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Bank of America Secured Visa® Platinum Card
Issued by Bank of America |
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| Total Posts: 21 |
Average Rating:
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Category: Secured |
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Showing 1 - 10 of a total of 21 Commentaries |
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1-10 | 11-20 | 21-21 |
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| "unfair business practices" |
| I had this card for 3 1/2 years until last week. I received the card offer in the mail in May of 2006 when I had HORRIBLE credit. I paid a $99 collateral and received a $500 credit limit. I never went over my credit limit and NEVER paid late in the entire time I had the card. One year later they sent me a check for $99 and started reporting my card as an unsecured credit card. I did NOT receive any interest on my deposit. My credit has dramatically improved since then including; purchasing a car without a co-signor, obtaining a mortgage almost a year ago, and approval for 3 other unsecured credit cards. Last week I went to my BoA to change my last name due to marriage. All they had to do was send me a new card with my new name on it. Instead, I received a letter from BoA saying that my account was being closed due to "a pattern of late payments with other creditors". I immediately called the number listed on the letter to ask what was going on since I have not paid late on any credit cards since 2004 and all my credit accounts had been settled since Jan of 2006 (BEFORE BoA even offered me this card!). The representative on the phone told me that I had just settled my Target credit account in March of 2009. It is Jan of 2010! I told him that I had settled that account in Jan of 2006, and even if I HAD just settled my account in Mar of 2009, I had NEVER had a late payment in more than 3 years with BoA, so there was no reason to close my account. The rep was EXTREMELY rude to me and gave me a huge lecture about how if I dont pay the bill, they are out the money since its an unsecured card. I wouldnt care so much since this card only has a $500 limit and the interest rate is 16.24% which means I NEVER used it since my interest rates on my other cards are all less than 12%, but by closing the account they are HURTING my credit because now I have less available credit and my average account length will be shortened. Those two factors both affect your credit score. The rep was so rude and uncaring that I will be closing all my BoA accounts because of this. |
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| Most attractive feature: Nothing |
| Least attractive feature: Unjustified closure of account, bad interest rates. |
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| Posted by: Gabby |
| Date: 1/16/2010 |
Recommend?  |
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This person does not recommend this card.
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| "*Update*" |
| Hi everyone. I posted on here back in 2006 about me applying for a secured Bank of America card. I got my card in April 2006. My credit wasn't very good when i got the card; but it was a very good card. Low annual fee of 29.00 and no other fees period. A grace period which can avoid you interest fees period; along with total security protection in case the card is stolen. Customer Service was a dream; they even refunded a overlimit fee for me because i had never been overlimit before. My visa card was unsecured in August of 2008 which is about 2 years and 4 months from when i opened the secured card account. I did not receive a credit limit increase but did get my full security deposit back. If your credit doesn't improve much while you have the card then this is probably what will happen to you. However i am very pleased with this card and plan on keeping it for the rest of my life. It's nice to have a credit card with a big bank and not a bad credit bank like first premier or orchard. I would recommend this card to anybody who is able to get approved for it. This was not the 99/500 offer it was a fully secured credit card. I still am very happy with it. |
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| Most attractive feature: Low annual fee, grace period, no acceptance or application fees |
| Least attractive feature: Can take anywhere from 6months to 3 years to unsecure |
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| Posted by: Jeffery S |
| Date: 10/18/2009 |
Recommend?  |
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This person does recommend this card.
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| "You Gotta Be Kidding!" |
Jason brother, did you even READ my review?
Liliah sister, what the heck are you talking about? You probably could have qualified for a normal credit card to begin with! Try a different bank!
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| Most attractive feature: None. |
| Least attractive feature: It's Bank of America, rated the worst Bank to do business with. |
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| Posted by: Bill in VA |
| Date: 8/30/2009 |
| Recommend? |
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This person does not recommend this card.
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| "BofA Visa" |
| I'm lucky enough to have a BofA account so I can easily pay my card off with one click. There has been no issues on my end and would suggest this card if you need to build your credit. Just note, after one year call and get your deposit back (by check) so they will raise the credit limit and unsecure the card, which means it reports to the credit bureau has a regular credit card. This helps build your credit even better compared to them reporting it as a secure card, which one reviewer stated they did. |
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| Most attractive feature: Online access, attractive, easy to approve |
| Least attractive feature: Credit limit based on deposit |
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| Posted by: Liliah |
| Date: 7/28/2009 |
| Recommend? |
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This person does recommend this card.
