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BankAmericard Secured Review: All the Features You Need to Build Credit

Review Updated
Lyle Daly
Lyle Daly
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Steven Porrello
Steven Porrello
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Offer Status

BankAmericard® Secured Credit Card is unavailable on Motley Fool Money. All information was collected independently and not reviewed for accuracy or provided by the credit card issuer. Some items may be out of date.

The BankAmericard® Secured Credit Card is Bank of America's secured card option. Secured cards are a way for people who don't have good credit to get a credit card by paying a security deposit. If you are trying to increase your credit score, the upfront cost can be well worth it, and this card also has some perks that can help you along the way.

But how does the BankAmericard® Secured Credit Card compete with the top secured credit cards? We'll cover what we like and what we don't in this review.

Ratings Methodology

BankAmericard® Secured Credit Card

Great for: Bad Credit

BankAmericard® Secured Credit Card
Rating image, 3.75 out of 5 stars.
3.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.75 out of 5 stars.
3.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: New/Rebuilding Under(579)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

New/Rebuilding Under(579)

Intro APR

Purchases: N/A

Balance Transfers: N/A

Regular APR

25.49%

Rewards

N/A

Annual Fee

$0

Welcome Offer

N/A

  • This card offers a low minimum deposit and a high maximum to go along with free access to your FICO® score and the ability to graduate to an unsecured card -- the only thing missing is a modest rewards program.

    • No minimum credit score required
    • No annual fee
    • Free credit score monitoring
    • Can graduate to an unsecured card
    • Foreign transaction fee
    • A secured credit card designed to help establish, strengthen or rebuild credit.
    • It can graduate to an unsecured card once Bank of America feels you qualify.
    • 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. If you provide a deposit that exceeds the calculated maximum amount based on your ability to pay, a check will be returned to you for the difference.
    • Now, you can access your FICO Score updated monthly for free, within your Mobile Banking app or in Online Banking. Opt-in to receive your score, the key factors affecting your score, and other information that can help you keep your credit healthy.
    • We'll periodically review your account and, based on your overall credit history (including your account with us and other credit cards and loans), you may qualify to have your security deposit returned. Not all customers will qualify.
    • Access to credit education on topics like using credit cards responsibly, budgeting and more.

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. 1% - 5% Cashback Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.24% - 27.24% Variable APR

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: 19.24%, 24.24%, or 29.24% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5-3 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open. Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers. Balance transfers may not be used to pay any account provided by Bank of America.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 18.24% - 28.24% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

Full BankAmericard Secured review

This credit card is a good fit for: Consumers who are new to credit or rebuilding credit and need a quality card that's easy to get.

Top perks

No annual fee

You don't need to pay an annual fee for the BankAmericard® Secured Credit Card. This is one of the most important perks to look for in credit cards for bad credit because you'll be able to keep the card open free of charge and build a long account history.

See more: Best No Annual Fee Credit Cards

Graduates to an unsecured card

Bank of America will review your account periodically to see if you qualify for an unsecured card. If you do, it will refund your security deposit. This is another feature you want to see with a secured credit card.

What's even better is that Bank of America is one of the faster card issuers when it comes to graduating to unsecured cards. While the typical timeframe is about 12 months for those who pay on time and don't use too much of their available credit, some cardholders have reported getting their deposits back in six months or less.

Flexible credit limit

This card offers credit limits between $200 and $5,000, and your credit limit is equal to your security deposit. That range of credit limits allows you to choose what works best for you. You could go with a $200 deposit to keep your initial costs down or pick a higher limit so you don't need to worry about maxing out your card or having a high credit utilization ratio.

Learn more: How to Increase Your Credit Score

Reports activity to all three credit bureaus

Bank of America reports payments and any other card activity to Equifax, Experian, and TransUnion. If you use your card correctly, then your credit score will increase with all three bureaus, which will eventually help you qualify for the best credit cards.

Free FICO® Score tracking

As a Bank of America cardholder, you can view your FICO® Score from TransUnion in your online account and the bank's mobile app. FICO is the most widely used credit scoring system, so this score provides an accurate gauge of how good your credit is.

This score is updated monthly. Every consumer benefits from knowing and understanding their credit score, but it's especially useful if you're trying to improve your credit because you can track your progress.

Read more: Best Secured Credit Cards

What could be improved

Foreign transaction fee

The BankAmericard® Secured Credit Card charges a 3% fee for foreign transactions, which includes transactions made in a foreign currency and transactions made or processed outside the United States. To avoid unnecessary fees, you'll need another payment method when traveling outside the country.

Find the best credit card for your needs
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Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

Compare cards

Suggested credit score

You don't need to meet any specific credit score requirements to get the BankAmericard® Secured Credit Card. Since this is a secured card, it's available to consumers with poor or limited credit histories. There are reports of applicants getting the card even with credit scores of 500 or less.

That doesn’t mean approval is guaranteed, though. Bank of America will evaluate your credit history and your current financial situation to decide whether to approve your application and how high to set your maximum credit limit. If you provide a security deposit in excess of what Bank of America calculates you can repay, then it will give you a lower credit limit and refund the difference.

You can review more card options on our list of the best starter credit cards for no credit.

The BankAmericard Secured is right for you if:

  • You're either trying to build credit for the first time or rebuild credit due to issues on your credit file.
  • You want a card with no annual fee and free credit score tracking.
  • You want the opportunity to graduate to an unsecured card.

Read more: Best Bank of America Credit Cards

Our credit card methodology

At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.

FAQs

  • The starting credit limit for the BankAmericard® Secured Credit Card ranges from $200 to $5,000. Your credit limit is based on the amount of your security deposit, your annual income, and your creditworthiness.

  • Yes, the BankAmericard® Secured Credit Card can help build credit, as any credit card can. Bank of America reports card activity to all three consumer credit bureaus. If you follow good credit-building habits, including paying your monthly bill on time, then your card activity could increase your credit score.

  • Yes, you can upgrade the BankAmericard® Secured Credit Card to an unsecured credit card. Bank of America will also periodically review your account to see if you qualify for an upgrade.