About.com Rating



This secured card has high rates and a high annual fee, making it the most expensive of those offered by the big banks.

Who the BankAmericard Visa Fully Secured Card Is For

• People who have been turned down for a credit card or are rebuilding their credit.

Credit Rating Required

• Bad (below 620)

About the BankAmericard Visa Fully Secured Card

Pros

• No account set-up fee.
• Large credit lines (based on your deposit).

• Consideration for an unsecured card "at a later date" (if you qualify).

Cons

• High annual fee.
• High interest rates.

Security Deposit Required

• $300 to $10,000.

Rewards

• None.

APRs

• 20.24 percent on purchases and balance transfers; 24.24 percent on cash advances.

Fees

• Annual fee: $39 first year.
• Late payment fee: $15-$39.
• Returned payment fee: up to $35.
• Balance transfer and cash advance fee: 4 percent of amount.

BankAmericard Visa Fully Secured Card Review

The BankAmericard Visa Fully Secured Credit Card is the most expensive of secured credit cards offered by the big banks. For example, the $39 annual fee is $10 more than the next highest (Citibank) and the APR is the second highest, just below that of U.S. Bank (20.99 percent). However, it's still a lot cheaper than those offered by smaller banks like First Premier and Public Savings.

The bank is also rather vague on when it will review your credit behavior for a possible upgrade to an unsecured card, saying that it will only do so at an unspecified "later date." By contrast, U.S.

Bank says it will consider moving you up to an unsecured card in as little as 12 months.

Recommendation

This card doesn't have a whole lot to recommend it. If you must get a secured card, there are cheaper alternatives.