BankAmericard Secured Credit Card Review
- September 20, 2017
- Posted by: Jeff Gitlen
- Category: Credit Cards
- Helps build your credit
- Minimum refundable security deposit of $300
- Deposit return after 12 months if you have a good credit history
- Cash Advance APR: 25.99%
- Free monthly FICO score
- Overdraft protection
- Online shopping security
With more and more people facing difficulties while getting approved for a credit card, secured cards fill the void as an option for those who don’t have the best credit. Bank of America has a variety of cards including secured cards. Check out the BankAmericard Secured Credit Card and see if it may work for you.
Security Deposit & Credit Line
A secured credit card, like the BankAmericard Secured Credit Card, requires a security deposit in order to open your account.
You can choose your own credit limit based on your security deposit ranging from $300 to $4,900 with this card.
One of the biggest advantages of a secured card is that it gives you the ability to work on improving or establishing your credit. Many people are unable to get a regular credit card because of credit history or lack thereof, but with this card you can get approved and work towards a better financial future. After you make 12 months of on-time payments, you can have your account reviewed, and you may be able to get back your security deposit that secures your card, changing your status to a regular card.
As you build your credit with the BankAmericard Secured Credit Card, you will also be able to learn more about how credit works. You can get information on how to use your card responsibly, and how to make a budget that you will be able to stick with. On top of these benefits, you will also get monthly access to your FICO credit score, allowing you to see how your credit is affected by your card usage.
You also get the peace of mind in knowing that you are not responsible for fraudulent purchases with their $0 Liability Guarantee. Shopping is also really secure, both online and in stores, with their ShopSafe service and chip card technology. Also take advantage of convenient tools such as Digital Wallet technology, online and mobile banking, text banking, account alerts and paperless billing.
Rates & Fees
$10 or 3%
Now, let’s check out the rates and fees associated with the BankAmericard Secured Credit Card. This card has a low $39 annual fee that is charged to your account upon opening, and then again each year thereafter. There are also some transaction fees that you should pay attention to. Balance transfer fees are either 3% or $10, whichever happens to be more. Cash advances, depending on where they originate, will have a fee of 3%, 5%, or $10. Foreign transaction fees, however, are 3% of the total transaction (after converted to U.S. dollars). There are also penalty fees that can be assessed each time you make a payment that is late, or have a payment returned by your bank. Late fees are up to $38, and returned payment fees are up to $27.
The interest rate with this card does tend to be a bit higher than some of the other cards out there, but for a secured card it is pretty competitive. The rate for purchases and balance transfers is 21.24% variable. Cash advances also carry the same rate, unless you make them at a bank location, and then it is a 25.99% APR.
The Bottom Line
Now that you know more about the benefits and the fees associated with the BankAmericard Secured Credit Card, you can decide if it is an ideal card for you. The good news is that the annual fee is pretty low, and the security deposit is completely refundable. While the APR is a bit on the high side, this isn’t uncommon with secured cards. Sometimes you have to get what you can take until you work to build your credit so that you can get approved for a card with a better interest rate.
Not satisfied? Check out some of the best Bank of America credit cards that we have reviewed.