We’ve previously discussed the benefits of improving your credit score by using a secured credit card. Now even those who have bad credit have many options in terms of credit cards in order to recover from a dip in credit. But with so many secured credit cards available, is the BankAmericard Secure Credit Card the right choice for you? In our review of the BankAmericard Secure Credit Card, we’ll take a look at all of the details that go into owning and using this secured credit card to benefit your credit score.
BankAmericard Secure Credit Card Review
The great thing about the BankAmericard Secure Credit Card is that, unlike other secured credit cards, you can actually earn cash back. You earn 1% up to 3% cash back on purchases in their different categories with a maximum of $1,500 every quarter. Be mindful when applying for this secured credit card, however, since you cannot increase your credit limit after making an initial security deposit.
The BankAmericard Secure Credit Card has no APR during the first year, but that jumps to an APR of 20.24% and an annual fee of $39 after that. This is a decent balance compared to many other secured credit cards on the market which have higher APR but no annual fees and low APR but high annual fees. Plus, with the BankAmericard Secure Credit Card, making your monthly payments will get you an unsecured credit card after the first year, although you may get stuck with a similar interest rate afterword. Be sure to make those payments, though, otherwise your APR will jump to 29.9%.
The BankAmericard Secure Credit Card also makes your FICO score readily available to you, so you can actively watch as your credit score improves.
Considering all of the rewards that go into the BankAmericard Secure Credit Card, those who are looking for a secured credit card to raise their credit score should definitely consider the BankAmericard Secure Credit Card.