The best Bank of America credit card for bad credit is the BankAmericard Secured card because it is the only BofA card that accepts applicants with credit scores below 640, and its annual fee isn’t too high at $39. There are no one-time or monthly fees. But BankAmericard Secured does require a minimum $300 security deposit to open the account. The credit limit is equal the amount of the deposit, and the maximum deposit is $4,900. The security deposit is fully refundable after closing the account with no balance. BofA may even refund the deposit after 12+ months of on-time payments.
The BankAmericard Secured card is designed for people with bad credit. Bad credit means a credit score of 639 or less. In this situation, it’s very hard to get approved for any Bank of America credit card that does not require a deposit. Consider secured cards from other issuers such as the Discover it Secured card or the Capital One Secured Mastercard. There are also unsecured cards for bad credit from other issuers. One good option is the Credit One Bank Platinum Visa.
Another way to get a Bank of America credit card with bad credit is to become an authorized user on someone else’s card. Authorized users share a credit line with the main cardholder. Information about the account gets placed on the user’s credit report. This can help a user build good credit if the primary cardholder uses the card responsibly. Only the primary cardholder is responsible for making payments. But customers with bad credit who want their own Bank of America credit card account will have to settle for BankAmericard Secured.
Here is the only Bank of America credit card for bad credit:
Card Name: BankAmericard Secured Credit Card
Annual Fee: None
Min. Deposit: $300
Min. Credit Limit: $300
Reports to Credit Bureaus: Yes – Experian, Equifax and TransUnion
2nd Easiest BofA Card to Get: BankAmericard Credit Card for Students - available to people with limited/no credit
Best Non-BofA Card for Bad Credit: Discover it Secured - $0 annual fee
The best Bank of America credit card for bad credit is BankAmericard Secured. But it may not provide enough benefits to justify the $39 annual fee. It may be wiser to choose one of the other credit cards for bad credit that do not have annual fees.
The Discover it Secured card has a $0 annual fee. It requires a minimum $200 deposit with a $2,500 maximum. It also offers 2% cash back on the first $1,000 per quarter at gas stations and restaurants and 1% on all other purchases. Discover also matches all cash back earned during the first year on the first account anniversary.
Another good secured card choice is the Capital One Secured Mastercard. It has a $0 annual fee. There is a guaranteed $200 minimum initial credit limit with security deposit of $49, $99 or $200, based on creditworthiness. The maximum deposit is $1,000.
The best option when it comes to unsecured credit cards for bad credit is the Credit One Bank Platinum Visa. It has a $0-$99 annual fee, depending on creditworthiness. And it has a $300 minimum credit limit with no deposit required. The Platinum Visa offers 1% cash back on eligible purchases (determined after approval).
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.