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. You will be able to use the card in the same manner as an unsecured one if your application is approved for a deposit back. 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 Card 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 does not go towards making purchases, but it acts as collateral. If you choose to close or upgrade your account, the entire deposit will be refunded. You can also increase credit limits by depositing more than required security deposit. This could be as high as $1,000 depending on your financial situation.
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. Good credit is necessary to secure loans with low interest rates.
Discover it Secured Mastercard
The Discover it Secured Mastercard by Bank of American is one of the best credit cards on the market. You get rewards you won't find with an unsecured credit card, and there is no annual fee. It is an excellent option for people with bad credit, who want to build credit. 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. This credit card is great for people with low credit scores or no credit history. To apply, applicants must be at the least 18 years of age and have a U.S. Bank account and a banking routing number. You can expect to receive a decision within a few weeks.
Capital One BankAmericard
Capital One BankAmericard is a great option if you are looking for a no-annual fee credit card. The card comes with a low deposit and no annual fee. It can help build credit history that will improve your credit score. Unfortunately, you cannot use its cash back rewards program.
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. The card has a late payment fee of $40. However, the BankAmericard secured credit card is an excellent choice for those who are looking to establish credit history and improve their credit score. Its 3% foreign transactions fee and low minimum deposits make it a good option for people who are looking for a secure credit card that has a high credit limit but have poor credit.
Capital One BankAmericard has a higher credit limit than other banks, and requires a security deposit to secure a secured credit card. A maximum credit limit of $200 is available, but the minimum deposit amount depends on your credit score and financial history.