Bank of America
Bank of America Unlimited Cash Rewards Secured Credit Card
Secured card for building credit with unlimited 1.5% cash back on all purchases, no annual fee, and $0 fraud liability.
Annual fee
None
Top rate
1.5x everything else
Credit needed
No credit history needed
Quick look
Cash Back While Building Credit
Earn 1.5% back on every purchase with no annual fee
3.8
out of 5
Rewards
Fees
Welcome bonus
Perks
Value
Overall score is a weighted average: Rewards 20% · Fees 20% · Welcome bonus 20% · Perks 20% · Value 20%.
Ideal for
People rebuilding credit who pay their balance in full each month and want to earn cash back without paying an annual fee.
The verdict
The Bank of America Unlimited Cash Rewards Secured Credit Card is a straightforward choice for rebuilding or establishing credit. With 1.5% cash back on all purchases, no annual fee, and a low $200 minimum deposit, it delivers real rewards without the cost. The trade-off: the APR runs high at 27.49%, so this is a card for people who pay in full monthly. The bigger opportunity is that Bank of America reviews accounts periodically for upgrade to an unsecured card — make consistent on-time payments and you can eventually graduate to a standard rewards card without the security deposit.
Among secured cards, this lands in the solid middle. The rewards rate beats some competitors but lags cards with category bonuses. The credit-building benefits (bureau reporting, educational resources) add genuine value beyond the numbers. It's not flashy, but it's competent.
Pros
- Unlimited 1.5% cash back on all purchases with no caps—earnings don't slow down with spending volume
- Zero annual fee means the card pays for itself immediately, rare for cards targeting poor credit
- Reports to all three credit bureaus, directly building your credit score with on-time payments
- Low $200 minimum deposit—accessible for someone with limited savings
Cons
- 27.49% APR is significantly higher than unsecured cards; carrying a balance wipes out cash back gains
- No welcome bonus or intro APR offer—you earn rewards from day one, but no sign-up value
- 3% foreign transaction fee makes international purchases expensive relative to the 1.5% earned
- Requires a security deposit that ties up your funds until you upgrade or close the account
Reward rates
| Category | Rate | Details |
|---|---|---|
| Everything else | 1.5x | Unlimited 1.5% cash back on all purchases |
The 1.5% rate is unlimited across all purchases with no caps, category restrictions, or activation requirements. Bank of America Preferred Rewards members can earn an additional 25-75% bonus cash back depending on deposit and investment balances, potentially pushing this to 1.875-2.625% for qualifying customers. This card ranks 28th among all cash back cards in the catalog—solid but not top-tier, which is appropriate for a secured entry-level product.
Fees and APR
Does it pay for itself?
At $0, this card saves you roughly $30 per year compared to secured cards with annual fees. That's meaningful when you're building credit on a tight budget. The real cost consideration is the APR: at 27.49%, any balance you carry will erase the cash back earnings within weeks. This card only makes financial sense if you commit to paying the balance in full each month.
Welcome bonus
Is it worth chasing?
This card intentionally carries no welcome bonus—Bank of America's design choice for secured cards is to let earnings begin immediately rather than front-load an incentive. If you need a sign-up bonus to feel the card has value, this may not be the right fit. However, the 1.5% cash back from day one, combined with the credit-building opportunity, provides steady long-term value instead.
Other benefits
- $0 Liability Guarantee for fraudulent transactions
- Balance Connect® for overdraft protection with no transfer fees
- Paperless statement option
- Digital Wallet Technology - Apple Pay®, Google Pay™, Samsung Pay
- Award-winning Online and Mobile Banking
- Account Alerts for balances and due dates
- Credit education resources on budgeting and responsible credit use
- Potential to have security deposit returned based on credit history
Similar cards
Same issuer-agnostic 1.5% unlimited rate, but Capital One Quicksilver includes a one-time $500/3-month spend bonus—BofA's secured offering trades the bonus for the same rewards rate
Chase's credit-building card also targets limited-credit applicants but offers a modest $25 statement credit instead of ongoing cash back—this BofA card rewards sustained spending, while Chase rewards enrollment discipline
Frequently asked questions
When do I get my security deposit back?
Bank of America will review your account periodically—typically after 6-12 months of on-time payments—to see if you qualify for an upgrade to an unsecured card. At that point, they return the full deposit. If you close the account with a $0 balance, the deposit is also returned. The deposit is not meant to be permanent; it's collateral while you prove creditworthiness.
What's the difference between this secured card and the unsecured Bank of America Unlimited?
The unsecured Bank of America Unlimited Cash Rewards Credit Card also earns 1.5% unlimited cash back with no annual fee, but it requires better credit and comes with a $250 welcome bonus. If you're approved for the unsecured version, it's the better card. This secured version is explicitly for people who don't yet qualify for the unsecured—it's your path to graduation.
Does the 1.5% cash back count toward the minimum spend for Bank of America Preferred Rewards bonuses?
No—the welcome bonus on other Bank of America cards and Preferred Rewards tier increases do not include the cash back earned on this secured card itself. However, once you upgrade to an unsecured card, that card's rewards become eligible. Think of the secured card as a stepping stone; the full Bank of America ecosystem rewards kick in once you graduate.
What happens to my cash back if I carry a balance with a high APR?
The math works against you immediately. At 27.49% APR, a $1,000 carried for one month costs you roughly $23 in interest. Your 1.5% cash back on $1,000 is only $15, meaning the interest charge outpaces your rewards. Credit-building cards are designed for people rebuilding discipline—the APR is effectively a tax on poor payment habits. Always pay in full.
Is there a foreign transaction fee?
Yes—3% on international purchases. This is higher than many mainstream cards (which typically charge 0-2%), so avoid using this card abroad or for foreign online purchases unless the convenience outweighs the cost. The 1.5% cash back you earn is quickly erased by the 3% fee.
Reviewed by YoungerFinance Editorial · Last updated August 10, 2026