Bank of America offers a refund for security deposits to holders of secured cards. 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 qualify for a deposit return, you'll be able to use your card just as you would an unsecured credit card. Bank of America's secured credit card is unique because it does not require an additional application for access to unsecured credits.
Capital One Platinum Secured credit card
Capital One Platinum Secured Credit Card accounts require a security deposit in order to be opened. This security deposit can be as low as $49, or as high 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. In addition, you can increase your credit limit by depositing more than the required security deposit. This can vary depending on your circumstances and could reach $1,000.
Capital One Platinum Secured Credit Card provides many benefits making it a good choice if you are looking for an entry-level credit card. While this card does not offer rewards, it can be used to build credit steadily and slowly. For loans at low interest rates, it is important to have good credit.
Discover it Secured Mastercard
Bank of American's Discover it Secured Mastercard is one of our top-rated credit cards. 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. It will let you build credit without the need to make a large deposit.
The Discover it Secured Credit Card offers very high approval rates. This credit card is great for people with low credit scores or no credit history. To apply, you must be at least eighteen years old and have a U.S. bank account and a bank routing number. In a matter of weeks, you will receive a decision.
Capital One BankAmericard
Capital One BankAmericard credit cards are a great choice for those who want a card without an annual fee and with no credit check. This card does not have an annual fee and requires a small deposit. It can help build credit history that will 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, however, allow customers to deposit as little as $200. This card also has 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. 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.
While a secured credit card may require a security deposit, Capital One BankAmericard offers a higher credit line than most. There is a maximum credit limit of $200, but your credit score and financial history will determine the minimum deposit amount.