Bank Of America Secured Credit Card Reviews

Bank of America secured credit card is a great option for all those people who have bad credit, and cannot thus get any other credit card. It is also a good option for all those who haven’t had a credit card before. But remember, since the Bank of America secured credit card is a secured credit card, it does not come with many of the features that are so common to all the unsecured credit cards. But the BOA cards still offer many attractive features. Check them out to find out whether you like them or not.

What Is a Secured Credit Card?

These cards are different than the usual non-secured credit cards that you find. Here, there is a deposit that secures these cards. In the case of BOA, it usually works with a savings account with the bank. Those who have the card can deposit any amount of money between $300 and $1,000, and can in return use the card till the credit limit, which is linked to the money in the savings account. If something wrong happens and the person is unable to pay back the owed money, the bank is free to take the funds out of the secured funds to get the investment back. Thus, for the bank, it is risk free, and the person who would normally not be issued the card, can get the card and use it. This is a win-win situation for everyone.

So go ahead and get your Bank of America secured credit card if you are someone who needs some improvement in your credit score. Just get the card, use it, repay the money within the due date, and your credit score is bound to improve. Your secured funds might be released by the bank, and you can eventually get an unsecured credit card. You can then have the traditional credit card, and stop worrying about your poor credit history.

Bank of America Secured Credit Card Details You Should Know

• The APR stands at 18.24%.
• Cash advance APR is 24.24%.
• The annual fee is $39.
• There is a 4% fee on balance transfers, cash advances and wire transfers. The minimum fee amount is $10.
• The foreign transaction fee is 3%.

Do not worry if you are suffering from a poor credit score. Stop worrying about credit card rejections. Just try the BOA secured card, and you have the opportunity to turn things around. Get the credit line you need, and the opportunity to improve your score.

References: http://www.bankofamerica.com/