The BankAmericard Fully Secured Visa Card is a secured credit card offer that is a great type of bad credit credit card with some important features. Read through this review of the Bank of America secured credit card offer below and then decide if this credit card is best for you.
There are thousands of Americans who have known the terrors of bad credit. They’ve lost control of their finances, spent more than they could pay back, and paid the price with their credit score. But there comes a time after the storm when you’re ready to get back on your feet. This is when you’re ready to rebuild your credit history.
But part of the problem is that rebuilding your credit history requires you to have open accounts that are in good standing, and your credit may be damaged to a point at which you simply don’t qualify for any traditional credit cards. That’s where a secured credit card can come to your rescue.
Using a Secured Credit Card
A secured credit card is card that is secured by a deposit, usually to a savings account in Bank of America’s case. The BankAmericard Visa Fully Secured Card is an excellent example of a secured card. Cardholders can deposit anywhere from $300-$1,000. They will then be able to use the credit card for the “credit limit” that they have in savings. That way, if something happens and you’re unable to keep up with your payments, the bank can use the secured funds to pay off your debt.
And after you’ve had the secured account for a while, if you continue to make payments faithfully and keep your account current, then the bank may eventually decide to release the secured funds and change your account into a full-fledged traditional credit account, and you’ll no longer need to leave your money with the bank as collateral against your potential default.
The financial details of the BankAmericard Visa Fully Secured Card are pretty straightforward:
- Standard APR is 18.24%
- APR on cash advances is 24.24%
- There is a $39 annual fee
- 4% fee on wire transfers, balance transfers, and cash advances, with a minimum of $10
- 3% fee on overdraft protection transfers, with a minimum of $10
- 3% fee on foreign transactions
- Late payment fees are $15 if your balance is $100 or under, $29 if your balance is $250 or lower, and $39 if your balance is above $250
- Returned payment fee is $35
Applying for the BOA Secured Credit Card
All told, the BankAmericard Visa Fully Secured Card is an excellent option for rebuilding your credit. But it’s always good to compare, and here are a few questions you’ll want to ask before you make a final decision on a secured credit card:
- Is there a better APR available somewhere else?
- Do you need more flexibility, as far as the amount of your credit line is concerned?
- After your secured card becomes a normal account again, will the APR or annual fee change?
- Ask these questions and you’re sure to have enough information to decide which secured card is the best option for you.
Start comparing secured credit cards and all other types of credit cards with our credit card finder today!