Secured credit cards are quite unique products on the financial market. They were developed to teach people to use the credits in the right way. They are still one of the most innovative financial products on the market.
Bank of America is one of the oldest banks in the US. It was one of those that introduced the secured plastics on the American market. BankAmericard Secured credit card is one of its most classic products.
What benefits of BankAmericard?
A secured credit card is a very unusual product. In order to open such a plastic the client has to deposit money. He will then immediately be opened a credit account for the same amount of money.
Compared to other secured credit cards the BankAmericard has the next advantages:
- Quite a low minimum sum required as a minimum deposit. The client has to pay at least 300 dollars to get such a card. Though, if a client possesses larger sum, he can deposit as much as 4 900 dollars.
- Deposit return. That is quite a unique feature of BankAmericard. When client opens a secured credit plastic, he will hardly be returned his deposit back. But clients who use the plastic by Bank of America in the correct way can get the money back.
- Access to client’s FICO score. Each person that has a credit line is assigned the credit rating. The higher it is the better it is. Bank of America offers the users of BankAmericard to view their rating for free from any devices. That is quite an attractive service to get.
- 39 dollars annual fee. That is very low for a secured plastic.
- Advanced security. When the person pays at the shops he can be sure the card and personal details will never become visible to third parties.
- Account alerts. That is a very advantageous function. You will get notifications from the bank about the due dates for the next interest payments. It is very convenient.
These characteristics make BankAmericard an attractive financial product. As any other secured card, it offers a client an opportunity to earn a good credit history or rebuild a bad credit.
How secured plastics work
Secured plastics are quite different credit cards as simple credit cards. The person can’t simply get a loan on a secured account. He has to deposit money in front.
Such a deposit is a guarantee for the bank. When the client starts to use secured plastic, he uses the money from his credit account. Therefore he has to pay monthly interest rate till due dates. It is obligatory payment.
If the clients fail to pay, interest rate sum will be deducted from his deposit account. Therefore, there is no chance the client can fail to pay to the bank.
Though, it is important for the person to pay in time. He then will start to earn a positive credit history. Such type of record plays a crucial role when the client applies for the big loans. His financial history will be checked. in detail.
Learn to take advantages of your BankAmericard. It is a very beneficial financial product.