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- BankAmericard® Secured Credit Card
A good no-annual-fee secured credit card to build or rebuild your credit
- 26.24% VariableAPR
- $200Min. Security Deposit
- $0Annual Fee
- None–PoorRecommended Credit
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.
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 25.99% for purchases.
Balance Transfer APR and Fees
This card's variable APR for balance transfers is 25.99%. 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 28.99% for direct deposit and check cash advances and 29.99% 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 25.99% 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: 25.99% 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: 27.99% variable
- Best for: Building creditworthiness and earning rewards on purchases
Frequently Asked Questions
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.
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