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Looking to build credit for the first time or rebuild good credit that was lost? Bank of America’s Secured Credit Card may be what you are looking for.

How An Unsecured Card Works

bank-of-americaA secured credit card allows you to use, and build, credit without ever having a completely risk-filled credit line. The difference between a secured card and an unsecured credit card is that a secured card requires a form of collateral.

If you decide to open a secured credit card with Bank of America, you will be required to make a deposit into a linked account totaling a minimum of $300 and a maximum of $4900. Then, the credit line that you are issued will be exactly equivalent to the amount of your deposit.

You will never be able to spend more than your credit limit, and your deposit will always ensure that you are able to fully pay off any debt that you may accrue. In this manner, a secured card is considered “risk-less” in that you will not be able to go underwater on debt repayment.

The “Good” with Bank of America’s Card

citibank-secured-credit-card-5There are a couple of pluses to getting a secured card with Bank of America. First, you can potentially have your deposit returned in 12 months if your secured account passes review. The BoA people will check to make sure that you have been responsible with your credit, and they will make your account unsecured.

This is perfect for an individual who may be attempting to test the waters with credit for the first time. It will not require them to go unsecured right off the bat, but it will also not force them to keep their money tied up in a secured card once they feel confident about credit management.

Secondly, by using a BoA secured card, you will have access to all of the security features that a normal BoA account holder would be granted. This would include enhanced online shopping security, chip card protection, and digital wallet protection.

The “Bad” about BoA’s Card

best-secured-credit-cardUnfortunately, the Boa Secured Card charges a hefty 20.49% variable APR rate, which is higher than many unsecured credit cards. Furthermore, there is also a $39 annual fee associated with having this account, which is a fee that can be avoided with other secured credit cards.

Finally, this secured credit card does not offer any sort of rewards in exchange for its use. When most people open a credit card account, they want to be able to have access to some sort of rewards system. Bank of America’s card does not offer one for its secured card, even though other providers like Discover have a secured card with rewards for spending. This makes it a somewhat inferior secured card from this perspective.


With all of that said, the BoA Secured Card is a very good secured credit card from a highly reputable company. If you would like to learn more about everything it provides, you may do so at this Bank of America link.