Currently rated one of our
- Best Bank of America Credit Cards
Full Review of Bank of America BankAmericard Secured Credit Card
table of contents
Company Overview
Pros Explained
Cons Explained
(Video) Overview of the BankAmericard (Guide)Who This Card Is Best For
Cardholder Experience
Security Features
Final Verdict
Frequently Asked Questions
What Credit Score Do You Need for a Bank of America BankAmericard?
What Is the Limit on the Bank of America Secured Credit Card?
(Video) (REVIEW) BankAmericard - Bank Of America Secured Credit CardHow Long Does It Take to Get Approved for the Bank of America Secured Credit Card
Does the Bank of America Secured Credit Card Require a Hard Credit Pull?
Company Overview
Bank of America's origins date back to 1904, when American banker Amadeo Pietro Giannini founded the Bank of Italy in San Francisco, primarily as a means of providing banking services to Italian immigrants. It eventually became Bank of America, which is now one of the largest financial services operations in the United States (and the world). Its headquarters is in Charlotte, North Carolina.
Pros
Deposit may be returned
No annual fee
Cons
High APR
High minimum deposit
No rewards program
Pros Explained
Returnable deposit: Because this is a secured credit card, you have to put down a security deposit that will act as your credit line.With this card, your security deposit must be at least $200. However, Bank of America will periodically review your credit history. If it has improved and you’ve made all of your payments on time, Bank of America may decide to return your security deposit to you, giving you your money back while still allowing you to use the card.Not all secured cards offer this benefit.
Cons Explained
High APR: Like many secured credit cards, the BankAmericard Secured card has a higher-than-average APR; you'll pay 25.49% APR on purchases. Though that's not an uncommon rate for a secured card, you can find other cards with much lower rates.Unless you pay your balance in full every month, the difference in rates can have a big impact on your total interest charges.
Who This Card Is Best For
For example, let’s say you had $1,000 in credit card debt at 26.24% APR, with a minimum monthly payment of $30. If you only made the minimum payments, it would take you 54 months to pay off the balance, and you'd pay $915 in interest charges.By contrast, if you had $1,000 in credit card debt at 9.99% interest with the same minimum monthly payment, you'd pay off your debt in just 40 months. And you'd pay just $177 in interest charges.
Opting for a card with a lower interest rate would help you save $433, and you'd get out of debt 14 months earlier.If you think you'll carry a balance on your card, it may make sense to choose another card to save money on interest charges.
| Paying Down a $1,000 Balance | ||
|---|---|---|
| BankAmericard Secured Card | Credit Card A | |
| APR | 26.24% | 9.99% |
| Balance | $1,000 | $1,000 |
| Monthly Payment | $30 | $30 |
| Time to Pay Off Balance | 54 months | 40 months |
| Total Repaid | $1,910 | $1,177 |
High minimum deposit: The minimum deposit for the BankAmericard Secured card is $200. That deposit is higher than what some other cards require, which could be a hardship for some applicants.For example, the Secured Mastercard from Capital One offers an initial credit line of $200, but security deposits can be as low as $49, making it much easier to get started.
No rewards program: The BankAmericard Secured card doesn’t have a rewards program, so you won't earn points or cash back when you make purchases. Though that’s not uncommon for a secured card, there are some exceptions that offer rewards.Like the BankAmericard Secured card, the Discover it Secured card charges no annual fee. However, the Discover it Secured card offers 5% cash back at gas stations and restaurants on up to $1,500 in purchases each quarter. And you’ll earn unlimited 1% cash back on every other purchase.
To put that in perspective, let's say you spent $1,000 at gas stations and restaurants in one quarter and $500 elsewhere. If you used your Discover it Secured card to pay for those purchases, you'd earn $25 in cash-back rewards.
This Card is Best For
- Credit Builder
Motivated to create positive credit history
With no annual fee, the Bank of America BankAmericard Secured credit card is a useful option for people who have bad credit or no credit history and are looking for a secured card to build good credit.
