The Bank of America (usually abbreviated as BofA or BoA) is an American financial services company that serves millions of American people. It is headquartered in Charlotte, North Carolina. The bank is one of the Big Four banking companies in the United States.
It was founded in San Francisco and later acquired by NationsBank of Charlotte in 1998, which saw it take its present form. The institution offers various products, including secured credit cards, to account holders. We shall look at the Bank of America secured credit card shortly.
A secured credit card is among the essential products you can get from any financial company. The card allows you to deposit some money for security as you get your card. The amount you place in your account serves as the guarantee of the amount of money that you borrow. Again, the deposit amount usually gives you the credit limit of the card you get.
Secured credit cards do not require credit scores. Usually, the cards are for building credit. You can use the card to grow your scores and qualify for higher limits if you have no credit history or poor credit. Again, the deposit you make is still your money, and you can get it back once you repay your card debt in full. Proper usage of a secured card qualifies you for an unsecured credit card or large loans.
Requirements To Get A Bank Of America Secured Credit Card
If you are planning to get a secured credit card from the Bank of America, then you must be willing to know the various requirements. You should have various things to get a card from the institution. They include the following.
A minimum security deposit
You must have a minimum deposit to get a secured credit card from the company. For your information, the BankAmericard® Secured Credit Card requires a minimum security deposit of $200 and a maximum of $5,000.
A checking account
Suppose you want a secured credit card from the bank. In that case, you must open a checking account where you should deposit the security amount. The deposit amount stays locked until you qualify for an unsecured credit card.
Have at least 18 years
The federal government requires every credit card applicant to have at least 18 years of age. At that age, you can make informed decisions concerning borrowing. Remember that you have to repay your debts to benefit from the card.
Have the necessary requirements
Since you must open a checking account to get the card, you must have a Social Security Number, Identification document (such as a driver’s license, state ID, or passport), email address, and an active US phone number.
Associated Fees For BankAmericard Secured Credit Card
The BankAmericard Secured Credit Card charges a $0 annual fee. That means you can save a lot of money every year. We have cards that charge several dollars a year, thus making huge profits at the expense of the users.
However, the card’s balance transfer fee is 3% of each transaction, with a minimum of $10. The card has no Introductory APR whatsoever. It can therefore be termed one of the best cards you can have today.
The advantages & disadvantages of BankAmericard Secured Credit Card
In the following we talk about the most essential pros and cons of BankAmericard Secured Credit Card so that you can make decide whether you go or not with Bank Of America.
Benefits
Various benefits are associated with the BankAmericard Secured Credit Card. They include the following.
- Zero annual fees
- $0 Liability Guarantee when you get fraudulent transactions.
- Contactless Chip Technology allows you to make purchases quickly, easily, and securely at various locations.
- Overdraft protection so that you can pay for your goods even when you run out of money.
- Paperless statement option so you can view your financial activities on the go.
- Digital Wallet Technology
- Account alerts so you can know about suspicious activities on your card account.
- Online & mobile banking features.
- Free monthly FICO® scores
Drawbacks
Despite the card’s many advantages, one notable disadvantage comes with it. The card has a maximum security deposit of $5,000. That means the card will not be helpful to you if you want a large limit.
Applications for a bank of America Secured credit card
If you want the BankAmericard secured credit card, you should apply online. You only need to access the page about the card online using your phone or computer, and you are good to go. Also, as mentioned earlier, you should ensure that you have everything needed to apply for the card.
Once the page opens, you should hit the “Apply Now” tab and proceed. Upon getting the card, you can use it in the following manner.
- Buy goods or services online and at physical stores.
- Withdraw money at ATM points.
- Build your credit.
Security Features Of Bank Of America Secured Card
Security is among the most vital factors you should check when getting any payment card. The BankAmericard Secured Credit Card has various security measures that they have put in place to ensure that your money is always safe. They include the following.
Alerts on every transaction activity on your account
You will be able to receive notifications of any transaction that is done with your card. That way, you will know if someone is illegally accessing your account and take the necessary action.
End-to-end encryption
The feature ensures that you remain safe when using mobile banking features.
$0 Liability Guarantee for fraudulent transactions
You will not be liable for any illegal transaction with your card. However, you must report immediately if you lose your card for it to be locked.
Should you get the BankAmericard secured credit card
You can get the card if you want to build your credit scores. The card can suit you if you have no credit history or bad scores.
Final Verdict
The Bank of America is an American financial services company serving millions of Americans. It is headquartered in Charlotte, North Carolina. It offers various products to its customers with its secured credit card, the BankAmericard® Secured Credit Card being among the notable products. The card has various advantages, including free FICO scores, activity alerts, zero annual fees, and a zero liability protection program.
