Our Verdict
Does your credit score need some TLC? The BankAmericard® Secured credit card* could help you rebuild your credit. It doesn’t charge an annual fee, so it’s a low-cost choice, as long as you can swing the $200 minimum opening deposit. But once your score improves, the lack of rewards or other perks prevent this card from having the muscle to hang onto long-term.
Pros
- Build credit with no annual fee
- Online FICO score for free
- Pathway to upgrade to a standard unsecured card
- No penalty APR
Cons
- Minimum $200 deposit required
- 3% foreign transaction fee
- Very high APR
- No rewards program or welcome bonus
Highlights
- No annual fee
- Now, you can access your FICO® Score updated monthly for free, within your Mobile Banking app or in Online Banking
- A minimum refundable security deposit of $200 (maximum of $5,000) is required to open this account
- Your maximum credit limit will be determined by the amount of the security deposit you provide, your income and your ability to pay the credit line established
- Now with chip technology for enhanced security and protection when making purchases at chip-enabled terminals in over 130 countries
- Discover more ways to pay by adding your Bank of America® credit card to your mobile device then shop in-store or in-app using Apple Pay®, Google Pay™ or Samsung Pay
Introduction
If you don’t qualify for an unsecured card that doesn’t require a security deposit, a secured credit card can be a great option to get your credit score in shape. The BankAmericard® Secured credit card* has a few key attributes that can make it a powerful credit-builder.
When it comes to improving credit, consistent on-time bill payments are key, this means with regular and timely payments, your score will improve. Bank of America says in the fine print that they’ll regularly review your credit-related activity to see if you’ve shown solid behavior on all of your accounts. If they deem you’ve bulked up enough, you’ll qualify to have your deposit returned to you.
It’s a huge plus that there are no annual, program or maintenance fees associated with other cards for poor credit. If you have an eligible checking account at Bank of America, you can also opt-in for overdraft protection, a nice feature not often found on secured cards.
But there are some big negatives that lower the card’s overall appeal. For starters, your credit limit is determined by a variety of factors including your income, your ability to repay charges, and the deposit you provide. Many other secured cards will look only at the deposit you provide. The maximum limit on the BankAmericard® Secured credit card* is $5,000.
There’s also little incentive provided by the card to make this your primary card after your credit improves. But when rebuilding your credit, the age of your credit accounts is factored into your score, so having a card you can hold on to with no annual fee is a great option. The BankAmericard® Secured credit card* doesn’t offer any exciting extras like rewards or other perks. The regular APR is also high if you need to carry a balance. There are definitely worse choices than this card, but there are also some better ones.
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Quick Facts
- $0 annual or account opening fees
- Minimum opening deposit is $200, maximum is $5,000
- Potential to have your deposit returned to you
- Bank of America will determine your limit
- No rewards or other perks
Other BankAmericard Secured Card Benefits
- FICO Score access. See your updated FICO Score each month from within the Bank of America mobile banking app or from your online banking portal.
- Balance Connect for overdraft protection: You can opt in for overdraft protection by linking your eligible Bank of America checking account to your credit card.
- Potential for deposit return. Bank of America will periodically review your overall credit history and may decide to return your deposit to you.
Fine Print
Interest Rates
- Regular APR: 26.24% variable
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
Fees
- Annual fee: $0
- Balance transfer fee: 4% of the amount of each transaction
- Foreign purchase transaction fee: 3% of the U.S. dollar amount of each transaction
How the BankAmericard Secured Card Stacks Up
BankAmericard® Secured credit card* vs. Discover it® Secured Credit Card
The Discover it® Secured Credit Card reports to the three major credit bureaus. But it’s got more to offer the BankAmericard® Secured credit card*. The Discover it® Secured Credit Card earns rewards, something only a tiny handful of other secured cards offer.
You can earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases. And, at the end of your first year, Discover will automatically match your earnings, dollar for dollar.
The issuer will also review your account after seven months to see if you qualify to have your deposit returned. Bank of America does not specify a date for review.
BankAmericard® Secured credit card* vs. Capital One Platinum Secured Credit Card
The $0 annual fee Capital One Platinum Secured Credit Card (rates & fees) has a unique feature not seen on most other secured cards. Depending on your creditworthiness, you can deposit either $49, $99 or $200. All three options will get you the minimum credit line on the card of $200. This could be a huge boon to someone short on cash who is trying to improve their credit standing.
The issuer will also start reviewing your account in as soon as six months to see if you qualify for a higher credit line. Be aware that this card also has a lower credit limit of $1,000, which means it could be more of a challenge to improve your credit. That’s because a chunk of your score is based on your overall credit utilization. If you need to charge a few hundred dollars to a card with a lower limit, your amount of available credit may impact your score until you pay off the balance.
Note: this is only an issue if you need to carry a balance and you would be approved for a higher balance with Bank of America.
BankAmericard® Secured credit card* vs. OpenSky® Secured Visa® Credit Card
The OpenSky® Secured Visa® Credit Card is an intriguing option for those whose credit might be badly damaged or nonexistent and who find it hard to get started building or repairing their credit. There’s no credit check required and your credit limit is determined by how much you’re willing to put down as a security deposit, starting at $200 with a maximum of $3,000.
For those with already shaky credit, bypassing a credit check means your score won’t get dinged by applying for this card. Unlike the BankAmericard® Secured credit card*, this card had a $35 annual fee.
Is the BankAmericard Secured Card for You?
The BankAmericard® Secured credit card* is just-OK choice if you’re trying to power lift your score. But other secured cards can be better for the long haul, if you’re willing to explore the competition.
Find the Best Credit Cards for 2024
No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers.
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:
- Annual fees
- Welcome bonus offers
- Ongoing earning rates
- Value of individual points or miles
- Included travel or merchant credits
- Additional cardholder benefits
Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.
Read more: How Forbes Advisor Rates Credit Cards
*The information for the following card(s) has been collected independently by Forbes Advisor: BankAmericard® Secured credit card. The card details on this page have not been reviewed or provided by the card issuer.
