Is your past credit history a little tarnished? Do you have a little work to do to rebuild and re-establish to lenders that you are a good credit risk? Or, maybe you haven’t begun to build a credit history yet. In any of these cases, the Bank of America Secured Visa® card is for you. This card will help you develop a financial relationship and establish a pattern of good credit that you can look back on with pride.
The Bank of America Secured Visa® card offers credit lines from $300 to $10,000. You can basically set your own credit limit. Bank of America has a good, solid reputation of helping customers with their financial management needs. How a secured credit card works: you deposit anywhere from $300 to $10,000 into your Bank of America security deposit account and your credit line will directly reflect the amount of your deposit. With competent and responsible management of this secured credit card account, you may qualify for an unsecured line of credit at a later time.
This card comes with an annual fee of $29.00 and a standard APR (annual percentage rate) of the Prime Rate (which varies) plus 10.99% (which is also variable). The better your credit history and your payment record, the greater your chances of receiving an even lower interest rate in the future. Each balance transfer or cash advance transaction carries a fee of 4% for each transaction, with a minimum fee of $10.00 and a maximum fee of $90.00.
Every Bank of America credit card, including the Bank of America Secured Visa® card, includes a free Total Security Protection package so that you will be shielded from any fraudulent activity or unauthorized use of your card. Bank of America’s customer service is one of the best available and offers you assistance 24/7. You also have free online access to Bank of America’s award-winning online service and you can use this card for overdraft protection on your checking account. This can give you great peace of mind just in case a bill has a payment deadline that may overlap the date of your next payday.
Bank of America also takes your privacy very seriously and will take every avenue possible to ensure your personal information remains secure. You can add a favorite photo to your Bank of America Secured Visa® card to personalize it. You can opt for Credit Protection Plus, which covers a number of scenarios where you might not be able to make your monthly payment. The cost for this service is only 95 cents for every $100 on your card balance, and if you don’t have a balance, this protection does not cost you at all. In the event of your death, having this protection will also cancel up to $25,000 of your debt so your loved ones will not be held responsible.
If you are interested in improving your credit history and credit rating, the Bank of America Secured Visa® card is the right selection for you.
