Bank of America offers secured card holders the chance of returning their security deposit. Bank of America will examine your account after one-year and determine if the deposit is eligible for return. 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 Visa Card
Capital One Platinum Secured Credit Card Accounts require a small deposit to open. This amount can range from $49 up to $200. The deposit acts as collateral and is not used to purchase anything on the account. However, the deposit can be refunded in full if you close your account or upgrade it. 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. Having good credit is essential for securing loans with low interest rates.
Discover it Secured Mastercard
Bank of American's Discover it Security Mastercard is among the best credit cards available. It comes with no annual fees and rewards you would not get from an unsecured loan. It is a great option for people with bad credit who want to build credit. However, the APR is high. You can build credit with it without having to deposit a large amount of security money.
The Discover it Secured Credit Card has very high approval rates. It's ideal for people with bad credit or no credit history, and it offers a cash back rewards program and rewards for paying your bills on time. You must be at minimum 18 years old, have a U.S. banking account, and a routing number. A decision will be made within several weeks.
Capital One BankAmericard
If you are looking for a credit card with no annual fee and no credit check, Capital One BankAmericard is an excellent option. This card has no annual fee and a low deposit. This card can help you build credit history and improve your credit score. The only problem with this card is the inability to take advantage of its cash-back rewards program.
BankAmericard Secured Credit Card requires a $300 minimum security deposit. This may prove to be a deterrent for some customers. However, some competitors allow customers to deposit as low as $200. There is a $40 late payment penalty. The BankAmericard Safed Credit Card is a good option for people who want credit history to help build their credit score. The card's low minimum deposit and 3% foreign transaction fees make it an excellent choice for people who need a secured credit card with a large credit limit, but not good credit.
While a secured credit card may require a security deposit, Capital One BankAmericard offers a higher credit line than most. 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.