Are you curious to learn about the ins and outs of the BankAmericard Secured credit card? Responsible Economy provides a comprehensive overview of the crucial features of the BankAmericard Secured credit card, encompassing fees, interest rates, minimum deposit, and all the necessary details. Furthermore, we’ll present you with a comparison of the leading secured credit cards available. Let’s embark on this journey of exploration!
Features
In this section, we will go through all the features one by one.
Fees
When assessing financial products, fees play a pivotal role, and credit cards are no exception. The BankAmericard Secured credit card distinguishes itself in this aspect by providing a significant advantage – it does not levy any annual maintenance fees.
APR
Opting to defer payments results in a relatively elevated interest rate. The Annual Percentage Rate (APR) for maintaining a balance on purchases is 26.24%, a factor worth considering. It’s worth mentioning that while certain cards offer an initial 0% interest rate, the BankAmericard Secured credit card does not fall under this category.
Cash back
The BankAmericard Secured Credit Card does not provide any cash back rewards for purchases made with the card. This is certainly a notable drawback.
Minimum deposit
In order to open an account with the BankAmericard Secured Credit Card, you will need to provide a minimum security deposit of $200, with a maximum limit of $5,000. The credit limit assigned to you will be determined by various factors, including the size of your security deposit, your income, and your ability to effectively manage the established credit line. This arrangement is designed to promote responsible credit usage and assist you in steadily improving your financial status over time.
Welcome bonus
Unlike numerous credit cards that entice applicants with appealing welcome bonuses that could potentially reach up to $1,200, it’s crucial to point out that the BankAmericard Secured Credit Card does not offer any welcome bonus incentives.
Summary table
We have created a table summarizing all the features:
| Features | Details |
|---|---|
| Fees | No annual maintenance fees |
| APR | 26.24% variable for maintaining balance on purchases |
| Cash Back | No cash back rewards for purchases |
| Minimum Deposit | Minimum security deposit of $200 (maximum of $5,000) |
| Welcome Bonus | No welcome bonus incentives |
Comparison with the Best Secured Credit Cards
We have conducted a comparison of BankAmericard Secured Credit Card with the best secured credit cards available for application in the United States:
- Fees: $0
- Cashback: 1.5%
- Welcome bonus: $0
- Credit Score: No
- Fees: $0
- Cashback: 1%-5%
- Welcome bonus: up to $300
- Credit Score: 690-850
- Fees: 0
- Cashback: No
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: Up to 3%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $300
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: $35
- Cashback: 0%
- Initial deposit: $200
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
Pros and cons
Certainly, here’s a table summarizing the pros and cons of the BankAmericard Secured Credit Card:
| Pros | Cons |
|---|---|
| No annual fees | No cash back rewards |
| Helps build credit history | Higher interest rate |
| Secured credit | No welcome bonus |
| Potential for credit limit increase | Limited features |
| Access to credit education |
Requirements
In order to be eligible for the BankAmericard Secured Credit Card, you need to fulfill the following minimum criteria:
- Reside in the United States: This credit card is specifically designed for individuals who are legal residents of the United States.
- Age Requirement: Applicants must be at least 18 years old to apply for the BankAmericard Secured Credit Card.
- Employment Verification: It’s important to provide documentation that verifies your employment status. This serves as evidence of your capacity to handle the card responsibly.
- Social Security Number: A valid Social Security Number is necessary for identity verification purposes and for evaluating your credit history as part of the application process.
Frequent questions
Now we’re here to address any questions you might have about the BankAmericard Secured Credit Card:
Conclusion and opinions
After the analysis conducted, our opinion is that the BankAmericard Secured Credit Card is not a competitive secured credit card option because it does not provide any cash back for purchases, nor does it offer an introductory APR or a welcome bonus. On the positive side, it is a fee-free credit card.
More information about Bank of America
We have made a table with interesting information about Bank of America:
| Information | Description |
|---|---|
| Website | https://www.bankofamerica.com/ |
| https://twitter.com/BankofAmerica | |
| https://www.facebook.com/BankofAmerica | |
| YouTube | https://www.youtube.com/user/bankofamerica |
| https://www.linkedin.com/company/bank-of-america/ | |
| Phone | 1 (800) 432-1000 |
Anothers product of Bank of America
You also have a list of all the products offered by Bank of America:
- Checking accounts: here you have Bank of America checking accounts.
- Advantange plus: Bank of America Advantage Plus is the most popular checking account in BoA
- Bank of America Advantage Relationship Banking is a premier checking account.
- Bank of America Advantage safeBalance Banking.
- Bank of America certificate of deposit.
- Bank of America savings account.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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