BankAmericard® Secured Credit Card Review
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The BankAmericard® Secured Credit Card is designed to help consumers who have no credit established or are in the process of rebuilding their current credit rating. (See also: Best Secured Credit Cards)
How This Card Works
When you are approved for the card, a security deposit of at least $300 is required to open the account. You can deposit as much as $4,900. Your credit limit is determined by your income, ability to pay, and the amount of your security deposit. Your account activity is reported to the three major credit bureaus. If you manage your account responsibly, after 12 months, you may qualify to have your security deposit returned while you continue using your card.
Highlights
Security deposit return. Upon review, there is a possibility that your deposit will be returned to you after 12 months, allowing you to continue to use the card as an unsecured credit card. There are very few secured cards which are able to offer graduation to an unsecured card once you have established a positive credit rating with the secured version. This allows you to keep your account open even after you have improved your credit and provides the benefit of an aged account to your credit rating.
Considerations
As with most secured credit cards, this one comes with an annual fee, high APR, and foreign transaction fees. If avoiding these are important to you, you may want to check out these other cards:
- Best Secured Cards with No Annual Fees
- Best Secured Cards with Low APRs
- Best Secured Cards with No Foreign Transaction Fees
Who This Card Is Best For
The BankAmericard® Secured Mastercard is best for those who are working on repairing or building a good credit score and can typically pay their balance in full each month.
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