Sunday, 15 December 2019

Bank Of America Secured Card – Bank of America Credit Card

Bank Of America Secured Card – Bank of America Credit Card
31 Jul
6:43

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 This channel offers 100% free information about how to build credit, how to get cash back actual cash money from using credit cards, as well as credit card reviews We also talked about everything he needs to know about 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 which you're interested be sure to subscribe to our channel and click the notification bell so you don't miss a thing As a matter of fact subscribing to our channel right now will help our channel grow faster which will allow us to: number one get this information out to more people, number two monetize our channel and number three make it a lot easier to continue to upload videos just like this one So if you're new here consider subscribing Alright now that all that's out the way 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!

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