Bank of America offers its secured cardholders the chance to get their security deposit back. Bank of America will look at your account for one year to determine whether you are eligible to return the deposit. If you are eligible, your card will be allowed to be used just like an unsecured card. Bank of America's secured card does not require you to complete a separate application to get access to unsecured debt.
Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card accounts require a security deposit in order to be opened. The amount required to open the account can range from $49 to $200. The deposit acts as collateral and is not used to purchase anything on the account. The deposit is fully refundable if your account is upgraded or closed. You can also increase your credit limit by putting down more than the security deposit. This could be as high as $1,000 depending on your financial situation.
As a result, the Capital One Platinum Secured Credit Card comes with several benefits that make it a good choice for those who are looking for a basic starter credit card. Although this card doesn't offer rewards, it provides a steady platform to build credit slowly and steadily. For loans at low interest rates, it is important to have good credit.
Discover it Secured Mastercard
Bank of America's Discover it Secured MasterCard is one of the most popular credit cards. It offers benefits that you won't get with an unprotected card and doesn't have an annual fee. It is an excellent option for people with bad credit, who want to build credit. High APR is the only problem. You can build credit with it without having to deposit a large amount of security money.
The Discover it Secured Credit Card boasts high approval rates. It's perfect for those with bad credit, or no credit history. The card also has a cash reward program and rewards for paying on time. For you to apply, your must be at most 18 years old. You also need a U.S. account and a bank routing #. In a matter of weeks, you will receive a decision.
Capital One BankAmericard
Capital One BankAmericard can be a good choice if you're looking for a card that doesn't have an annual fee or requires credit checks. The card is low in deposit and charges no annual fee. It can help build credit history that will improve your credit score. Unfortunately, you cannot use its cash back rewards program.
BankAmericard Secured Credit Card requires a $300 minimum security deposit. This may prove to be a deterrent for some customers. Some competitors, however, allow customers to deposit as little as $200. There is a $40 late-payment fee. Nevertheless, the BankAmericard Secured Credit Card is an excellent option for individuals who want to establish a credit history and build their credit score. The card's low minimum deposit and 3% foreign transaction fees make it an excellent choice for people who need a secured credit card with a large credit limit, but not good credit.
While a secured credit card may require a security deposit, Capital One BankAmericard offers a higher credit line than most. Maximum credit limit is $200. The minimum deposit amount depends on credit scores and financial history.