MoneyGeek’s Take

BankAmericard® Secured Credit Card Review

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ByDoug Milnes, CFA
Reviewed byAlene Laney
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ByDoug Milnes, CFA
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Reviewed byAlene Laney
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Updated: March 20, 2024

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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

    The BankAmericard® Secured Credit Card might work well for you if you have poor or inadequate credit history and wish to build or rebuild your creditworthiness. What helps is you don’t have to pay any account opening, monthly or annual fees.

    You need to provide a security deposit of $200 to $5,000 to open a new account, and the amount you provide functions as your credit line. Bank of America may choose to refund the security deposit at a later stage based on factors such as how well you manage your account and your overall creditworthiness.

    If you plan to use this card outside of the U.S., prepare to pay foreign transaction fees.

    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.

    BankAmericard® Secured Credit Card
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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.

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    Regular APR

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

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    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.

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    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.

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    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.

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    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

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BankAmericard® credit card Secured Card

  • Refundable security deposit: Starting at $200
  • Rewards: None
  • Purchase APR: 26.24% variable
  • Best for: Building creditworthiness
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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?
Does BankAmericard® credit card Secured Card report to all three credit bureaus?
Is the BankAmericard® credit card Secured Card application process lengthy? Can you prequalify?
What information is needed to apply for the BankAmericard® credit card Secured Card?
Does BankAmericard® credit card Secured Card have good customer service or satisfaction?
Does BankAmericard® credit card Secured Card have a mobile app or the option to pay or manage your account online?
Does BankAmericard® credit card Secured Card raise credit limits automatically or charge for limit increases?
Does BankAmericard® credit card Secured Card offer the option to freeze your credit/account or have other security features?
Does Bank of America offer other credit cards besides BankAmericard® credit card Secured Card?

About Doug Milnes, CFA


Doug Milnes, CFA headshot

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.


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