Researching Bank of America secured card? Duane here with how to build credit TV
and in this video I'm going to be talking about the Bank of America
secured card and what you can expect if you're considering getting this
particular card. The Bank of America secured card. But before we get started I
have a quick message. Once again my name is Duane with how to build credit TV.
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we're gonna talk about the Bank of America secured card. A secured credit
card is a great way to establish credit, to build credit, a lot of people think
that a secured credit cards are for people that have bad credit. But in case
you want to build credit or even have a higher credit line you can get a secured
credit card. So we're gonna talk about the Bank of America secured card in this
video. For this portion of the video I'm gonna jump on over to our laptop so I'll
see you guys over on the laptop give me one second.
Okay so we're at the website here to look at the bank of America secured card
or the BankAmericard secured credit card. So it says right here help establish
strengthen even rebuild your credit. Looks and works like any other credit
card. So right out the gate you can see that there is an annual fee of $39. This
is pretty pricey annual fee for secured credit cards out there but Bank of
America is a huge Bank. It's definitely in the top 4 as far as the banks are
concerned, so if you're interested in getting a secured credit card the Bank
of America secured card is a good card to get because it's a good bank. And you
can graduate to other credit cards other unsecured credit cards with Bank of
America. I actually contacted customer service and they said that you can
graduate from your secured credit card account which is the bank the Bank of
America secured card to an unsecured credit card and you will keep the same
card number which means that you will not lose any credit history. You will not
be opening a brand new account so therefore they will not be pulling your
credit score. So that's very good I wanted to make sure that I have that
information because I know that for me personally that would be important if I
were interested in getting the Bank of America secured card. So it says card
details here on the left, it says help build your credit a secured credit card
designed to help establish strengthen or rebuild credit. That's very important I
use the secured credit cards I have two of them at the moment the discover it
secure card and the Citibank secured card. And I'm using it to build my credit
I don't necessarily need the secured card but I like the fact that I can
apply for the cards and kind of secure my credit line. My credit limit whatever
I want that to be depending on my deposit. So, right here it says a minimum
refundable security deposit of $300 and a maximum of forty nine hundred dollars
is required to open the account. So all that means is you can deposit anywhere
from three hundred dollars up to forty nine hundred dollars initially to open
the account. I do believe that you can go all the way up to ten thousand dollars
on this account I did ask customer service that question
as well, but initially you just need between three hundred dollars and forty
nine hundred dollars to open the account. So your credit line is gonna be based on what
your deposit is to open the account. Another thing that is good to know about
the Bank of America secured card is the fact that like I said you can graduate
from the secured card to an unsecured card and keep the same
number and same information which is always good. You also have access to your
FICO score when you get the Bank of America secured card.
You're gonna get you're gonna get access to your FICO score. I would just use the
app I use my app for everything so that's pretty much you know a good thing
that you can access your FICO score not just a credit score not like you know
like the fake score that you would get with Credit Karma
or your credit wise app. And don't get me wrong I use both of those
apps but I know that I take that score with a grain of salt. Okay so the FICO
score is it is a different deal. It talks about returning getting your deposit
returned. They will return your deposit to you when you qualify to graduate to
an unsecured card. You can call in and ask them to upgrade after a while but I
would recommend having the card for a year before you call to upgrade. And then
at that time you can also ask them about getting the thirty nine dollar annual
fee waived. When you get your unsecured card so here talks about interest rates
and fees. I never really pay a lot of attention to the fees and the APR, right
here it's twenty one point seven four percent. I never pay attention to it
because I don't have a balance on my credit cards when I use them. I only use
my credit card if I have money in the bank to pay for it and if I don't then I
don't use my credit card. So I only use my credit card for every single purchase
I never use my debit card because I'm interested in making cash back and so on
and so forth. So there are security and features here there's you stay protected
there's $0 liability for fraudulent transactions of course. There's a bunch
of different stuff that you guys can read here I'll have the link below this
video so you can go directly to the website and check out all the
information for yourself. You do not have to have a Bank of America account to
open this account. You can fund the account by having a checking account
with another bank which is a very good thing and you can also continually fund
your account if you wanted to put a hundred dollars on the account every
month which would be really good it's it would be a good habit to practice saving
some money and it would be good to save money. There is no interest earned on the
money that sits in the account that's the bummer part, but you can
continue to add money to your account which will make your credit
limit higher and I would recommend that if you're in a position to do that so
that's a good thing. You can do that on the phone with customer service and they
said that you don't have to wait for any time period you can add money to your
account whenever you want to as often as you want to. So that's pretty much it for
the bank of America secured card. I think it's a good card the only thing I don't
like personally is the $39 annual fee. I'm not really a big fan of that but if
you want a relationship with the Bank of America because they're a good Bank I
would recommend getting the Bank of America secured card. Thanks for watching
this portion of the video. I will see you guys in just one second.
Alright thank you so much for watching this video about the Bank of America
secured card. If you have any questions leave them in the comment below. I'll
answer it as soon as I see it. If you haven't subscribe to the channel yet
please consider doing so. We talk about everything that you need to know in
regards to credit. Whether you're looking to establish credit, build credit rebuild
credit or learn more about the FICO score and how it is comprised so you can
increase your credit score. If this sounds like something in which you're
interested be sure to subscribe and click the notification bell so you
don't miss a thing. Thanks again for watching this video I'll see you guys in
the next video. Until next time take care and be blessed. Peace!