- Today I'm talking about the Bank of America secured credit card, you're going to want to
watch this entire video, because I have insider tips and tricks, that are going to strengthen your chances on getting approved for the
Bank of America secured card. (determined ambient music) Okay, I got some really good
information for you today, you're gonna like it so much, you're gonna hit that Like button. Guaranteed. Today I am going to be talking about the Bank of America secured credit card. I'm gonna share with you today, how to get a Bank of
America secured credit card, that will earn you cash back. I know a lot of you guys really like the Discover it secured card for that same reason, but
I'm going to show you today, how to be able to do the same
thing, with Bank of America. I try to give you some tips, that you're not going
to hear anywhere else, and I definitely have been
able to do that today. So when I did this video, I researched this video
and I talked to an insider, telling me exactly the best way to apply for the Bank of
America secured credit card. When you don't have the best credit, bad credit or fair credit. So. If these tips work for you, be sure to come back and leave a comment, saying if you were able to get approved for what I said exactly the way I said it. So. And the first thing I have to
say, right off the bat, is, it's better not to apply online, it is way better if you
go into a branch location. But, if you go inside a branch location, you actually have two options. You have the regular, secured credit card that you find online. And while this is still a good offer to help build your credit,
you do not earn any rewards. Now if you go into a branch location you have a option of applying for a secured cashback credit card. I'm sure a lot of you guys are interested in something like that because the Discover it
secured card is so popular. Well this is another way to
have a secured credit card, with a low deposit, and you will be earning cash back rewards. The really good thing is that
this secured credit card, does graduate. So you do not need to
cancel in order to get your security deposit back. Now, with that, I'm going to say that the typical time frame is 12 months. Okay, usually this is at
the point of the video where I tell you I have some
fantastic review article on a particular credit
card I'm talking about. And, I'm sad to report, I
don't have it this time. I kinda dropped the
ball on that one today. I'm not prepared. I expect that I'm going to be doing it, so, if I do, you'll find that linked in the description today. If I do, you'll find that
linked in the description below, but, as of today, I got nothin' for you. You have to make a $300 security deposit. For a $300 line of credit. You do have the option
of adding more money to that line of credit. It's all up to you. But the minimum is $300. And the great thing about that card, is that there's no annual
fee with it, as well. So. You can, potentially get a
cashback secured credit card, with no annual fee, just like with the
Discover it secured card. A lot of you like the
Discover it secured card because it is a cashback
secured credit card. I am telling you today,
you have another option, for a secured credit card,
that will earn you cash back. I didn't know that, and I know that most of you don't, and that's why I have to
share with you, this today. Also with Bank of America they
have this little-known option where it's a partially
secured cashback credit card. And what you can do, if you have somewhere
between bad to fair credit, you can ask to apply for the standard cashback
rewards credit card. And once you do that, what will happen is, that you'll either get approved for the unsecured credit card, or, they'll give you an option for the partially secured credit card, if you have somewhat okay credit. This option requires a
$100 security deposit, and if you make that, then
you will be issued a card. And I've been told that
people can get a credit limit with that, ranging somewhere
between $500 and $1000, it all depends on how
your credit score is. Okay, so following these steps, is the only way you can apply for this partially secured credit card. So you're going to have
to take the chance. And with that chance, you're
either going to get approved, well three things are gonna happen. Either you're going to get approved for the unsecured cashback credit card, which is the best scenario. Or you're going to get the offer for a $100 security deposit card. With a somewhat decent credit line. Or sadly, you can get denied. Now, if you get denied, you can then apply for the
secured cashback credit card. But unfortunately, if that all happens
and you decide to apply for the secured cashback card, you will have acquired
two hard credit inquiries, on your credit report. So you carefully want to
think out this strategy. You do not want to apply this way if you have a credit score of 500. Now, if you have something where you know you're like at 600, 625. Then this strategy can
work really well for you. Now, everything I'm telling you today. Either works at all Bank of
America branches or some, and this is currently how it's done. It can change at any time. Banks change their offers. All you need to do is visit a branch and ask them if you're able to do this. I almost forget to tell you, which, really interesting when you're applying at a branch location. Is that, if you apply
for your secured card, and you get approved, then you're able to take
out the security deposit, out of your Bank of America bank account, and, I was also told that if you have a bank
account from another bank, that works too. You're going to need
to have a bank account, when you're applying for this credit card. I've talked in the past about other banks that don't require a bank account, and if that's an issue for you, then Citi, will let
you open a secured card without any bank account. But, with Bank of America, they are going to require that
you do have a bank account. This is a strategy to
receive your card faster, because, you pay the deposit. And they will then issue your card. The next thing with Bank of America, making credit payments
are convenient and easy, you can do that online, over the phone. Or you can go inside,
into a branch location, and make your payments that way. There's a lot of flexibility there to make sure your payments are on time when you're building your credit. Okay, so this may or may
not be important to you, but if you plan to travel
outside of the United States, the Bank of America secured card charges a 3% foreign transaction fee. A better option, would be
the Capital One secured card, because that secured card charges no foreign transaction fees. So lately I've done a lot of reviews on secured credit cards. So many that I've decided to
start a new playlist for them. So, if you want to check it out, the link to that playlist
will be in the description, and any future videos I do, review videos on secured cards, I will add those videos to that playlist. So if you're interested
in credit line inquiries, with one of these secured credit
cards from Bank of America. You can do that, but you need
to wait at least six months. And you have to call and request it. Now with the Discover it secured card and the Capital One secured card, that's done automatically,
around the six-month time period. But, with Bank of America, you
have to call and request it. If you're building credit, subscribe to my channel, CreditFast. I can help you find the right offers to help build your credit. I did a little investigation online, and I found out through a
pretty trusted source that, when you open a Bank of
America secured credit card, that account gets reported
on your credit report, as just a regular credit card account, it will not be classified as secured. Really doesn't matter, but
I'm just putting it out there. Another great feature of having a Bank of
America secured credit card is that you do get free credit monitoring. And that can be really helpful when you're building your credit, you can see how well you're doing. Each and every month, you're going to want to
pay your balances in full, because, just like with
any credit card offer to rebuild your credit, the interest rate on this card is high. So, to make it easier for yourself, and to avoid any extra cost, make your payments in full every month. Alright, so if you've
had a recent bankruptcy, this secured card is not right for you, you're going to want to
look at a different offer, OpenSky Visa would
probably be a better option to get an approval. So if you don't get approved for any of the Bank of
America secured cards that I talked about today, you do have the option
to try and get approved for the Capital One secured card. I have seen a lot of my
viewers in the comments section saying that they've had credit
scores in the 500 range, high 500 range, and they were able to get a secured card from Capital One. Either for a $200 deposit, $99 deposit, or a $49 deposit, for
a $200 line of credit. And, if that doesn't
work for you, finally, OpenSky Visa, they really don't care. (laughs) And what I mean by that is, basically, if you complete your
application correctly, you can build credit with them. There is no credit check, there
is no hard credit inquiry. You just need to make a $200 deposit. And, they do charge a $35 annual fee. So, that is a real solid
option to build your credit. If you can't find another
credit card company to help you. And if you've tried the Bank
of America secured card, let us know down below
if it's working for you. Interested in more secured
cards to build your credit, check out the playlist here. Don't forget to subscribe,
see ya next time.