If you already have a Bank of America checking or savings account, you may also find it convenient to get your secured card from the same bank.
Standard Benefits
The BankAmericard Secured card offers some basic benefits that are fairly standard for secured credit cards:
- Digital wallet technology: You can sync your card with Apple Pay, Google Pay, or Samsung Pay.
- Free FICO score access: You can review your FICO credit score for free on your monthly statements or online.
Cardholder Experience
Bank of America has a strong reputation for customer service. According to J.D. Power’s 2021 Credit Card Satisfaction Study, Bank of America ranked fifth out of 11 national card issuers. Its score was 805 out of 1,000, compared with a national average of 809.
Bank of America's customer service team is available 24 hours a day, seven days a week through its secure messaging system or by calling 800-732-9194.
Security Features
Like other secured cards on the market, the BankAmericard Secured card has several basic security features:
- $0 liability protection: You're not responsible for any unauthorized charges made to your account.
- Fraud alerts: Bank of America says it will monitor your account for suspicious activity and send you alerts if there are any unusual transactions.
Final Verdict
Although the BankAmericard Secured credit card from Bank of America has no annual fee and may return your security deposit to you after a period of time, it offers few other benefits. It has a high APR on purchases, charges foreign transaction fees, and requires a larger security deposit than many other cards. It also lacks a rewards program, so you won’t earn any points or cash back when you make a purchase.
You're likely to be better off with another secured credit card that has a lower APR or a cash-back program. Those cards will be more cost-effective while still allowing you to establish a good credit history.
Frequently Asked Questions
What Credit Score Do You Need for a Bank of America BankAmericard?
The Bank of America BankAmericard requires that your credit is at least in the good range, the minimum score of which is 670.
What Is the Limit on the Bank of America Secured Credit Card?
The starting credit limit for the Bank of America Secured Card can range anywhere from $300 to $4,900, depending on how much you put down with your security deposit and your income. After that, your maximum limit may increase if you prove capable of meeting the card's payment requirements.
How Long Does It Take to Get Approved for the Bank of America Secured Credit Card
Approval for the Bank of America Secured Credit Card can take anywhere from instantly to about 30 days, depending on how comprehensively you meet the application requirements. Generally speaking, the more qualified you are in terms of factors such as income and credit score, the sooner the bank will approve you.
Does the Bank of America Secured Credit Card Require a Hard Credit Pull?
Applying for the Bank of America BankAmericard will most likely result in a hard pull on your credit. However, you can opt into a preapproval process by which Bank of America may determine that your qualifications are strong enough to warrant forgoing a hard pull in favor of a soft pull.
Investopedia Credit Card Rating Methodology
Investopedia is committed to delivering the best credit card recommendations in the industry. We’ll tell you when a card is good, we’ll tell you when a card is bad, and we’ll only call a card the best if we would recommend it to our friends or family members.
Overall Star Rating Explained
To rate credit cards we objectively assess, score and weight nearly 100 individual card features which roll up into five major feature sets: fees, interest, rewards, benefits and security/customer service. Here’s how we weighted those feature sets for the overall star rating of a card:
We have applied our proprietary rating methodology to every generally-accepted credit card in the U.S. domestic market to allow consumers to make fully informed choices. It’s important to note that for our overall score that we make a number of assumptions about how you would be using your credit card:
- While we make no assumption as to whether balances are carried on a given card we do assign varying weights to all credit cards’ introductory APR (if present) in addition to the regular, long term purchase and balance transfer interest rates.
- We utilize BLS (U.S. Bureau of Labor Statistics) income and average category spending data to calculate annual earnings rates for rewards cards that offer cash back, points or miles rewards at a set rate on all spending or in consideration of bonus rewards for certain spending categories, like gasoline, groceries, restaurants or travel.
- We determine the maximum points value of rewards cards by dividing the points, cash back or miles required to exchange for the retail price of the most valuable redemption option (for example, in the case of a card that offers a domestic roundtrip airline ticket as a redemption option vs. another redemption option of lesser value that requires the same amount of points or miles to acquire, we would base the rewards value on the airline ticket).
