Bank of America
BankAmericard Secured Credit Card
Secured card with no annual fee for building or rebuilding credit, backed by security deposit of $200-$5,000.
Annual fee
None
Credit needed
Fair (580-669)
Quick look
Builds Credit
Designed for establishing or rebuilding credit
2.5
out of 5
Rewards
Fees
Welcome bonus
Perks
Value
Overall score is a weighted average: Rewards 20% · Fees 20% · Welcome bonus 20% · Perks 20% · Value 20%.
Ideal for
Someone with poor or fair credit (580–669 FICO) who prioritizes accessibility and monthly bureau reporting over rewards, and who plans to graduate to an unsecured card within 1–2 years.
The verdict
This is a straightforward secured card designed for people with poor or fair credit who need to establish or rebuild their payment history. With no annual fee and $0 liability fraud protection, it won't drain your resources while you build credit. Bank of America reports your payments to all three bureaus monthly, which is the real value proposition—you're paying for access, not rewards.
The catch is the 25.99% APR and complete absence of rewards. This card shouldn't be your primary card. Its purpose is proving you can handle credit responsibly for 12–24 months, after which Bank of America will review your account for graduation to an unsecured product with better terms. Carry a small balance, pay it on time, and move on—that's the playbook.
Pros
- No annual fee makes it genuinely accessible for long-term credit building
- Reports to all three credit bureaus monthly, directly building your credit history
- Up to $5,000 credit line—among the highest available for secured cards
Cons
- Very high APR (25.99%) makes carrying a balance expensive and counterproductive
- No rewards or sign-up bonus—purely a credit-building tool, not a cash generator
- Security deposit earns no interest while held, and requires upfront capital
Fees and APR
Does it pay for itself?
At $0, the annual fee is a genuine strength for a secured card. Most major competitors (Discover it Secured aside) charge $39–$99. This removes a barrier to keeping the card as long as you need it.
Other benefits
- $0 Liability Guarantee for fraudulent transactions
- Balance Connect for overdraft protection when linked to eligible Bank of America checking account
- Paperless statement option
- Digital Wallet Technology (Apple Pay, Google Pay, Samsung Pay)
- Online and Mobile Banking access
- Account Alerts for balances and due dates
Similar cards
Also no annual fee, but earns 2% cash back on all purchases—better if you need rewards alongside credit building.
Also no annual fee, earns 1.5% cash back, and often has slightly lower APR—a good alternative if Capital One's credit policy works for you.
Frequently asked questions
Will this card actually help me rebuild my credit?
Yes, if you make on-time payments every month. Bank of America reports your activity to all three credit bureaus, which is how a secured card builds your credit history. The key is treating it as a working tool—small purchases, paid in full each month. Missed or late payments will hurt just as much as they help.
When will I get my security deposit back?
Bank of America periodically reviews your account (usually every 6–12 months) to see if you qualify for an unsecured card. If approved, you'll get your deposit back in full. There's no set timeline—it depends on your credit improvement—but most cardholders see this happen within 12–24 months of consistent on-time payments.
Why is the APR so high?
High interest rates are standard for secured cards because they're aimed at people with higher credit risk. The deposit mitigates the issuer's risk, but the rate reflects the applicant pool. If you pay your full balance every month, the APR won't affect you. Carrying a balance on this card is expensive and defeats the credit-building purpose.
Should I use this if I have fair credit?
If you're approved for a no-annual-fee unsecured card like the regular BankAmericard or other options, take it instead. You'll avoid the security deposit requirement and likely get better terms. Secured cards are for people with poor credit or no credit history—if you're past that, unsecured is the faster path.
Reviewed by YoungerFinance Editorial · Last updated August 10, 2026