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BankAmericard® Secured Credit Card review

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While relatively expensive, this card can springboard you to an unsecured card, if you use it responsibly.

  • Get this card if… you’re looking for the opportunity to upgrade to an unsecured card.
  • Pick something else if… you don’t want an annual fee or you want a card with a low minimum security deposit.
  • Recommended fair credit range of 300 to 679 to apply.


Annual fee


Purchase APR (variable)


Recommended credit score


Product NameBankAmericard® Secured Credit Card
Card typeMastercard
Annual fee$0
Purchase APR24.49% variable
Balance transfer APR24.49% variable
Balance transfer fee$10 or 3% of the transaction, whichever is greater
Cash advance rate26.49% variable
Cash advance fee$10 or 5% of the cash advance amount, whichever is greater
Foreign transaction fee3% of the transaction value
Interest free periodUp to 25 days
Late payment feeUp to $39
Returned payment feeUp to $28
Additional cardholder fee$0

Expert review

Kevin Joey Chen

Review by

Kevin Joey Chen is a credit cards, banking and investments writer who has written nearly 500 Finder articles. He's passionate about helping you get your finances in order and expertly navigate the cutting-edge financial tools available -- including credit cards, apps and budgeting software.

Expert review

The market for secured credit cards is surprisingly competitive. Perhaps equally surprising, the BankAmericard® Secured Credit Card isn’t one of the top contenders.

For one, the card comes with a $0 p.a. annual fee. That’s a fairly steep price, given you’ll find excellent secured cards that charge no annual fee. The card also requires a $300 minimum security deposit, which is high compared to some secured cards. You can pick up the Citi® Secured Mastercard® for a $200 deposit, or the Capital One® Secured Mastercard® for deposit of as low as a $49.

The BankAmericard® Secured Credit Card does have one distinct advantage: You may be able to upgrade it to an unsecured card. After 12 months, Bank of America reviews your account for responsible use. If you qualify, you’ll get your security deposit back while continuing to use your card.

The perks

  • Deposit return.

    After you’ve used the card for 12 months, Bank of America may review your account for responsible use. If you qualify, it returns your security deposit while you keep using your card.

You’ll also like …

  • FICO score access.

    You’ll be able to view your FICO score, which Bank of America updates monthly.

What to watch out for

  • Annual fee.

    The BankAmericard® Secured Credit Card has a $0 annual fee.

  • $300 minimum security deposit.

    This deposit is relatively high for secured credit cards.

  • It hurts to pay late.

    Making late or returned payments could result in fees as high as $39.

  • No interest grace periods on cash advances or balance transfers.

    Cash advances and balance transfers accrue interest immediately.

Compare secured credit cards

Name Product Filter values Minimum deposit required Purchase APR Annual fee Recommended minimum credit score
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OpenSky® Secured Visa® Credit Card
Starting at $200
19.14% variable
A secured Visa® credit card that helps you build your credit quickly.
Applied Bank® Secured Visa® Gold Preferred® Credit Card
Starting at $200
9.99% fixed
This secured card can help you rebuild your credit with an initial deposit of $200 to $1,000.
Capital One® Secured Mastercard®
$49, $99 or $200
26.99% variable
Get access to a higher credit line after making your first 5 monthly payments on time.
Green Dot primor® Mastercard® Classic Secured Credit Card
Starting at $200
13.99% fixed
Designed for those with little or poor credit, the Green Dot primor® Mastercard® Classic Secured Credit Card has no minimum credit score requirements and no processing or application fees to worry about.

Compare up to 4 providers

What should I know before I apply?

To apply for the BankAmericard® Secured Credit Card you must be at least 18 years old (or 21 if you’re a permanent resident of Puerto Rico).

When applying for the card, you’ll need to put down a security deposit. The minimum is $300 and the maximum is $4,900. Most likely, the amount you deposit will be your credit limit.

Information you’ll need:

  • Your full name and personal contact information
  • Your residential status and monthly housing payment
  • Your annual income, source of income and employment information
  • Your opening deposit and bank account information

How to apply for the BankAmericard® Secured Credit Card

  1. Go to the Bank of America website and click Apply Now.
  2. Complete the application form with your name, address, contact information and total annual income. Specify your bank account information and the amount you want to deposit. Then review your application and submit it.

How likely is approval?

Secured credit cards are designed for those who are new to credit. They’re also offered to consumers with fair or even poor credit.

If your credit score is too low, you could be denied for a secured card. In this case, consider a secured credit card that doesn’t require a credit check.

How long will it take to be approved?

Because conditional approval is automated on the Bank of America website, you may get a decision within 60 seconds. In some cases, you’ll need to wait a few days to a few weeks to receive a response.

I got the card. Now what?

  • Make timely payments. You can pay your card bill online — and enroll in autopay — at the Bank of America website.
  • Avoid paying interest. After the close of each billing cycle, you have a grace period of 25 days to pay your balance. If you do, you won’t pay interest on your purchases.
  • Avoid fees. Late and returned payments come with hefty fees of up to $39. Balance transfers, cash advances and foreign transactions also come with fees.
  • Customer service. If you have questions, call Bank of America at 800-732-9194, email using an online secure form, or connect on Twitter @BankofAmerica or on Facebook @BankofAmerica.

Bottom line

It’s relatively expensive, but the BankAmericard® Secured Credit Card lets you build your credit score with timely payments. When you responsibly use a secured credit card, you’ll typically have the opportunity to graduate to an unsecured card after 12 months.

Frequently asked questions

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