If your credit isn’t established enough to qualify for an unsecured card, the BankAmericard® Secured Credit Card could be a good starting point. Secured cards are designed for people who are new to credit or who are working on building their credit, which means they can be easier to qualify for than unsecured credit cards.
That’s because the security deposit you provide after you’re approved for the card “secures” the line of credit. This deposit reduces the risk that lenders take on when they lend to someone without a strong credit history.
Monthly FICO® credit score
Bank of America makes it easy for you to track your progress as you build your credit by giving you free access to your FICO® credit score with monthly updates. You’ll also get access to credit education tools and resources, including articles and calculators that you can use to learn how credit scores work and about budgeting and other financial tasks.
Who this card is good for
The BankAmericard® Secured Credit Card could be a good option for someone who already banks with Bank of America and needs to build or rebuild their credit. The greatest benefit of using this card is that you get to keep all of your financial activity with the same institution, which can be convenient for many.
But if you’re not already a Bank of America customer, there are other secured credit cards on the market that offer lower minimum deposits or other perks like rewards.