BankAmericard Fully Secured Visa Credit Card Review
The BankAmericard Fullrdy Secured Visa Ca is a secured credit card offer that’s a great type of bad credit credit card with some important features. Read through this review of the Bank of America secured credit card offer below and then decide if that credit card is best for you.Deposit between $300 and $10,000 in the account, that you can then borrow against. Every month, you’ll receive statements, just like a normal credit card. You’ve 25 days to pay your balance in full and pay no interest. Otherwise, if you make the minimum payment or more, you’ll be charged 18.24% on the outstanding balance. You can also use the card for cash advances, direct deposits and other transactions up to your credit limit, just like a regular credit card.
Credit Line: from $300-$4,900 based on income, ability to pay and security deposit.
Reports three credit bureaus.you to build a credit rating. Just after 12 months, Bank of America automatically reviews your account. If you?¡¥ve already been making all your payments on time and can be approved, the bank refunds your deposit and converts the card into a traditional, unsecured Bank of America Visa card.
Fees :$39 annual fee, in addition to your security deposit. The card has a 24.24% variable interest rate for direct deposits, cash advances and overdraft protection
Standard APR : 18.24%
APR on cash advances : 24.24%
There is a $39 annual fee
4% fee on wire transfers, balance transfers, and cash advances, with a minimum of $10
3% fee on overdraft protection transfers, with a minimum of $10
3% fee on foreign transactions
Late payment fees are $15 if your balance is $100 or under, $29 if your balance is $250 or lower, and $39 if your balance is above $250
Returned payment fee is $35
Pros:
25-day grace period with new purchases
No additional fees for using the card for regular purchases
Secured credit limit from $300 to $4,900, making it one of the more flexible secured credit cards
Bank of America reviews your account after one year, and may convert it to an unsecured account
Reports to all three credit bureaus, helping you establish credit
Other benefit
This card, as a secured credit card, is slim in the benefits department. You do have the convenience of online banking and bill payment through the Bank of America website, including their 24//7 live chat support. I have a few questions while writing that review as well as the live chat support personnel, powered by LivePerson, answered my questions promptly and completely.
In addition, you have the option to use your credit card for overdraft protection on your Bank of America checking account, and you?¡¥ll get Bank of America?¡¥s free Total Security Protection package to guard against theft and fraud on your account.
Cons:
18.24 % interest rate if you carry a balance
24.24% APR on balance transfers and other transactions besides purchases
$39 annual fee
Very few added benefits
No travel protection
No warranty protection on purchases
Overview
All told, the BankAmericard Visa Fully Secured Card is an excellent option for rebuilding your credit rating. But it’s always good to compare, and here are a few questions you’ll want to ask before you make your final decision on a secured credit card.