Bank of America Secured Travel Rewards Credit Card Review 2024 (2024)

• Bank of America Travel Rewards Secured Credit Card Introduction
• Quick Facts
• What Is the Bank of America Travel Rewards Secured Credit Card Best For?
• Bank of America Travel Rewards Secured Credit Card Rewards
• Other Bank of America Travel Rewards Secured Credit Card Benefits
• Fine Print
• How the Bank of America Travel Rewards Secured Credit Card Stacks Up
• Is the Bank of America Travel Rewards Secured Credit Card for You?
• Methodology

The Bank of America® Travel Rewards Secured Credit Card* offers a path to travel rewards for those needing to establish, strengthen or rebuild their credit. Like all secured credit cards, this one requires a security deposit ranging from $200 to $5,000. Once approved, the bank will determine your credit limit by considering your total security deposit, your income and your creditworthiness.

While the card is light on benefits, it is equally light on fees and commitment. With no annual fee or foreign transaction fees, cardholders can rack up travel rewards without any nonrefundable out-of-pocket costs. As mentioned, this is a secured credit card, so it does require a deposit. However, Bank of America states that it will periodically review your account, taking into consideration factors like credit history and your overall relationship with the bank in order to determine whether you qualify to have your security deposit returned.

The card earns a flat 3 points per dollar on purchases made through the Travel Center and 1.5 points per dollar on all other purchases. Cardholders will have access to a handful of benefits, like optional overdraft protection, free monthly access to their FICO Score, and zero fraud liability. The Bank of America® Travel Rewards Secured Credit Card* has a rather high APR of 28.24% variable, so cardholders will want to be especially careful to pay off all balances in full each month to avoid accruing more debt through interest charges.

• $0 annual fee
• Earn unlimited 3 points per dollar on purchases made through the Travel Center and 1.5 points per dollar on all other purchases
• Minimum $200 deposit up to a maximum $5,000 deposit
• No welcome bonus
• Free FICO Score access
• Can help build credit with responsible use
• Optional overdraft protection

Earning Rewards

Cardholders earn a straightforward 3 points per dollar on purchases made through the Travel Center and 1.5 points per dollar on all other purchases.

Redeeming Rewards

Rewards earned from the Bank of America® Travel Rewards Secured Credit Card* can be redeemed for travel or dining in the form of statement credits or as cash back starting at 2,500 points. Rewards can also be redeemed for gift cards starting at 3,125 points.

When redeeming for travel, there are no restrictions, blackout dates or limits on which method you choose to book. If a flight or hotel is available and you purchase it with your card, you can redeem points to cover that expense. And since the list of what Bank of America considers a travel or dining expense is long, you’ll find very little in the world of travel, entertainment and dining that doesn’t qualify.

There are, however, a handful of restrictions when it comes to redeeming your points. In order to redeem points for travel and dining purchases, the purchase must have taken place within the last 12 months and qualifying purchases are limited to the most recent 2,500 purchases made on the card. Travel and dining can be reimbursed at a rate of 1 cent per point starting at 2,500 points, or $25.

Redemptions for cash back are received in the form of a check, an electronic deposit to a Bank of America checking or savings account, or as a credit to an eligible cash management account with Merrill. Points redeemed for cash back are worth $0.006. So 2,500 points, for example, would be worth $15. The redemption value for gift cards varies.

Rewards Potential

To calculate the rewards potential of the Bank of America® Travel Rewards Secured Credit Card*, Forbes Advisor uses data from various government agencies to determine both baseline income and spending averages across various categories. For secured cardholders, we estimate an annual household income of approximately $95,450 and an annual credit card spending of $30,974.

The total points earned by our sample household would be 56,586, worth $565.86 in travel rewards. Because everyone’s spending patterns differ, we suggest you look at your shopping habits and compare the rewards earned for any card you are considering.

• Possible return of deposit. Bank of America will periodically review your account, and based on several factors, you may qualify to have your security deposit returned.
• Contactless payments. Tap to pay wherever contactless payments are accepted.
• Zero fraud liability. Cardholders are not liable for fraudulent transactions.
• Mobile banking app. Manage your money from anywhere using the Bank of America mobile app.
• Optional overdraft protection. Access to an optional service called Balance Connect that helps prevent declined purchases, returned checks and other overdrafts when linking your card to an eligible Bank of America checking account.
• FICO Score access. Cardholders receive monthly access to a free FICO Score from TransUnion.

Interest Rates

• Regular APR: 28.24% variable
• Purchase intro APR: N/A
• Balance transfer intro APR: N/A

Fees

• Annual fee: $0
• Balance transfer fee: 4% of the amount of each transaction
• Foreign purchase transaction fee: $0

Bank of America® Travel Rewards Secured Credit Card* vs. Capital One Quicksilver Secured Cash Rewards Credit Card

The Capital One Quicksilver Secured Cash Rewards Credit Card (rates & fees) offers a similar earning structure with an increased multiplier on Capital One Travel purchases. The card earns an unlimited 1.5% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel. By offering the same 1 cent per point redemption rate on both cash back and travel purchases, this card provides just enough flexibility to give it a leg up on the Bank of America® Travel Rewards Secured Credit Card*.

Bank of America® Travel Rewards Secured Credit Card* vs. Bank of America® Customized Cash Rewards Secured Credit Card*

For loyal customers looking to stay within the Bank of America ecosystem, the Bank of America® Customized Cash Rewards Secured Credit Card* offers the ability to maximize rewards in your highest spending category with a bit more flexibility when it comes to redemptions. This card offers 3% cash back in a category of choice: gas and EV charging, online shopping, dining, travel, drug stores or home improvement/furnishings; 2% cash back at grocery stores and wholesale clubs; unlimited cash back on all other purchases. Earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%.

With rewards multipliers as high as 2% and 3% in commonly used spending categories, it would be easy for cardholders to get more value in cash-back rewards than they would in travel rewards from the Bank of America® Customized Cash Rewards Secured Credit Card* without being locked into only travel or dining redemptions.

Bank of America® Travel Rewards Secured Credit Card* vs. Discover it® Secured Credit Card

If the freedom of cash back feels more appealing than being restricted to travel redemptions, the Discover it® Secured Credit Card is a reliable option in the world of secured credit cards. The standout feature that sets it apart from other secured cards right from the start: a first-year bonus. With its Unlimited Cashback Match™ - Discover will automatically match all the cash back earned at the end of the first year. This card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases. And just like the Bank of America® Travel Rewards Secured Credit Card*, it has no annual fee.

The Bank of America® Travel Rewards Secured Credit Card* caters well to individuals seeking to build or enhance their credit scores without any luxurious features. With a modest minimum security deposit of $200, it offers an accessible entry point to travel rewards while facing the reality of not-so-great credit. However, if your priority is flashy travel perks or welcome bonuses and not credit building, or if you prefer cash-back rewards over travel, this card may not be your best option.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points or miles
• Included travel or merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors come together to provide a star rating for each individual card.

Read more: How Forbes Advisor rates credit cards