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| "Kind of lame" |
| I was declined for this secured card, which I did not know was possible with a secured card. Don't get me wrong, I screwed up my finances. I just don't understand the point of a secured card that you can get declined from. Not a big deal, just annoying, I would not have wasted my time appling had they said up front. |
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| Most attractive feature: Low annual fee and limited fees |
| Least attractive feature: Denied b/c of Bankruptcy...THAT's WHY I NEED THE SECURED CARD |
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| Posted by: Jason |
| Date: 7/14/2009 |
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This person does not recommend this card.
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| "A Lame Offer" |
| Don't buy into the hype. Bank of America's policies on all of their products have significantly slanted toward the benefit of the bank and not the consumer. They are one of the worst banks to do business with and they always insure that you grossly overpay for their services and have many ways to make that happen. WHAT's WORSE, this card is only available to people with very mild credit problems as you can tell just from the writeups here. Those with real credit problems will not "qualify" for this card! I know unbelievable. You have to "qualify" for a card that uses YOUR money to rebuild your credit. Ludicrous. And typical of the heavy negative bias in BofA's business policies. |
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| Most attractive feature: Looks Pretty. |
| Least attractive feature: Few if any can get it. |
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| Posted by: Bill in VA |
| Date: 7/10/2009 |
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This person does not recommend this card.
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| "Great Credit Builder" |
| After poor credit this is a great card for improving your credit score. |
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| Most attractive feature: No hassle receiving the card and fast authorizations at point of sale. |
| Least attractive feature: none |
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| Posted by: Karen |
| Date: 10/5/2008 |
| Recommend? |
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This person does recommend this card.
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| "After Very Bad Credit" |
| I applied for this card mailed them my check and in about two weeks I received my card. I applied and sent my money to another bank for a secured card and was denied. Overall they mean secured if you send them your money you will receive your card. Oh, I forgot they also send you a cute little mini credit card if you request it. Thanks |
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| Most attractive feature: Have a reasonable annual fee |
| Least attractive feature: none |
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| Posted by: Karen |
| Date: 8/24/2008 |
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This person does recommend this card.
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| "Credit Card review" |
| I called customer service to ask about the partially secured card, but no one knew what I was talking about. I applied for the unsecured card, was denied immediately online, but was approved for an unsecured card with intial $300.00 deposit. Sent funds received card in about three weeks. Its an easy secured card to get with a low annual fee $19.00. |
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| Most attractive feature: Easy to qualify for and quick to receive about three weeks. Low annual fee $19.00. |
| Least attractive feature: No interest on savings account |
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| Posted by: Maria |
| Date: 11/25/2007 |
| Recommend? |
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This person does recommend this card.
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| "Best Partial Secured Platinum Visa card" |
I decided to start building a credit history and i was surfing their website for an appropriate card. And i had the oppurtunity to chat with various agents online on different times. They are usually very friendly. One day i was on the BofA website and chatting with an agent as he answered my numerous questions, just as i decided to apply for the Secured Platinum Visa with a deposit of $300, he said i should not apply for it cos he has a better card for me with no deposit at all. I was surprised and pleased and so i applied for the BofA Platinum Visa Plus through the link he gave me. This card is a unsecured card. I was rejected but instantly got preapproved for this great special card 'Partial Secured Platinum Visa' at a $99 collatoral deposit. It has a credit line of $500 with an APR of 19.24%. I really felt i got a treat as i am getting greater credit line with less money.
I applied on 02/08/07, my deposit was cashed on 03/12/07 and i am waiting and counting days to see my card which God knows when it'll arrive. So in short it looks like a good card to me and offcourse with lots of waiting to do inbetween! |
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| Most attractive feature: It has the lowest deposit of $99 for a credit line of 500. |
| Least attractive feature: You need an abundance of patience just waiting for the card to arrive. |
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| Posted by: ZK |
| Date: 3/15/2007 |
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This person does recommend this card.
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Showing 1 - 10 of a total of 21 Commentaries
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1-10 | 11-20 | 21-21
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