The Pros And Cons Of A Bank Of America Secured Credit Card
Why should you consider a Bank of America secured credit card? When it comes to secure 00004000 d credit cards, the fairness and value offered really does run the gambit. There are the outright atrocious cards that charge ridiculous fees and offer little value and then there are the great cards that give you everything you deserve. If you've been considering a Bank of America secured card, here are some pros and cons to consider.
Pro: An Opportunity to Build or Restore Your Credit
The Bank of America secured credit card offers you a chance to rebuild your credit. Unlike prepaid credit cards and some of the other secured cards on the market, Bank of America will report your credit card activity to the three credit bureaus. This means your good account standing will have a positive impact on your credit report, which will raise your credit score over time.
Pro: A Reasonable Annual Fee
The Pros And Cons Of A Bank Of America Secured Credit Card
Bank of America offers very reasonable annual fees with their secured card. While some companies try and charge $50, $60 or even more for their cards, Bank of America's annual fee is just $29. That's a great value when compared to the other secured credit cards on the market.
Pro: Small Deposit Requirements
Many secured cards will require a deposit of $500 or more to open a secured credit account. Bank of America's minimum deposit is just $300. If you don't have a lot of cash to spare, this can make all the difference in the world.
The Pros And Cons Of A Bank Of America Secured Credit Card
Con: A High Interest Rate
When you go to the Bank of America website to check out their secured card, it might look like a reasonable interest rate at first glance. However, it's not the 10.99% variable APR that many some consumers think. If you look closely at the site, it's a prime PLUS 10.99% variable APR. That means if prime is 7%, your APR is 17.99%, not 10.99%.
Con: High Balance Transfer Fees
If you want to do a balance transfer or take out a cash advance, the fees might be a problem. Not only will you be charged regular interest, you'll also be charged a 4% transfer/cash advance fee.
When applying for a secured card it's important that you make sure the card you choose is the best card for your needs. If you'll be paying your bill in full each month and don't have any balance transfer or cash advance needs, the Bank of America secured credit card may very well be the best card for you.
How can I know if my business credit cards are personally guaranteed?
Hello,
How can I know if my business credit cards are personally guaranteed? I don’t have copies of the original applications and I don’t want to call the cards to ask (because it may impact me negatively). Is there something in the Terms & Conditions of the cards that I should look for?
which credit card terms and condition is prefer? 10 points best answer?
which credit card terms and condition is prefer and why
in this case i am comparing between washington mutual and bank of america
here’s the terms and condition for
WASHINGTON MUTUAL
annual percentage rate(APR) – 9.99% platinum 16.99 gold 17.25 silver
other atr- promotional balance transfer apr:2.99% on balance transfer requested with your application cash advance apr: 19.99%
default apr: up to the prime rate plus 23.24 or up to 29.99%
whichever is greater, and may vary
variable rate info- purchase apr : 9.99% or the prime rate + 3.24 whichever is greater
promotional balance transfer apr:2.99% or the prime rate minus 3.76% whichever is greater
cash advance apr 19.99% or the prime rate plus 13.24% whichever is greater
grace period for purchases- at least 25 days if the new balance is paid in full by the payment due date
annual fee- $0
minimum finance charge – $1
transaction fee for purchases- for purchases made outside the U.S and its territories: 1% of each purchase
cash advance fee- 3% of the advance ($10 minimum)
Balance transfer fee: $0 for balances transferred now. For future offers, a fee of up to 3% of each balance transfer
($5 min./$75 max, per transfer) may apply
late fee: $19 if balance is less than $200
$39 if balance is $200 or greater
over limit fee: $35 if you exceed your credit line at any time during a billing cycle.
BANK OF AMERICAN TERMS AND CONDITION
annual percentage rate- 13.24%
other apr- 0% introductory, apr for balance transfer and cash advance checks through your first six statement closing dates, after that, the variable apr is 13.24%. the variable apr for bank and atm cash advance is 24.24%
default apr is up to 29.99%
variable rate info. check apr for both visa signature and platinum plus accounts, the margins for the bank and atm cash advance apr is 15.99%
grace period for repayment of balance for purchases- At least 20 days from the statement closing date (provided you full paid your new balance total from the previous statement by its payment due date
annual fee- $19
method of commuting the balance for purchases- average daily balance (including new transactions)
transaction fees for purchases-transaction fees for the purchase of wire transfer, person to person money transfer, bets, lottery tickets, casino gaming chips, money order etc 3% of each such purchases (minimum $10)
foreign transaction- transaction fees for any transaction made in a foreign currency, 3% of the U.S. dollar amount of each such transaction. the fee will be in addition to any other appliable fees
i really need to know which of those two banks are better
please and thank u
Is your business a corporation? Does it have a D&B rating?
If not, my guess is that you personally guaranteed those credit cards.
For ME, the card from Chase (which you are calling by the old name Washington Mutual, which no longer exists) is better because its annual fee is $0, the Bank of America annual fee is $19, and none of the other things affect me enough to matter. However, the Bank of America card might be better for YOU, if one of the other differences affects you, even though it does not affect me.