Bank of America
BankAmericard® Secured Credit Card
Key Features
| Annual Fee | $0.00 |
| Intro APR | None |
| Regular APR | Standard APR 24.49% variable |
| Other Fees | Balance Transfer Fee 4% of each transaction |
About this card
The BankAmericard® Secured Credit Card is a basic tool for building or rebuilding credit, hampered by a high APR and lack of rewards. Its strengths lie in the absence of an annual fee and the backing of a major bank, providing a sense of security. However, the high APR offsets the benefit of no annual fee. The lack of rewards is a significant drawback compared to other secured cards. User sentiment indicates frustration with the slow graduation process to an unsecured card. While it serves its core purpose, the card's overall value is limited due to the cost from the APR and missed rewards opportunities.
Pros & Cons
What's great
- Low credit score requirement
- No annual fee
Things to consider
- High regular APR
- No sign-up bonus
- No rewards
- Balance transfer fee
What this card offers
Sign-up bonuses
Rewards
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.
- Secured card products are not eligible for a new account bonus offer, like a statement credit, and introductory APRs are not available.
- 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.
- 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.
- Opt for paperless credit card statements and increase account security while reducing paper consumption.
- 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.
- 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.
- 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.