Bank of America offers its secured cardholders the chance to get their security deposit back. 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. If you are eligible, your card will be allowed to be used just like an unsecured card. 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
Capital One Platinum Secured Credit Card requires that you make a small security payment in order to open your account. This amount can be as small as $49 or as large as $200. The deposit is not used to make purchases on the account, but instead acts as collateral. However, if you decide to upgrade or close your account, the deposit will be fully refunded. Additionally, you have the option to increase your credit limit by making more than the required security deposits. This can vary depending on your circumstances and could reach $1,000.
As a result, the Capital One Platinum Secured Credit Card comes with several benefits that make it a good choice for those who are looking for a basic starter credit card. This card is not a reward card, but it offers a stable platform to slowly build credit. It is crucial to have good credit in order to get loans with low rates of interest.
Discover it Secured Mastercard
Bank of America's Discover it Secured MasterCard is one of the most popular credit cards. You get rewards you won't find with an unsecured credit card, and there is no annual fee. It is a great option for people with bad credit who want to build credit. However, the APR is high. The upside is that it will allow you to build credit without requiring you to put up a large security deposit.
The Discover it Secured Credit Card has very high approval rates. It's ideal for people with bad credit or no credit history, and it offers a cash back rewards program and rewards for paying your bills on time. You must be at minimum 18 years old, have a U.S. banking account, and a routing number. A decision will be made within several weeks.
Capital One BankAmericard
Capital One BankAmericard offers a great credit card option that has no annual fee and does not require credit checks. The card is free of any annual fees and has a low minimum deposit. This card can help you build credit history and improve your credit score. This card has one drawback: you cannot take advantage its cash back rewards program.
BankAmericard Secured Credit Card requires that a minimum security deposit be $300. This may seem to be a deterrent. Some competitors permit customers to deposit as little at $200. The card has a late payment fee of $40. However, the BankAmericard secured credit card is an excellent choice for those who are looking to establish credit history and improve their credit score. Its 3% foreign transactions fee and low minimum deposits make it a good option for people who are looking for a secure credit card that has a high credit limit but have poor credit.
Capital One BankAmericard offers higher credit lines than most. Maximum credit limit is $200. The minimum deposit amount depends on credit scores and financial history.