Review of Bank of America Secured Visa Credit Card
The Bank of America Secured Visa was last reviewed on : 1st January 2005
Summary - The Bank of America Secured Visa gives a cardholder credit limits based on 100% of deposit made with Bank of America. The minimum deposit required is $250 and the maximum is $10,000. You will earn interest on the deposit.
The annual fee at $29.00 is very reasonable for secured credit cards. Furthermore, there is no one-time processing fee common in other secured credit cards. The APR at Prime Rate plus 10.99% (though high) is reasonable for a secured credit card.
There are also some additional perks that come with the Bank of America Secured Visa credit card. You will get "purchase replacement" and "extended warranty" benefits.
The Bank of America Secured Visa is one of the lower cost (in terms of annual fee, lack of one-time processing fee, APR) secured credit cards available for those looking to establish or reestablish their credit. One thing to note is that those who have filed for bankruptcy may not apply for this credit card.
* reasonable fee of $29.00
* No hefty one-time processing fee
* APR (though high) is reasonable for a secured credit card
* High credit limit of up to $10,000
* Additional benefits like "extended warranty".
* Those who have filed for bankruptcy may not apply.
|Bank of America Secured Visa|
|Credit Limits||100% of bank deposit - $250 to $10,000|
|Purchase APR||Prime Rate plus 10.99%|
|Cash Advance APR||Prime Rate plus 12.99%|
|Penalty/Default Rate APR||25.99% (min 25.99%)|
|Min Finance Charge||$1.50|
|Grace Period||20 days|
|Balance Calculation Method||Average Daily Balance (including new purchases)|
|Cash Advance fee||4-5% min $5.00 to $25.00|
|Foreign Currency Conversion fee||3%|
|Late Payment fee||$35.00|