- Cards that are selected best overall in their respective categories generally feature most if not all of the following attributes:
- Low or Reasonable FeesCredit card fees come in many forms but the primary ones involve those for annual card membership and balance transfer. There are a myriad of reward and non-reward card options that charge no annual fee but for the many that do assess an annual fee the cost is often justified by their lucrative ongoing rewards and initial signup bonuses. Balance transfer fees are occasionally waived during introductory periods with certain cards, a factor which is heavily and positively weighted in our scoring model for cards offering this benefit. When charged, balance transfer fees range between 3% - 5%, which we grade accordingly. Other standard fees can generally be avoided, such as those for paying late or taking cash advances but we rate those relative to other cards in the market for reference, though with less weight assigned
- Competitive InterestMany cards offer 0% introductory APR on purchases and balance transfers for varying lengths and then revert to a permanent or regular APR (based on a variable rate tied to the prime rate) that applies to any balances not paid in full. We rate both introductory APR percentage and length (in months) along with the midpoint of the variable regular APR interest rate range.
- Valuable RewardsCredit card reward programs can be based on cash back, points or travel rewards (which can be generic or travel partner-specific, as with airline and hotel co-brand card programs). For cards that offer rewards we determine the value per dollar spent along with average redemption values and assign more favorable ratings to cards that offer superior consumer value. We also assign value to sign-up bonus offers and their initial spending requirements, when present.
- Excellent BenefitsCredit card benefits cover a range of offerings like concierge service, TSA Pre-check, auto rental coverage, travel accident insurance, lost luggage assistance and free credit scores. We rate cards on the number and level of over a dozen standard and upscale benefits and provide extra weighting emphasis for those travel-related perks that apply to premium travel cards when present.
- Solid Security/Customer ServiceSecurity and customer service features like lost or stolen card replacement, being able to lock one’s card from an issuer app and 24 hour customer support are becoming more standard across the card market and we provide a significant amount of weighting to features in this area.
- You can also read the full version of our methodology for a more in-depth look at how we assess cards and award them the best in various categories.
FAQs
Bank of America BankAmericard Secured Credit Card Review? ›
You'll need good to excellent credit, usually a credit score of at least 690, to qualify for the BankAmericard® credit card.
What credit score do you need for a Bank of America BankAmericard? ›You'll need good to excellent credit, usually a credit score of at least 690, to qualify for the BankAmericard® credit card.
Is Bank of America Secured card a hard pull? ›Yes, the Bank of America Secured does a hard pull on your credit when you apply for it. This might hurt your score for a little while. You can get this card even with bad credit, but if you want to make extra sure you're a good fit for it, check if you pre-qualify with only a soft pull.
How hard is it to get a BankAmericard? ›The BankAmericard is for those with good or excellent credit, which typically includes any FICO credit score of 670 or higher. Scores of 670 to 739 are considered good by FICO, while 661 to 780 is considered good by VantageScore.
Does Bank of America secured card check credit? ›With this card, your security deposit must be at least $200. However, Bank of America will periodically review your credit history.
What is the minimum credit score for BankAmericard secured? ›What's the Bank of America Secured credit card score requirement? The minimum credit score required for the BankAmericard Secured credit card is at least 300.
What is the easiest card to get approved Bank of America? ›The easiest Bank of America credit card to get is the Bank of America® Customized Cash Rewards Secured Credit Card because applicants can get approved with bad credit. This means the odds of approval are good even with a credit score below 640.
What is the maximum amount on a Bank of America secured card? ›The maximum limit on the BankAmericard Secured card is $5,000. Even if you can pony up that full amount, Bank of America may not approve you for that amount. That's fairly unusual for a secured credit card. However, Bank of America will return any overage you use to secure your account.
How much of my $300 credit limit should I use? ›You should try to spend $90 or less on a credit card with a $300 limit, then pay the bill in full by the due date. The rule of thumb is to keep your credit utilization ratio below 30%, and credit utilization is calculated by dividing your statement balance by your credit limit and multiplying by 100.
