Bank of America Secured Credit Card ReviewsReviews, rates, fees and customer service info for the BankAmericard Secured Credit Card. Compare to other cards and apply online in seconds.John KiernanWalletHubNo membership feesQualify with bad creditHigh regular APRForeign feeRequires security deposit
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Rebuild Damaged Credit by Paying in Full Each Month." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
BankAmericard Secured has a rating of 3.4/5 according to our proprietary credit card rating system. This rating reflects how appealing BankAmericard Secured's terms are compared to a pool of more than 1,500 credit card offers tracked by WalletHub. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is 'Rebuild Damaged Credit by Paying in Full Each Month'. To break it down further, BankAmericard Secured earned a score of 5.0/5 for Fees, 0.0/5 for Rewards, 3.3/5 for Cost, and 3.6/5 for User Reviews. Info about the BankAmericard® Secured Credit Card has been collected by WalletHub to help consumers better compare cards. The financial institution did not provide the details.
WalletHub Rating Breakdown
User Reviews
3.6/5
486 reviewsRead and write reviews
Editor’s Review
3.0/5
John Kiernan, Credit Card EditorRead full review
Market Comparison
Market Comparison
3.4
The Market Comparison is a key component of the WalletHub Rating, as it measures how appealing the terms of a card are compared to a pool of over 1,500 credit card offers monitored by WalletHub. To ensure cards are evaluated for their most relevant purpose, we score each card across various cardholder needs and select the rating for the need with the highest score, which is “Rebuild Damaged Credit by Paying in Full Each Month” for this card.
Fees
5.0
Rewards
0.0
Cost
3.3
Other Features
3.0
3.4/5
Compared against 1,500+ credit cards
KEY TERMS
Accepted Credit Scores
Accepted Credit Scores
Bad Credit
BankAmericard Secured Minimum Security Deposit
$200
BankAmericard Secured Fees
One-Time Fees→$0
Annual Fee→$0
Monthly Fee→$0
BankAmericard Secured APR on Purchases
26.24% (V)
BankAmericard Secured's Additional Info
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Credit line $200-$5,000. Your maximum credit line is determined by the amount of the security deposit you provide, your income and your ability to pay the credit line established.
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Important account information is shared with the 3 major credit bureaus helping you to establish a credit history that could benefit you now and in the future.
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Your account will be reviewed periodically and, based on your overall credit history, you may qualify to have your security deposit returned.
No annual fee. The Bank of America Secured Credit Card, also known as the BankAmericard Secured Card, doesn’t charge the expensive monthly- or one-time fees for which many bad-credit credit cards are known.
Some of the lowest security-deposit requirement. The Bank of America Secured Credit Card requires a minimum security deposit of $200, which will act as your credit limit.
Potential to become unsecured after 12 months. Most secured credit cards won’t return your security deposit until you close your account, but the Bank of America Secured Card is a bit different. If you manage your account responsibly for the first year – above all else, that means paying your monthly bills on time – Bank of America may elect to give your deposit back while allowing continued use of your account. That’s a nice incentive, but it’s worth noting that your credit standing may improve enough by that time that you can qualify for an unsecured credit card. So make sure to check your credit score for free on WalletHub before deciding to keep your account open past the 12-month mark.
Far from ideal for carrying a balance. The BankAmericard Secured Credit Card has a high APR, which dwarfs even the average for a secured card (22.86%). So it doesn’t make sense to carry a balance from month to month, even if you get your deposit back and thus no longer have to pay interest on what amounts to a loan you’ve given yourself.
