Yes, Bank of America offers a secured credit card called the BankAmericard Secured Credit Card
Bank of America's BankAmericard Secured Credit Card is designed for people building or rebuilding credit. You deposit money into a savings account, and that deposit becomes your credit limit—typically between $500 and $2,500. The card reports to all three credit bureaus, so responsible use can help improve your credit score over time.
The card itself works like any other credit card: you charge purchases, receive a monthly statement, and pay a bill. The difference is that your deposit sits in a Bank of America savings account as collateral. If you stop paying, the bank can use that deposit to cover what you owe. This lower risk to the bank is why they can offer the card to people with limited or damaged credit history.
You don't need an existing Bank of America account to open this card, though having one may simplify the process. The card has an annual fee (the amount varies and changes periodically), and it carries a variable interest rate that depends on your creditworthiness at the time you open it.
Key Takeaways
- Bank of America's secured card requires a cash deposit between $500 and $2,500 that becomes your credit limit.
- The card reports to all three credit bureaus, so on-time payments can help rebuild your credit score.
- An annual fee applies, and the interest rate is variable based on your credit profile when you open the account.
- After demonstrating responsible use—typically 6 to 12 months of on-time payments—you may be able to convert to an unsecured card and recover your deposit.
How the deposit and credit limit work
Your deposit is held in a Bank of America savings account earning a small amount of interest. That deposit amount becomes your credit limit. If you deposit $1,000, your credit limit is $1,000. You can increase your deposit later to raise your limit, up to the $2,500 maximum.
The deposit stays in the account as long as you hold the card. You cannot withdraw it while the card is active—it serves as collateral for the bank. Once you convert to an unsecured card or close the account in good standing, you get the deposit back.
Annual fees and interest rates
The BankAmericard Secured Credit Card charges an annual fee. The exact amount is not fixed and has changed in the past, so you should confirm the current fee on Bank of America's website or by calling their customer service before opening the account.
The card carries a variable interest rate, meaning the rate can change over time based on market conditions and your account performance. Your starting rate depends on your credit profile at the time of opening. If you carry a balance, you will pay interest on that balance at your card's APR.
Building credit with on-time payments
The card reports your payment history to Equifax, Experian, and TransUnion each month. Making payments on time—even if you only pay the minimum—shows lenders that you manage credit responsibly. Over several months of consistent, on-time payments, your credit score typically begins to improve.
To maximize the benefit, keep your balance low relative to your limit. Using more than 30 percent of your available credit can hurt your score, even if you pay on time. For example, if your limit is $1,000, try to keep your balance below $300.
Converting to an unsecured card and getting your deposit back
Bank of America does not publish a specific timeline for conversion, but many cardholders report being offered an upgrade after 6 to 12 months of on-time payments and responsible use. When you convert, the bank removes the secured requirement, and you can withdraw your deposit.
Conversion is not automatic—the bank reviews your account and decides whether to offer it. Factors they consider include your payment history, how long you have held the card, and your current credit score. You can also contact Bank of America to ask about conversion may be able to access if you believe you meet their standards.
If you are not offered conversion, you can continue using the secured card indefinitely. Some people keep secured cards open even after building better credit, because closing an account can lower your score.
Comparing Bank of America's secured card to other options
Other banks and credit unions also offer secured cards. Some have lower annual fees, higher deposit minimums, or different interest rates. Capital One, Discover, and various credit unions each have their own secured card products. The best choice depends on your deposit amount, how much you want to pay in annual fees, and whether you already bank with Bank of America.
If you already have a Bank of America checking or savings account, opening their secured card may be simpler because the bank already has your information on file. If you do not bank with them, the application process is straightforward but requires setting up a new account relationship.
What happens if you miss a payment
Missing a payment on a secured card has the same consequences as missing a payment on any credit card: it damages your credit score, triggers late fees, and can lead to a higher interest rate. The difference is that your deposit is there as a safety net for the bank, not for you.
If you fall behind significantly, the bank can use your deposit to pay off the debt. However, you would still owe any remaining balance, and the missed payments would remain on your credit report for seven years. Avoiding missed payments is the entire point of using a secured card to rebuild credit.
Frequently Asked Questions
Can I use my Bank of America savings account as the deposit for the secured card?
Yes. If you already have a Bank of America savings account, you can link it to the secured card application. The bank will hold the funds in that account as collateral. If you do not have an account, the bank opens one as part of the card application process.
What is the minimum credit score needed to open this card?
Bank of America does not publish a minimum credit score requirement. The card is designed for people with limited or poor credit, so approval is based more on your ability to make the deposit than on your credit history. However, the bank still reviews your application and may decline it for other reasons.
Can I increase my credit limit without increasing my deposit?
No. Your credit limit is tied directly to your deposit amount. To raise your limit, you must increase your deposit. You can do this by adding money to the linked savings account, up to the $2,500 maximum limit.
Does Bank of America charge interest on the deposit itself?
Yes, the deposit earns a small amount of interest because it sits in a savings account. The rate is typically very low—often less than 0.01 percent—but you do earn something. The interest is credited to the savings account, not to your credit card.
What happens to my deposit if I close the card?
If you close the card in good standing with no outstanding balance, Bank of America returns your deposit to the linked savings account. If you have an unpaid balance, the bank may use the deposit to cover it before returning any remainder to you.