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Bank of America Secured Visa® Card

APR's:
There is not an introductory APR for this card, so the lowest or standard rate of 15.99% will apply immediately. The lowest available APR is variable, meaning that the rate can change as U.S. prime rates fluctuate. You can find out how to compute your APR in the programs terms and conditions. For example, you may be instructed to add 10.99% to the U.S. prime rate.

Rewards:
This is not a rewards card.

Credit Record Needed:
Based on the FICO score recommendation, the issuer may expect applicants with troublesome credit histories. The recommendation made by the card issuer is broad, currently between 500-650.

Other Basics:
The grace period listed for the Bank of America Secured Visa® Card is at least 20 days. So interest charges will not be applied during those days.

This card is intended for people that want a secure line of credit. Uses for this type of card may include budgeting funds, adding deposits for later use, building a credit rating (if issuer reports to the credit bureaus), and possibly more. A secured credit line may be compared, or is similar to a debit card.

This card contains the brand of Visa, where acceptance is global. Most businesses that accept credit cards will accept Visa as a form of payment.

Approval Rate:
There were 5 people that reported their status to us after they applied. They provided us with helpful qualification information, including their credit scores, the rates offered to them, household income and more. 80% of those applicants were approved. This card has a very poor approval or acceptance rate. Since this is a card for fair credit, numerous factors may influence this rate, including the APR, fees, or past applicants credit record and income levels. If you believe that you fall into the credit record of "Fair Credit" then you will have a better chance for approval. Furthermore, if your FICO score is close to or higher than 500, then your chance of approval may be greater than other applicants.

Approval Time:
Approval time for this offer is not listed. However, you could normally expect the approval process to be completed between 1 to 2 weeks, and an additional 1 to 2 weeks for the card to be delivered after you are approved.

Offer Details:

• Credit lines available from $300 to $10,000
  
• Set your own credit limit
  
• Build or reestablish your credit

How Secured Cards work
Your new Bank of America credit card can help you establish a credit history that will benefit you now and in the future.

• You deposit anywhere from $300 up to $10,000 into a Bank of America security deposit account. Your credit line will directly reflect the amount of your deposit.
  
• You can then make purchases with your card up to the amount you have in your security deposit account.
  
• You must pay at least the minimum payment before the due date each month. Paying off your credit card balance in full each month instead of carrying a balance may help. Your security deposit does not cover minimum payments.
  
• Based on your credit and payment history, you may qualify for an unsecured card at a later date.*

Value and pricing

• Credit lines available from $300 to $10,000
  
• $29 annual fee
  
• Secured benefits
  
• Online Banking service***
  
• Total Security Protection®, our free package of security features, including zero liability from unauthorized card use if you notify us promptly***
  
• Travel and emergency assistance***
  
• Automatic auto rental insurance***
  
• Purchase Replacement***
  
• Purchase Guard***
  
• Convenience checks at no extra charge***
  
• Additional cards at no extra charge

Bank of America reserves the right to change your terms, rates and fees at any time, for any reason, in accordance with the cardholder agreement and applicable law. Please see terms and conditions for important information concerning this offer.

*Please view and verify the card offer's terms and conditions regarding interest rate, fees, grace periods, approval time and other information before applying.

It's fast and easy to compare card offers by the criteria you require. That way you get the best card for your needs.   Search Options:  Secured credit card database All credit cards

**  APR average does not include cards where APR is 0%, unless viewing offers in the secured card category. "Annual fee average" contains the average of all fees in a specific category (Secured cards), even where the fee is $0. This data is subject to Finance Globe's terms and conditions.

Options: View rates and fees for all cards.