Bank Of America Secured Card – Bank of America Credit Card


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
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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!

22 comments on “Bank Of America Secured Card – Bank of America Credit Card”

  1. Sheene Arca says:

    Duane, great video! I’m glad you’re going over every single credit card. How do you share you computer screen?

  2. Chyna's Choice says:

    I just got the BOA Secured card & they pulled my credit…smh

  3. Green Eyes Chavis says:

    If you have history and a fico of 707, how often will a person get approved for a credit card

  4. Jason Anfroy says:

    What is the credit card limit is it 500?

  5. Berserkstroke says:

    I been building my credit for 5 months now next month in December should be my last , once I get a Fico score will I be able to get a car loan ?

  6. Al May says:

    if I want a mortgage, would my odds be better with them if I get their secured credit card and have credit history with them than if I have no banking history with them?

  7. Al May says:

    If I want a mortgage with bofa would it help if I establish a relationship with them by first getting their secured card and paying it on time for a while, then apply for the mortgage?

  8. VO Anatnas says:

    When a secured card is graduated to an unsecured card. Does the initial secured amount stay the same for the unsecured or is the credit amount raised?

  9. Grupo Orden Suprema says:

    Is it hard to qualify for this card?

  10. Al May says:

    are there any advantages to my credit of depositin more than the minimum for a secured credit card?

  11. fredd 722 says:

    Now the boa secured card has no annual fee .

  12. Al May says:

    begins at 1:41

  13. sneaki25 says:

    do you know if you can be denied for the secured card

  14. David T says:

    How come it says $0 annual fee for me

  15. derek D says:

    So how long does it take to go from a secured credit card to unsecured credit card? Do they automatically change it to an unsecured card after making monthly payments or do you have to request them to change it to a unsecured credit card?

  16. FMH 17 says:

    I have. 0$ balance in my credit card secures platinum plus mater card but says 300$ credit and 200$ credit cash it took 300$ from my checking account can someone explain ?

  17. Chris Pielacha says:

    Hey Duane!, I wanted to share some exciting news with you I just spoke to a representative from Bank of America and here they have two tiers of secured credit cards. they have a partial secured credit card which requires only a $99 deposit for a credit line of $500 that is amazing.

  18. NOTING - says:

    I just turned 18 a month ago, and they approved me for a secured card, since I have no credit. Is that good thing for someone who has no credit yet or credit history ?

  19. nimry80 says:

    Does it make any difference if I start with $500 secured credit card or $3,000 secured credit card I'm talkin about the history or the power of the credit card itself , for new credit card stablished not to mention that I never had any credit card history??

  20. Rebecca Jin says:

    Does this mean I can only spend $300 a month or does it mean I can spend more as long as I pay it to down to zero every week?

  21. A says:

    Hi Duane,
    Does this card charge interest at all

  22. Kenya Garcia says:

    Hi, Duane. I'm 21 years old & I'm just building up credit. Plus, today I've just signed up for the Credit Card. Any advice you can give me because I get confused.

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