BankAmericard Secured Credit Card Review

Andrew Reyes
A person using their laptop to shop online at a cafe reads the information off their credit card.
  • Annual percentage rate (APR): 22.99%;
  • Purchase intro APR: None;
  • Rewards: None;
  • Annual fee: $0;
  • Late fee: Up to $40;
  • Credit score: Any.
  • Compare cards here.

Table of Contents


  • No credit score limitations: Most credit cards require a fair to good credit score for approval. If you’ve had a few blips in your credit history or don’t have much of  a credit history yet, you could still get approved for the BankAmericard Secured Credit Card. Bank of America doesn’t base its approval decision on your credit score. The card is based on the size of the security deposit you provide instead.
  • Refundable security deposit: As mentioned, you’ll need to provide a security deposit that will serve as the credit limit for your card. The amount can be any amount between $300 and $4,900. Bank of America will hold the amount to cover your spending. Make your payments on time and Bank of America may refund a part (or all) of the deposit as you establish a relationship with the financial institution.
  • Reports to the credit bureaus: The best perk of the BankAmericard may be the opportunity to rebuild your credit. Your activity will be reported to the credit bureaus. If you spend responsibly and make your card payments on time, you could see your credit improve over time.
  • Low fees: If you compare secured credit cards, you’ll find that many come with annual fees, a high annual percentage rate and monthly charges. The BankAmericard works more like a standard, non-secured credit card with no annual fee and a middling interest rate.

Secured Credit Cards


  • Requires a security deposit: Because the BankAmericard is a secured credit card, your credit limit will rely on the amount of security deposit you provide. You can put down as little as $300, but building your credit with such a small credit limit is more of a challenge — making a $100 card purchase will affect your credit utilization ratio, which will show you’re using over 30% of your available credit. A high credit utilization ratio could negatively impact your credit score.
  • No introductory offers: Many credit cards offer a no-interest introductory offer, or a bonus, such as a statement credit or bonus miles. There are no incentives to sign up for the BankAmericard.
  • No rewards-earning potential: If you’re in search of a travel or cash-back rewards credit card to earn points or perks on your spending, you’ll need to build your credit for a while first. Like most secured cards, this is a tool for building credits rather than accumulating points or rewards. Once you see your credit score improve, you can look for a rewards card to add to your wallet.

What Can You Expect From the BankAmericard?

The BankAmericard is a user-friendly credit card perfect for learning how to manage cards responsibly. You’ll have a great opportunity to see how the choices you make can affect your FICO. Having a BankAmericard comes with several useful features:

Watch Your Credit Score Improve

Download the app or opt-in via the website to receive your monthly FICO Score report. Keeping an eye on your monthly credit report is a good way to monitor for changes and stop unauthorized inquiries before they damage your credit.

Liability Protection

The BankAmericard includes a $0 liability guarantee for fraudulent charges. If your card is lost or stolen and you find unauthorized charges, rest assured you won’t be responsible for them — as long as you report the fraudulent transactions in a timely manner.

Can Link to Your Bank of America Checking Account

If you bank with BofA, you may link your BankAmericard to your checking account. Managing your card and making payments will be much more convenient when you can do it all from the same place.

Digital Wallet Ready

You can add the BankAmericard to your mobile device’s digital wallet to make payments without the physical card. You’ll be able to shop using Apple Pay, Google Pay, or Samsung Pay.

Who Should Get the BankAmericard?

There are two individuals who should consider the BankAmericard: anyone who is just starting on their credit journey and is in need of building credit, and individuals who would like to rebuild their FICO score. A high credit score isn’t required to get approved for the card. As long as you’re able to pay a security deposit of $300 or more, you can qualify.

Use your new card wisely — Bank of America will report your activity to the credit bureaus, which could help or hinder your credit depending on how prompt you are with paying the balance off.

Compare other secured credit cards and learn more here.

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