The Alaska Ascent card is a rewards card designed for people building or rebuilding credit
The Alaska Ascent Visa is a secured credit card issued by Bank of America. You put down a cash deposit (your security deposit), and that deposit becomes your credit limit. You earn rewards on purchases — specifically, Alaska Airlines miles — and the card reports to all three credit bureaus, which means your payment history can help rebuild a credit score that's been damaged or is just starting out.
The card costs money to hold: there's an annual fee. You also need to decide whether the rewards structure (miles toward Alaska Airlines flights) actually fits how you travel. If you never fly Alaska Airlines or don't fly much at all, the miles you earn may sit unused or be worth less to you than cash back would be.
This card is not a path to information programs or a may provide way to fix your credit. It's a tool that works if you use it responsibly — meaning you charge small amounts, pay the full balance on time every month, and keep your deposit locked away rather than spending it. If you miss payments or carry a balance, the interest rate will cost you more than the miles are worth.
Key Takeaways
- You need a cash security deposit to open the account, which becomes your spending limit and stays in the bank's hands while the card is active.
- The card charges an annual fee, so you should plan to use it regularly enough that the miles you earn outweigh that cost.
- Every on-time payment is reported to the credit bureaus, which can help rebuild a credit score, but only if you pay the full statement balance each month.
- After a period of responsible use (typically 12 to 18 months), you may be able to convert the card to an unsecured card and get your deposit back.
- The rewards are Alaska Airlines miles, not cash back, so the card's value depends on whether you actually fly that airline.
How the security deposit works and what it costs
When you open the account, you send Bank of America a deposit — the minimum varies, but secured cards typically start at $500 to $2,500. That money sits in a savings account at the bank. Your credit limit equals your deposit amount. So if you deposit $1,000, you can charge up to $1,000 on the card.
Your deposit is not payment for the card. It's collateral. The bank holds it in case you stop paying your bills. You don't lose it just by having the card; you only lose access to it if you default. If you pay on time every month, the deposit stays yours, and after 12 to 18 months of good payment history, Bank of America may convert your account to a regular unsecured card and return your deposit to you.
On top of the deposit, you pay an annual fee — the exact amount depends on your deposit size and current terms, so check the card's current terms before you explore. That fee comes out of your available credit or is charged to your statement each year. If you're paying $95 a year and earning 1 mile per dollar spent, you'd need to spend roughly $9,500 a year just to break even on the fee (assuming Alaska Airlines miles are worth about 1 cent each, which varies).
Rewards, annual fees, and whether the math works for you
The Alaska Ascent earns 1 Alaska Airlines mile for every dollar you spend. There are no bonus categories — no extra miles for groceries, gas, or travel. You earn the same rate on everything. Some versions of the card offer a sign-up bonus (a lump of miles after you meet a spending threshold), but sign-up bonuses change, so check the current offer before you decide.
The annual fee is fixed and charged whether you use the card or not. That means if you charge $500 a year and earn 500 miles, but the fee is $95, you've actually lost $95 in value. The miles would need to be worth more than 19 cents each for you to break even — and most people value airline miles at 1 to 1.5 cents each when they actually book flights.
The card makes sense if you fly Alaska Airlines regularly and would buy those tickets anyway. It makes less sense if you fly other airlines, drive everywhere, or take one vacation every few years. In those cases, a cash-back card (if your credit score allows you to get one) would give you more usable value.
How this card affects your credit score
Every payment you make — on time or late — is reported to Equifax, Experian, and TransUnion. If you pay the full balance by the due date every month, you build a record of on-time payments, which is the single biggest factor in your credit score. After 12 to 18 months of perfect payment history, your score should improve noticeably, assuming you have no other negative marks.
The card also affects your credit utilization ratio — the percentage of your available credit that you're using. If your limit is $1,000 and you charge $500, your utilization is 50%. Credit scoring models prefer utilization below 30%. So if you want to maximize the credit-building benefit, keep your balance well below your limit, even if you pay it off in full each month.
