Trying to improve your credit score can make up for the upfront cost. And this card also comes with some perks that can help you along the way.
But how does it compete with major credit cards? secured credit?
BankAmericard Credit Card
no annual fee CASH REWARDSBankamericard benefits
- No annual fee: You do not need to pay an annual fee for your BankAmericard secured credit card.
- This is one of the biggest advantages of bad credit cards as it allows you to keep your card open for free and create a long account history.
- Graduates for an Unsecured Card: Bank of America periodically checks your account to see if you qualify for an unsecured card.
- If you do, your deposit will be refunded. This is another feature you want to see in a secured credit card.
- Better yet, Bank of America is one of the fastest card issuers when it comes to switching to unsecured cards.
- While the typical lead time for those who pay on time and aren’t using much of their available balance is about 12 months. Some cardholders have reported getting their deposits back in six months or less.
- Flexible Credit Limit: This card offers credit limits between $300 and $4,900, and your credit limit is equal to your security deposit.
- With this choice of credit limits, you can choose what works best for you.
- You can opt for a $300 deposit to keep your start-up costs low. Or choose a higher limit so you don’t have to worry about card exhaustion or high loan utilization.
- Report activity to all three credit bureaus: Bank of America reports payments and all other card activity to Equifax, Experian and TransUnion.
- Using your card correctly will increase your credit score with all three agencies. Helping you to qualify for the best credit cards.
- Free FICO Score Tracking: As a Bank of America cardholder. You can view the TransUnion FICO Score in your online account and in the bank’s mobile app. FICO is the most widely used credit scoring system. So this score provides an accurate measure of how good your credit score is.
Other benefits:
BankAmericard’s main focus is on settling your credit, so the additional functions are somewhat limited (as with other credit transfer cards).
Fortunately, there are some unique Bank of America perks to enjoy outside of basic overdraft protection, $0 fraud liability, digital wallet integration, and free access to monthly updated FICO scores.
- BankAmeriDeals
Although BankAmericard does not offer a traditional bonus structure. You still have the opportunity to earn a 5-15% refund on your card at merchants participating in the BankAmeriDeals program.
You can activate limited-time offers for restaurants and other retailers from your Bank of America online account. Which will also give you bigger bonus coins over time.
Bankamericard Fees
BankAmericard is a credit card accessible in all areas. Sure, a 0 percent introductory APR on credit transfers (made within the first 60 days). And purchases is the main attraction, but a qualifying credit score can earn you a continuously variable APR of up to 12.99 percent.
The upper limit of the card’s 22.99% APR rate isn’t cheap. But the lower limit is well below the current average rate. There is a 3% transfer fee to consider (or $10, whichever is greater), but this is a common fee.
You don’t have to worry about an annual fee and your interest rate won’t increase to an APR if you accidentally miss your payment deadline (many cards charge an APR of 29.99%).
However, a late payment fee of up to $40 would be incurred and an additional 3% international transaction fee would apply when using the card abroad. If this potential cost is an issue. There are many credit cards with no late fees and no overseas transaction fees.
Bankamericard Features
- Card Type: Funds Transfer.
- Annual fee: $0.
- Sign-up bonus: $100 Online bonus extract after making purchases of at least $1,000 in the first 90 days after account opening.< br>
- Rewards: None.
- Interest Rate: 0% APR Introduction to 18 billing cycles for purchases and credit transfers within 60 days of account opening and then ongoing APR of 12.99% -22, 99% APR.
- Credit Transfer Fee: $10 or 3% of each transaction amount, whichever is greater.
- Foreign transaction fee: 3%.
Credit Score
You do not need to meet any special credit requirements to receive a BankAmericard Guaranteed Credit Card. As a guaranteed card, it is available to consumers with low or low credibility.
There were reports of applicants receiving the card even with a credit score of 500 or less. However, this does not mean that approval is guaranteed.
Bank of America will assess your credit history and current financial condition to determine whether your application will be approved and, if so, your maximum credit limit.
If you leave a security deposit in excess of what Bank of America charges to refund. Bank of America will provide a lower credit limit and refund the difference.
When paying off a credit card balance, your focus should be on paying off your debt quickly, rather than asking for another card to make up for it.
Conclusion
If this is your first time trying to accumulate or rebuild funds due to problems with your credit file. It’s important to consider the BankAmericard Guaranteed Credit Card.
The minimum deposit required on this card is high, so you should make sure you can pay at least $300. In addition, the BankAmericard Secured Credit Card offers everything we recommend consumers look for in a secure card, including:
How to request
To apply for the BankAmericard secured credit card, you can follow these steps:
- Visit the Bank of America Website: Go to the Bank of America website or visit a local branch.
- Check Eligibility: Review the eligibility criteria to ensure you meet the requirements. Typically, you’ll need to be at least 18 years old and have a Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN).
- Prepare Your Deposit: Decide on the amount you want to deposit as security, which will determine your credit limit. The minimum deposit is usually $300.
- Complete the Application: Fill out the online application form or visit a branch to complete it in person. You’ll need to provide personal information such as your name, address, contact details, SSN/ITIN, employment information, and financial details.
- Submit Documentation: You may be asked to provide documentation to verify your identity and income.
- Wait for Approval: After submitting your application, Bank of America will review your information and credit history to determine approval. This process typically takes a few weeks, but you may receive a decision sooner.
- Fund Your Security Deposit: If approved, you’ll need to fund your security deposit to activate the card. This can usually be done online or by mailing a check.
- Receive and Activate Your Card: Once your deposit is received, you’ll receive your BankAmericard secured credit card by mail. Follow the instructions provided to activate your card.
If you have any specific questions about the application process or need assistance, Bank of America’s customer service or a local branch representative can provide guidance.
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