« Veterans Advantage Savings Cards | Main | Freeze Identity Thieves in Their Tracks »
February 01, 2008
Secured Credit Card Offer
Click Here for More Information
The Bank of America secured credit card can help you build your credit score. It is important to build a good credit rating because the better your credit then better interest rates you will get in the future on regular credit cards and loans.
Here is how the Bank of America secured credit card works.
1. You deposit from $300 to $10,000 into an account with Bank of America to secure the balance on the credit card in the event that you should fail to make your payments. The amount you place in the security account is the amount of credit you will have available on your credit card.
2. After you have deposited cash into the security deposit account you can then use your card up to the limit of your security deposit.
3. You make at least the minimum payment on your card each month by the due date. You must note however that the security deposit does not get applied to the balance owing on your card. Remember the security deposit is only for cases where people fail to pay. If this happens the security deposit is used to pay off the credit card, your account would be closed and you would be left with a blemish on your credit report.
If you continually make your payments and make them on time your credit score will rise and will put you in a position where you could qualify for a regular credit card. So, make sure you treat your Bank of America Secured credit card with respect, make your payments on time and every time.
After as little as 6 months you could have good credit and qualify for a Bank of America credit card with rewards or other perks but for now use your secured card as a tool to build your credit.
Beyond building your credit, the Bank of America secured credit card does offer some rewards for being a cardholder such as
• Travel and emergency assistance
• Automatic auto rental insurance
• Purchase Replacement
• Purchase Guard
• Convenience checks at no extra charge
Trackback Pings
TrackBack URL for this entry:
http://www.crediteria.com/cgi-bin/mt/mt-t.cgi/379