What is the best Bank of America unsecured credit card?

This question is about Bank of America Credit Cards

WalletHub, Financial Company

@WalletHub • 11/25/20 This answer was first published on 01/21/19 and it was last updated on 11/25/20.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Most Bank of America credit cards are unsecured, with no deposit required. There are options with cash back, travel rewards, low APRs and more.

Here are the best Bank of America Unsecured Credit Cards:

To make sure you find the right credit card for your needs, check out other popular BofA cards as well as major unsecured credit cards.

2021's Best Bank of America Credit Cards

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ARCHIE CONWAY, Retired Financial Advisor

@ArchieBunker 01/21/19 This answer was first published on 01/21/19. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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It depends on your credit score. Usually people specify “unsecured” when they have bad credit. But Bank of America doesn’t have any unsecured credit cards for bad credit. Almost all of Bank of America’s unsecured cards require excellent credit. The easiest to get are their student cards, which accept limited credit. But you obviously have to be in school. If you currently have bad credit, the best you’re going to do is the BankAmericard® Secured Credit Card.

KAREN MOROZ, Freelance Mortgage Professional

@nycKaren 01/21/19 This answer was first published on 01/21/19. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The best Bank of America unsecured credit card is the Bank of America® Customized Cash Rewards credit card because it gives 3% cash back in the category of your choice and 2% cash back at grocery stores and wholesale clubs, for the first $2,500 in combined purchases each quarter. It offers 1% cash back on everything else. Plus, there’s a $200 cash bonus for spending $1000 in the first 90 days. The card also has a $0 annual fee.

Easiest Bank of America Credit Cards to Get

Bank of America® Customized Cash Rewards Secured Credit Card: requires bad credit or better

BankAmericard® Secured Credit Card: requires bad credit or better

Bank of America® Customized Cash Rewards Credit Card for Students: requires limited credit or better

Bank of America® Travel Rewards Credit Card for Students: requires limited credit or better

Having one of these Bank of America credit cards may increase your chances of landing a higher-tier credit card in the future, if you use it responsibly. That means paying your bill on time every month and keeping your credit utilization below 30% of your credit limit.

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What is an unsecured credit card?

An unsecured credit card is a credit card with a credit line that is not "secured" by collateral such as a refundable security deposit. In contrast, secured credit cards require a deposit of at least $200-$300, and the deposit amount becomes the account’s spending limit. Most of the time, the phrase "credit card" refers to an unsecured credit card.… read full answer

What kinds of unsecured credit cards are there?

More than 9 in 10 credit card offers are unsecured, with no deposit needed. So, it’s no surprise there are lots of slightly different types of unsecured credit cards. There are unsecured cards for each credit rating, from excellent credit to bad credit. There are unsecured credit cards for students, small business owners and everyone else. Some reward cardholders for making purchases, while others offer low introductory APRs. Some have low fees; others don’t.

Given the variety, finding the right card for your needs is not as simple as just setting out in search of an unsecured credit card. You need to compare the available offers based on the features – other than security deposit requirements – that figure to have the greatest impact on your life. For your convenience, we’ll highlight a handful of the best, most popular unsecured card offers below.

Here are some popular unsecured credit cards:

Cash rewards: Chase Freedom Unlimited®. Good credit required.

Travel rewards: Chase Sapphire Reserve®. Excellent credit required.

Store card: Best Buy® Credit Card. Good credit required.

Warehouse Clubs: Costco Anywhere Visa® Card by Citi. Excellent credit required.

For students: Journey Student Rewards from Capital One. Limited History accepted.

Should you choose a secured or unsecured credit card?

Deciding between an unsecured credit card and a secured credit card is a matter of creditworthiness. People with bad credit or limited credit history will benefit most from a secured card because they may not be able to get good terms with an unsecured card. Few banks and credit unions are willing to take on the risk of lending to applicants with badly damaged credit. As a result, there is a limited selection of unsecured credit card offers for people with below-average credit, and the cards that are available can be pretty expensive. Credit cards for students with no credit are a notable exception, though.

Given that borrowers basically prepay for their purchasing power with secured credit cards, such cards offer higher approval odds and charge lower fees than unsecured cards for poor credit. Secured credit cards also report to the major credit bureaus each month, and they look exactly like unsecured credit cards on credit reports. That means using a secured card responsibly can help you build or rebuild your credit just like an unsecured credit card. To learn more, check out our secured vs. unsecured credit cards comparison.

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What's the easiest unsecured credit card to get approved for?

The easiest unsecured card to get approved for is the Fingerhut Credit Account. But it won’t suit everyone’s needs. Fingerhut is an online marketplace, and its card can only be used to make purchases on the site. So, while it will give you an unsecured line of credit, it won’t really help you cover emergency expenses.… read full answer

If you’re looking for a card that can be used for anything, the Credit One Bank® Visa® Credit Card is your best bet. You can get approved for it with bad credit. It offers a $300 starting spending limit. And you can use it wherever Visa is accepted.

Those aren’t your only options, though. WalletHub’s editors compared all of the unsecured credit cards in our database of 1,000+ offers. And we selected our favorite easy-to-get offers.

Easiest Unsecured Credit Cards to Get Approved For

Fingerhut Credit Account: Easiest Overall

Credit One Bank® Visa® Credit Card: With Rewards

Capital One® Spark® Classic for Business: For Small Businesses

Petal® 2 Visa® Credit Card: For Limited Credit

Deserve® EDU Mastercard for Students: For Students

The easiest unsecured credit cards to get generally work best for minor emergencies. You will only receive a small amount of spending power, after all.

Unsecured credit cards for people with bad credit also tend to be very expensive, charging lots of fees and high interest rates. So if you don’t need a small emergency loan, the best course of action is to improve your credit inexpensively with a secured card. Secured cards are cheaper than unsecured cards, build credit just as effectively, and offer the closest thing you’ll find to guaranteed approval.

To learn more, check out WalletHub's complete list of the year’s easiest credit cards to get approved for.

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