Received this card about a year ago after providing a $300 deposit.It was a tiny credit limit. I was disappointed and hardly ever used it. But after 9 months of on-time payment history I applied and was approved for the following cards, all within 2 months: CapOne - 2K, Citi - 1K, Chase - 3500, AmEx Everday - 3K, AmEx BlueCash - 5K. And last week Bank of America 'unsecured' this card, returned my $300 deposit, and raised my credit limit. This card works!
ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL
- Balance Transfer Intro APR Not Applicable
- Balance Transfer Regular APR 20.74%* Variable
- Annual Fee $39
- Purchase Intro APR Not Applicable
- Purchase Regular APR 20.74%* Variable
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.
Most Helpful Positive Review
Most Helpful Negative Review
I APPLIED (NO CREDIT HISTORY, 18 YEARS OLD) IN JANUARY FOR THE SECURED, I PUT 1K DOWN. FOR THE PAST 6MONTHS I DID MY BEST PAYING THE BALANCE IN FULL AND SOMETIMES MAXED IT OUT AND USED AGAIN BUT PAID BALNCE BEFORE THEY REPORTED IT TO THE CREDIT BUREAU. I SPOKE TO THE ANALYST AN BOFA AND THEY WERE IMPRESSED :) AFTER MY 6 MONTH STATEMENT POSTED I CALLED REQUESTED TO SEE IF THEY WOULD CONSIDER GRADUATING ME FROM THE SECURED TO UNSECURED AND THEY GLADLY DID IT AND ALSO GAVE ME AN INCREASE WHICH NOT MY LIMIT IS $1400 AND I AM GETTING MY SECURITY DEPOSIT BACK. THE ONLY NEGATIVE THING I DID NOT LIKE WAS BACK IN MAY WHEN MY CARD WAS CHARGED FOR $200 ON PRICELINE FRAUDULANTLY THEY REVERSED THE CHARGES BACK ON THE CARD WITHOUT PROPERLY INVESTIGATING. THEY SHOULD HAVE ASKED FOR DL FOR A SO-CALLED RENTAL THAT WAS NEVER RENTED. I ALSO HAVE BEEN DOING RESEARCH WITH OTHER BANKS AND CARDS WITH MY MOM AND THE NEXT STEP IS TO GET A CREDIT CARD WITH NAVY FEDERAL THEY ARE GENEROUS WITH THERE LIMITS, EVEN IF YOU ARE REBUILDING. CAP ONE QUICKSILVER IS ALSO A GOOD COMPANY WHICH I HAVE THERE CARD. BUILDING UP WITH MOMS GUIDANCE :)
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- Credit monitoring
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See the online Provider's credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the 'Apply Now' button, you can review the credit card terms and conditions on the provider's website.
† Credit Karma looks at how your credit profile compares to other Credit Karma members who were approved for this product. Of course, there's no such thing as a sure thing, but knowing whether your Approval Odds are Very Good, Good, Fair or Poor may help you narrow down your choices.
‡ Average score refers to the arithmetic mean and typical low score to the 5th percentile of, in each case, available VantageScore 3.0 credit scores provided by TransUnion of Credit Karma members who were approved for this product from June 2014 through November 2014. Average and typical approved scores are provided as guidelines only and approval is not guaranteed. You can learn more about credit card approval through our in-depth article.