Is it better to get a secured credit card through your Bank? ›Yes, it is better to get a secured card through your bank, but only if you've found a card that suits your financial needs. Best secured credit cards for you could come from your bank, from a credit union, or from a different financial institution.
What are the benefits of BankAmericard? ›
- 0% intro APR for 21 billing cycles. ...
- Lower ongoing variable APR. ...
- No penalty APR. ...
- No annual fee. ...
- $0 fraud liability. ...
- Free FICO score access. ...
- Museums on Us. ...
- BankAmeriDeals.
The BankAmericard credit card credit limit will vary based on each applicant's creditworthiness, with many cardholders reporting initial credit limits from $1,000 to $15,000 in some online forums.
How do I increase my BankAmericard credit limit? ›Yes, you can request an increase in your credit limit on our website or by phone. Log in to Online Banking and select your credit card account, then select the Information & Services tab. If your account is eligible, you will be able to request a credit line increase.
Can I be denied for a secured credit card? ›But even if you have the money for a deposit, you can be denied a secured card if your credit profile is deemed too risky to a lender. Each lender, or card issuer, has a set of standards as to what an ideal borrower looks like. This includes your credit score, your income and your current and former debts.
How much should I spend on a $200 credit limit? ›Christie Matherne, Credit Card Writer
You should spend $60 or less on a $200 credit card before paying the bill. If you have a $200 credit limit, keeping your balance below $60 will ensure a credit utilization ratio below 30%, which will help you build good credit when paired with on-time monthly payments.
Get the card in the mail: Approval applicants will get their Bank Americard Secured in the mail in 7–10 business days. After you receive your secured credit card from Bank of America, it's essential to pay your balance on time and keep your credit utilization low to build credit.
Can I get a secured credit card with a 520 credit score? ›The best type of credit card for a 520 credit score is a secured credit card. Secured cards give people with bad credit high approval odds and have low fees because cardholders are required to place a refundable security deposit.
What credit score do you need for a 10000 limit? ›Capital One Venture Rewards Credit Card
The average accepted credit score is about 725 and the average credit limit is $10,000.
You should only have one secured credit card to rebuild your credit initially, though you may want to consider eventually having two. It's not a good idea to apply for multiple credit cards at the same time because each application triggers a hard credit pull that negatively impacts your credit score.
Does Bank of America give instant approval? ›Bank of America offers instant card approval and use to existing customers who open a new card via the Bank of America mobile app.
Why can't I get approved for a Bank of America credit card? ›
Factors that often result in a denial include: Too many recent hard credit inquiries. Lack of any banking or investment accounts with Bank of America. Too many existing Bank of America credit card accounts.
Is Bank of America pre approval accurate? ›A Bank of America spokesperson confirmed that when you receive a pre-selected or customized offer, you can consider it “a firm offer of credit.” In other words, there's a high likelihood that you will be approved for the card as long as your qualifying criteria does not change before you get around to applying.
Can I put $20000 on a secured credit card? ›Secured-card limits vary widely, often from $1,000 to $10,000. With some providers, you'll find no maximum limits. There are many great secured credit cards to choose from, so take your time and compare multiple options.
How many points will a secured card raise my score? ›Getting approved for a credit card does not raise your credit score automatically. For that to happen, you need to make all your payments on time and maintain a low credit utilization ratio. If you pay off the entire balance of a card that's maxed out, you may expect your credit score to increase by around 10 points.
What happens if you max out a secured credit card? ›Key points. You max out a card if you reach the credit limit, and this means additional transactions will be declined. A maxed-out credit card can cause your credit score to drop, possibly by as many as 50 points. This will also put you in credit card debt if you can't pay back your full balance by the due date.
How much of a $1,500 credit limit should I use? ›NerdWallet suggests using no more than 30% of your limits, and less is better. Charging too much on your cards, especially if you max them out, is associated with being a higher credit risk.
