Yes, Bank of America offers a secured credit card called the BankAmericard Secured Credit Card
A secured credit card is a card backed by cash you deposit into a savings account at the bank. You put money down — usually between $500 and $2,500 — and that amount becomes your credit limit. You use the card like any other credit card, paying a monthly bill. The bank holds your deposit as security in case you don't pay.
Bank of America's version is the BankAmericard Secured Credit Card. It's designed for people building credit from scratch or rebuilding after past problems. The card reports to all three credit bureaus — Equifax, Experian, and TransUnion — so on-time payments show up on your credit report and help your score climb.
The main reason to use a secured card is that it's one of the few ways to get a credit card when you have no credit history or a damaged one. Unlike a debit card, which doesn't build credit, a secured card creates a record of responsible borrowing that lenders can see.
Key Takeaways
- Bank of America's BankAmericard Secured Credit Card requires a cash deposit of $500 to $2,500, which becomes your credit limit.
- You pay an annual fee, and the card charges interest on balances you don't pay off each month, just like a regular credit card.
- On-time payments are reported to all three credit bureaus, building your credit history over time.
- After 12 to 18 months of responsible use, you may be able to convert to an unsecured card and recover your deposit.
What the deposit covers and what it doesn't
Your deposit sits in a savings account that Bank of America holds. It is not your monthly payment — that's separate. Each month you receive a bill, and you pay it from your regular checking or savings account, just as you would with any credit card.
The deposit stays locked until you close the account or the bank converts your card to unsecured. If you miss payments, the bank can use the deposit to cover what you owe, but they prefer not to. Their goal is to see you pay on time and prove you're trustworthy.
The deposit earns little to no interest. Bank of America does not pay you for holding your money in this way, so the real cost of the card is the annual fee plus any interest you pay on unpaid balances.
Fees and interest rates you'll encounter
The BankAmericard Secured Credit Card charges an annual fee. The exact amount varies, so check Bank of America's current terms before you open the account. This fee is charged once per year, usually on your account anniversary.
If you pay your full balance each month, you pay no interest. If you carry a balance, you pay interest at a rate that depends on your creditworthiness and current market conditions. Bank of America will tell you the rate when you open the account, and it may change over time according to their pricing policy.
There are no foreign transaction fees, which means you can use the card abroad without extra charges on international purchases. There are also no fees for late payments beyond the interest that accrues, though a late payment will hurt your credit score and may trigger a higher interest rate.
How to move from secured to unsecured
After you've used the card responsibly for 12 to 18 months, Bank of America may convert it to a regular unsecured card. This means you no longer need the deposit backing it up. The bank will return your deposit to you, usually within a few business days of the conversion.
You don't have to wait for the bank to offer — you can ask about conversion after 12 months of on-time payments. The bank looks at your payment history, how much of your credit limit you're using, and your overall credit score. If they see you're managing the card well, they'll often agree.
Conversion is not may provide. If you've missed payments or maxed out the card, the bank may decline. In that case, you can keep using the secured card and ask again after more months of good behavior.
Comparing Bank of America's card to other secured options
Other banks and credit unions also offer secured cards. Some have lower annual fees, some have higher credit limits, and some convert faster. The choice depends on what matters most to you: the fee, the limit, the bank's reputation, or how quickly you want to move to unsecured.
Bank of America's main advantage is that you may already bank there, so managing the card and deposit in one place is convenient. The main disadvantage is that the annual fee is not the lowest in the market. If you're willing to open an account elsewhere, you might find a card with a lower fee or a higher starting limit.
Before you choose, compare at least two or three options. Look at the annual fee, the interest rate, the minimum deposit, and what the bank says about conversion. A card that costs $25 per year but converts in 12 months might be better than one that costs $35 but takes 24 months.
What happens if you miss a payment
Missing a payment on a secured card has the same consequences as missing one on a regular card. The late payment appears on your credit report and damages your score. After 30 days, the bank reports it to the credit bureaus. After 60 or 90 days, the damage is worse.
If you miss a payment, contact Bank of America when ready. Explain what happened and ask about a payment plan or hardship options. Some banks will work with you if you're honest and act quickly. The sooner you catch up, the less damage to your credit.
If you fall far behind, the bank may use your deposit to cover the debt. Once that's gone, you still owe the remaining balance. The account may be closed, and the bank may send the debt to a collection agency. This is why the deposit exists — it protects the bank, not you.
How to open the BankAmericard Secured Credit Card
You can open the card online at Bank of America's website, by phone, or in person at a branch. You'll need to provide your Social Security number, proof of identity, and proof of address. The bank will run a credit check, though they're more lenient with secured cards than with regular ones.
You'll choose your deposit amount between $500 and $2,500. This becomes your credit limit. The deposit must come from a Bank of America account you already have, or you'll need to open a checking or savings account first. If you don't have one, that takes a few minutes online or in a branch.
Once approved, the card usually arrives within 7 to 10 business days. You can start using it right away. Your first bill arrives about a month after your first purchase, giving you time to understand how the card works before you have to pay.
Frequently Asked Questions
Can I increase my credit limit on a secured card?
Yes. After several months of on-time payments, you can ask Bank of America to increase your limit by depositing more money into the savings account. For example, if you started with a $500 deposit and $500 limit, you could deposit another $500 to raise your limit to $1,000. The bank may also increase your limit without asking if they see you're managing the card well.
What's the difference between a secured card and a prepaid card?
A secured card is a credit card backed by a deposit. You borrow money each month and pay it back, building credit. A prepaid card is like a gift card — you load money onto it and spend only what you've loaded. Prepaid cards don't build credit because there's no borrowing or payment history. For credit building, you need a secured card.
Will Bank of America close my account if I don't use the card?
Banks sometimes close inactive accounts, though policies vary. To be safe, use the card at least once every few months, even for a small purchase you pay off when ready. This keeps the account active and shows the bank you're engaged. Check your account online or call to confirm it's still open if you haven't used it in a while.
Can I use a secured card if I'm not a Bank of America customer?
You'll need a Bank of America account to hold the deposit. If you don't have one, you can open a checking or savings account at the same time you open the secured card. There's no monthly fee for most Bank of America checking accounts, so this costs nothing extra.
How long does it take to build credit with a secured card?
Credit scores begin to improve within a few months of on-time payments, though the improvement is gradual. After 6 to 12 months, you should see a noticeable increase if you've paid every bill on time and kept your balance low. The longer you use the card responsibly, the more your score climbs. Most people see enough improvement to convert to unsecured within 12 to 18 months.