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](https://www.moneygeek.com/credit-cards/advice/increase-credit-limit-with-bank-of-america/).

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.

MoneyGeek’s Take

BankAmericard® Secured Credit Card Review

The BankAmericard® Secured Credit Card is a no-annual-fee card designed to help individuals with no credit or those trying to rebuild their credit.

Advertising & Editorial DisclosureLast Updated: 2/5/2023

Reviewed By

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

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.

Card Details to Know Up Front

Bonus, Fee or Feature
Has or Not
Has Annual Fee
Security Deposit Required
Has Rewarding Welcome Offer
Has APR Offer
Has Balance Transfer Fee
Has Cash Advance Fee

Click to see this card’s rates, fees and how they compare to other cards in our dataset.

OUR REVIEW AT A GLANCE

Credit Card Details at a Glance
Pros & Cons Explained
Bonuses & Rewards Explained
Our Verdict: Is This Card for You?

BankAmericard® Secured Credit Card at a Glance

This card is ideal for users who are new to credit or rebuilding credit and want a high-quality card that is easy to get. Individuals wishing to save money on annual fees may also find that this card is a good option.

BankAmericard® Secured Credit Card
A good no-annual-fee secured credit card to build or rebuild your credit
- None–PoorRecommended Credit
- $0Annual Fee
- $200Min. Security Deposit
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
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
Terms, rates and fees apply
Compare this credit card with other top-rated credit cards.

Pros & Cons Explained

The BankAmericard® credit card, like other secured credit cards, has a long list of benefits and drawbacks.

Pros

Benefits
Description
No annual fee
Bank of America does not charge an annual fee to keep this card active, saving cardholders money.
Build credit
Consumers with no or poor credit may use this card to maintain good spending habits and improve their credit scores. Bank of America reports to the three main credit agencies regularly, which is beneficial for people with poor credit since it allows them to improve their credit over time.
FICO score tracking
Bank of America allows you to access your FICO Score updated monthly for free, within your Mobile Banking app or through your online account.
Potential to qualify for an unsecured card
Bank of America may conduct an audit of your account and refund your security deposit. However, since the decision is dependent on your creditworthiness, not all consumers will be eligible for a deposit refund.

Cons

Drawbacks
Description
3% foreign transaction fees
In addition to any other fees that may apply to your transaction, Bank of America charges 3% of the U.S. dollar amount of any transaction performed in a foreign currency, or in U.S. dollars if the transaction is completed or processed outside the U.S.
No rewards program
Bank of America doesn’t offer cardholders additional perks. Individuals looking to earn rewards on purchases may need to check out other alternative cards.
High regular APR
Although there is no penalty APR on this card, Bank of America charges a 26.24% APR on purchases and balance transfers, a 29.24% APR on direct 31.24% APR on bank cash advances.

INTERESTED IN COMPARING THE BEST CREDIT CARDS OF2022?

MoneyGeek consistently rechecks the data of the cards included in our database to select the best cards in their respective categories. For instance, you can see which credit cards are the best-secured credit cards for those looking to build or rebuild their credit in 2022.

Other Features Explained

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

Card Feature
Description
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.

MONEYGEEK QUICK TIP

If you don’t want to pay interest on purchases, bear in mind that your due date is at least 25 days after the close of each billing cycle. Bank of America will not charge you any interest on purchases if you pay your entire balance by the due date each month. Furthermore, a security deposit of $200 to $5,000, depending on your income and your ability to pay the established credit line, is required to open this account.

Understanding the Fine Print

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.

Card Feature
Amount or Rate
APR
26.24% Variable
Annual Fee
$0
Min. Security Deposit
$200
Balance Transfer Fee
$10 or 3%, whichever is greater
Balance Transfer APR
26.24% Variable
Late Fees
Up to $40
Cash Advance Fee
$10 or 3%, whichever is greater
Cash Advance APR
29.24% Variable
Foreign Transaction Fee
3%

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 and check cash advances and 31.24% for 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 26.24% 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.

WHERE TO FIND THIS INFORMATION?

Keep the APR and any associated fees in mind when comparing this card to other secured credit cards. If you want to compare it to one of your existing credit cards, just check through your most recent billing statement or visit your card provider's website or app. Alternatively, you may use the Consumer Financial Protection Bureau's (CFPB) credit card agreement database to get information.

Who Should & Shouldn’t Consider BankAmericard® Secured Credit Card?

Other Considerations for BankAmericard® Secured Credit Card

The BankAmericard® credit card Secured Card is not for everyone, so think carefully before applying. Whether this is your first or only card, or an extra card in your wallet, there are a few important factors to consider.

Things to Consider if This Will Be Your First or Only Credit Card

If this is your first or only credit card, keep the high APR in mind while making purchases. If you carry debt from month to month, you'll end up paying a lot of interest due to the high APR on this card. Remember that cardholders will be charged a late payment penalty of up to $40.

Things to Consider if This Will Be an Additional Card in Your Wallet

If you want to use this card as an extra card in your wallet, it may be a good idea to maintain excellent purchasing habits with it since it will help you improve your creditworthiness. This card may also help you save money on annual fees.

WHY TRUST OUR REVIEWS:

We adhere to a well-defined and well-established methodology in our credit card reviews. MoneyGeek uses the Consumer Financial Protection Bureau's database to gather information, standardize data points for comparison, determine average spending profiles, determine the long-term worth and undertake periodical re-ranking.

How 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.

Quick Comparison of BankAmericard® credit card Secured Card

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: 27.74% variable
Best for: Building creditworthiness and earning rewards on purchases

Other Helpful Decision-Making Q&As

MoneyGeek answers some of the most frequently asked questions about BankAmericard® credit card Secured Credit Card to help you determine if it's the best option for you.

Still not sure about this card? Consider these options.

If you're not sure how well this card will work for you, compare it to some of the other top secured cards. If you do not need a secured card, a rewards card may be a better choice.

View All Credit Cards

Learn more about credit cards in general

sources

Bank of America. "Secured Credit Card." Accessed April 13, 2022.
Discover. "Secured Credit Card." Accessed April 13, 2022.
Bank of America. "Credit Card Account Management FAQs." Accessed April 13, 2022.
Consumer Finance Protection Bureau. "Credit card agreement database." Accessed April 13, 2022.
J.D Power. "2021 U.S. Credit Card Satisfaction Study." Accessed May 2, 2022.

*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.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.