What is a respectable credit limit? ›A good credit limit is above $30,000, as that is the average credit card limit, according to Experian. To get a credit limit this high, you typically need an excellent credit score, a high income and little to no existing debt.
What is a realistic credit limit? ›As such, if you have one of these cards, you might consider a $5,000 credit limit to be bad and a limit of $10,000 or more to be good. Overall, any credit limit of five figures or more is broadly accepted as a high credit limit. The main exception to the usual credit limit rules are secured credit cards.
What is the smartest way to use a secured credit card? ›The basic principles of building credit are the same: Make small charges on your secured credit card every month and then pay them off on time and in full. Most banks and credit card issuers offer tools to help you track your credit score, and many of those tools are free.
What are 2 positives of getting a secured credit card? ›- You don't need perfect credit to qualify. ...
- Your credit limit is tied to your security deposit. ...
- You can reap the benefits of an unsecured credit card. ...
- Your credit can improve with responsible card use. ...
- You can graduate to an unsecured card.
How long does it take for a secured credit card to become unsecured? ›
Not all card issuers follow the same guidelines when it comes to how long it takes for a secured card to become unsecured, although it typically ranges from six to 18 months. During this period, you need to use your card correctly and keep an eye on your credit score to qualify.
Is BankAmericard a credit card? ›BankAmericard® Overview
You can take advantage of its special introductory APR on purchases and balance transfers, and depending on the ongoing APR (or interest rate) you qualify for, the BankAmericard could also be a great low-interest credit card.
| Pros | Cons |
|---|---|
| Large bank with branches around the US Possible to waive monthly fees Free overdraft protection | Low interest rates on savings and CDs Monthly fees on accounts |
The Bank of America minimum payment is either $35 or 1% of your balance plus interest and any late fees, whichever is greater. If your total balance is less than $35, your Bank of America minimum payment is the entire amount. All Bank of America credit cards use the same minimum payment structure.
How often does Bank of America increase credit limit? ›How often does BoA increase credit limit? Bank of America usually increases credit limits no more than once every six months.
How much should I spend if my credit limit is $1000? ›A good guideline is the 30% rule: Use no more than 30% of your credit limit to keep your debt-to-credit ratio strong. Staying under 10% is even better. In a real-life budget, the 30% rule works like this: If you have a card with a $1,000 credit limit, it's best not to have more than a $300 balance at any time.
What credit limit can I get with a 750 credit score? ›The credit limit you can get with a 750 credit score is likely in the $1,000-$15,000 range, but a higher limit is possible. The reason for the big range is that credit limits aren't solely determined by your credit score.
Why won't boa raise my credit limit? ›Requests may be denied if the credit card account is less than six months old, has recently received an increase (or decrease), is rarely used or is in poor standing. Make sure to use a Bank of America card responsibly, pay bills on time and keep the amount of used credit month to month low.
Why won't BofA increase my credit limit? ›In most cases, you have to be a BofA account holder for at least six to 12 months before you have the option to request an increase to your credit limit. If you log onto your BofA account and you don't see the option to increase your limit there, you should contact customer service at (800) 732-9194.
Can I upgrade my Bankamericard? ›Yes, you can upgrade an eligible Bank of America credit card to a better offer as long as you've had the card for several months. You will have the best odds if your credit score and income have gone up since you applied.
Why is secured credit bad? ›
Secured credit cards may charge high application, processing or annual fees. Additionally, these types of cards typically have high interest rates because credit card issuers may expect high default rates from people with lower credit scores. Low credit limits.
Why did I get turned down for a secured credit card? ›Applicants with no or poor credit history may need to work on building credit first. Low credit score: You might have an established credit history but a low credit score. If you don't meet the card issuer's credit score requirements, the issuer might turn down your request for a secured credit card.
Is it easier to get approved for a secured credit card? ›Secured credit cards are available to people with bad credit because they require you to pay a refundable security deposit, which typically serves as your credit line. Since you're paying a security deposit, there's less risk for the issuer and higher approval odds for you.
