5/29/2023 0 Comments Ibc bank credit card![]() ![]() Deposits typically range from $200 to $3,000, but it may be possible to find a secured card with a higher deposit. The size of a deposit depends on the cardholder’s credit history and the card issuer’s terms. For this reason, secured credit cards are a good option for those with no or poor credit. If you fail to make payments or pay off your balance, the card issuer will keep your deposit and potentially cancel the account.Ī card issuer is more likely to take a chance on a person with poor credit after guaranteeing an amount of money to fall back on. Your deposit essentially acts as collateral when you open a new account. How Do Secured Credit Cards Work?Ī secured card works like any other credit card with one big difference: Your credit limit will be determined by the amount of cash you put in a deposit account to guarantee the credit line. Some secured cards offer rewards and other benefits much in the same way unsecured counterparts do. ![]() Secured cards have much in common with traditional credit cards-you can use them to make purchases, pay off a balance and build good credit with responsible spending habits. Your secured card credit limit will be equal to your deposit amount. Before using the card, a user deposits money into a bank account. Cardholders also have access to their FICO credit scores.Ī secured credit card is a credit card backed by a security deposit. Bank of America will periodically review accounts for the return of the security deposit and could approve graduation to a non-secured account. Other Benefits and Drawbacks: A minimum security deposit of $200 is required to open this account, and deposits can be as high as $5,000. Earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1% Rewards: 3% cash back in a category of choice: gas, online shopping, dining, travel, drug stores or home improvement/furnishings 2% cash back at grocery stores and wholesale clubs unlimited cash back on all other purchases. For those with spending habits that change regularly or who want to have some extra control over their rewards earning, this card could be a good choice. The Bank of America® Customized Cash Rewards Secured Credit Card * offers a unique twist on earning rewards: Each cardholder can choose their own bonus cash-back category. ![]()
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