Why Is Everyone Talking About Bank of America Secured Card ?

Bank of America Secured Card is a MasterCard, provided by the Bank of America. Among various types of products, America Secured Card folds under the credit card category. Besides, the Bank of America is located in Charlotte, North Carolina, United States.

Brian Moynihan is the Chief Executive officer of the Bank of America. Initially, the bank started in 1998 by Amadeo Gianni. Furthermore, they operate on 4,600 retail financial centers and more than 15,900 automated teller machines.

Their products are,

  • Consumer Banking
  • Corporate Banking
  • Mortgage Loans
  • Private Banking
  • Credit Cards
  • Wealth Management
  • Private Equity
  • Insurance
  • Investment Banking

Moreover, the BofA Securities, Merrill, Bank of America, and Private Bank are the divisions of the Bank of America. Not only, but also there are 204,489 workers employed at the Bank of America.

Apart from this, the Bank of America Secured Card is a product under the Credit Cards category. Most importantly, this is a MasterCard.

Rates and Fees

  • Introductory Balance Transfer Annual Percentage Rate is not applicable.
  • Regular Balance Transfer Annual Percentage Rate is 25.24%. (variable)
  • Balance Transfer Fee is 3% of the Transfer Fee or $10, whichever is greater.
  • No Penalty Annual Percentage Rate for the Bank of America Secured Card.
  • Late Fee is applicable up to $39.
  • The Returned Payment Fee is up to $28.
  • No Additional Cards Annual Fee Applicable for the card.
  • Foreign Transaction Fee in 3% of the transaction amount.
  • Credit line required is $300 – $4,900.
  • No Annual Fee is applicable for the credit card.
  • No application fees or activation fees.
  • Cash Advance Annual Percentage Rate is 27.24%. This can be varying according to market conditions.
  • Cash Advance Fee is 3% of the advance amount or $10, whichever is greater.

Requirements of Bank of America Secured Card

  • The minimum age limit is 18 years.
  • Residence in the United States.
  • Proof of independent source of income.
  • Credit Score of 750.
  • Security Deposit is required ($300)

 

Advantages of Bank of America Secured Card

  • The capability of getting free access to museums in the United States.
  • You can choose the cashback category. The categories are Gas, Online shopping, Dining, Travel, Drug Stores, and home furnishings
  • You can earn rewards in your bonus points. The bonus is varying from 25% to 75%.
  • Mobile Banking is available.
  • You have no responsibility for unauthorized purchases from your card.
  • Free access to FICO Credit Score

Disadvantages of Bank of America Secured Card

  • High-interest rates are applicable under purchases.
  • Balance Transfer Fee is high.
  • Higher Annual Percentage Rate inapplicable.
  • The minimum Deposit amount is not a small amount.
  • No reward programs are available.

How to Apply?

As a result of modern technology, the application is available at the Bank of America Secured Card website

First of all, you need to fill in personal information, income and employment details, and housing information. Besides, the process will take up to 15 business days. Especially, the process status of an application status can review online. Through their mobile app, you can pay your bills and settlements.

Customer Service

They have a client Resource site to help with your credit card issues. You can call 800-732-9194 number to access the Resource Site. Or else, you can write to the company in relevance to your issues.

How to Cancel?

Unfortunately, there is no process to cancel your credit card online. Instead. Giving a call to the bank will process your request. After all, a request letter of cancellation needs to send the bank. It should be along with your credit card details. you can apply for similar credit cards  as well (edward jones creditcard, trek credit card )

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