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BankAmericard® Secured Credit Card is unavailable on The Ascent. All information was collected independently and not reviewed for accuracy or provided by the credit card issuer. Some items may be out of date.
The BankAmericard® Secured Credit Card is Bank of America's secured card option. Secured cards are a way for people who don't have good credit to get a credit card by paying a security deposit. If you are trying to increase your credit score, the upfront cost can be well worth it, and this card also has some perks that can help you along the way.
But how does the BankAmericard® Secured Credit Card compete with the top secured credit cards? We'll cover what we like and what we don't in this review.
BankAmericard® Secured Credit Card
Great for: Bad Credit
New/Rebuilding Under(579)
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
25.99%
Rewards
N/A
Annual Fee
$0
Welcome Offer
N/A
This card offers a low minimum deposit and a high maximum to go along with free access to your FICO® score and the ability to graduate to an unsecured card -- the only thing missing is a modest rewards program.
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
---|---|---|---|---|---|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Discover will match all the cash back you’ve earned at the end of your first year. N/A | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 17.24% - 28.24% Variable APR |
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
|
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
75,000 bonus points Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's over $900 when you redeem through Chase Travel℠. | 5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more. |
Intro: N/A Purchases: N/A Balance Transfers: N/A Regular: 21.49%-28.49% Variable |
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
This credit card is a good fit for: Consumers who are new to credit or rebuilding credit and need a quality card that's easy to get.
You don't need to pay an annual fee for the BankAmericard® Secured Credit Card. This is one of the most important perks to look for in credit cards for bad credit because you'll be able to keep the card open free of charge and build a long account history.
See more: Best No Annual Fee Credit Cards
Bank of America will review your account periodically to see if you qualify for an unsecured card. If you do, it will refund your security deposit. This is another feature you want to see with a secured credit card.
What's even better is that Bank of America is one of the faster card issuers when it comes to graduating to unsecured cards. While the typical timeframe is about 12 months for those who pay on time and don't use too much of their available credit, some cardholders have reported getting their deposits back in six months or less.
This card offers credit limits between $200 and $5,000, and your credit limit is equal to your security deposit. That range of credit limits allows you to choose what works best for you. You could go with a $200 deposit to keep your initial costs down or pick a higher limit so you don't need to worry about maxing out your card or having a high credit utilization ratio.
Learn more: How to Increase Your Credit Score
Bank of America reports payments and any other card activity to Equifax, Experian, and TransUnion. If you use your card correctly, then your credit score will increase with all three bureaus, which will eventually help you qualify for the best credit cards.
As a Bank of America cardholder, you can view your FICO® Score from TransUnion in your online account and the bank's mobile app. FICO is the most widely used credit scoring system, so this score provides an accurate gauge of how good your credit is.
This score is updated monthly. Every consumer benefits from knowing and understanding their credit score, but it's especially useful if you're trying to improve your credit because you can track your progress.
Read more: Best Secured Credit Cards
The BankAmericard® Secured Credit Card charges a 3% fee for foreign transactions, which includes transactions made in a foreign currency and transactions made or processed outside the United States. To avoid unnecessary fees, you'll need another payment method when traveling outside the country.
Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.
You don't need to meet any specific credit score requirements to get the BankAmericard® Secured Credit Card. Since this is a secured card, it's available to consumers with poor or limited credit histories. There are reports of applicants getting the card even with credit scores of 500 or less.
That doesn’t mean approval is guaranteed, though. Bank of America will evaluate your credit history and your current financial situation to decide whether to approve your application and how high to set your maximum credit limit. If you provide a security deposit in excess of what Bank of America calculates you can repay, then it will give you a lower credit limit and refund the difference.
You can review more card options on our list of the best starter credit cards for no credit.
Read more: Best Bank of America Credit Cards
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
The starting credit limit for the BankAmericard® Secured Credit Card ranges from $200 to $5,000. Your credit limit is based on the amount of your security deposit, your annual income, and your creditworthiness.
Yes, the BankAmericard® Secured Credit Card can help build credit, as any credit card can. Bank of America reports card activity to all three consumer credit bureaus. If you follow good credit-building habits, including paying your monthly bill on time, then your card activity could increase your credit score.
Yes, you can upgrade the BankAmericard® Secured Credit Card to an unsecured credit card. Bank of America will also periodically review your account to see if you qualify for an upgrade.
Our Credit Cards Experts
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
The Motley Fool owns shares of and recommends Mastercard.