Our take: The Bank of America® Travel Rewards Secured Credit Card offers a cost-effective approach to building credit and earning rewards with its lack of annual and foreign transaction fees. Use it to help you climb the rungs of the credit score ladder.
Bank of America® Travel Rewards Secured Credit Card Overview
Card Type: Secured
The Bank of America Travel Rewards Secured Credit Card offers a budget-friendly option for individuals looking to build or improve their credit. With a $0 annual fee and no foreign transaction fees, it provides a cost-effective way to manage your finances while earning rewards. Since the card is designed for cardholders who want to boost their credit score or establish a credit history, it’s a card with few frills or perks: You won’t get a welcome bonus or 0% introductory APR on balance transfers or purchases.
To open a card, you must make a minimum security deposit of $200 and a maximum of $5,000. Typically, with a secured card, your security deposit determines your credit limit. The security deposit acts as collateral if you default on your payments.
According to Bank of America, your maximum credit limit is calculated based on your security deposit, income, and creditworthiness. The issuer will also regularly review your account to decide whether you’re eligible to get your security deposit back.
Who is the Bank of America® Travel Rewards Secured Credit Card good for?
The BoA Travel Rewards Secured is good for someone who wants to use the card for travel, especially for international travel as it doesn’t charge a foreign transaction fee.
Who shouldn’t get the BoA Travel Rewards Secured?
If your interest is cash-back, this card isn’t a good fit for you as points are only worth .6 cents each for cash vs 1 cent each for travel.
Bank of America® Travel Rewards Secured Credit Card: Points
With the Travel Rewards Secured, there’s not much to remember when it comes to rewards: You’ll earn a flat rewards rate of 1.5 points for every $1 you spend on all purchases.
The card does not offer a new customer bonus.
How to redeem Bank of America® Travel Rewards Secured Credit Card points
When you’re ready to redeem your rewards, you’ll get less flexibility than you would with a traditional travel credit card. You won’t be able to transfer them to a hotel or airline partner or use them to book flights or hotel stays through a travel portal. Instead, you can use points to cover past travel purchases, get a statement credit, or purchase gift cards.
Get a travel statement credit
To redeem points, you have the option to receive a statement credit to cover qualifying travel and dining expenses such as airlines, hotels, and car rentals, incurred within the last 12 months.
However, this statement credit is limited to the most recent 2,500 qualifying transactions in these categories. With this redemption method, the exchange rate is straightforward: One point equals one cent.
Earn cash-back and buy gift cards
You can turn your points into real money by getting a check, having them electronically deposited into your Bank of America® checking or savings account, or getting them credited to an eligible Cash Management Account® with Merrill.
Keep in mind that by redeeming points for cash, you won’t be maximizing their value. One point is valued at 0.6 cents, meaning 2,500 points will only get you $15. As for gift cards, their redemption value can vary.
Rates and fees
- Purchase APR: 28.24% variable
- Annual fee: $0
- Foreign transaction fee: None
Additional benefits
Free FICO score. Through online and mobile banking, you can access your FICO score, which is updated monthly, for free.
Credit cards similar to Bank of America® Travel Rewards Secured Credit Card
If covering travel expenses with rewards isn’t your priority, explore the Capital One Quicksilver Secured—a card closely mirroring the Travel Rewards card. The choice boils down to personal preference: Do you want a travel-focused Bank of America card or a cash-back Capital One card?
Capital One Quicksilver Secured Cash Rewards Credit Card vs. Bank of America® Travel Rewards Secured Credit Card
TheCapital One Quicksilver Secured Cash Rewards Credit Card and Bank of America Travel Rewards are similar cards with identical rewards structures, minimum opening deposits, and fees. With the Quicksilver, you’ll pay no annual or foreign transaction fees and earn 1.5% cash back on every purchase.
Similar to the Travel Rewards Card, you’ll need to make a $200 minimum deposit to open a Quicksilver card. By making on-time and in full payments on your Quicksilver card, you could get back your deposit and graduate to an unsecured Quicksilver card. Plus, every six months, Capital One will automatically consider you for a credit limit increase without having to put any extra money down.
While the Travel Rewards Card emphasizes rewards redemption for travel-related expenses, Quicksilver rewards can primarily be redeemed for cash-back or gift cards.
Is the Bank of America® Travel Rewards Secured Credit Card right for you?
The Bank of America Travel Rewards Secured Credit Card is best suited for those who don’t need lots of bells and whistles and are focused on establishing or improving their credit scores. The card also has a low barrier to entry: You’ll just need to make a minimum security deposit of $200 to open a card.
This card, however, is likely not a good fit if you’re not interested in credit building and want a flashier travel credit card with benefits like a hefty welcome bonus and luxurious perks.
Frequently asked questions
Is it hard to get a Bank of America® Travel Rewards Secured Credit Card?
While Bank of America does not disclose what credit score you need to qualify for the Travel Rewards Secured card, since it’s a secured card meant for credit building, you won’t need a good credit score to be eligible.
What is the credit limit for a Bank of America® Travel Rewards Secured Credit Card?
The credit limit for the Bank of America Travel Rewards Secured card is determined by the security deposit, which can be as low as $200 and as high as $5,000.
Can I get denied for a secured credit card with Bank of America?
Though secured credit cards are intended for credit building, Bank of America may reject some secured card applicants due to a lack of credit history, a poor credit score, bankruptcy, and more.
Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.
