Bank of America has removed the annual fee from the BankAmericard Secured Credit Card, previously a $39 annual fee has applied. At this stage it’s not clear if existing cardholders will also have the annual fee removed, or if the change will only apply to new cardholders.
Even if you’re rebuilding credit it’s important to remember there are a number of options when it comes to secured cards and there are lots without any annual or application fees. Some issuers that deal in secured cards try to take advantage with high fees. For most people the best secured card will be the Discover it Secured as it has no annual or application fees and a strong rewards program.
Good advice on the Prepaid Discover IT for credit rebuilding. I have two family members I recommended (convinced) that they sign up for it.
Great feature: Discover may eventually change to a regular card and refund your deposit.
My very first card was secured BofA cash rewards which was product changed to a regular card in 6 months or so. Paid AF for 2 or 3 years, then called the bank and got AF waived.
That was my first card too. Although after 6 months I had it product changed to the regular 123 Cashback and they charged me the annual fee. Called them and told them to waive it because it’s not the same product anymore.
jeez, an AF on a *secured* card? It really is more expensive to be poor…
Yeah, the poor also have to pay to have bank accounts rather than get paid to open them
Post says “unclear if applies to EXISTING cardholder or only EXISTING cardholders” one of those likely should be new?
Fixed, thanks