The BankAmericard® Secured credit card is a good option if you’re new to credit or trying to build credit.
What to Like
Because your payment history is shared with the 3 major credit bureaus, responsible use can help you build credit. After 12 months, you could qualify to get your security deposit back while you continue to use the card. It also offers a $0 Liability Guarantee if your card is lost or stolen.
Look Out For
While it could help you build credit, the BankAmericard® Secured credit card requires a $300 minimum security deposit to open the account, and there’s a $39 annual fee. This card has a relatively high interest rate, so you could pay a lot in interest if you don’t pay off your balance each month.