Bank of America
BankAmericard® Secured Credit Card
Key Features
| Annual Fee | $0.00 |
| Sign-up Bonus | Not eligible for a bonus offer |
| Rewards Rate | No rewards |
| Intro APR | None |
| Regular APR | Standard APR 25.99% variable |
| Other Fees | Balance Transfer Fee 5% of each transaction |
About this card
The BankAmericard® Secured Credit Card is a basic secured card with a few notable drawbacks. Its primary strength is the lack of an annual fee and the backing of a major bank. However, the high APR significantly reduces its value, especially as there are no rewards to offset the interest costs. While the fee structure is reasonable, the absence of any rewards program makes it less competitive than other secured cards. The card is best suited for those who need a secured card to build credit and prioritize avoiding an annual fee above all else, but it's not a compelling option compared to cards with rewards or lower APRs. User sentiment indicates frustration with the slow graduation process to an unsecured card and difficulty refunding security deposits.
Pros & Cons
What's great
- No annual fee
- Opportunity to build credit
- Fraud protection
Things to consider
- High regular APR
- No sign-up bonus
- Balance transfer fee
What this card offers
Sign-up bonuses
- Secured card products are not eligible for a new account bonus offer, like a statement credit,
Other features
- Looks and works like any other credit card
- A secured credit card designed to help establish, strengthen or rebuild credit
- A minimum 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.
- Access to credit education on topics like using credit cards responsibly, budgeting and more
- We'll periodically review your account and, based on your overall credit history (including your account and overall relationship with us, and other credit cards and loans), you may qualify to have your security deposit returned. Not all customers will qualify.
- Stay Protected We block potential fraud if abnormal patterns are detected and let you know if we suspect fraudulent activity. Plus, you always get a $0 Liability Guarantee for fraudulent transactions.
- Balance Connect® for overdraft protection An optional service to help prevent declined purchases, returned checks or other overdrafts when you link your eligible Bank of America® checking account to your credit card. No transfer fees. Other fees may apply.
- Paperless Statement Option Opt for paperless credit card statements and increase account security while reducing paper consumption.
- Digital Wallet Technology 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.
- Online & Mobile Banking Access to our award-winning Online and Mobile Banking. Bank on the go from almost anywhere quickly and securely. Pay your credit card bill online, transfer funds, check available credit and more.
- Account Alerts Stay on top of your balances and due dates. Choose from several types of customer email or text alerts and let your phone tell you when payments are due and paid.
Additional Notes
Note: minimum payments are applied to lower-interest balances first. Additional payments are applied to higher-interest balances first.