BankAmericard® Secured Credit Card review: build credit fast
How to boost your score quickly while paying $0 annual fee? Find out here in our complete BankAmericard® Secured Credit Card review.
Minimum security deposit of $200
If you’re looking for a way to build or rebuild your credit score, you may want to consider a BankAmericard® Secured Credit Card review.
This card offers a refundable security deposit that sets your credit limit and easy access to your FICO score. Keep reading to find out its benefits, drawbacks, and features.
- Credit Score: Bad credit;
- Annual Fee: $0;
- Purchase APR: 26.24% variable APR;
- Cash Advance APR: 29.24%;
- Welcome Bonus: N/A;
- Rewards: N/A.
BankAmericard® Secured Credit Card: how does it work?
As the name suggests, the BankAmericard® Secured Credit Card is a secured card to build or rebuild credit.
The security deposit can range from $200 to $5,000, establishing your credit limit. So, it’s up to you how much you’ll invest.
This deposit is used as collateral and can be refunded after Bank of America reviews your account and creditworthiness. It can happen at any time.
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Using the app, you can access your FICO® Score monthly for free.
So, you can check out your credit score, things that affect it, and other important details.
You can access some credit usage education topics, how to use your credit card responsibly, ways to budget, and more.
BankAmericard® Secured Credit Card: should you get one?
The BankAmericard® Secured Credit Card is an option for current Bank of America customers that want to boost or build their scores from scratch.
Here are a few pros and cons to consider when examining this card.
- Easy to qualify;
- Refundable security deposit;
- Free Access to FICO® score monthly;
- No annual fee;
- Credit limit based on secured deposit amount.
- No rewards;
- No welcome bonus;
- High late payment fee.
Credit score required
Applicants with poor credit are eligible to apply for the BankAmericard® Secured Credit Card, as there is no minimum credit score requirement.
BankAmericard® Secured Credit Card application: how to do it?
Do you want to apply for the BankAmericard® Secured Credit Card? Keep reading to understand how to do it.
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