In the credit card universe, Bank of America is perhaps the most underrated. Despite being the 3rd largest credit card issuer in the United States of America, and bearing a really cool name, they are not often known for generous credit card offers. I wish they did a better job promoting their products since some are quite exceptional. One such an example is the BankAmericard Cash Rewards secured credit card.
Option 3 for credit builders: secured credit cards
I have previously described my personal experience with Bank of America’s Bankamericard Cash Rewards secured credit card. A secured credit card is a risk-free way for financial institutions to extend you credit: the money you deposit is also your credit limit. In other words, you spend your own money; the bank doesn’t lend you anything. Yet you still have the opportunity to build up your credit profile by making on-time payments which would be reported to the Consumer Reporting Agencies (CRA’s). Continue reading Credit cards for credit builders: what are your options? – Part 3
One and a half year after I graduated from Colgate University following a commencement where I sang the school’s traditional song with 3 friends in front of 7,000 people, I had yet another milestone graduation. For those of you that start your credit journey with a secured credit card, when your credit card gets converted to a non-secured card, your card is said to graduate. That’s what happened to my card. Continue reading Secured credit card graduation