A bungee cord will work as long as it's taut. I've used them, but I feel more secure with velcro. Electrical cord wrappers or tomato ties can be found nearly anywhere, and you can daisy-chain two or more if they're pre-cut to lengths that aren't long enough for your bike.
I'd be surprised if your bike rack allows your rear wheel to spin (but I don't know what kind you're using). Usually you only need to secure the front wheel.




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My bike rack is the Saris Bones RS, and I have not noticed the rear wheel spinning, only the front. Tomorrow will likely be my last opportunity to go anywhere with my bike until at least the end of the week, so if I don't have a chance tomorrow to find some way to secure that front wheel, I certainly will have done so by next weekend.