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Compare The BankAmericard Secured vs. Popular Alternatives
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Rebuild Damaged Credit by Paying in Full Each Month." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Editor’s Rating
3.0
User Reviews
3.6
Market Comparison
3.4
fees: 5.0
rewards: 0.0
cost: 3.3
Other Features: 3.0
4.7WalletHub Rating
WalletHub Rating
4.7
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Improve Credit by Paying in Full Each Month." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Editor’s Rating
5.0
User Reviews
3.7
Market Comparison
4.8
fees: 5.0
rewards: 5.0
cost: 5.0
Other Features: 3.0
4.1WalletHub Rating
WalletHub Rating
4.1
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Earn Rewards." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Can't find what you are looking for? Submit your question about BankAmericard® Secured Credit Card to our community. Editorial and user-generated content is not provided, reviewed or endorsed by the issuer of this card. In addition, WalletHub independently collected information for some of the cards on this page.
You can check your BankAmericard Secured application status either online or over the phone at (855) 307-3887. Just keep in mind that you will need to provide your last name and date of birth, along with the last 4 digits of your Social Security Number and your ZIP code.
How to Check Your BankAmericard Secured Application Status
Online: Navigate to the Bank of America application status web page. Then, enter your last name, date of birth, the last 4 digits of your Social Security Number, and your ZIP code. After that, click "Submit" to view your BankAmericard Secured application status.
Over the phone: Call (855) 307-3887 and enter your Social Security Number when prompted. Then, follow the automated prompts to hear the status of your application.
You may call or use the online application status tool as frequently as you want. Just note that it may take the issuer up to 30 days to make a ruling.
To get a BankAmericard Secured credit limit increase, you'll most likely have to make an additional deposit. You can add funds online or over the phone at (855) 307-3887. Bank of America might also offer a BankAmericard Secured credit limit increase without the need of an additional deposit, but it is not guaranteed.
The maximum limit you can have is $5,000 and it's determined by the amount of the security deposit you provide, your income, and your...
You can get your BankAmericard Secured credit card deposit returned to you in two situations: when you close the account, or after Bank of America reviews your account and decides to upgrade your card to an unsecured one. Your credit history gets periodically reviewed to see if you qualify, so make sure you pay all your bills in full and on time to maximize your chances.
How to Get Your BankAmericard Secured Card Deposit Returned
The minimum credit score required for the BankAmericard Secured credit card is at least 300. This means that the BankAmericard Secured credit card accepts people with bad credit.
You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the BankAmericard Secured Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries,...
The best BankAmericard Secured benefits are extended warranty and price protection. These perks are certainly good to have, though it's important to note that they're also relatively common credit card benefits.
BankAmericard Secured Benefits
Extended Warranty
Price Protection
ID theft protection
$0 Liability Guarantee
Overdraft Protection
While these benefits aren't bad, the BankAmericard Secured simply doesn't have as many benefits as a lot of the other credit cards on the market.
The BankAmericard Secured annual fee is $0. BankAmericard Secured's $0 annual fee is lower than the average annual fee among new credit card offers right now. It's not the only fee you need to worry about with the BankAmericard® Secured Credit Card, though.
No, you don't need a Bank of America account to apply, but a checking account (from any bank) is required to place the security deposit. Hope this helps. Best of luck!
Share your insights and review for the BankAmericard® Secured Credit Card
5
22%
4
43%
3
19%
2
9%
1
7%
3.6
486 reviews
486 reviews
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emduran888 @emduran888
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1 Star Rating
I have had this secure card now for FIVE YEARS. I got this card to fix my credit after a mistake I made when I was young. I have paid every single bill on time and in full for 5 years, and have had $0 balance now for over a year. They will not return my deposit and change it to a standard credit card despite having a 700+ credit score, and they are charging me $39/yr fee when that was NOT on the initial agreement. I don't want to close this account because it is my longest running credit line and it would adversely affect my credit. I now have over $15,000 credit line with other creditors. Bank of America and this card are absolute trash.
