Credit Card Review: Secured Visa® Platinum

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When the time comes for one to build payment history or reestablish damaged credit, secured bank offers come to the fore. Secured bank products, though not so beneficial as the unsecured plastic, help you to qualify for regular, best terms plastic cards after a period of responsible use and timely payments.

If you are looking through a range of secured plastic products to help raise credit score and build solid payment history, Secured Visa Platinum from Bank of America offers you the best deal in point of rates, fees and benefits.
The process of applying for Secured Visa Platinum is simple, fast and implies guaranteed approval. All you need to be approved is to make a deposit of anywhere from $300 up to $10,000 into the security deposit account of the bank and the amount will immediately be reflected in your credit limit.
Thus, you yourself set the credit limit based on how much you can potentially spend on the plastic. The collateral deposit serves to ensure that you make at least minimum monthly payments on your secured bank card account. Otherwise part of the deposit is withdrawn as compensation.

This is a smart way to protect you from overspending and defaulting on the plastic. Considering that this secured bank product provides for monthly reports to all major national bureaus, your discipline and responsibility can boost your FICO score and allow you to build a strong payment history.
Together with a reasonable interest rate and low annual fee, Bank of America's Secured Visa Platinum bank offers its customers quite an armful of benefits. Easy-to-use Online Banking service allows you to track your expenses and manage your account more efficiently. Total Security Protection relieves you of responsibility in case of unauthorized use of your plastic if you report it quickly. Travel and emergency assistance supports you when you use your plastic far from home, whereas Purchase Replacement benefit protects you consumer rights in case of low-quality or damaged purchases.

Secured Visa Platinum bank offer makes the process of building or reestablishing payment record easier, faster and safer. If you manage to pay your balance in full each month instead of carrying it from month to month, you can come up with a favorable rating sooner than expected. That will enable you to apply for an unsecured plastic of Bank of America and be approved for it instantly.

Apply for Secured Visa Platinum bank offer and make way to the strong and enviable rating and solid FICO score.

(Review Updated: February 19, 2008)

Estimate Reward Earnings

n/a Intro APR (* see notes for details)
15.99% Regular Variable APR for Purchases
20.99% Regular Variable APR for Cash Advances

$29 Annual Fee
20 days Grace Period

Finance Configuration: Average Daily Balance (including new purchases)

Additional Cardholders: n/a

Late Payment Fee: $35

Over-The-Limit Fee: $35

Cash Advance Fee: 4% of each such cash advance (minimum $5)

Balance Transfer Fee: 4% of each such cash advance (minimum $10, maximum $90)

Minimum Credit Limit: $300

Maximum Credit Limit: $10,000

Type of Reward: n/a

Additional Features for Secured Visa® Platinum:

Online Banking service.
Total Security Protection®, our free package of security features, including zero liability from unauthorized card use if you notify us promptly.
Travel and emergency assistance.
Automatic auto rental insurance.
Purchase Replacement.
Purchase Guard.
Convenience checks at no extra charge.
Additional cards at no extra charge.

Important Notes for Secured Visa® Platinum:

See website for complete terms and conditions of card usage and application disclosure.

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Notes: The review on Secured Visa® Platinum was updated on February 19, 2008. The review is believed to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application.