Tom Lipkis, WalletHub Credit Card Consultant
@cindercard
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There are a few things to note regarding your Bank of America secured credit card deposit:
First off, the minimum required amount is $300. While you may be approved to deposit more than the minimum amount, you cannot simply add more money any time in order to increase your limit. If you do that, they will simply send you a check with the difference.
In order to genuinely increase your credit limit, you will have to request it by calling them at 800-732-9194, or through their online banking portal. Keep in mind, you should have the card for at least 6 months, and have a perfect payment history with it.
Secondly, in order to pay the deposit, you will need to have a checking or savings account already established. It doesn't have to be from Bank of America, but obviously having a previous relationship does smooth things over.
Lastly, unlike other secured credit cards, the BankAmericard Secured card will give you the chance to get your deposit back without you closing the account. Once in a while, they will analyze your account and decide whether you should be upgraded to "unsecured" status. If they decide you should, they will return your deposit. In any case, it will take about 70 days before you see your money back.
First off, the minimum required amount is $300. While you may be approved to deposit more than the minimum amount, you cannot simply add more money any time in order to increase your limit. If you do that, they will simply send you a check with the difference.
In order to genuinely increase your credit limit, you will have to request it by calling them at 800-732-9194, or through their online banking portal. Keep in mind, you should have the card for at least 6 months, and have a perfect payment history with it.
Secondly, in order to pay the deposit, you will need to have a checking or savings account already established. It doesn't have to be from Bank of America, but obviously having a previous relationship does smooth things over.
Lastly, unlike other secured credit cards, the BankAmericard Secured card will give you the chance to get your deposit back without you closing the account. Once in a while, they will analyze your account and decide whether you should be upgraded to "unsecured" status. If they decide you should, they will return your deposit. In any case, it will take about 70 days before you see your money back.
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