What the BOA Secured Credit Card Is

The Bank of America Secured Visa Card is a secured credit card issued by Bank of America. You put down a cash deposit, and that deposit becomes your credit limit — typically between $500 and $2,500. You use the card like any other credit card, and your payment history gets reported to the three major credit bureaus. After you've shown responsible use over time, Bank of America may convert it to an unsecured card and return your deposit.

This card is designed for people building or rebuilding credit. It's not a prepaid card — you're not spending your deposit. You're borrowing against it while the bank reports your behavior to credit agencies. The deposit stays in a separate account and earns a small amount of interest.

Key Takeaways

  • Your cash deposit becomes your credit limit, ranging from $500 to $2,500 depending on what you deposit.
  • You pay an annual fee of $29, and interest charges explore to any balance you carry month to month.
  • Bank of America reports your payments to all three credit bureaus, so on-time payments build your credit history.
  • After 7 to 12 months of responsible use, you may be considered for conversion to a regular unsecured card.
  • You can increase your credit limit by depositing more money, without a hard credit inquiry.

Deposit Requirements and Credit Limits

You choose how much to deposit, and that amount becomes your credit limit. The minimum deposit is $500 and the maximum is $2,500. Your deposit sits in a money market savings account and earns interest — currently a variable rate that changes with market conditions. You cannot withdraw the deposit while the card is active, but you do earn money on it.

If you want a higher credit limit later, you can deposit more money. Each additional deposit increases your limit by the amount you add, up to the $2,500 maximum. Bank of America does not run a hard credit inquiry when you request a credit limit increase through a deposit.

Fees, Interest, and Costs

The annual fee is $29. This is charged once per year and appears on your statement. There is no monthly fee, no foreign transaction fee, and no penalty APR structure — meaning the interest rate doesn't jump if you miss a payment, though you will face late fees.

The interest rate (APR) varies based on your creditworthiness and current market rates. Bank of America does not publish a fixed rate; you'll see your specific rate when you receive your card. If you carry a balance, interest accrues daily on the unpaid amount. Paying your full statement balance each month avoids interest charges entirely.

Late payments incur a fee. Missing a payment also damages your credit score, since payment history is the largest factor in credit scoring. Paying at least the minimum by the due date is essential.

How to Open the Account

You can open the account online at bankofamerica.com or in person at a Bank of America branch. Online, you'll provide your Social Security number, income, employment status, and other personal information. Bank of America will perform a soft credit inquiry (which does not affect your credit score) and a hard inquiry (which does appear on your credit report).

If you're approved, you'll fund the account by transferring money from a Bank of America checking or savings account, or by linking an external bank account. The deposit must clear before your card is activated. Processing typically takes 5 to 7 business days after approval.

If you don't have a Bank of America account, you can open a checking account at the same time. Some branches offer same-day card set up if you open the account in person and fund it when ready.

Building Credit and Converting to Unsecured

Every payment you make is reported to Equifax, Experian, and TransUnion. Making on-time payments, keeping your balance low relative to your limit, and avoiding missed payments all contribute to a higher credit score over time. The card itself reports as a "secured" account, but the payment history counts the same way as any other card.

After 7 to 12 months of on-time payments, Bank of America may automatically review your account for conversion to an unsecured card. There is no formal request process — the bank initiates the review. If approved, your deposit is returned to you, and the card converts to a regular Visa with a new credit limit (which may be higher than your original deposit).

Conversion is not may provide. Missed payments, high balances, or other negative credit events can delay or prevent it. Some customers remain on the secured version for longer, depending on their credit history and payment behavior.

Comparing the BOA Secured Card to Other Secured Cards

Other banks offer secured cards with different terms. The Capital One Secured Mastercard has no annual fee but a higher interest rate range. The Discover Secured Card offers cash back rewards (1% on all purchases) and also has no annual fee. The U.S. Bank Secured Visa Card charges $29 annually but offers a higher starting credit limit for larger deposits.

The BOA card's main advantage is that Bank of America is a large, established bank with many branches and online tools. Its main disadvantage is the $29 annual fee and lack of rewards. If you have a Bank of America checking account already, the integration may be convenient. If you're comparing purely on cost and features, cards with no annual fee may be worth considering.

What Happens If You Miss a Payment

A missed payment triggers a late fee (typically $25 to $35 for the first late payment, higher for subsequent ones) and is reported to the credit bureaus. Your credit score drops when ready. If the payment is 30 days late, it appears as a "30-day late" on your credit report and stays there for seven years.

If you miss a payment, contact Bank of America as soon as possible. Paying the overdue amount stops additional late fees and prevents further credit damage. Some customers have reported that Bank of America will waive a single late fee if you call and explain the situation, though this is not may provide.

Repeated missed payments or a charge-off (when the bank gives up trying to collect) can result in the card being closed and your deposit being applied to the debt. This is rare for customers who miss one payment and then catch up, but it's a real risk if you fall significantly behind.

Frequently Asked Questions

Can I use the card internationally?

Yes. The card is a Visa and works anywhere Visa is accepted. There is no foreign transaction fee, so you won't pay extra for purchases made outside the United States. Your bank may still charge a fee if you withdraw cash from an ATM abroad, so check your account terms.

What if I need to close the account?

You can close the account anytime by contacting Bank of America. Your deposit is returned to you, usually within 5 to 7 business days. Closing the account does not hurt your credit, but it does remove an active account from your credit history, which can have a small negative effect on your score if it's your only card.

Does the card come with fraud protection?

Yes. Visa's zero-liability policy protects you from unauthorized charges. If someone uses your card without permission, you report it to Bank of America and you're not responsible for the fraudulent amount. You should report fraud as soon as you notice it.

Can I get the annual fee waived?

Bank of America does not typically waive the $29 annual fee for this card. Some customers have reported success calling and asking, especially if they have a long history with the bank or multiple accounts, but there is no formal waiver program.

What credit score do I need to be approved?

Bank of America does not publish a minimum credit score for this card. People with poor, fair, and good credit have all been approved. The deposit requirement means the bank's risk is lower than with an unsecured card, so approval is more likely even with a lower score. Your specific approval odds depend on your full credit profile, income, and Bank of America's current lending standards.