Bank of America BankAmericard Secured Card Review
The Bank of America BankAmericard Secured Card is a no-annual-fee card designed to help individuals with no credit or those trying to rebuild their credit.
Individuals with bad credit can apply for the Bank of America 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 FeatureHas or Not
- Has Annual Fee
- Security Deposit Required
- Has Rewarding Welcome Offer
- Has APR Offer
- Has Balance Transfer Fee
Bank of America BankAmericard Secured 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.
- Bank of America BankAmericard Secured Card
A good no-annual-fee secured credit card to build or rebuild your credit
- None-PoorCredit Needed
- $0Annual Fee
- $300Min. Security Deposit
Pros & Cons Explained
The Bank of America BankAmericard credit card, like other secured credit cards, has a long list of benefits and drawbacks.
- No annual feeBank of America does not charge an annual fee to keep this card active, saving cardholders money.
- Build creditConsumers 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 trackingBank 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 cardBank 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.
- 3% foreign transaction feesIn 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 programBank 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 APRAlthough there is no penalty APR on this card, Bank of America charges a 23.24% APR on purchases and balance transfers, a 26.24% APR on direct deposit and check cash advances and a 29.24% APR on bank cash advances.
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 Bank of America BankAmericard Secured Credit Card offers several features and benefits.
- Card FeatureDescription
- SecurityIf 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 alertsYou 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 scoreYou 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.
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 $300 to $4,900, 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 FeatureAmount or Rate
- Annual Fee$0
- Min. Security Deposit$300
- Balance Transfer Fee3%
- Balance Transfer APR22.99%
The Bank of America BankAmericard secured Credit Card offers a regular APR of 23.24% for purchases.
Balance Transfer APR and Fees
This card's variable APR for balance transfers is 23.24%. 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 26.24% for direct deposit and check cash advances and 29.24% 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 23.24% 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.
Bank of America charges late payment fees of up to $40.
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 Bank of America BankAmericard Secured Card?
Other Considerations for Bank of America BankAmericard Secured Card
The Bank of America BankAmericard 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.
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 Bank of America BankAmericard Secured 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 Bank of America BankAmericard Secured Card
Bank of America BankAmericard Secured Card
- Refundable security deposit: Starting at $300
- Rewards: None
- Purchase APR: 23.24%
- 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: 23.24%
- 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 Bank of America BankAmericard Secured Credit Card to help you determine if it's the best option for you.
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Learn more about credit cards in general
- 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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