One risk: if you miss a payment, that late payment stays on your credit report for seven years and can damage your score significantly. The annual fee and interest charges make missed payments expensive. If you're not confident you can pay on time every single month, a secured card may not be the right tool yet.
When you might graduate to an unsecured card
Bank of America reviews secured card accounts periodically. If you've made 12 to 18 months of on-time payments and your credit score has improved, the bank may offer to convert your account to a regular unsecured Visa. When that happens, your security deposit is returned to you, and you keep the card (or close it and move to a different card).
Conversion is not automatic, and timing varies by account. Some cardholders report conversion after 12 months; others wait longer. You can also contact Bank of America and ask whether you're may be able to access. There's no harm in asking — the worst they can say is no.
If you're converted to an unsecured card, the annual fee may change, and the rewards rate may change. Read the new terms carefully. Sometimes the unsecured version of a card has different benefits than the secured version.
Comparing the Alaska Ascent to other secured cards
Other banks offer secured cards too. Capital One Secured Mastercard, Discover Secured Card, and U.S. Bank Secured Visa are common alternatives. The differences are usually in the annual fee, the minimum deposit, the rewards rate, and the conversion timeline.
The Discover Secured Card, for example, offers cash back instead of airline miles, which may be more useful if you don't fly. Capital One's secured card has no annual fee, which is a major advantage if you're on a tight budget. U.S. Bank's card offers cash back and no annual fee but may have a higher minimum deposit.
Before you choose, list what matters most to you: the annual fee, the type of rewards, the minimum deposit, and how quickly you want to convert to an unsecured card. Then compare the cards side by side. The cheapest card isn't always the best card if the rewards don't match how you actually spend money.
What happens if you can't pay the balance
If you charge $1,000 and can only pay $500, the remaining $500 carries over to next month and accrues interest. The interest rate on the Alaska Ascent is variable and depends on your creditworthiness, but it's typically in the range of 18% to 24% APR. That means $500 unpaid could cost you $75 to $100 in interest over a year.
Carrying a balance also hurts your credit score because it raises your utilization ratio. If your limit is $1,000 and you owe $500, you're at 50% utilization, which is worse for your score than being at 10% or 20%. The combination of interest charges and credit damage makes carrying a balance expensive in two ways.
If you miss a payment entirely, the late fee applies (typically $25 to $35), and the late payment is reported to the credit bureaus. A single missed payment can drop your score 50 to 100 points. If you're rebuilding credit, that's a serious setback.
Frequently Asked Questions
Do I get my security deposit back if I close the card?
Yes. When you close the account, Bank of America returns your deposit to you within a few weeks. However, if you close the card before converting it to an unsecured card, you lose the opportunity to build credit history with that account. If you're rebuilding credit, it's usually better to keep the card open and active, even after you've paid off the balance.
Can I increase my credit limit without adding more money?
Not on a secured card. Your limit is tied to your deposit. Some banks allow you to increase your deposit later (which increases your limit), but you can't raise your limit without putting more money down. Once you convert to an unsecured card, the bank may raise your limit based on your payment history and credit score.
What if I don't use the card for a few months?
The annual fee still charges whether you use the card or not. Some banks may close inactive accounts, but Bank of America typically keeps secured accounts open as long as the fee is paid. If you're not using the card, you're paying for nothing, so it makes sense to close it and get your deposit back.
Will this card help me get approved for other credit products?
Yes, but it takes time. After 12 to 18 months of on-time payments, your credit score should improve enough to may have access to for other cards, a small personal loan, or better terms on a car loan. Lenders look at your payment history and credit score, both of which improve with responsible use of the secured card.
Is the Alaska Ascent card worth it if I don't fly Alaska Airlines?
Probably not. The miles are only valuable if you actually book Alaska Airlines flights. If you fly other airlines or rarely fly, the miles sit unused or you have to pay to transfer them to another program (which usually costs more than the miles are worth). A cash-back secured card would give you more usable value.