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finder.com’s rating: 4.2 / 5
★★★★★
$0
Annual fee
22.99%
Purchase APR (variable)
300
Recommended credit score
Product Name | BankAmericard® Secured Credit Card |
---|---|
Card type | Mastercard |
Annual fee | $0 |
Purchase APR | 22.99% variable |
Balance transfer APR | 22.99% variable |
Balance transfer fee | $10 or 3% of the transaction, whichever is greater |
Cash advance rate | 25.99% variable |
Cash advance fee | $10 or 5% of the cash advance amount, whichever is greater |
Foreign transaction fee | 3% of the transaction value |
Interest free period | Up to 25 days |
Late payment fee | Up to $40 |
Returned payment fee | Up to $29 |
Additional cardholder fee | $0 |
Review by
Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order by expertly navigating cutting-edge financial tools — including credit cards, apps and budgeting software.
The market for secured credit cards is surprisingly competitive. Perhaps equally surprising, the BankAmericard® Secured Credit Card isn’t one of the top contenders. The BankAmericard requires a $300 security deposit, no annual fee, and a rather high 22.99% variable purchase APR.
The card’s $300 minimum security deposit is fairly high compared to some secured cards. For example, 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 card’s APR is also higher than comparable secured cards on the market.
The BankAmericard® Secured Credit Card does have one highlight: You may be able to upgrade it to an unsecured card. Bank of America used to review your account for responsible use after 12 months, but some cardholders have mentioned the bank now reviews accounts much sooner. If you qualify, you’ll get your security deposit back while continuing to use your card.
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.
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.
After you’ve used the card several 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 be able to view your FICO score, which Bank of America updates monthly.
You won’t pay an annual fee to use this card.
This deposit is relatively high for secured credit cards.
Making late or returned payments could result in fees as high as $40.
Cash advances and balance transfers accrue interest immediately.
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.
The BankAmericard® Secured Credit Card lets you build your credit score with timely payments, though it can prove a bit expensive compared to other secured cards. If you’re looking for a card that helps you graduate to an unsecured card, though, this could be a good choice. Otherwise, check out some other strong secured credit card options.
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