I am thinking of signing up for a Bank of America Secured card. I am depositing $ 1,000.00 what can I expect?

Question

I hear it takes about 3 weeks to receive the credit card. I've seen posts on here that people sign up with as little as $99 and get a $500.00 limit. How does that happen? Did anyone do anything "special" in the process? I also hear that the card can convert in 6 months with good payment. Please confirm. One more thing can you really add more money to your deposit? I guess the best way to do this is to get a savings account with BOA and then have them take the money from that account?

Thanks much.

Please answer only if you have been through the process. Thank you.

I got denied for a checking account with this bank. Also, they said I didn't qualify for a credit card ....no BoFA 99/500 offer either. Just secured card. Guess I'll just sign up for that.

Answer 1

Instead of worrying about increasing the limit by adding more deposit, perhaps you should be more concerned about creating a good payment history. Only charge on the card what you can pay in full at the end of the month.

I don't know if they will convert to a regular credit card within 6 months but it's more likely if you pay in full rather than carry a balance. They will also increase your limit every 6 month to a year.

Answer 2

If you get a secured card with BOA, you still be able to get a card with world points. With world points, every dollar retails, you earn one point and the points you accumulated, you can redeem for travel such as air, car, hotel, cruise, merchandise gift cards or cash.

After 6 months of proving your good standing, you can ask to convert into a regular card. The deposit will return back to you within 45 days.

If you want to open a checking account with BOA currently, there is a promo to get $100 cash bonus if you live within 5 miles radius of the bank. If you have direct deposit (from work or any source of income) there is no service fee. Otherwise, it will be $5 a month. You can also get "keep the change program " that means if you use the debit card to charge, if the charge is $15.25, the bank will round the .25 to $1.00 and this $1.00 will be deposited into your saving account. They allow you to keep the change up to $200.00 a year.

You can add more money into the card if you use it more often.

If you have a checking account with the bank, you can make payment on line without any fee. Since you have only $500 credit limit. It's good to enroll yourself into the website. You can check all of the activities up to the minute so you won't go over the credit limit.

Answer 3

I've heard good things about the BofA 99/500 secured card. They report right away, and you can convert to an unsecured card later.

Give this link a try first.
https://preapproved.bankofamerica.com/cc/SelfInquiry.aspx

Answer 4

What you can accept depends on the current offers of bank of america.
you can get some good credit cards with low apr and some reward programs and then buy the necessary things with this card and pay the bills on time. You can also try some reward cards they are good. All these will make your credit good.
To know more you can visit
http://www.creditcardbiz.blogspot.com

Answer 5

You do not need a credit card if that is all you have. You will just ruin the credit rating. When you really need credit you won't be able to get the cash....But if you insist---Go to the bank and talk to the people their and fill out an application. Wait a couple weeks and it will come in the mail...