BankAmericard® Secured review: Low APR, and easy application process
In this BankAmericard® Secured review you will see how this card offers you a chance to improve your credit score.
Rebuild Your Credit with No Annual Fee: BankAmericard® Secured credit card
Welcome to this BankAmericard® Secured review, where we’ll explore the card’s security features, and credit-building opportunities.
- Credit Score: Bad or Poor(Under 580).
- APR: 25.49% variable.
- Annual Fee: $0.
- Fee: 3% foreign transaction fee, 3% balance transfer fee.
- Welcome bonus: N/A
- Rewards: N/A
The BankAmericard® Secured is ideal for those looking to build or rebuild credit. It offers a low annual fee and flexible security deposit options. Read on and learn everything about it.
BankAmericard® Secured: how does it work?
The BankAmericard® Secured credit card can be a helpful tool for those looking to rebuild their credit score.
It has no annual fee, reports to all three credit bureaus, and offers free FICO score updates. However, the card does require a minimum deposit of $200, and has a high APR of 25.49%.
It also charges a foreign transaction fee of 3%. The issuer determines your credit limit by the amount of your security deposit, income, and creditworthiness.
Further, the maximum limit is $5,000, and there are no rewards or welcome bonuses. Besides that, Bank of America will periodically review credit history to determine if the deposit can be returned.
Also, it’s worth noting in this review that the BankAmericard® Secured card doesn’t offer much beyond the initial credit-building stages.
Furthermore, there are no rewards or other perks, and the high APR may make it less appealing for long-term use.
While the card does offer overdraft protection, it may not be the best choice for those looking to maximize benefits.
On balance, the BankAmericard Secured card can be a useful tool for building credit. There may be better options available for those willing to explore the competition.
The lack of rewards and high APR may make it less appealing for long-term use. Still, with no annual or account opening fees, it can be a good choice for those looking to start building their credit score.
You will be redirected to another website
Significant benefits and disadvantages you may find
Ready for the best part of our BankAmericard® Secured review? Here is our list of benefits and disadvantages for you to compare.
- Low deposit requirement for secured card.
- Automatic upgrade possibility to unsecured card.
- Option to choose the security deposit amount.
- Low APR
- No option to increase credit limit.
- Foreign transaction fee.
- No option to transfer to another card.
Is a good credit score required for applicants?
No. The BankAmericard® Secured is a credit card for those trying to build credit. So even if you have a poor credit score, you can still get this credit card.
Learn how to apply and get a BankAmericard® Secured
Want to apply for the BankAmericard® Secured and enjoy everything you saw in this review? Our easy-to-follow application guide can help do that in just a few minutes.
Click the link below to learn how to apply for it easy peasy.
About the author / Danilo Pereira
How To Get An Increase On Your Credit Limit?
If you are looking for ways to get a credit limit increase, you have come to the right place. We are going to show you how to do it.Keep Reading
First Latitude Platinum Mastercard® Secured Credit Card review
Are you looking for a secured credit card? Check out the features of the First Latitude Platinum Mastercard® Secured Credit Card.Keep Reading
Capfin Personal Loan application: Flexible Repayment Terms!
Ready to get a loan with fast approval and funding? Then read this Capfin Personal Loan application guide and get yours today!Keep Reading
You may also like
How to cancel your credit card without harming your credit score
Learn how to cancel your credit card without hurting your credit score. We'll show you the steps to take and the mistakes to avoid.Keep Reading
Upgrade Bitcoin Rewards Visa review: earn 1.5% cash back in the form of bitcoin
In this Upgrade Bitcoin Rewards Visa review you will see how you can earn 1.5% cash back in the form of bitcoin.Keep Reading