We cannot deny the fact that credit cards have become extremely important these days. They are the solution for all your instant money needs. But there are so many credit cards in the market, that it can be really confusing to choose the right one for you. It becomes even more difficult if you have a bad credit score or no credit history at all.
If this is the case, then it is better to go with a secured credit card, because the fee and charges of unsecured credit cards would be too high for bad credit holders. Coming to secured credit cards, BankAmericard Secured Credit Card is one of the most famous credit cards in America. In this article, we are going to give you a reliable BankAmericard Secured Credit Card Review. So Let’s Get Started!
What is a BankAmericard Secured Credit Card?
As you know, BankAmericard is a secured credit card, so you will have to pay a security deposit to get this credit card. It comes with a security deposit ranging from $300 to $4,900. Your initial credit limit will depend on your credit score and your security deposit, but as you increase your credit score with this card by paying the credit card bill on time, you can apply for a credit limit increase.
The best part is, that you do not need an over-the-top credit score to get this credit card, even if you have a bad credit score or no credit score at all, you can get this card. Also, there is no annual fee, application fee, or monthly fee. So overall, it is a low-cost card.
They also provide you with tools to keep track of your credit score as well as your budget. Not only this, but they also provide you with tips and ways to boost your credit score immensely. If you have a decent credit score, then you can get a good credit limit with a low-security deposit.
- No annual fee at all
- The credit limit is quite flexible
- The user gets FICO scores for free every month
- No liability for fraud
- No liability for identity theft
- You get text alerts for all transactions.
- No user liability in case of fraud and identity theft.
- You get free FICO scores.
- Easy payment process.
- Easy application and approval process.
Now in this BankAmericard Secured review, we will discuss the specific features of this card, so you can decide whether you should go for this card or not.
Coming to the interest rate, BankAmericard Secured credit card is a bit on the higher side because the regular APR of this card is 24.99%. If you leave some balance on your card then this card might not be a good option for you.
- Regular APR: 24.99% (Variable)
- Penalty APR: 0.00%
- Bank Cash Advance APR: 29.24% (Variable)
- Direct Deposit and Check Cash Advance APR: 26.24% (Variable)
- Balance Transfer APR: 24.99% (Variable)
Where other cards charge a lot of fees like annual fees, monthly fees, and maintenance fees, this card has no such fee. BankAmericard only charges reasonable fees. But if you like to travel abroad, the foreign transaction fees might be too much for you. There are some other charges as well like, late payment penalty fees and balance transfer fees.
- Annual Fee: $0.00
- Late Payment Penalty Fee: Up to $40.00
- Foreign Transaction Fee: 3% of the total transaction as per U.S. dollar rate
- Balance Transfer Fee: 3% of the total amount or $10.00 (whichever is higher)
- Cash Advance, ATM, Over the Counter Fee: 5% of the total amount or $10.00 (whichever is higher)
- Check Cash Advance Fee or Direct Deposit Fee: 3% of the total amount or $10.00 (whichever is higher)
- Purchase Fee for a Wire Transfer: 5% of the total amount or $10.00 (whichever is higher)
Depending upon your credit score and the credit limit that you want, you will have to pay a security deposit of $300 to $4,900. If you fail to pay the credit card bill, BankAmericard can keep your security deposit. But if you maintain your card well, when they upgrade your credit card from a secured credit card to an unsecured credit card, they will refund the security deposit.
The only issue with BankAmericard Secured Credit Card is, there are no rewards. Does not matter if you pay for groceries, fuel, or dining, you will not get any rewards or cash back. This is the only downfall of this credit card.
To get this card, you will have to go to the official website of Bank of America. There you will find “Apply for Credit Card”. Click on that tab and then go to BankAmericard Secured Credit Card. After this, you will find an application form, fill in all your required information like your name, address, contact information, income, source of income, etc. You will also have to provide them with your Social Security Number.
After this, they will conduct an inquiry of your credit and once your credit card application is approved, after paying the security deposit, you will get your credit card within 5 to 10 days.
Here, your credit limit basically depends on two things:
- Your Security Deposit
- Your Credit Score
Initially, they offer a credit limit of $300 to $4,900 but as you maintain your card, pay the credit card bill on time, and increase your credit score, you can apply for a credit limit increase.
Another great thing about BankAmericard® Secured Credit Card is, that they report all your credit card activities to all three major credit bureaus including TransUnion, Experian, and Equifax. Which is very good for building your credit score.
You do not have to worry about your credit card upgrade because Bank of America conducts a periodic review of your account and credit score, and if you qualify for the credit card upgrade, they let you know via mail or call. If you agree, they will upgrade your credit card from a secured credit card to an unsecured credit card.
Who Should Get Bank Americard Secured Credit Card?
If you fall under any of the following categories, then you can definitely go for this credit card.
