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Bank of America Secured Credit Card - Bank of America Cash Rewards - YouTube
Channel: CreditFast
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today I'm talking about the Bank of
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America secured credit card you're going
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to want to watch this entire video
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because I have insider tips and tricks
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that are going to strengthen your
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chances on getting approved for the bank
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of America secured card
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[Music]
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okay I got some really good information
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for you today you're gonna like it so
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much you're gonna hit that like button
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guaranteed today I am going to be
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talking about the Bank of America
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secured credit card I'm gonna share with
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you today how to get a Bank of America
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secured credit card that will earn you
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cash back I know a lot of you guys
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really like the Discover it's secured
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card for that same reason but I'm going
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to show you today how to be able to do
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the same thing with Bank of America I
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try to give you some tips that you're
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not going to hear anywhere else and I
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definitely have been able to do that
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today so when I did this video I
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research this video and I've talked to
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an insider telling me exactly the best
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way to apply for the bank of America
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secured credit card when you don't have
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the best credit bad credit or fair
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credit so if these tips work for you be
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sure to come back and leave a comment
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saying if you were able to get approved
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for what I said exactly the way I said
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it so and the first thing I have to say
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right off the bat is it's better not to
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apply online it is way better if you go
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into a branch location but if you go
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inside a branch location you actually
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have two options you have the regular
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secured credit card that you find online
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and while this is still a good offer to
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help build your credit you do not earn
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any rewards now if you go into a branch
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location you have a option of applying
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for a secured cash back credit card I'm
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sure a lot of you guys are interested in
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something like that because the discover
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is secured card is so popular well this
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is another way to have a secured credit
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card with a low deposit and you will be
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earning cash back rewards the really
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good thing is that this secured credit
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card does graduate so you do not need to
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cancel in order to get your security
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positive back now with that I'm going to
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say that the typical time frame is
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twelve months okay usually this is at
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the point of the video where I tell you
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I have some fantastic review article on
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a particular credit card I'm talking
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about and um I'm sad to report I don't
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have it this time I kind of dropped the
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ball on that one today I'm not prepared
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yeah I expect that I'm going to be doing
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it so if I do you'll find that linked in
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the description today if I do you'll
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find that linked in the description
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below but as of today I got nothing for
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you you have to make a $300 security
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deposit for a $300 line of credit you do
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have the option of adding more money to
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that line of credit it's all up to you
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but the minimum is $300 and the great
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thing about that card is that there's no
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annual fee with it as well so you can
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potentially get a cash back secured
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credit card with no annual fee just like
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with the discover in secured card a lot
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of you like the Discover is secured card
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because it is a cashback secured credit
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card I am Telling You today you have
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another option for a secured credit card
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that will earn you cash back I didn't
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know that and I know that most of you
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don't and that's why I have to share
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with you this today also with Bank of
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America they have this little-known
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option where it's a partially secured
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cash back credit card and what you can
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do if you have somewhere between bad to
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fair credit you can ask to apply for the
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standard cash back rewards credit card
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and once you do that what will happen is
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that you either get a proof for the
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unsecured credit card or they'll give
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you an option for the partially secured
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credit card if you have somewhat okay
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credit this option requires a $100
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security deposit and if you
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make that then you will be an issued a
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card and I've been told that people can
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get a credit limit with that ranging
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somewhere between 500 and $1,000 it all
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depends on how your credit score it is
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okay so following these steps is the
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only way you can apply for this
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partially secured credit card so you're
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going to have to take the chance and
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with that chance you're either going to
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get approved well three things are going
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to happen either you're going to get
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approved for the unsecured cash back
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credit card which is the best scenario
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or you're going to get the offer for a
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$100
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security deposit card with a somewhat
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decent credit line or sadly you can get
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denied now if you get denied you can
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then apply for the secured cash back
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credit card but unfortunately if that
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all happens and you decide to apply for
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the secured cash back card you will have
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acquired too hard credit inquiries on
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your credit report so you carefully want
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to think out this strategy you do not
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want to apply this way if you have a
