Secured credit cards are the perfect tools for getting one’s financial profile back in order. Secured cards are secured by cash. The applicant sends a deposit in good faith, and then the lender usually puts the cash into a savings account and issues a credit card for the same amount. After some time of faithful payments, some card companies return the security deposit and allow the consumer to have unsecured credit. The main benefit, however, is that the credit card company reports all the consumer’s timely payments to the major credit bureaus. Bank of America is one of the banks that offers a secured card to the masses. The following is a little bit of information bout that card:
The Deposit Requirements
The Bank of America secured card requires a minimum deposit of $300. The maximum deposit that the consumer can put down for this card is $4,900. Not everyone receives approval for the card. Consumers may have bad credit, but the score must not be below a certain number or the company will refuse to provide a card to the applicant. Bank of America knows the exact figure.
Features and Benefits
The Bank of America secured card has many features and benefits. Some of the top features and benefits of the card are features such as fraud protection and monitoring, text banking, alerts, paperless statements and the almighty chip cards. Bank of America also believes in timely reviews. Therefore, they review the accounts of their secured cardholders after 12 months of timely payments. If the company finds that the person is in good standing, then it will return the security deposit and allow the person to have an unsecured account. The company does stress, however, that not all cardholders qualify for the deposit return.
The card company also provides its cardholders with online shopping security and digital wallet technology. Digital wallet technology allows the consumer to make purchases using Android Pay and such. The online shopping security system that is available allows customers to make up a temporary online credit card that they can dispose of when they are done with it. This technology ensures that online transactions are always safe and secure for the person.
The Application Process
The application process for the BankAmericard is pretty cut and dry like any other credit card application process. Whomever is applying for the card should have at least $300 set aside for the security deposit. The application is going to ask about the person’s personal information, income and living arrangements. It will then take all of that information and run it through the system to see where the person stands as far as credit rating. If the card is approved, the consumer will have to send the security deposit in ASAP. Once that security deposit is in, the consumer can then receive a new card in approximately two weeks or less. The card has a $39 annual fee, a 20.49 percent variable APR and a 3 percent balance transfer fee. The review is positive for people who received approvals.