BankAmericard® Secured Credit Card Review

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BankAmericard® Secured Credit Card

Rates & Fees

REVIEW & APPLY

On Issuer's Site

APR

25.74% Variable

Min. Security Deposit

$200

Annual Fee

Recommended Credit

(No Credit History)

PROS
- No annual fees
- Security deposit as low as $200
- Possibility of getting your security deposit back
CONS
- No cash back/rewards
- Foreign transaction fees
- $0 annual fees
- Security deposit/credit line of $200 to $5,000
- You might qualify for a security deposit refund based on different factors
- 3% foreign transaction fees (5% for cash advances)
- No penalty APR
- FICO score for free
- $0 liability guarantee

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Individuals with bad credit can apply for the BankAmericard® Secured Credit Card. The provider reports to the three main credit agencies, which is beneficial for anyone trying to rebuild their credit. However, the card has several high fees that you will not find on other credit cards. This card also does not provide any rewards.

BankAmericard® Secured Credit Card Overview

Quick Take

$0 annual fees
Security deposit/credit line of $200 to $5,000
You might qualify for a security deposit refund based on different factors
3% foreign transaction fees (5% for cash advances)
No penalty APR
FICO score for free
$0 liability guarantee

Important Card Details

It's important to thoroughly review the terms and conditions of any credit card before applying to be sure it's the best one for you.

Regular APR

The BankAmericard® credit card secured Credit Card offers a regular APR of 26.24% for purchases.

Balance Transfer APR and Fees

This card's variable APR for balance transfers is 26.24%. This provider also charges balance transfer fees of $10 or 3% of the amount of each transaction, whichever is greater.

Cash Transfer APR and Fees

This card's variable APR for cash transfers is 29.24% for direct deposit, check and bank cash advances. It’s also liable to fluctuate with the market based on the Prime Rate. This company also charges cash transfer fees of $10 or 3% of the transaction amount, whichever is greater.

Purchase APR and Fees

The variable APR for purchases on this card is 226.24% and it varies with the market depending on the Prime Rate. This company also levies purchase fees of $10 or 5% of the transaction amount, whichever is greater.

Foreign Transaction Fees

Bank of America charges fees for foreign transactions made via ATMs, over-the-counter transactions, same-day online transactions and cash equivalent cash advances. They charge either $10 or 5% of the transaction amount, whichever is more. Each transaction in a foreign currency, or in US dollars if the transaction is performed or processed outside of the United States, is subject to a 3% fee. This cost will be in addition to any other fees that may apply.

Penalty Fees

Bank of America charges late payment fees of up to $40.

Additional Benefits

The BankAmericard® credit card Secured Credit Card offers several features and benefits.

Security: If unusual patterns are detected, Bank of America will block possible fraud and notify you if they suspect fraudulent activity. In addition, you will always get a $0 Liability Guarantee for fraudulent transactions.
Account alerts: You may choose to get notifications through text message or email. Bank of America does not charge for this service, but message and data fees from your cell carrier may apply.
FICO score: You can now check your FICO Score, which is updated monthly, for free using your mobile banking app or online banking account. Check to see your credit score, the main factors impacting your score and other information that might help you maintain good credit.
Paperless statement option: You can choose paperless credit card statements to improve account security while reducing paper use.
Customer satisfaction: According to the J.D. Power Satisfaction Rating, Bank of America received a slightly below average customer satisfaction score.

How the BankAmericard® Secured Credit Card Compares To Other Cards

This card is a good option for those who do not care about earning extra rewards while rebuilding their credit history. However, you may be able to find comparable cards that offer more rewards. Ultimately, your choice should be based on your credit card use.

How the BankAmericard® Secured Credit Card Compares

BankAmericard® credit card Secured Card

Refundable security deposit: Starting at $200
Rewards: None
Purchase APR: 26.24% variable
Best for: Building creditworthiness

Discover it® Secured Credit Card

Refundable security deposit: Starting at $200
Rewards: Unlimited 1% cashback on all your purchases automatically
Purchase APR: 28.24% variable
Best for: Building creditworthiness and earning rewards on purchases

Frequently Asked Questions

What is the average credit score needed to get approved for BankAmericard® credit card Secured Card?

You need a fair credit score to apply. Individuals looking to establish their credit score can also apply.

Does BankAmericard® credit card Secured Card report to all three credit bureaus?

Bank of America reports to all three of the major credit bureaus: TransUnion, Equifax and Experian.

Is the BankAmericard® credit card Secured Card application process lengthy? Can you prequalify?

This card application takes approximately five to ten minutes to complete, and you may receive a response in as little as 30 seconds.

What information is needed to apply for the BankAmericard® credit card Secured Card?

To apply for this credit card, you'll need your personal information, including your Social Security number and total annual income.

Does BankAmericard® credit card Secured Card have good customer service or satisfaction?

According to J.D Power's customer satisfaction ratings, this provider received below-average ratings for customer service in comparison to other providers.

Does BankAmericard® credit card Secured Card have a mobile app or the option to pay or manage your account online?

Yes, the Bank of America mobile app is available for download on Google PlayStore and Apple AppStore.

Does BankAmericard® credit card Secured Card raise credit limits automatically or charge for limit increases?

Bank of America periodically reviews your account and based on your overall credit history, you may qualify to have your credit limit increased.

Does BankAmericard® credit card Secured Card offer the option to freeze your credit/account or have other security features?

When this provider detects unusual activity in your account, it immediately freezes it and notifies you.

Does Bank of America offer other credit cards besides BankAmericard® credit card Secured Card?

Yes, it does. Some other popular Bank of America credit cards include the Bank of America® Customized Cash Rewards credit card, the Bank of America Unlimited Cash Rewards, the Bank of America Business Advantage Reward Credit Card and the Bank of America® Premium Rewards® credit card.

About Doug Milnes, CFA

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.

Read Full Bio »

sources

Bank of America. "Secured Credit Card." Accessed December 10, 2024.
Discover. "Secured Credit Card." Accessed December 10, 2024.
Bank of America. "Credit Card Account Management FAQs." Accessed December 10, 2024.
Consumer Finance Protection Bureau. "Credit card agreement database." Accessed December 10, 2024.
J.D Power. "2021 U.S. Credit Card Satisfaction Study." Accessed December 10, 2024.

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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