Our take: The Financial institution of America® Journey Rewards Secured Credit score Card presents a cheap strategy to constructing credit score and incomes rewards with its lack of annual and international transaction charges. Use it that will help you climb the rungs of the credit score rating ladder.
Financial institution of America® Journey Rewards Secured Credit score Card Overview
Card Kind: Secured
The Financial institution of America Journey Rewards Secured Credit score Card presents a budget-friendly choice for people trying to construct or enhance their credit score. With a $0 annual payment and no international transaction charges, it gives a cheap method to handle your funds whereas incomes rewards. Because the card is designed for cardholders who wish to enhance their credit score rating or set up a credit score historical past, it’s a card with few frills or perks: You received’t get a welcome bonus or 0% introductory APR on steadiness transfers or purchases.
To open a card, you need to make a minimal safety deposit of $200 and a most of $5,000. Sometimes, with a secured card, your safety deposit determines your credit score restrict. The safety deposit acts as collateral if you happen to default in your funds.
In line with Financial institution of America, your most credit score restrict is calculated based mostly in your safety deposit, earnings, and creditworthiness. The issuer may even usually evaluation your account to resolve whether or not you’re eligible to get your safety deposit again.
Who’s the Financial institution of America® Journey Rewards Secured Credit score Card good for?
The BoA Journey Rewards Secured is sweet for somebody who desires to make use of the cardboard for journey, particularly for worldwide journey because it doesn’t cost a international transaction payment.
Who shouldn’t get the BoA Journey Rewards Secured?
In case your curiosity is cash-back, this card isn’t a great match for you as factors are solely price .6 cents every for money vs 1 cent every for journey.
Financial institution of America® Journey Rewards Secured Credit score Card: Factors
With the Journey Rewards Secured, there’s not a lot to recollect in the case of rewards: You’ll earn a flat rewards fee of 1.5 factors for each $1 you spend on all purchases.
The cardboard doesn’t supply a brand new buyer bonus.
Methods to redeem Financial institution of America® Journey Rewards Secured Credit score Card factors
While you’re able to redeem your rewards, you’ll get much less flexibility than you’ll with a standard journey bank card. You received’t have the ability to switch them to a lodge or airline accomplice or use them to e-book flights or lodge stays by a journey portal. As a substitute, you need to use factors to cowl previous journey purchases, get an announcement credit score, or buy present playing cards.
Get a journey assertion credit score
To redeem factors, you will have the choice to obtain an announcement credit score to cowl qualifying journey and eating bills similar to airways, motels, and automobile leases, incurred throughout the final 12 months.
Nonetheless, this assertion credit score is restricted to the newest 2,500 qualifying transactions in these classes. With this redemption methodology, the change fee is easy: One level equals one cent.
Earn cash-back and purchase present playing cards
You may flip your factors into actual cash by getting a test, having them electronically deposited into your Financial institution of America® checking or financial savings account, or getting them credited to an eligible Money Administration Account® with Merrill.
Understand that by redeeming factors for money, you received’t be maximizing their worth. One level is valued at 0.6 cents, that means 2,500 factors will solely get you $15. As for present playing cards, their redemption worth can range.
Charges and charges
- Buy APR: 28.24% variable
- Annual payment: $0
- Overseas transaction payment: None
Further advantages
Free FICO rating. By way of on-line and cell banking, you possibly can entry your FICO rating, which is up to date month-to-month, free of charge.
Bank cards just like Financial institution of America® Journey Rewards Secured Credit score Card
If overlaying journey bills with rewards isn’t your precedence, discover the Capital One Quicksilver Secured—a card intently mirroring the Journey Rewards card. The selection boils down to private choice: Would you like a travel-focused Financial institution of America card or a cash-back Capital One card?
Capital One Quicksilver Secured Money Rewards Credit score Card vs. Financial institution of America® Journey Rewards Secured Credit score Card
TheCapital One Quicksilver Secured Money Rewards Credit score Card and Financial institution of America Journey Rewards are related playing cards with similar rewards buildings, minimal opening deposits, and charges. With the Quicksilver, you’ll pay no annual or international transaction charges and earn 1.5% money again on each buy.
Much like the Journey Rewards Card, you’ll have to make a $200 minimal deposit to open a Quicksilver card. By making on-time and in full funds in your Quicksilver card, you might get again your deposit and graduate to an unsecured Quicksilver card. Plus, each six months, Capital One will routinely think about you for a credit score restrict improve with out having to place any more money down.
Whereas the Journey Rewards Card emphasizes rewards redemption for travel-related bills, Quicksilver rewards can primarily be redeemed for cash-back or present playing cards.
Is the Financial institution of America® Journey Rewards Secured Credit score Card best for you?
The Financial institution of America Journey Rewards Secured Credit score Card is finest suited for individuals who don’t want a lot of bells and whistles and are targeted on establishing or bettering their credit score scores. The cardboard additionally has a low barrier to entry: You’ll simply have to make a minimal safety deposit of $200 to open a card.
This card, nonetheless, is probably going not a great match if you happen to’re not eager about credit score constructing and desire a flashier journey bank card with advantages like a hefty welcome bonus and opulent perks.
Continuously requested questions
Is it laborious to get a Financial institution of America® Journey Rewards Secured Credit score Card?
Whereas Financial institution of America doesn’t disclose what credit score rating you should qualify for the Journey Rewards Secured card, because it’s a secured card meant for credit score constructing, you received’t want a great credit score rating to be eligible.
What’s the credit score restrict for a Financial institution of America® Journey Rewards Secured Credit score Card?
The credit score restrict for the Financial institution of America Journey Rewards Secured card is decided by the safety deposit, which will be as little as $200 and as excessive as $5,000.
Can I get denied for a secured bank card with Financial institution of America?
Although secured bank cards are meant for credit score constructing, Financial institution of America could reject some secured card candidates as a consequence of an absence of credit score historical past, a poor credit score rating, chapter, and extra.
Please word that card particulars are correct as of the publish date, however are topic to vary at any time on the discretion of the issuer. Please contact the cardboard issuer to confirm charges, charges, and advantages earlier than making use of.
