Bank of America offers security card holders the opportunity to return their security deposits. 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. Although most secured cards require you to apply separately for access to unsecured credit (most do), the Bank of America secured is one of few cards that doesn't.
Capital One Platinum Secured Visa Card
The Capital One Platinum Secured Credit Card requires a small security deposit to open the account. This security deposit can be as low as $49, or as high as $200. The deposit is not used to make purchases on the account, but instead acts as collateral. If you choose to close or upgrade your account, the entire deposit will be refunded. 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.
The Capital One Platinum Secured Credit Card offers many benefits, making it an excellent choice for anyone looking for a basic credit card. This card is not a reward card, but it offers a stable platform to slowly build credit. Good credit is necessary to secure 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 a great option if you have bad credit and want to build your credit. However, the APR is high. You can build credit with it without having to deposit a large amount of security money.
The approval rate for the Discover it Secured Credit Card is very high. This card is ideal for those with poor credit or no credit history. It also offers cash back rewards and rewards for paying your bills in time. For you to apply, your must be at most 18 years old. You also need a U.S. account and a bank routing #. You can expect to receive a decision within a few 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 comes with a low deposit and no annual fee. You can build credit history which will help improve your credit score. You can't use the cash back rewards program, which is the downside to this card.
BankAmericard Secured Credit Card may require a minimum security investment of $300. This may be a deterrent. Customers can deposit as little as $200, though some competitors offer lower limits. There is a $40 late-payment fee. The BankAmericard Safed Credit Card is a good option for people who want credit history to help build their credit score. 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.
While a secured credit card may require a security deposit, Capital One BankAmericard offers a higher credit line than most. You can get a credit limit up to $200. However the minimum amount that you need to deposit is dependent on your credit history and credit score.