BankAmericard® Secured Credit Card
- Annual fee
- None
- Recommended credit
- Poor / No Credit Required
- Card network
- Mastercard
- Regular purchase APR
- 26.24% variable based on the Prime Rate
At a glance
Designed for establishing, building, or even rebuilding one’s credit score, the BankAmericard® Secured Credit Card offers the basic tools needed to strengthen your financial standing while covering everyday purchases. With a refundable security deposit, no annual fee and a few educational resources thrown in, this card can guide you to becoming a responsible credit card user with minimal hassle.
Our review of the BankAmericard® Secured Credit Card
If you’re looking to improve your credit score, the BankAmericard® Secured Credit Card from Bank of America is a solid choice. With a reasonable variable APR and minimum required security deposit, this card offers a great opportunity to boost your creditworthiness. Plus, it comes with some additional perks, such as no annual fee and the potential to get your security deposit back.
Refundable Security Deposit
When you open a line of credit with the BankAmericard® Secured Credit Card, you’ll need to place a security deposit. The minimum amount is $300, while the maximum can go up to $4,900. Bank of America uses this deposit, along with your monthly income and ability to make payments, to determine your credit limit. If your deposit exceeds your credit limit, the bank may refund the excess amount.
After using the card for some time, Bank of America may review your account and refund the remaining security deposit if your account is in good standing.
No Annual Fee or Penalty APR
Unlike some secured cards, the BankAmericard® Secured Credit Card does not charge an annual fee. This means you can potentially increase your credit limit by putting more money towards your security deposit. Additionally, there is no penalty APR, which means you won’t face increased interest rates for missed payments.
Credit Education Resources
Bank of America provides monthly FICO® Score reports to help you track your credit score progress. You also have access to various learning resources to improve your financial knowledge and responsible credit card use.
Other Helpful Tools
- Mobile app and online banking for easy account management
- Fraud Protection with $0 Liability Guarantee
- Account alerts to help you stay on top of your payments
Should You Apply for the BankAmericard® Secured Credit Card?
If you’re looking to build or improve your credit score, the BankAmericard® Secured Credit Card is a solid option. It’s a good choice for current Bank of America customers or those who prefer the bank. However, if you’re looking for a secured card with lower deposit requirements or rewards, there are other options available.
Overall, the BankAmericard® Secured Credit Card is a reliable choice for those looking to build credit and improve their financial knowledge.
Card features
Benefits as listed on the original card page. They can change; confirm details with the issuer.
- Requires minimum $300 deposit (refundable)
- Free access to monthly updated FICO® Score
- Digital wallet compatible
- No annual fee
- Overdraft protectio
Who this card may suit
- You're looking for your first credit card or need to boost your existing credit
- You have at least $300 to put toward the security deposit
- You want to learn about the impact of credit card usage on a credit score
- You need a card that won’t penalize by raising the interest rate
- You want the opportunity to get your security deposit back eventually
Rates, fees and terms
| Annual Fee | None |
|---|---|
| Regular Purchase APR | 26.24% variable based on the Prime Rate |
| Balance Transfer APR | 26.24% variable based on the Prime Rate |
| Balance Transfer Transaction Fee | Either $10 or 3% of the amount of each transactio |
| Cash Advance APR | 29.24% variable based on the Prime Rate |
| Cash Advance Transaction Fee | Either $10 or 5% of the amount of each cash advance, whichever is greater |
| Foreign Transaction Fee | 3% of the transaction amount in U.S. dollars |
| Late Payment Penalty Fee | Up to $40 |
| Return Payment Penalty Fee | Up to $29 |
| Minimum Deposit Required | $300 |
Confirm before you apply: rates, fees and offers change often. The figures above are the ones listed on the original card page, not a current quote from the issuer. APRs are typically variable, and the rate you receive depends on your creditworthiness. Recommended credit: Poor Credit Limited or No Credit.
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BankAmericard® Secured Credit Card
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