\n
![](\"https:\/\/content.fortune.com\/wp-content\/uploads\/2023\/11\/Recommmends_Bank-of-America%C2%AE-Travel-Rewards-Secured-Credit-Card.jpg?w=2048\")
<\/p>\n [ad_1]
\n<\/p>\n
Our take: <\/strong>The Bank of America\u00ae 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.<\/p>\n Card Type: <\/strong>Secured<\/strong><\/a><\/p>\n 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\u2019s a card with few frills or perks: You won\u2019t get a welcome bonus or 0% introductory APR on balance transfers or purchases.\u00a0<\/p>\n To open a card, you must make a minimum security deposit of $200 and a maximum of $5,000. Typically, with a secured card<\/a>, your security deposit determines your credit limit. The security deposit acts as collateral if you default on your payments.\u00a0<\/p>\n 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\u2019re eligible to get your security deposit back.\u00a0<\/p>\n The BoA Travel Rewards Secured is good for someone who wants to use the card for travel, especially for international travel as it doesn\u2019t charge a foreign transaction fee.<\/p>\n If your interest is cash-back, this card isn\u2019t a good fit for you as points are only worth .6 cents each for cash vs 1 cent each for travel.\u00a0<\/p>\n With the Travel Rewards Secured, there\u2019s not much to remember when it comes to rewards: You\u2019ll earn a flat rewards rate of 1.5 points for every $1 you spend on all purchases.<\/p>\n The card does not offer a new customer bonus.<\/p>\n When you\u2019re ready to redeem your rewards, you\u2019ll get less flexibility than you would with a traditional travel credit card. You won\u2019t 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.\u00a0<\/p>\n 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.\u00a0<\/p>\n 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.<\/p>\n You can turn your points into real money by getting a check, having them electronically deposited into your Bank of America\u00ae checking or savings account, or getting them credited to an eligible Cash Management Account\u00ae with Merrill.\u00a0<\/p>\n Keep in mind that by redeeming points for cash, you won\u2019t 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.<\/p>\n Free FICO score. <\/strong>Through online and mobile banking, you can access your FICO score, which is updated monthly, for free.<\/p>\n If covering travel expenses with rewards isn\u2019t your priority, explore the Capital One Quicksilver Secured\u2014a 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?<\/p>\n\nBank of America\u00ae Travel Rewards Secured Credit Card Overview<\/h2>\n
Who is the Bank of America\u00ae Travel Rewards Secured Credit Card good for?<\/h3>\n
Who shouldn\u2019t get the BoA Travel Rewards Secured?\u00a0<\/h3>\n
Bank of America\u00ae Travel Rewards Secured Credit Card: Points<\/h2>\n
How to redeem Bank of America\u00ae Travel Rewards Secured Credit Card points<\/h2>\n
Get a travel statement credit<\/h3>\n
Earn cash-back and buy gift cards<\/h3>\n
Rates and fees<\/h2>\n
\n
Additional benefits<\/h2>\n
Credit cards similar to Bank of America\u00ae Travel Rewards Secured Credit Card<\/h2>\n
Capital One Quicksilver Secured Cash Rewards Credit Card vs. Bank of America\u00ae Travel Rewards Secured Credit Card<\/h3>\n