Bank of America offers a refund for security deposits to holders of secured cards. Bank of America will assess your account after one calendar year to determine if you are eligible for the return of the security deposit. You can use your card as an unsecured credit card if you are eligible for a return of deposit. Bank of America's secured card does not require you to complete a separate application to get access to unsecured debt.
Capital One Platinum Secured Credit Card
The Capital One Platinum Secured Credit Card requires a small security deposit to open the account. This amount can be as little as $49 or as much as $200. The deposit is used as collateral, and not for account purchases. However, if you decide to upgrade or close your account, the deposit will be fully refunded. You can also increase credit limits by depositing more than required security deposit. This can vary depending on your circumstances and could reach $1,000.
Capital One Platinum Secured Credit Card is a great option for beginners looking for a credit card. The card does offer no rewards but provides a solid platform for building credit slowly, steadily. It is crucial to have good credit in order to get loans with low rates of interest.
Discover it Secured Mastercard
The Discover it Secured Mastercard by Bank of American is one of the best credit cards on the market. It has an annual fee and offers rewards that aren't available with an unsecured card. This card is great for those with poor credit and who wish to improve their credit score. High APR is the only problem. The upside to this is that you can build credit without needing to deposit large amounts of money.
The Discover it Secured Credit Card has very high approval rates. It's perfect for those with bad credit, or no credit history. The card also has a cash reward program and rewards for paying on time. To apply, you must be at least eighteen years old and have a U.S. bank account and a bank routing number. Within a few weeks, you can expect to hear back from the bank.
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 low in deposit and charges 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.
The BankAmericard Secured Credit Card does require a minimum security deposit of $300, which may be a deterrent to some consumers. Some competitors however allow customers deposit as little $200. There is also a $40 late fee. Nevertheless, the BankAmericard Secured Credit Card is an excellent option for individuals who want to establish a credit history and build their credit score. The card's 3% foreign transaction fee, low minimum deposit and high credit limit make it a great option for those who don't have excellent credit.
Capital One BankAmericard provides a greater credit line than many other credit cards, although a secured card will require you to make a deposit. The maximum credit limit is $200. However, the minimum amount you can deposit will depend on your credit score as well as your financial history.