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credit score of 500 now if you have
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something where you know you're like at
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600 625 then this strategy could work
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really well for you
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now everything I'm telling you today
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either works at all Bank of America
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branches or some and this is currently
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how it's done it can change at any time
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banks change their offers all you need
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to do is visit a branch and ask them if
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you're able to do this I almost forgot
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to tell you what's really interesting
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when you're applying in a branch
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location is that if you apply for your
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secured card and you get approved then
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you're able to take out the security
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deposit out of your Bank of America bank
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account and I was also told that if you
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a bank account from another bank that
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works - you're going to need to have a
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bank account when you're applying for
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this credit card I've talked in the past
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about other banks that don't require a
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bank account and if that's an issue for
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you then city will let you open a
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secured card without any bank account
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but with Bank of America they are going
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to require that you do have a bank
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account and this is a strategy to
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receive your card faster because you pay
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the deposit and they will then issue
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your card the nice thing with Bank of
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America and making credit card payments
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are convenient and easy you can do that
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online over the phone or you can go
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inside into a branch location and make
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your payments that way there's a lot of
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flexibility there to make sure your
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payments are on time when you're
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building your credit okay so this may or
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may not be important to you but if you
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plan to travel outside of the United
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States the Bank of America secured card
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charges a 3% to foreign transaction fee
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a better option would be the Capital One
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secured card because that secured card
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charges no foreign transaction fees so
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lately I've done a lot of reviews on
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secured credit cards so many that I've
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decided to start a new playlist for them
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so if you want to check it out the link
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to that playlist will be in the
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description and any future videos I do
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review videos on secured cards I will
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add those videos to that playlist so if
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you're interested in credit line
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increase with one of these secured
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credit cards from Bank of America you
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can do that but you need to wait at
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least six months and you have to call
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and request it now with the discover it
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secured cart and the Capital One secured
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card that's done automatically around
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the six month time period but with Bank
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of America you have to call and request
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it if you're building credit subscribe
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to my channel credit fast I can help you
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find the right offers to help build your
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credit
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I did a little investigation online and
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I found out through a pretty trusted
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source that when you open a Bank of
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America secured credit card that account
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gets reported on your credit report as
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just a regular credit card account it
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will not be classified as secured really
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doesn't matter but I'm just putting it
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out there another great feature of
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having a Bank of America secured credit
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card is that you do get free credit
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monitoring and that can be really
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helpful when you're building your credit
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you can see how well you're doing each
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and every month you're going to want to
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pay your balances in full because just
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like with any credit card offer to
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rebuild your credit the interest rate on
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this card is high so to make it easier
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for yourself and to avoid any extra cost
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make your payments and full every month
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alright so if you've had a recent
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bankruptcy this secured card is not
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right for you you're going to want to
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look at a different offer OpenSky visa
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would probably be a better option to get
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in approval so if you don't get approved
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for any of the Bank of America secured
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cards that I talked about today you do
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have the option to try and get approved
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for the Capital One secured card I have
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seen a lot of my viewers in the comment
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section saying that they've had credit
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scores in the 500 range high 500 range
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and they were able to get a secured card
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from Capital One either for a two
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hundred dollar deposit ninety nine
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dollar deposit or a forty nine to pop or
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a forty nine dollar deposit for a two
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hundred dollar line of credit and if
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that doesn't work for you finally
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OpenSky visa they really don't care what
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i mean by that is they will know what i
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mean by that is basically if you
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complete your application correctly you
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can build credit with them there is no
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credit check there's no heart and credit
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inquiry you just need to make a two
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hundred dollar deposit
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they do charge a $35 annual fee so that
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is a real solid option to build your
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credit if you can't find another credit
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card company to help you and if you've
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tried the Bank of America secured card
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let us know down below if it's working
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for you interested in more secured cards
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to build your credit check out the
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playlist here don't forget to subscribe
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see you next time
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