There are a few things to note regarding your Bank of America secured credit card deposit:
First off, the minimum required amount is $300. While you may be approved to deposit more than the minimum amount, you cannot simply add more money any time in order to increase your limit. If you do that, they will simply send you a check with the difference.
In order to genuinely increase your credit limit, you will have to request it by calling them at 800-732-9194, or through their online banking portal. Keep in mind, you should have the card for at least 6 months, and have a perfect payment history with it.
Secondly, in order to pay the deposit, you will need to have a checking or savings account already established. It doesn't have to be from Bank of America, but obviously having a previous relationship does smooth things over.
Lastly, unlike other secured credit cards, the BankAmericard Secured card will give you the chance to get your deposit back without you closing the account. Once in a while, they will analyze your account and decide whether you should be upgraded to "unsecured" status. If they decide you should, they will return your deposit. In any case, it will take about 70 days before you see your money back.
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.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.