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2
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fuzzydog @fuzzydog
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5 Star Rating
Verified Customer
Two great features! You can get this card without a hard inquiry (see below)!!! Also this is one of the best unsecured credit cards out there as you get the 3% cash back which you can set onto whatever is your highest spend. However this secured card has a inquiry feature no other card has! You can get it WITHOUT a hard inquiry in the right situation! If you apply for an unsecured and get turned down that WILL generate a hard inquiry. However if you then apply for a secured card at a BoA branch/bank (not online) within 20 days of your failed attempt for an unsecured card then the bank will use your old hard inquiry and not generate a new hard inquiry for the secured card! This is nice because if you fail to get an unsecured card you still have the option to at least (if you want) get the secured card instead and not have to waste getting an inquiry with no card to show for it! Very nice! (Worked as of May 2021)
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1
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erikahill0508 @erikahill0508
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5 Star Rating
Verified Customer
590 credit score, all credit cards maxed out $10,000, all accounts paid on time, 6 late payments 3 years ago, $300,000 mortgage, $100,000 car loans all paid on time. APPROVED!!!!!! Denied 2 times years ago. When I logged into my bank account it said pre-selected and I gave it a try. Go for it if you see that.
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0
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whuser15716867 @whuser15716867
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5 Star Rating
Verified Customer
Bank of America's customer service make it very easy to transfer funds into the secured credit card account when you want to increase the credit line. All you need to do is call Bank of America and transfer funds into the secured credit card account.
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0
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rockinmarilyn @rockinmarilyn
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4 Star Rating
I love what this card did for me. My credit score was 548 and it is now 740. Believe it Or not I did this in 6 months. I would have rated it a 5 star but I have to agree that many times I call and they don’t know how to handle my request. I wanted to keep increasing my credit limit by placing an additional deposit which you can do with B of A BANKAMERICARD. You cannot do that with Capital One Secured and I have them both. But since the card is specialized I only wish there was a group that handled only secured card inquiries. That is the only downfall of my score. Since I manage the card and payoff most of it always then the higher interest is not a dealbreaker. The flip side of my excellent service is this... I got approved which is my first plus. If you have bad or no credit it is a rough beginning but I already banked with them for 30 years or so. Establish a bank account is a great suggestion though even if it’s new it creates a great relationship with B of A. So I started with $200 and I added an additional $400 in the first 6 months so I had $600 CL. The reps are helpful and nice again just not always understanding the secured side of it. I paid on time and several times a month. I would pay a small amount. I would leave a small balance but my credit utilization between both cards was usually 4-6%. Since Cap One gave me automatic increase and I had B of A longer I decided to contact them at 7 months. I wanted an increase and find out how long before my card would be unsecured. This rep was right on the money. Although he couldn’t guarantee anything he literally asked how much I wanted. I only needed $1,000 unsecured. He informed ahead of time that it is only a soft inquiry. Another bonus. After 7 months with the one call I was immediately refunded my deposit of $600, given the $1,000 unsecured approval, and it was a soft inquiry. I stayed focused on the information I received through Credit Wise which is like all the credit karmas out there but since it is with Capital One and I got their secured card I followed the rules and steps in Credit Wise. I really hope this helps you. I really kept reading the reviews with Wallet Hub. Their suggestions and information from people like us are helpful. If at all possible stay away from those monthly Billings like First Premier if at all possible. That is a costly road and I worked hard to try and not do that. B of A and Cap One secured is the direction I went. I felt those financial institutions really catapulted my success with my credit score. Also if you or someone in your family are in the military, highly recommend Navy Federal Credit Union. They have low interest cards, will approve on bad/fair credit and little credit history. Although I didn’t have the secured card they also have a cash rewards secured card. I was just approved for unsecured $1,000 CL with cash rewards. 2021 is looking brighter already.
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5
4
coreyrobinson @coreyrobinson
Any tips on who to talk or what to ask when you call?
