Bank of America Secured credit cards can help those with damaged credit rebuild their credit score. Minimum security deposits are $300, but if approved cardholders can deposit up to $4,900 to use as collateral for an increased credit limit. There is no annual fee.
Bank of America Secured card is better for rebuilding than establishing credit. This card requires a minimum deposit of $300, which is higher than some competitors, but there’s no annual fee.
- Automatic credit review
- $0 fraud liability
- No annual fee
- No rewards
- Higher minimum deposit
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Bank of America Secured Credit Card review
If you’re serious about rebuilding credit and looking for a secured card without an annual fee, a Bank of America Secured card might be a good option. The minimum deposit to open a Bank of America Secured account is $300, which is about a hundred dollars more than some competitors. Like most secured credit cards, Bank Americard Secured has a high variable APR, so it’s best not to carry a balance month over month. If you don’t settle your balance in full by the due date, you’ll end up paying interest on purchases, risk unnecessary fees and possibly cause further damage to your credit.
Bank of America Secured credit card benefits
There aren't any rewards associated with this card, but Bank Americard Secured cardholders enjoy benefits like fraud protection, free monthly FICO scores and digital wallet technology.
- Security features: Bank of America will send alerts if they suspect potential fraud, and cardholders won’t be financially liable for fraudulent transactions. ShopSafe is a complimentary feature that generates a temporary credit card number for online purchases. Bank Americard Secured card also comes with smart chip technology for added protection.
- Mobile banking: Access to Bank of America’s secure online and mobile banking makes it easy to pay your bill, transfer funds and check your FICO credit score. You can also keep up with balances and due dates through email and text alerts.
Bank of America Secured credit card rates and fees
Bank of America Secured cardholders don’t have to worry about paying annual fees, but there are several transaction and penalty fees to be aware of before they apply.
- Transaction fees: A 3% ($10 minimum) fee is charged for direct deposits and cash advances from an ATM or another financial institution. Also, expect to pay 3–5% fees for wire transfers from a non-financial institution. When you use BankAmericard Secured to make purchases from foreign merchants (including online purchases), you’ll have to pay a 3% fee per transaction for Bank of America to convert funds to U.S. dollars. If you opt for overdraft protection, you can go over your Bank of America Secured credit card limit but will be charged a $12 fee for each transaction.
- Penalty fees: You will be charged $28 the first time you don’t make a minimum payment before the due date and $39 for subsequent late payments within six months. On the plus side, late payment fees won’t exceed your total minimum amount that was due, and you won’t have to pay a late fee if your balance is $100 or less on the payment due date. Returned payments can incur a fee up to $28 but won’t exceed the total minimum payment that was due.
|Cash advance fee||3–5% ($10 min.)|
|Overdraft protection fee||$12 per transaction|
|Foreign transaction fee||3%|
|Late payment fee||Up to $39|
|Returned payment fee||Up to $28|
How to apply for a Bank of America Secured credit card
Getting a Bank of America Secured credit card can be completed in three steps. As long as you’re at least 18 years old and have enough liquid funds to cover the minimum security deposit, you can be approved for a Bank of America Secured card in minutes.
- Fill out the application: The Bank of America Secured credit card application can be completed online, by mail or at a Bank of America branch location. Applicants must provide personal, employment and financial information, including their Social Security numbers and total annual incomes.
- Fund the security deposit: Even after you meet all other eligibility requirements, Bank of America Secured approval is contingent upon the applicant successfully funding their minimum security deposit. Deposits can be transferred from any checking or savings account.
- 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.
Bank of America Secured credit card FAQ
- Can by Bank of America Secured credit card application be denied?
- Bank of America Secured credit card requirements are relatively relaxed, but applicants could be denied if they have had another Bank Americard in the last two years.
- Does Bank of America Secured credit card have an annual fee?
- No, Bank of America Secured credit card does not have an annual fee.
- Will my Bank of America Secured deposit earn interest?
- No, Bank Americard Secured deposits do not earn interest.
- Is my Bank of America Secured deposit refundable?
- Yes, there are two ways to get a Bank of America Secured deposit back: You can pay your balance in full and close the account, or Bank of America will return your deposit after their review shows responsible credit management across all of your accounts. Be aware that deposit funds are not guaranteed, and not all cardholders will qualify.
Is Bank of America Secured credit card good?
A Bank of America Secured credit card could be worth it if you use it responsibly to build credit. There’s no annual fee and it comes with many of the same perks and benefits as unsecured Bank of America credit cards. However, be aware that building credit is not guaranteed, and you must make payments on time or else your credit score could drop even further.
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I made application for a secured credit card on a Bank of America branch of South Beach Miami 930 Washington Ave. The tellers inside are always busy and the "supervisor" is a lady. She probably know better party than his job. I was attended from a guy. His name was Carlos and we talk about doing the application. We talk probably 35 minutes and after that he asked me to deposit 300 dollars for make the application easy to be approved. Is passed 1 week and the application was declined. Better STAY AWAY FROM THAT BANK. THE SCAM IS CLEAR AND SURE.
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