bank of america credit card?

Question

i want to get a bank of america secured credit card because my credit score is 550,but thats not my fault.my thing is they want 300.00 in a deposit but on the application it say's you can deposit 300.00 to 10.000 in increments of 100.00 but when i tried to complete the application the wanted 300 up front.what does that mean? i'm afraid i won't get approve and don't want to send this kind of money when i ain't gonna get approved.did anybody apply for this card and get approved?

Answer 1

I've had 2 of them. This is what happens.

The $300 is a security deposit, then you get the card. How a secured card works is this: You have to deposit a certain amount of money upfront to get the same amount in a line of credit.

Make small purchases that can be paid off in full on time every month.

After a year or so of perfect payment history, you'll get the deposit back with some interest.

Answer 2

Don't do it. If you carry a high balance and don't pay it off quickly they will increase the interest rate until they hit the ceiling. When I was laid-off, I had to pay some bills using my BofA card and without regard to my situation, even after contacting them for arrangements, they raised the rate to over 30%. Stay away.

Answer 3

The lower your credit score the higher the interest rate. Which in turn makes it easier for you to get deeper in debt and have more problems. Spend a year or two cleaning up your finances and paying your bills on time.

Answer 4

Your question can only be answered by B of A. I would go to different bank if I were you...Citibank and Wells Fargo offer the same thing.

Answer 5

Don't apply for it, my dad just got rid of his card because of the high interest rates and they were undermining him. He is a lawyer and makes really good money and they were squeezing him out of every little dollar they could. He got fed up and cancelled the card.