Yes and no.
No, the 99/500 card does not offer CLIs. However, since they sent your $99, that means your account has been graduated to unsecured. So, technically, you no longer have a secured 99/500 card. You have a "normal" credit card with a $500 credit line. And BofA does offer CLIs on their unsecured cards.
My advice is to keep your balance low and your payments on time. Come September, ask them for a CLI, and you'll probably be upgraded to a $1000 CL.