"Secured Card Via BOA Route"

Bank of America® Platinum Plus® Visa® Card Review
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Written by: chris on 2007-09-15

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chris's review: Callout Comment Just a thought to those who are interested in cards such as tribute, salute, continental finance etc.
If you got a extra 300 dollars to spend at once I think this would be a good route to go. Go get a Bank of America secured card you send them as little as 300 as a security deposit and that will be your credit limit and your annual fee would only be 29 dollars a year, and they report it to all three credit reports. And once your credit gets better overtime and you get better offers then you can close this account and get your 300 deposit refunded back to you. I went this route and so far its helped me a lot and sure beats those other cards with setup fees/ monthly fees etc. Just an idea and though. Also check your local bank some do offer secured cards too.


Comment 1 by llewellyn
Chris User Icon on 2007-09-16

Remarks Chris,
Do I need to have a Bank of America checking or savings?
Also, if I keep paying on the accountl before the billing date, (Keeping no real money due on the account) is this considered good by the bank. And will they increase my credit limit without more deposit? Thanks for any help, Llewellyn

Comment 2 by chris
RE:Llewellyn User Icon on 2007-09-16

Remarks You do not need a checking or savings account with Bank of America to get this secured card. If or when your credit does get better as little as a year they "might" unsecured the card and refund your deposit or if your credit gets better and find a much better card(s) then u currently have then you can close this account and get your deposit back either way it will help strenghten and build your credit. For the time being until it improves. Just pay the card on time and you will do fine. It takes time to improve credit, it did take time for me to also but keep your head up. Once you get 6 months of good history on one card it may open new doors to some other less expensive credit offers. Hope this helps.
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