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Bank of America Secured Credit Cards for february 2024

Bank of America Secured Credit Cards
Apply for a Bank of America Secured Credit card. On 28.02.2024 you have access to 3 credit cards. Increase your chances of getting money — fill out a multi-application with a free credit rating check.
Offers: 3
Updated:
03.02.2023
15:01
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
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Submit your credit card application online
Submit your credit card application online

Take advantage of our credit card selection system with a free credit check!

Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000

Credit Card Online Application of February 2024

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CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
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OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
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Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
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A secured credit card requires a security deposit before the card can be used. The deposit will be equal to the credit limit, and it will be held as collateral by the issuer. This type of card is designed for individuals with poor or no credit history.

The Bank of America® Secured Credit Card allows customers to build or rebuild their credit history by making timely payments, it has no annual fee and you can choose your credit line from $300 to $4,900, depending on the amount of the security deposit. Additionally, the card offers fraud liability protection and access to Bank of America's online banking and mobile banking service.

It's important to note that secured credit cards usually have higher interest rates and fewer benefits than unsecured credit cards. Additionally, it's always recommended to compare the card with other secured credit cards to see which one best fits your needs and to check the terms and conditions carefully before applying. Additionally, it's also recommended to check reviews from financial experts and credit card comparison websites to get a better idea of the card's pros and cons.

Terms and conditions

Secured cards from Bank of America mean you sign a cardholder agreement and grant the Bank a security interest in the Deposit Account. The Bank will own this Deposit Account and can transfer funds. The annual percentage rate for purchases and balance transfers is 25.74%-27.74%, and for cash advances is 28.74%-30.74% based on the Prime Rate. It is variable and can change if the market rate changes. Bank of America has the following secured credit cards.

The cards can help you improve your credit score and establish your credit history. All the cards have overdraft protection and a digital wallet technology set up. Through your mobile device, you can use Samsung pay or Apple pay. The bank will be reporting your payments to the major credit bureaus, so you can use the cards and establish or improve your FICO score and overall credit history.

Bank of America® Customized Cash Rewards®

There is no annual fee. You get a standard APR of 27.74% variable, which is the highest limit Bank of America has on its credit cards. The secured credit card allows you to earn cash back rewards and build your credit. You get 3% cash back rewards in your choice category, like gas stations, 2% cash back for grocery stores and wholesale clubs, and 1% unlimited cash rewards for all other purchases.

For the first $2,500 in combined purchases for your choice category, you earn 3% and 2% cash back, and after exceeding the sum, you get 1%. You can change your choice category every month using your Bank of America account via Online Banking or Mobile Banking app.

A minimum security deposit is $200, while the maximum is $5,000. Your maximum credit line limit will be determined by the security deposit amount, your income, and your ability to pay the credit line established. You can redeem cash rewards in the following ways:

  • Statement credit, deposits into Bank of America accounts, or credit to an eligible Merrill account
  • Contribution to a qualifying 529 account with Merrill or a check start at $25
  • Automatic redemptions into eligible Bank of America and Merrill accounts.

Bank of America® Unlimited Cash Rewards Secured®

There is no annual fee. The annual percentage rate is 27.74% variable. Balance transfers come with a 3% fee. You earn cash rewards on this secured credit card. The base earning rate is 1.5% on all purchases. There is no limit on the cash back amount, and your cash rewards do not expire.

You are required to contribute a minimum security deposit of $200. You can submit a maximum of $5,000. It will determine your available credit line limit. You can redeem your cash rewards on deposits into your Bank of America checking account or savings account, credit into your eligible accounts with Merrill, and statement credit to your credit card.

There is a penalty fee in your minimum payments due not received. Late payment fee will be $29, and $40 on subsequent defaults occurred within 6 billing cycles. If your balance on the payment date is $100 or less, Bank of America will not asses the late payment fee. The penalty APR will not exceed 29.99% on new transactions.

BankAmericard® Secured®

BankAmericard secured card has no annual fee and no rewards. The standard APR you get on this secured credit card is 25.74% variable. The balance transfers have a fee of 3% on each transaction.

BankAmericard Secured credit card designed to rebuild credit or establish it. You submit a security deposit from $200 to $5,000. It will determine how much of a credit line will be available to you.

Through Mobile or Online Banking, you will be able to access your FICO score updated monthly, and track the changes. You will be receiving your score, key factors affecting it, and credit education on how to keep your credit healthy.

Pros and cons

Pros

  • You can get a credit limit of up to $5,000, depending on your deposit and income. If you submit a security deposit of $5,000 and your income and DTI are good, you will receive a maximum credit limit.
  • The cards allow you to build credit. Secured credit cards are designed for credit score improvements or building. You eliminate the risk from the bank by submitting the security deposit.
  • There is no annual fee on the cards. You will not pay an annual fee on any of the secured credit card you will choose.
  • You can get your security deposit returned. Bank of America will periodically review your credit score and payment history on the card. You can receive a non-secured credit card and receive your security deposit back.