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0
0
Patrick @patrickf_30
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1 Star Rating
Verified Customer
Three years my Bank of America card is secured! Not one missed payment. I will pay the balance off TOMMOROW. and be done with BOA. They did nothing for my credit, since three years, Discover 5K, Upgrade credit card 5K, Mission Lane credit card 2K, Finger Hut 4K
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3
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catherine hiatt @chiatt23
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4 Star Rating
Overall I recommend it, but let me tell you my specific circumstance. I got the BOA secured card in late 2017 with the $300 deposit. I had really poor credit (low 500s) and had decided that I really needed to change my habits and start rebuilding. The way I looked at this card was a chance to rebuild NOT as a card with any perks. I hadn’t earned that right. I knew I didn’t want one of those “bad credit” cards where they approve you for $300, but your initial available credit was like $175!! After a year of responsible use and on time payments, I called customer service to ask about limit increases. Here is what I was told, and this seems to be different than what I’m reading from others. I should note that I’m also a BOA banking customer, I’m not sure if criteria differs based on that fact. Anyway, I was told I can make deposits (in $100 increments) and that was the only way to increase my limit on a secured card. Also that I couldn’t request graduation to an unsecured card but that it would be periodically evaluated. I will say they were very unclear when these evaluations take place. Earlier this year I decided to start making deposits to increase my available credit, while also keeping my usage low. I increased the limit to $700. Within 6months of making those deposits, they were returned (all $700) to my checking acct and my limit was increased to $1700. I had finally been graduated to an unsecured card after almost 2 years (yes, I called them to confirm this). This has been a slow process but that was a rewarding moment. I’m going to wait a little longer and then apply for a card for above average credit My only question is, if I had started making those additional deposits a long time ago would my card have been graduated sooner? Could just be coincidence though. My FICO score was 662 when the graduation took place, and I have had ZERO late payments on anything in the last 2 years, since they look at all of your credit report when making this decision NOT just your Americard usage.
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Vincent @vgonz440
I am in a similar situation. When you started making $100 additional deposits to increase your limit, how did you go about doing that? Transferring money from your BOA Checking, into the Credit Card account?
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0
0
Renee Cisneros @reneec987
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5 Star Rating
Verified Customer
Ive had bofa credit card for almost a year now.. i love it! I have a bankruptcy due to fall off in 2020.. its helped my credit score and hopefully soon it will grant me an unsecured card... i also have the citibank and discover secured cards as well..
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6
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illiteratewriter350 @illiteratewriter350
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1 Star Rating
Verified Customer
Closing this account next week. Not a good card. Go with capital one or another bank. 13 months never missed a payment, never paid the minimum, paid the day the account closes for the month.
Since getting this I've gotten two capitol one cards, unsecured bot have had at least 1 limit increase. A target credit card, limit increased, I've refinanced a $17,000 car loan.
This card, they will not increase the limit or turn it to an unsecured card. Don't waste your time go somewhere else.
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6
6
churchofesc @churchofesc
They say that they do not check they do
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0
0
Beth Phily @Philly58
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2 Star Rating
Verified Customer
I've had this card for 2 years and have never missed a payment. My credit score has improved to the upper 600's. I have never received my deposit back, or given an increase in credit. They have declined my request for increase and stated I could close the account and request my deposit back. Won't give me a direct answer as to how long it would take to return deposit. Here's the thing, if I close account my credit percentage will decrease. I do not want another cc, it's what gets you in trouble to begin with, but you need one to have credit history.....The other thing with BOA is, I have a checking account with them as well, I pay my cc bill on Tuesday, it still is processing Wednesday, from my checking in the same bank. BUT I pay my Citi card the same Tuesday via phone and Wednesday my bill is paid. ALSO, they will report to credit bureau before you pay, so it always looks like you carry a balance, 5 days before, every month. Glad to rebuild my credit, but pass and do CITI.
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ksambuca2 @ksambuca2
I'm sorry, but all of the people giving One star are leaving out an important detail. You say you make payments in time, yet you should be paying it all off every month. That's the only way a secured credit card will really help you. You should never carry a balance on it. It should be strictly used to spend only money you have, so you can have a positive credit line reporting active on your credit report. That's all. It's called a secured card because your deposit secured it. Your credit sucks, that's why the limit is no higher than the deposit. Until you show that you won't spend more money than you are able to pay in one month, then don't complain. Read that fine print, and be responsible .
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