If you are looking for a card which helps you to establish, strengthen or even rebuild your credit then you will require right financial tools. BankAmericard Secured Visa may prove a great choice for you. A secured credit card uses money you place in a security deposit account as collateral. Your income, ability to pay and the collateral amount become the deciding factors for your line of credit.
BankAmericard Secured Visa can be called a fully-secured card. They provide an option for paperless statement as well. After 12 months, your account will be reviewed. If you will qualify for a regular credit card then your deposit will be refunded and you will be able to use the same card. But it will work like an unsecured credit card. When a secured card graduates, the regular card will have the credit limit same as the secured card. After 6 months, you can call and ask for an increase in credit limit. The minimum deposit required is $300 and the maximum credit limit of this card can be up to $4,900. The deposit does not earn interest which is a downer for this card but it is acceptable because of other good things. Bank of America does report payment history to the major credit bureaus. It does report as a secured card but that is not a deal breaker. The FICO score does not treat a secured card differently. It takes the card only as a credit card, no matter whether it is secured or unsecured.
It is a secured credit card with an annual fee of $39. 1-3% cash back can be easily earned on your purchases depending on what category they are in. The snag is that the rewards program needs to be added to this card as it’s not set up by default. $o liability guarantee is also there which protects you from fraudulent card transactions.
Bank of America approves most of the applicants for their secured card but some exceptions are also there. They will not approve applicants with a bankruptcy showing on their credit report. Applicants with a number of collections showing will also not get the approval.
If you consistently travel outside the country, 3% transaction fee on foreign purchases may prove a downer. Bank of America provides a solution for this. They offer travel assistance and travel accident insurance.
Rates and Fees: –
It is a card with good terms.
- APR: – Annual Percentage Rate is 20.24%.
- Balance Transfers: – No zero percent intro offers are there. The transfer fee is 3%.
- APR for Cash advances: – A variable 20.24% AP is there for direct deposit and check cash advances. The transaction fee is 3%.
- Penalty APR: – 29.99%
- Annual Fee: – $39
- Foreign Transaction Fees: – Foreign transaction fee is 3%.
Bank of America has a generous grace period of 25 days.