"Easy To Get"
Bank of America Secured Visa® Card Review
Written by: kuchara on 2009-05-27
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time
kuchara's review: 
Ok, so after reading previous posts on how great this card is, I finally applied for one and here's where I am so far.
May 5, I applied online with a $300 deposit from my checking account from another bank. Have had that checking account for about 6 months now. I have no credit history.
May 7, Preauthorized Debit BANK OF AMERICA BOA CARD posted on my checking account
May 13, Received email from BOA re: decision; online status said I've been approved (Yay!)
May 20, Got my card in the mail
May 21, Made an additional $300 deposit in their banking center (because my initial $300 limit wouldn't get me anywhere, if I kept my utilization low). The teller told me that they can't transfer the funds electronically, so I would probably have to wait another week for the limit increase to appear on my account.
Well, this card is very easy to get because I have never been employed. I just got out of college. :)
Apart from the fact that the secured deposit does not earn an interest and you can't make additional electronic transfers to the account, this card is great in terms of the low annual fee and how fast it unsecures.
Citi Secured Credit offers more or less the same features, but it unsecures in 18 months.
Definitely go for the BOA Secured Visa.
Ok, so after reading previous posts on how great this card is, I finally applied for one and here's where I am so far.May 5, I applied online with a $300 deposit from my checking account from another bank. Have had that checking account for about 6 months now. I have no credit history.
May 7, Preauthorized Debit BANK OF AMERICA BOA CARD posted on my checking account
May 13, Received email from BOA re: decision; online status said I've been approved (Yay!)
May 20, Got my card in the mail
May 21, Made an additional $300 deposit in their banking center (because my initial $300 limit wouldn't get me anywhere, if I kept my utilization low). The teller told me that they can't transfer the funds electronically, so I would probably have to wait another week for the limit increase to appear on my account.
Well, this card is very easy to get because I have never been employed. I just got out of college. :)
Apart from the fact that the secured deposit does not earn an interest and you can't make additional electronic transfers to the account, this card is great in terms of the low annual fee and how fast it unsecures.
Citi Secured Credit offers more or less the same features, but it unsecures in 18 months.
Definitely go for the BOA Secured Visa.
2 Comments
Comment 1 by wanderer
Congrats BankAmerica Platinum Visa 
on 2009-05-27
After your account is in there system call a CSR and let them know you want to increase your secured card credit line. They will give you a back door credit number for an analyst. Explain you want to increase your secured card deposit. They wil take a money order, bank check or a personal check. Once they clear the deposit your credit line will be increased. Note, they will unsecured this card after approximately nine statements if the card is used and paid in accordance with the terms and conditions for the account. They will add $500 or more to the amount on file and give you an unsecured line of credit (they return your deposit once they unsecure the card). After BofA knows you they will allow for credit line increases and product changes. BofA is a good card. Don't let all this annual fee and interest rate chat online scare you. The banking market place goes through cycles where they change fees, adjust APR's and the like. Be a good customer and patience!!! They will listen to you over time... The key is over time. I speak with many years of experience!
on 2009-05-27 After your account is in there system call a CSR and let them know you want to increase your secured card credit line. They will give you a back door credit number for an analyst. Explain you want to increase your secured card deposit. They wil take a money order, bank check or a personal check. Once they clear the deposit your credit line will be increased. Note, they will unsecured this card after approximately nine statements if the card is used and paid in accordance with the terms and conditions for the account. They will add $500 or more to the amount on file and give you an unsecured line of credit (they return your deposit once they unsecure the card). After BofA knows you they will allow for credit line increases and product changes. BofA is a good card. Don't let all this annual fee and interest rate chat online scare you. The banking market place goes through cycles where they change fees, adjust APR's and the like. Be a good customer and patience!!! They will listen to you over time... The key is over time. I speak with many years of experience!
Comment 2 by charonh
Congratulations! on 2009-05-29
On your card, but have you considered their student card, which doesn't have an annual fee?
on 2009-05-29 On your card, but have you considered their student card, which doesn't have an annual fee?
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Disclaimer: This content is not provided by Bank of America®. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Bank of America®. Review content is powered by Finance Globe.
