Credit Cards (US)
BankAmericard® Secured Credit Card full review: build or rebuild credit
Learn more about a card that helps you build or rebuild your credit on this BankAmericard® Secured Credit Card review.
BankAmericard® Secured Credit Card: low minimum security deposit required
On this BankAmericard® Secured Credit Card review, you will learn more about how a secured card works and how to build or rebuild credit with it.
In this case, the card doesn’t have an annual or monthly fee. Also, the minimum security deposit required is low.
|Credit Score||All considered|
|APR||25.49% (variable) – purchases and balance transfers; 28.49% (variable) – cash advances|
|Fees||Balance Transfer Fee: 3% of each transaction;|
Cash Advance Fee: from 3% to 5% of each transaction;
Foreign Transaction Fee: 3% of each transaction;
Late Payment: up to $40
Additionally, you will get outstanding customer assistance since Bank of America is certified by J.D. Power for Financial Health Support.
How does the BankAmericard® Secured Credit Card work?
Even though secured cards are not eligible for rewards, bonuses, or introductory APR periods, they allow you to closely control your finances while helping you build or rebuild your credit score.
Basically, they work just like traditional credit cards. On the other hand, you must make a security deposit to be able to open an account and use the card.
The security deposit varies from $200 to $5,000. In addition, you may be able to qualify to have your security deposit returned depending on the overall account and credit history, including your relationship with Bank of America.
Of course, the main deal about getting a card like this one is to build or rebuild credit since you will be in full control of your spending limits.
But unlike other similar cards from other banks, this Bank of America secured card lets you access your FICO® Score monthly through Online or Mobile Banking.
Furthermore, there are no annual or monthly fees attached to it, as shown before on this BankAmericard® Secured Credit Card review.
Lastly, this card offers essential security features, including a $0 Liability Guarantee against fraudulent transactions, contactless options for payments, account alerts, and digital wallet technology.
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BankAmericard® Secured Credit Card benefits
As can be seen on this BankAmericard® Secured Credit Card review, if you need to build or rebuild credit while enjoying the convenience of holding a credit card, this secured card is worth checking.
To sum up, it gathers security features, low costs, a low amount of security deposit, and it offers free access to your FICO® Score.
- The card helps you build or rebuild credit;
- It allows you to access your FICO® Score for free;
- It doesn’t charge annual or monthly fees;
- It provides essential security features;
- The security deposit ranges from $200 to $5,000.
- It doesn’t offer bonuses or rewards.
How good does your credit score need to be?
Fortunately, all credit scores are considered, although other eligibility requirements apply. In fact, this card is suitable for those who need to build or rebuild credit.
How to apply for a BankAmericard® Secured Credit Card?
So, now, learn how to apply for the BankAmericard® Secured Credit Card and start confidently building your credit!
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