Top Seven Fantastic Experience Of This Year’s Bank Of America Secured Credit Card
Con: An Unmatched Opportunity to Improve Your Credit The Bank of America credit card provides an opportunity to build or restore your credit quickly. Unlike many of the competing secured cards out there, Bank of America does not report your new credit card activity to these credit bureaus. As an example, you do not see your balance go up and you do not see your interest rate go down. So, what is the result? You actually do not improve your credit at all.
Con: No Annual Fee The annual fee that is required for most secured credit cards is very high. It can be as much as twenty or thirty cents per month. And if you carry a balance over from one billing cycle to another, you could be subject to a double charge. The annual fee is a huge distraction. If you are motivated to improve your credit score, this annual fee should be eliminated. And if you can, do not bother paying the annual fee at all.
You do not have to worry about the annual fee on Bank of America credit cards. Bank of America does not advertise these fees. You will not find it on their home page or on their annual fee schedule found online.
You do not have to worry about Bank of America's other incentives either. These are not stellar by any means. The lowest I can find is about twelve percent. This is significantly lower than the average fifteen to twenty percent rate that you can find in the United States. Bank of American's other incentives do not help your credit score either.
The best incentive that Bank of America has is the $500 security deposit that you will receive upon opening your account. This is money that you will not have to repay. This is the only incentive that is not beneficial to improving your credit score. You cannot make good use of this free money to improve your credit score.
It is clear that Bank of America does not believe in their products. They would rather entrust you with poor credit cards with higher fees and costs. Even if their other products offered excellent benefits, this is the only way that they see that you will repay them.
The best way for you to get a good interest rate on Bank of America credit cards is to apply for them online. There is no reason that you should accept the offers that Bank of America sends your way. You will find that the application process is easy and you can start to receive credit within days. Once you receive your secured credit card, make sure that you use it regularly to pay off your balance and to improve your credit score.
Bank of America credit cards are not the answer to your dreams. When applying for them, do not think of them as a way to build up your credit score. Instead, focus on making good use of them to help you improve your financial situation. If you follow this advice, it is quite possible that you could end up with better credit than you thought possible.
With so many people having problems paying their bills these days, there are a lot of people out there who want to take advantage of those in need. One of the ways that these companies make money is by charging excessive fees and high interest rates on credit cards that Bank of America secured credit cards were designed to offer. You should avoid taking out any of these accounts. Doing so will help you to quickly repair your credit score.
You also need to be careful when applying for these Bank of America credit cards. Make sure that you do not sign up for more than one. This will show that you are simply trying to increase the amount that you have available to you. Not only does this not help you raise your credit score, it can put you in a worse situation financially.
When you find a good Bank of America credit card, shop around for the best rate. The interest rates are not the only thing that is important. Also look to see if they offer some type of rewards program for using their cards. Many times if you use a bank of America secured credit card to pay for the purchases you make, you can get big discounts.
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