Bank of America offers secured card holders the chance of returning their security deposit. If you maintain good credit, Bank of America will review your account after one year and determine if you're eligible to receive the deposit back. You will be able to use the card in the same manner as an unsecured one if your application is approved for a deposit back. Most secured cards require separate applications to access unsecured credit. The Bank of America secured card, however, does not.
Capital One Platinum Secured Credit Card
To open an account with Capital One Platinum Secured Credit Card, you will need to make a small security deposit. This amount can range from $49 up to $200. The deposit does not go towards making purchases, but it acts as collateral. However, the deposit can be refunded in full if you close your account or upgrade it. You can also increase your credit limit by putting down more than the security deposit. This can vary depending on your circumstances and could reach $1,000.
Capital One Platinum Secured Credit Card provides many benefits making it a good choice if you are looking for an entry-level credit card. This card is not a reward card, but it offers a stable platform to slowly build credit. Having good credit is essential for securing loans with low interest rates.
Discover it Secured Mastercard
Bank of American's Discover it Mastercard Secured Mastercard is a top-rated credit card. It has an annual fee and offers rewards that aren't available with an unsecured card. It is an excellent option for people with bad credit, who want to build credit. The only downside is the high APR. It will let you build credit without the need to make a large deposit.
High approval rates are a hallmark of the Discover it Secured Credit Card. It is perfect for people with poor credit and no credit history. You will also receive cash back rewards and rewards for paying bills on time. You must be at least 18 years old and possess a U.S. bank card and routing number. A decision will be made within several weeks.
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 comes with a low deposit and no annual fee. It can help you build a credit history, so you can improve your credit score. Unfortunately, you cannot use its cash back rewards program.
BankAmericard Secured Credit Card may require a minimum security investment of $300. This may be a deterrent. Some competitors permit customers to deposit as little at $200. There is a $40 late payment penalty. The BankAmericard Secured credit card is a great option for people who want to build credit and establish credit histories. Its 3% foreign transaction fee and low minimum deposit make it a good choice for those who want a secure credit card with a high credit limit but don't have good credit.
Capital One BankAmericard provides a greater credit line than many other credit cards, although a secured card will require you to make a deposit. The maximum credit limit is $200. However, the minimum amount you can deposit will depend on your credit score as well as your financial history.