike cards with potential $1,000 welcome bonuses, note that the Unlimited Cash Rewards Secured Credit Card does not provide any welcome bonus incentives. |
Comparison with the Best Secured Credit Cards
We have conducted a comparison of Bank of America Unlimited Cash Rewards Secured credit card with the best secured credit cards available for application in the United States:
- Fees: $0
- Cashback: 1.5%
- Welcome bonus: $0
- Credit Score: No
- Fees: $0
- Cashback: 1%-5%
- Welcome bonus: up to $300
- Credit Score: 690-850
- Fees: 0
- Cashback: No
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: Up to 3%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $300
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: $35
- Cashback: 0%
- Initial deposit: $200
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
Pros and cons
Here’s a table summarizing the pros and cons of the Bank of America Unlimited Cash Rewards Secured credit card:
| Aspect | Pros | Cons |
|---|---|---|
| Fees | No annual maintenance fees, providing a significant advantage. | – |
| APR | – | Relatively high interest rate (28.24%) for maintaining a balance on purchases; no introductory APR offer. |
| Cash Back | Earn an unlimited 1.5% cash back on all purchases, with no cap or expiration on rewards. | – |
| Minimum Deposit | Initiate an account with a minimum security deposit of $200, with a maximum limit of $5,000. Credit limit determined by various factors. | – |
| Welcome Bonus | – | No welcome bonus incentives, unlike cards offering bonuses of up to $1,000. |
Requirements
In order to be eligible for the Bank of America Unlimited Cash Rewards Secured credit card, you need to meet the following minimum criteria:
- Reside in the United States: This card is only accessible for individuals who are residents of the United States.
- Age Requirement: You must be at least 18 years old to apply for this credit card.
- Employment Verification: Providing verification of your employment is crucial to showcase your capacity to handle the card responsibly.
- Social Security Number: A valid Social Security Number is necessary for identity verification and assessing your credit history.
Frequent questions
Now we’re here to address any questions you might have about the Unlimited Cash Rewards Secured.
Conclusion and opinions
After conducting our analysis, our opinion is that the Bank of America Unlimited Cash Rewards Secured credit card is one of the top Secured credit cards you can apply for in the United States. This is due to its lack of annual maintenance fees, its provision of an unlimited 1.5% cash back on all purchases, and the backing of Bank of America. It’s important to note that this card does not include a welcome bonus or introductory APR offer.
More information about Bank of America
We have made a table with interesting information about Bank of America:
| Information | Description |
|---|---|
| Website | https://www.bankofamerica.com/ |
| https://twitter.com/BankofAmerica | |
| https://www.facebook.com/BankofAmerica | |
| YouTube | https://www.youtube.com/user/bankofamerica |
| https://www.linkedin.com/company/bank-of-america/ | |
| Phone | 1 (800) 432-1000 |
Anothers product of Bank of America
You also have a list of all the products offered by Bank of America:
- Checking accounts: here you have Bank of America checking accounts.
- Advantange plus: Bank of America Advantage Plus is the most popular checking account in BoA
- Bank of America Advantage Relationship Banking is a premier checking account.
- Bank of America Advantage safeBalance Banking.
- Bank of America certificate of deposit.
- Bank of America savings account.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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