1. You are a Bank of America Customer
If you already have your checking account in Bank of America, you should go for this credit card. You get extra credit points and some other protections on your credit card if you have both a checking account and a credit card from Bank of America.
2. You have a Bad Credit Score or No Credit History
In case your credit score is bad or you have no credit history, this card is perfect for you. You can easily get this card with a bad credit score and it has great potential to boost your credit score. It is an ideal card to start your credit score journey with.
Other Secured Cards You Can Consider
If you are a bit confused and think that BankAmericard Credit Card is not a good option for you, you can consider any of the following secured credit cards as well.
1. Capital One Platinum Secured Credit Card
Our Rating: 4.2/5
If you are looking for a low-cost credit card to boost your credit score then Capital One Platinum Secured Credit Card is the perfect option for you. The maximum security deposit is just $200 and your credit limit depends on your credit score. The best part is, there is no foreign transaction fee or annual fee. It is a good card for bad credit holders.
- No annual fee.
- Zero foreign transaction fee.
- You can get this credit card even with a bad credit score.
- Easy application and approval process.
- Good for credit building.
- Report your credit activity to all three major credit bureaus.
2. Bank of America Customized Cash Rewards Secured
Overall Rating: 4.9/5
You must be wondering, why we have given such a high rating to the Bank of America Customized Cash Rewards Secured Credit Card. Well, because it is one of the rare secured credit cards that give you rewards. You get up to 3% cash back on all your eligible purchases. And the cherry on the cake is, there is no annual fee. You can choose a category where you want 3% cash back, it can be anything like gas, groceries, dining, hotel bookings, etc. On other eligible purchases, you will get 1% or 2% cashback.
- There is no annual fee.
- You get up to 3% cashback.
- You can select the category where you want the maximum cash back.
- If you maintain this card well, your card will be upgraded to an unsecured card.
- Good for credit building.
- People with bad credit scores can also get this card.
3. Discover It Secured Credit Card
Our Rating: 4.8/5
It would be really unfair if we talk about the best Secured Credit Cards and forget to talk about the Discover It Secured Credit Card. It comes with a minimum security deposit of $200 and a maximum credit limit of $2,500. So if you have an above-average credit score, you can get your hands on the highest credit limit with the minimum security deposit. Coming to rewards, it gives you 2% cash back on restaurants and fuel and 1% cash back on all other eligible purchases.
- Zero annual fees.
- 2% cash back on fuel and restaurants.
- 1% cash back on eligible purchases.
- Extra bonus for new cardholders.
- You can qualify for this card even with a bad credit score or no credit history.
- Good for building your credit, as it reports all your credit activities to all three major credit bureaus.
FAQs: Frequently Asked Questions
Q1. What credit score do you need for a BankAmericard?
There is no minimum credit score for the BankAmericard Credit Card. You can get this credit card, even if you have zero credit history or a bad credit score. But to get a good credit limit, you should have a credit score of 300 to 669. If you have this credit score, your credit card application will easily get approved and you will receive the credit card between 5 to 10 days.
Q2. How does BankAmericard work?
To get the BankAmericard credit card, you will have to pay a security deposit. If you fail to pay the credit card bill, the Bank of America will keep your security deposit and will discontinue your credit card service after that.
Q3. What type of card is BankAmericard?
BankAmericard is a secured credit card. So to get this card, you will have to pay a security deposit. It can be between $300 to $4,900. But if you maintain your card well and pay the credit card bills on time, they will upgrade your secured credit card to an unsecured credit card.
Q4. Does a Bank of America secured card do a hard pull?
Yes. Bank of America conducts a hard inquiry of your credit to check your credit score, and this results in a hard pull. After the credit inquiry by Bank of America, your credit score might see a fall of 5 to 10 credit scores.
All in all, we would like to give BankAmericard Secured Credit Card an overall rating of 4.2/5 simply because they deserve it. It is a good card for bad credit holders or people with zero credit history to boost their credit score. They also have reasonable fees and there are no hidden charges. The only downfall is, there are no rewards. We hope you liked our review better than the other BankAmericard secured card reviews available on the internet. If you have any queries or feedback, please let us know in the comments.
- Elizabeth Jones is one of our editorial team’s leading authors on credit card offers, services & more. With over two decades of experience in the consumer credit industry and as a nationally recognized credit expert, Elizabeth provides in-depth analysis of both traditional & alternative forms of credit. Elizabeth regularly appears on many major media outlets including NBC Nightly News, Fox Business Network, CNBC & Yahoo! Finance. She is also a frequent contributor to Forbes Magazine. As a highly appreciated author for our exclusive Editorial Team, Elizabeth strives to provide readers with a trustworthy advice on how to manage their credit accounts while staying informed on the latest offers in the marketplace.
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