Yes, Bank of America offers secured credit cards for people building or rebuilding credit

Bank of America has two secured card products: the BankAmericard Secured Credit Card and the Bank of America Secured Visa Card. Both require you to put down a cash deposit that becomes your credit limit — typically between $500 and $2,500, though the exact range depends on your situation and current terms. The deposit stays in a savings account while you use the card, and the bank reports your payment activity to the three major credit bureaus.

The main difference between the two is that the BankAmericard Secured is designed as a stepping stone: after you demonstrate responsible use (usually 6 to 12 months of on-time payments), you may be able to convert it to an unsecured card and get your deposit back. The Bank of America Secured Visa Card is a longer-term product with fewer conversion pathways. Both charge an annual fee, which varies by product and changes periodically.

Key Takeaways

  • Bank of America's secured cards require a cash deposit between $500 and $2,500 that becomes your credit limit.
  • Your deposit earns a small amount of interest while held in a savings account, and you keep access to it.
  • The bank reports your payment history to all three credit bureaus, so on-time payments build your credit score over time.
  • After 6 to 12 months of responsible use, you may convert a BankAmericard Secured to a regular unsecured card and recover your full deposit.
  • Both cards charge an annual fee; check current rates on Bank of America's website since these change.

How the deposit and credit limit work

When you open a Bank of America secured card, you deposit money into a linked savings account. That deposit amount becomes your credit limit — if you deposit $1,000, your limit is $1,000. You cannot spend more than that amount on the card, and you cannot withdraw the deposit while the account is open.

The savings account earns interest, though the rate is typically very low (often less than 0.01% annually, depending on current rates). You can see the interest accumulate in your account statements. If you close the card or convert it to an unsecured product, you get the full deposit back, plus any interest earned.

What gets reported to credit bureaus

Bank of America reports your secured card activity to Equifax, Experian, and TransUnion — the three major credit bureaus. This means every on-time payment, late payment, and balance you carry shows up on your credit report. Building a positive payment history is the entire point of a secured card, so consistent on-time payments are what move your credit score upward over months.

Late payments also get reported and will hurt your score. If you miss a payment by 30 days or more, the bank may charge a late fee and report it to the bureaus. Keeping your balance low relative to your limit (below 30% of your credit limit) also helps your score, because credit bureaus look at your utilization ratio.

Converting to an unsecured card

The BankAmericard Secured is designed to be temporary. After you make on-time payments for a set period — usually 6 to 12 months, though Bank of America reviews accounts individually — the bank may invite you to convert to a standard unsecured card. When that happens, your deposit is returned to you in full, and your credit limit may increase or stay the same depending on your creditworthiness at that time.

Conversion is not automatic, and Bank of America does not may provide it will happen. The bank looks at your payment history, how much of your limit you use, and your overall credit profile. If you have missed payments or carried high balances, conversion may take longer or may not happen. You can contact Bank of America to ask about your conversion status after several months of on-time payments.

Annual fees and other costs

Both Bank of America secured cards charge an annual fee. The exact amount varies by product and changes over time, so you should check the current terms on Bank of America's website or call their customer service line before you open an account. As of recent updates, annual fees have ranged from $25 to $35, but this is subject to change.

Beyond the annual fee, you pay interest on any balance you carry month to month. The interest rate (APR) for Bank of America secured cards is typically higher than their unsecured cards, often in the 18% to 24% range depending on your creditworthiness and current market rates. If you pay your full balance each month, you avoid interest charges entirely. There are no foreign transaction fees on some Bank of America secured cards, though you should confirm this with the specific product you are considering.

How to open a Bank of America secured card

You can open a Bank of America secured card online through their website, by phone, or in person at a branch. The online process typically takes 10 to 15 minutes. You will need to provide your Social Security number, date of birth, income information, and current address. Bank of America will run a credit check (a hard inquiry, which may lower your score slightly) and review your application.

If you are approved, you will be asked to fund your deposit. You can transfer money from an existing Bank of America account or set up a transfer from another bank. Some applicants can fund the deposit immediately online; others may need to complete the process by phone or in a branch. Once your deposit clears, your card is activated and ready to use.

Alternatives if Bank of America is not the right fit

Other banks and credit unions also offer secured cards. Capital One, Discover, and U.S. Bank all have secured card products with different deposit minimums, annual fees, and conversion timelines. Some credit unions offer secured cards to members with lower fees or higher interest rates on the deposit. If you have a relationship with a different bank or credit union, it may be worth comparing their secured card terms to Bank of America's before you decide.

If you are not ready for a credit card at all, some people build credit through credit-builder loans (small loans designed specifically to establish payment history) or by becoming an authorized user on someone else's account. These are not the same as a secured card, but they are other paths to building credit history.

Frequently Asked Questions

Can I use my Bank of America secured card everywhere a regular credit card is accepted?

Yes. A Bank of America secured card works like any other credit card at stores, online, and over the phone. The only difference is that your limit is tied to your deposit, so you cannot spend more than that amount. Merchants do not see any difference when you use it.

What happens if I miss a payment on my secured card?

A missed payment gets reported to the credit bureaus and will lower your credit score. Bank of America will charge a late fee (typically $25 to $35 depending on your account terms) and may increase your interest rate. Repeated missed payments could lead to the account being closed.

Can I increase my credit limit on a secured card?

You can increase your limit by depositing more money into the linked savings account. If you deposit an additional $500, your limit rises by $500. You cannot increase your limit without adding to your deposit, unlike unsecured cards where limits may increase based on payment history alone.

How long does it take to build credit with a secured card?

Credit bureaus typically need 6 months of payment history to generate a credit score. You may see your score improve within that timeframe if you make all payments on time and keep your balance low. Significant improvements usually take 12 to 24 months of consistent responsible use.

Do I lose my deposit if I close the card?

No. When you close a Bank of America secured card, your full deposit is returned to you, usually within 5 to 7 business days. If you convert to an unsecured card, your deposit is also returned at that time. The only way you lose the deposit is if you fail to pay your bill and the bank applies it to cover your debt.