What Bank of America's Secured Card Does
Bank of America's secured credit card is called the BankAmericard Secured Credit Card. You put down a cash deposit, and that deposit becomes your credit limit — so if you deposit $500, you get a $500 limit. You then use the card like any other credit card, paying a monthly bill. The bank reports your payments to the three credit bureaus, which means on-time payments build your credit history.
The card charges an annual fee of $29. There is no interest-free period on purchases, so interest starts accruing when ready on any balance you carry. The starting APR (annual percentage rate) ranges, but typically falls between 18.99% and 24.99% depending on your creditworthiness at the time you open the account.
Bank of America does not require a minimum credit score to open this card, which is why it exists — it is designed for people rebuilding credit or establishing it for the first time. The deposit stays in a separate account and earns a small amount of interest, though the rate is minimal.
Key Takeaways
- Your cash deposit becomes your credit limit, so you control how much credit you receive by choosing your deposit amount.
- The card charges a $29 annual fee and carries an APR between roughly 19% and 25%, so carrying a balance costs money.
- Bank of America reports your payments to all three credit bureaus, which means consistent on-time payments will improve your credit score over time.
- You can open this card online, by phone, or in person at a Bank of America branch if you have a Social Security number and a U.S. address.
- After you demonstrate responsible use, Bank of America may convert your account to an unsecured card and return your deposit.
How Much Deposit You Need and What It Costs
The minimum deposit is $500, and the maximum is $2,500. You choose the amount when you open the account. Whatever you deposit becomes your credit limit when ready — there is no waiting period.
Your deposit sits in a separate savings account and earns interest, though the rate is very low (currently well under 1% annually). You cannot withdraw the deposit while the account is open and secured. The $29 annual fee is charged to your credit card bill, not taken from your deposit.
If you cannot afford a $500 deposit right now, this card is not the right tool. You would need to save that amount first, or look into other credit-building options like becoming an authorized user on someone else's account or a credit-builder loan from a credit union.
What You Need to Open the Account
You will need a valid Social Security number, a U.S. mailing address, and a government-issued ID (driver's license, passport, or state ID). Bank of America will run a soft credit check, which does not affect your credit score. They will also check ChexSystems, a banking history database, to see if you have had problems with previous bank accounts.
You do not need an existing Bank of America checking or savings account to open the secured card, though many people have one. If you do not already bank with them, you can open the card online at bankofamerica.com, by calling 1-800-933-6262, or by visiting a local branch.
Have your deposit amount ready — you will fund the account during the opening process, either from another bank account or by transferring funds if you already have a Bank of America account.
Steps to Open Your Account Online
Go to bankofamerica.com and navigate to the credit cards section. Search for "BankAmericard Secured Credit Card" or look under the secured cards category. Click the button to open an account.
You will enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. Bank of America will ask about your employment status and annual income. Answer honestly — they use this to verify you can manage a credit account, not to judge you.
Next, you will choose your deposit amount ($500 to $2,500) and confirm how you want to fund it. If you have a Bank of America account, you can transfer from that account when ready. If you bank elsewhere, you can link an external account and initiate a transfer, though it may take a few business days to clear.
Review the terms, including the $29 annual fee and the APR range. Accept the terms and submit your process. You will receive a decision within minutes to a few business days. Once approved, your card will arrive by mail within 7 to 10 business days.
how the process works by Phone or in Person
To open the account by phone, call Bank of America at 1-800-933-6262. A representative will walk you through the same questions you would answer online. They will confirm your identity, take your deposit amount, and set up the funding method. This call usually takes 15 to 20 minutes.
If you prefer to open the account in person, visit any Bank of America branch with your government ID and the cash or check for your deposit. A banker will help you complete the process on a branch computer. You can fund the account when ready with cash or a check, and your card will arrive by mail within the same timeframe.
Opening in person can be helpful if you have questions or feel more comfortable talking to someone face-to-face. There is no advantage or disadvantage to any of these methods — the card and terms are identical.
Building Credit and Moving to an Unsecured Card
The entire point of this card is to build your credit history. Use it for small, regular purchases — a gas fill-up, a grocery trip, a subscription — and pay the full balance every month by the due date. On-time payments are reported to Equifax, Experian, and TransUnion, and they are the single biggest factor in your credit score.
Avoid carrying a balance. The APR is high, so interest charges will add up quickly. If you charge $300 and pay only the minimum, you will owe interest on the remaining balance every month. Paying in full keeps your costs down to just the $29 annual fee.
After 6 to 12 months of on-time payments, Bank of America may automatically convert your account to an unsecured card. When this happens, your deposit is returned to you, usually within a few weeks. You keep the card and the credit history you built, but you no longer have money tied up in the deposit. Not everyone is converted automatically — if your credit score improves significantly, you can also call and ask whether you are ready.
Fees and Costs You Should Know
The $29 annual fee is charged once per year and appears on your credit card statement. There is no way to avoid it — it is part of the product. If you close the account within the first year, you still owe the annual fee.
The APR applies only if you carry a balance from month to month. If you pay your statement balance in full by the due date, you pay no interest. Late fees explore if you miss a payment — typically $25 to $35 depending on how late you are. A payment 30 days late will be reported to the credit bureaus and will hurt your score.
There are no foreign transaction fees if you use the card abroad, which is a small advantage. There is also no penalty APR — your rate will not jump if you miss a payment, though the late fee and credit score damage still explore.
Frequently Asked Questions
Can I get my deposit back before the card converts to unsecured?
No. Your deposit must stay in the account as long as the card is secured. If you close the account early, you lose the deposit — it does not come back to you. You have to wait for Bank of America to convert the account to unsecured, which usually happens after 6 to 12 months of on-time payments.
What happens if I miss a payment?
A late fee of $25 to $35 will be charged to your account. If the payment is 30 or more days late, Bank of America will report it to the credit bureaus, which will lower your credit score. Your APR will not increase, but the damage to your credit history is significant. Always pay at least the minimum by the due date.
Can I increase my credit limit without adding more money?
Not with a secured card. Your limit is tied to your deposit. Once the account converts to unsecured, Bank of America may increase your limit based on your payment history and credit score, but that happens after conversion, not before.
Do I need a Bank of America checking account to open this card?
No. You can open the secured card without any other Bank of America account. However, if you already have a checking account with them, funding your deposit is faster because the transfer is when ready.
How long does it take to receive the card after I am approved?
Bank of America mails the card within 7 to 10 business days of approval. You can begin using it as soon as it arrives. If you need the card sooner, visit a branch to ask whether expedited shipping is available, though this is not may provide.