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This contactless Visa card offers impressive cash back rewards for a secured card with no annual fee. You can choose your own spending reward categories, rebuild your credit, and check your FICO Score from TransUnion for free.
The Bank of America Cash Rewards Secured Card is raising the bar at the secured level, offering some very decent spending rewards along with a steady path for rebuilding credit.
The card reports monthly to all three major credit bureaus, and you can check your FICO Score from TransUnion for free.
You’ll earn 3% cash back in your category of choice between: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. You’ll get 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases.
An important limitation: You can only spend up to $2,500 in combined purchases per quarter at the 3% and 2% cash back rate. After that you’ll earn 1% cash back, and your rates will reset once the next quarter begins.
You’ll need to supply a minimum security deposit of $300 (max of $4,900) to establish your credit line. Bank of America will periodically review your account to see if you qualify to have your security deposit returned; if that happens you can continue using the card as normal.
This secured rewards card has no annual fee.