Clark Newton, WalletHub Credit Card Advisor
The most important Bank of America Secured card benefit is the lack of an annual fee, so you'll be able to build or rebuild your credit on the cheap.
Other than that, if you’re looking for a card that helps you graduate to an unsecured card, this could be a good choice. When the card graduates, the deposit will be returned to the account that it was taken from. If you paid cash, it will be returned by check. If you transferred from checking or savings account, funds will be deposited into those accounts respectively.
In addition to these, the Bank of America Secured is a Mastercard, so these Mastercard-specific benefits come bundled with it:
- Price Protection reimburses you when an eligible purchase drop in price within 60 days of the original purchase date.
- Extended Warranty, which doubles the manufacturer’s warranty for periods of up to 12 months on eligible purchases.
- Rental Car Insurance, reimburses you in case of damage or theft for most rental cars.
With this said, just make sure you pay your bills on time and avoid using more than 30% or your available credit. The credit improvement process will be more consistent this way. Avoid carrying a balance, because the APR is rather high and avoid being late on your payments. Making late or returned payments could result in fees as high as $40.
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