The Bank of America Secured Credit Card operates on a simple premise: by making a security deposit, typically ranging from $300 to $4,900, cardholders can access a credit line equivalent to their deposit. This structure is particularly beneficial for those with no credit history or a less-than-ideal credit score. Responsible use of the card, including timely payments, can contribute to credit score improvement over time.
The card is widely accepted, allowing users to make purchases at millions of locations worldwide. It also includes standard features like online banking access, account alerts, and the option for paperless statements. One noteworthy feature is the possibility for cardholders to transition to an unsecured credit card after demonstrating responsible financial behavior.
Bank of America Secured Credit Card
Welcome Bonus
N/A
N/A
Annual Fee
$0
Annual Rewards
N/A
N/A
Rewards on Approval
N/A
Interest rates
Purchase Rates
26.24%
Cash Advance Rates
29.24%
Balance Transfer Rates
26.24%
Table of Contents
Bank of America Secured Credit Card
The Bank of America Secured Credit Card is designed for individuals looking to establish or rebuild their credit. This card offers a secure way to make purchases while helping users build a positive credit history. As a secured card, it requires a refundable security deposit, providing a valuable tool for those with limited or damaged credit.
Pros
- Credit Building Tool: The primary advantage is its role as a credit-building tool, aiding those looking to establish or repair their credit.
- Flexible Security Deposit: The ability to choose a security deposit within a specified range provides flexibility for users with different budget constraints.
- Global Acceptance: Being a Bank of America product, the card is widely accepted, making it convenient for users in various locations.
- Transition to Unsecured Card: Responsible card usage can lead to the opportunity to upgrade to an unsecured credit card, reflecting positive financial progress.
- Online Banking Features: The card comes with the convenience of online banking, allowing users to manage their account efficiently.
Cons
- Annual Fee: Like many secured credit cards, the Bank of America Secured Credit Card comes with an annual fee. While common in this category, it's important to consider for those on tight budgets.
- Limited Rewards: Unlike some other credit cards, this secured option typically lacks rewards programs, which might be a drawback for those seeking additional perks.
- Foreign Transaction Fees: Users should be aware of foreign transaction fees if planning to use the card internationally, as these fees can add up.
Details & Eligibility
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- $0
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- Mastercard
- No
- 26.24%
- 29.24%
- 26.24%
- N/A
- N/A
- N/A
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