Is a $500 credit limit good? ›A $500 credit limit is good if you have fair, limited or bad credit, as cards in those categories have low minimum limits. The average credit card limit overall is around $13,000, but you typically need above-average credit, a high income and little to no existing debt to get a limit that high.
How much of my 400 credit limit should I spend? ›You should aim to use no more than 30% of your credit limit at any given time. Allowing your credit utilization ratio to rise above this may result in a temporary dip in your score.
How much of a $2,000 credit card should I use? ›What is a good credit utilization ratio? According to the Consumer Financial Protection Bureau, experts recommend keeping your credit utilization below 30% of your available credit. So if your only line of credit is a credit card with a $2,000 limit, that would mean keeping your balance below $600.
Is BankAmericard secured? ›The BankAmericard Secured Credit Card is intended to help cardholders establish or rebuild their credit. The card does not charge an annual fee and requires a minimum security deposit of $300, with a maximum of $4,900.
Does Bank of America secured card become unsecured? ›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.
What credit score can apply for boa credit card? ›The Bank of America credit score requirement is 750 or higher for the best Bank of America credit card offers, though other options are available for people with lower scores. It is possible to get approved for a credit card from Bank of America with a bad credit score, for example.
Do you need good credit to open a Bank account with Bank of America? ›Banks don't look at your credit score when you open a checking and/or savings account, but they may screen your banking history.
Will Bank of America hire me if I have bad credit? ›
It is not a requirement to have good credit to work at Bank of America.
Can I get a credit card with Bank of America with a 600 credit score? ›The Bank of America credit score requirement is 750 or higher for the best Bank of America credit card offers, though other options are available for people with lower scores. It is possible to get approved for a credit card from Bank of America with a bad credit score, for example.
Is it easy to get approved for a US bank credit card? ›Is it hard to get a U.S. Bank credit card? No, it's not hard to get a U.S. Bank credit card. If you choose a U.S. Bank card that fits your credit profile, then you'll have high approval odds. Most U.S. Bank credit cards are intended for consumers with good credit, which is a FICO® Score of 670 or higher.
How much money do you need to make a Bank of America account? ›...
Smart money management tools.
| Minimum opening deposit | ||
|---|---|---|
| $25 | $100 | $100 |
| Monthly maintenance fee | ||
| $4.95 or $0 | $12 or $0 | $25 or $0 |
Bank of America will usually pull your Experian credit report. If you freeze your Experian report they will pull your TransUnion credit report. See real-time data in our Credit Card Database.
Why is a secured credit card a good starter credit card? ›Getting a secured credit card is a great idea when building or rebuilding your credit history. A secured card requires an initial deposit to act as collateral for the issuer, making it easy for people with bad or limited credit to get approved and allowing for relatively low fees and high rewards rates.
How high is Bank of America credit limit? ›The Bank of America card that gives the highest credit limit is the Bank of America® Customized Cash Rewards credit card, which has a reported maximum limit of $95,000. Your individual limit will be determined based on your credit history, income, outstanding debts, and other factors.
Does Bank of America give a high credit limit? ›Research indicates that the Bank of America® Customized Cash Rewards credit card offers the highest credit limit — $99,900 — among Bank of America cards. This is considerably higher than the competition and probably is not representative of the vast majority of cardholders.
What is the minimum credit score for a job? ›Analysis of Bad Characteristics
In any case, if the company policy mentions that they won't be hiring someone whose credit report is bad or has a score below 650, then even the innocent candidates would be trapped and resisted from being considered for the job.
Your application will be processed in 1 to 2 business days. We'll send you either an email or letter letting you know if you are approved for your account. You will receive your account documents via U.S. Mail within 7-10 business days.
How far back does a Bank of America background check go? ›
How Far Back Does a Bank Background Check Go? The Fair Credit Reporting Act regulates how far back a background check can go. The background screening industry guideline is seven years. A report cannot include any records of arrest which did not result in a conviction that are over seven years old.