Bank of America Secured Credit Card Rewards Honest Review
Today, I’m talking about the Bank of America secured credit card you’re going to want to watch this entire video, because I have insider tips and tricks that are going to strengthen your chances on getting approved for the bank of America secured card. Okay, I got some really good information for you today, you’re gonna, like it so much you’re gonna hit that, like button guaranteed today, I am going to be talking about the Bank of America secured credit card.
I’m gonna share with you today how to get a Bank of America secured credit card that will earn you cash back. I know a lot of you guys really like the Discover it’s secured card for that same reason, but I’m going to show you today how to be able to do the same thing with Bank of America. I try to give you some tips that you’re not going to hear anywhere else, and I definitely have been able to do that today. So when I did this video, I research this video and I’ve talked to an insider telling me exactly the best way to apply for the bank of America secured credit card when you don’t have the best credit, bad credit or fair credit.
So if these tips work, for you be sure to come back and leave a comment saying if you were able to get approved for what I said exactly the way I said it so and the first thing I have to say right off the bat is it’s Better not to apply online, it is way better if you go into a branch location. But if you go inside a branch location, you actually have two options. You have the regular secured credit card that you find online and while this is still a good offer to help build your credit, you do not earn any rewards.
Now, if you go into a branch location, you have a option of applying for a secured cash back. Credit card, I’m sure a lot of you guys are interested in something like that, because the discover is secured card is so popular well. This is another way to have a secured credit card with a low deposit and you will be earning cash back. Rewards the really good thing is that this secured credit card does graduate, so you do not need to cancel in order to get your security positive back now with that, I’m going to say that the typical time frame is twelve months. Okay, usually this is at the point of the video where I tell you.
I have some fantastic review article on a particular credit card. I’m talking about and um I’m sad to report. I don’t have it this time. I kind of dropped the ball on that one. Today, I’m not prepared yeah. I expect that I’m going to be doing it. So if I do you’ll find that linked in the description today, if I do you’ll find that linked in the description below, but as of today, I got nothing for you. You have to make a $300 security deposit for a $300 line of credit. You do have the option of adding more money to that line of credit.
It’s all up to you, but the minimum is $ 300 and the great thing about that card is that there’s no annual fee with it as well, so you can potentially get a cash back, secured credit card with no annual fee, just like with the discover in Secured card a lot of you like the Discover, is secured card because it is a cashback secured credit card. I am Telling You today, you have another option for a secured credit card that will earn you cash back. I didn’t know that, and I know that most of you don’t and that’s why I have to share with you this today also with Bank of America. They have this little-known option where it’s a partially secured cash back credit card and what you can do. If you have somewhere between bad to fair credit, you can ask to apply for the standard cash back, rewards credit card, and once you do that, what will happen is that you either get a proof for the unsecured credit card or they’ll.
Give you an option for the partially secured credit card if you have somewhat okay credit, this option requires a $ 100 security deposit, and if you make that, then you will be an issued a card and I’ve been told that people can get a credit limit with That ranging somewhere between 500 and $ 1,000, it all depends on how your credit score. It is okay, so, following these steps is the only way you can apply for this partially secured credit card, so you’re going to have to take the chance and with that chance, you’re either going to get approved.
Well, three things are going to happen: either you’re going to get approved for the unsecured cash back credit card, which is the best scenario or you’re going to get the offer for a $ 100 security deposit card with a somewhat decent credit line, or sadly, you can Get denied now, if you get denied, you can then apply for the secured cash back credit card. But unfortunately, if that all happens and you decide to apply for the secured cash back card, you will have acquired too hard credit inquiries on your credit report. So you carefully want to think out this strategy. You do not want to apply this way if you have a credit score of 500. Now, if you have something where you know you’re like at 600 625, then this strategy could work really well for you now everything I’m telling you today either works at all Bank of America branches or some, and this is currently how it’s done it can change at Any time banks change their offers, all you need to do is visit a branch and ask them if you’re able to do this, I almost forgot to tell you what’s really interesting, when you’re applying in a branch location is that if you apply for your secured card And you get approved, then you’re able to take out the security deposit out of your Bank of America bank account, and I was also told that if you a bank account from another bank that works, you’re going to need to have a bank account when you’re applying For this credit card, I’ve talked in the past about other banks that don’t require a bank account and if that’s an issue for you, then city will let you open a secured card without any bank account, but with Bank of America they are going to require that You do have a bank account and this is a strategy to receive your card faster because you pay the deposit and they will then issue your card.
The nice thing with Bank of America and making credit card payments are convenient and easy. You can do that online. Over the phone or you can go inside into a branch location and make your payments that way, there’s a lot of flexibility there to make sure your payments are on time when you’re building your credit, okay, so this may or may not be important to you, but If you plan to travel outside of the United States, the Bank of America secured card charges a 3 % to foreign transaction fee.
A better option would be the Capital One secured card, because that secured card charges, no foreign transaction fees. So lately I’ve done a lot of reviews on secured credit cards, so many that I’ve decided to start a new playlist for them. So if you want to check it out, the link to that playlist will be in the description and any future videos. I do review videos on secured cards. I will add those videos to that playlist. So if you’re interested in credit line increase with one of these secured credit cards from Bank of America, you can do that. But you need to wait at least six months and you have to call and request it now with the discover it secured cart and the Capital One secured card. That’S done automatically around the six month time period, but with Bank of America.
You have to call and request it if you’re building credit subscribe to my channel credit fast, I can help you find the right offers to help build your credit. I did a little investigation online and I found out through a pretty trusted source that, when you open a Bank of America secured credit card that account gets reported on your credit report. As just a regular credit card account, it will not be classified as secured really doesn’t matter, but I’m just putting it out there. Another great feature of having a Bank of America secured credit card is that you do get free credit monitoring and that can be really helpful when you’re building your credit, you can see how well you’re doing each and every month you’re going to want to pay your Balances in full, because just like, with any credit card, offer to rebuild your credit, the interest rate on this card is high, so to make it easier for yourself and to avoid any extra cost, make your payments and full every month. Alright.
So if you’ve had a recent bankruptcy, this secured card is not right for you, you’re going to want to look at a different offer. Opensky visa would probably be a better option to get in approval, so if you don’t get approved for any of the Bank of America secured cards that I talked about today, you do have the option to try and get approved for the Capital One secured card. I have seen a lot of my viewers in the comment section saying that they’ve had credit scores in the 500 range high 500 range and they were able to get a secured card from Capital One either for a two hundred dollar deposit.
Ninety nine dollar deposit or a forty nine to pop or a forty nine dollar deposit for a two hundred dollar line of credit, and if that doesn’t work for you finally OpenSky visa, they really don’t care. What i mean by that is, they will know what i mean by that is, basically, if you complete your application correctly, you can build credit with them. There is no credit check, there’s no heart and credit inquiry. You just need to make a two hundred dollar deposit. They do charge a $35 annual fee, so that is a real, solid option to build your credit. If you can’t find another credit card company to help you and if you’ve tried the Bank of America secured card, let us know down below if it’s working for you interested in more secured cards to build your credit check out the playlist here, don’t forget to share, See you next time.