Cons

  • The APR is high, 25.74% to 27.74%, and variable. It means your annual percentage rate depends on the Prime Rate. It is currently 7.0%, but it may rise, causing your APR to increase too.
  • The cash back rate is $0.015 for each $1 spent. If your secured credit card is in the cash back rewards program, the redemption rate is quite low, so you won't get much out of the card.
  • There is no Intro APR on the cards. The APRs are high and are issued on cash advance, purchases, and balance transfers. They go up to 31%.

Main requirements for applicants

To open an account, you will have to deposit a minimum of $200 as a security deposit. The maximum goes up to $5,000. This sum will determine your maximum credit limit. Other requirements are the following:

  • Be a US citizen;
  • Have a stable source of income;
  • Be over 18 years old;
  • Have a bank account with Bank of America. 

The cards are designed so that if you have poor credit, you can apply for the secured card and improve your score. The Bank of America will be reporting your payments to the credit bureaus.

How to apply for a card

To apply for the secured credit card from Bank of America online, you need to access the credit card menu on the website.  Once you choose a suitable secured card:

  1. Click Apply Now;
  2. Provide your personal information, such as name, address, phone, and email. To skip this step, sign into your account.
  3. Provide your SSN and prove your source of income;
  4. Wait for the Bank to contact you;
  5. If you are accepted, sign the Cardholder Agreement;
  6. Provide the deposit as collateral.

The card will arrive in 7 to 10 days after you sign the agreement. 

How to return the security deposit

The cardholder agreement status is that you can return the deposit. 

  1. You pay the balance in full and close your credit card account. The procedure may take up to two billing cycles plus ten days.
  2. You qualify for the return of your security deposit. The company reviews your credit history from time to time and may decide to return the deposit if you manage your credit cards and loans responsibly. 

The Bank will pay you the collateral amount by depositing funds into your bank account or by some other method decided to be suitable for the Bank.

How to pay the credit card debt?

Your secured credit card payments are allocated to posted balances. If you have an account with different APRs on balances, Bank of America will apply the amount of your total minimum payment first to the lowest APR balances. Payment over your Total Minimum Payment Due will apply to balances with higher APRs before balances with lower APRs.

If the amount you request exceeds your Total Credit Line, Bank of America may send full or partial payment to your creditors in the order you provide them to us. You need to allow at least two weeks from your account opening for processing. Continue to pay each of your creditors until the transfer appears as a credit. Balance Transfers have interest charges from the transaction date. If you revolve your balance to keep a promotional or introductory offer, all transactions and balances will be charged with interest.

The Balance Transfer Fee is 3% of the amount of your transaction, and a minimum is $10. Balance Transfers cannot be used to pay for any account issued by Bank of America or its affiliates.

There is a penalty fee in your minimum monthly payments due not received. Late payment fee will be $29, and $40 on subsequent defaults occurred within 6 billing cycles. If your balance on the payment date is $100 or less, Bank of America will not asses the late payment fee. The penalty APR will not exceed 29.99% on new transactions. Bank of America can declare you in default of the debt if:

  • You cannot meet the conditions to perform any obligation or to make a payment;
  • You withdraw or transfer from the deposit account any funds guaranteed under the agreement;
  • You have given the Bank false information or misrepresentations;
  • Any cardholder dies;
  • Any government authority takes action which adversely affects your financial condition or ability to repay the debt;
  • Any guaranty or other agreement required in connection with the debt is violated or ineffective;
  • You file a bankruptcy petition, a bankruptcy petition is filed against you, or you make a general assignment for the benefit of creditors.

If you default, the bank may declare all the debt immediately payable. After receipt of payments on the Secured Card Account, the bank may withhold the release of credit equal to the amount of the payment for a period to ensure that sufficient funds are available.

FAQ

What credit score do you need for a Bank of America secured credit card?

The minimum credit score for a secured credit card with Bank of America is 300+. You may have bad credit and still qualify for a secured credit card.

Can I increase my Bank of America secured credit card limit?

Your secured credit card limit with Bank of America will depend on the deposit you contribute to and your income. You can increase the limit by contributing more to the collateral.

Does a Bank of America secured card become unsecured?

Bank of America reviews your credit history from time to time to determine if you can qualify for an unsecured card. If you do, your deposit will be returned to you.

How long does a secured credit card from Bank of America take to arrive?

It takes from 7 to 10 business days for your secured credit card to arrive. You can get a free expedited delivery upon request from Bank of America. It cuts the arrival time down to 72 hours.