BankAmericard Secured Credit Card review | finder.com

BankAmericard® Secured Credit Card review – May 2019

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BankAmericard® Secured Credit Card

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.
Product NameBankAmericard® Secured Credit Card
Card TypeMastercard
Annual Fee$39
Purchase APR22.49% variable
Intro Purchase APR

N/A

Balance Transfer APR22.49% variable
Intro Balance Transfer APR

N/A

Balance Transfer Fee$10 or 3% of the transaction, whichever is greater
Cash Advance Rate27.24% variable
Foreign Transaction Fee3% of the transaction value
Cash Advance Fee$10 or 5% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $38
Returned Payment FeeUp to $27
Additional Cardholder Fee$0
Minimum Age18 years of age

The basics

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 $39 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 Discover it® Secured or Citi® Secured Mastercard® for a $200 deposit, or the Secured Mastercard® from Capital One® 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 $39 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 $38.

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

    Cash advances and balance transfers accrue interest immediately.

Consider other cards if …

  • You don’t want to pay an annual fee.

    You will find secured card options that come with no fee.

  • You want a lower minimum security deposit.

    You could qualify for other secured cards with low minimum deposits.

Compare secured credit cards

Name Product Filter values Purchase APR Annual Fee Recommended Minimum Credit Score
19.64% variable
$35
300
A secured Visa® credit card that helps you build your credit quickly.
26.74% variable
$0
300
No credit history or minimum credit score required for approval.
14.74% variable
$39
580
No minimum credit score and no credit history required.
20.74% variable
$29
300
Build your credit with all three major credit bureaus.
9.99% fixed
$48
300
This secured card can help you rebuild your credit with an initial deposit of $200 to $1,000.

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 $38. 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.

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