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.
