I am thinking of signing up for a Bank of America Secured card. I am depositing $ 1,000.00 what can I expect?
I hear it takes about 3 weeks to receive the credit card. I’ve seen posts on here that people sign up with as little as $99 and get a $500.00 limit. How does that happen? Did anyone do anything “special” in the process? I also hear that the card can convert in 6 months with good payment. Please confirm. One more thing can you really add more money to your deposit? I guess the best way to do this is to get a savings account with BOA and then have them take the money from that account?
Thanks much.
Please answer only if you have been through the process. Thank you.
I got denied for a checking account with this bank. Also, they said I didn’t qualify for a credit card ….no BoFA 99/500 offer either. Just secured card. Guess I’ll just sign up for that.
Instead of worrying about increasing the limit by adding more deposit, perhaps you should be more concerned about creating a good payment history. Only charge on the card what you can pay in full at the end of the month.
I don’t know if they will convert to a regular credit card within 6 months but it’s more likely if you pay in full rather than carry a balance. They will also increase your limit every 6 month to a year.