Bank of America Secured Credit Card Interest Rates

Bank of America is one of the largest financial institutions in the United States and in the world.  Many hard working individuals will seek Bank of America secured credit card options in the near future as they hope to gain access to a little exact cash.  Looking at secured credit card interest rates is always a good idea before taking any credit card offer.  Note that Bank of America is currently calling their credit card the BankAmericard.  Most people will simply refer to it as the Bank of America secured credit card.  Below are some valuable resources that will help determine an interest rate that will be applied to this type of charge card.

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Secured Credit Card Options 

There are over 8000 financial institutions in the United States so it should never be the case that potential customers have to work with a bank in which they do not feel comfortable.  The FDIC website allows all Americans to search banks and lenders in their state.  Note that just because a bank does not have headquarters in a specific state it does not mean they do not have a presence in that area.  Bank of America is a perfect example of this.  Bank of America is headquartered in Charlotte, North Carolina but they have branches in almost every single state.

Also remember that applying for a credit card does not mean that you have to go into the bank’s location.  Most banks will be more than happy to let you complete an online application.  In fact, I may end up doing some separate blog posts to illustrate how easy it is to complete an online secured credit card application.  This can be both good and bad.  It can be good because borrowers will not have to travel to a bank and spend time and gas money.  It can be bad because it might make it too easy for some borrowers to simply hit the apply button on the online application.

Bank of America Secured Credit Card Interest Rates

The Bank of America website is one of the best I have seen when it comes to information on a secured credit card.  It basically tells you the interest rate and the credit limit.  Here is some of the information from their site:

“Build your credit

No application fees or activation fees

Credit line $300-$4,900. Your maximum credit line is determined by your individual ability to pay based on the income that you provide and your security deposit.

When handled responsibly, a foundation to build your credit history-important account information is shared with all three major credit bureaus

After 12 months, your account may be reviewed and you may then qualify to have your security deposit returned if your credit and payment history warrant it at that time

Learn more about credit

Access to credit education on topics like using credit cards responsibly, budgeting and more”

The Bank of America website is also reporting that interest rates are currently at 20.24% but this is variable.  Remember that interest rates on any money borrowed will change as the treasury yields change.  It is common knowledge that the 10 year treasury rate yield and the 30 year fixed mortgage have a very strong correlation.  That said, it is also true that some of the shorter term treasury rate yields determine the interest rate on credit cards, personal loans and car loans.  Just for the purpose of this document I am going to offer daily 5 year treasury rate yields.  When these yields start to move higher you can be rest assured that secured credit card interest rates will move up as well.

March 15

March 14

March 13

March 12

March 11

March 8

March 7

March 6

March 5

March 4

March 1

February 28

February 27

February 26

February 25

February 23

February 22

February 21

February 20

February 19

February 15

February 14

February 13

February 12

February 11

February 8

February 7

February 6

February 5

February 4

February 1

January 31

January 30

January 29

January 28

January 25

January 24

January 23

January 22

January 21

January 18

January 17

March 15th, 2020

5 Year Treasury Rate Yield – coming soon

March 14th, 2020

5 Year Treasury Rate Yield – coming soon

March 13th, 2020

5 Year Treasury Rate Yield – coming soon

March 12th, 2020

5 Year Treasury Rate Yield – 0.88%

March 11th, 2020

5 Year Treasury Rate Yield – 0.90%

March 8th, 2020

5 Year Treasury Rate Yield – 0.90%

March 7th, 2020

5 Year Treasury Rate Yield – 0.85%

March 6th, 2020

5 Year Treasury Rate Yield – 0.81%

March 5th, 2020

5 Year Treasury Rate Yield – 0.77%

March 4th, 2020

5 Year Treasury Rate Yield – 0.76%

March 1st, 2020

5 Year Treasury Rate Yield – 0.75%

February 28th, 2020

5 Year Treasury Rate Yield – 0.77%

February 27th, 2020

5 Year Treasury Rate Yield – 0.78%

February 26th, 2020

5 Year Treasury Rate Yield – 0.78%

February 25th, 2020

5 Year Treasury Rate Yield – 0.78%

February 23rd, 2020

5 Year Treasury Rate Yield – 0.84%

February 22nd, 2020

5 Year Treasury Rate Yield – 0.86%

February 21st, 2020

5 Year Treasury Rate Yield – 0.88%

February 20th, 2020

5 Year Treasury Rate Yield – 0.89%

February 19th, 2020

Presidents Day Holiday – Markets Closed

February 15th, 2020

5 Year Treasury Rate Yield – 0.87%

February 14th, 2020

5 Year Treasury Rate Yield – 0.86%

February 13th, 2020

5 Year Treasury Rate Yield – 0.92%

February 12th, 2020

5 Year Treasury Rate Yield – 0.88%

February 11th, 2020

5 Year Treasury Rate Yield – 0.85%

February 8th, 2020

5 Year Treasury Rate Yield – 0.84%

February 7th, 2020

5 Year Treasury Rate Yield – 0.83%

February 6th, 2020

5 Year Treasury Rate Yield – 0.84%

February 5th, 2020

5 Year Treasury Rate Yield – 0.88%

February 4th, 2020

5 Year Treasury Rate Yield – 0.85%

February 1st, 2020

5 Year Treasury Rate Yield – 0.88%

January 31st, 2020

5 Year Treasury Rate Yield – 0.88%

January 30th, 2020

5 Year Treasury Rate Yield – 0.88%

January 29th, 2020

5 Year Treasury Rate Yield – 0.90%

January 28th, 2020

5 Year Treasury Rate Yield – 0.89%

January 25th, 2020

5 Year Treasury Rate Yield – 0.87%

January 24th, 2020

5 Year Treasury Rate Yield – 0.78%

January 23rd, 2020

5 Year Treasury Rate Yield – 0.76%

January 22nd, 2020

5 Year Treasury Rate Yield – 0.76%

January 21st, 2020

MLK Holiday – Markets Closed

January 18th, 2020

5 Year Treasury Rate Yield – 0.77%

January 17th, 2020

5 Year Treasury Rate Yield – 0.79%

Remember that these are not the interest rates that will be applied to a credit card. I am simply showing these rates so you can see what interest treasury rate yields are getting. This will help you to see the overall direction of interest rates on secured credit cards and almost any other type of credit card in 2020 and beyond.

Credit Card Interest Rates and How They are Applied

When looking to borrow money it is very important to remember that interest rates will be applied based on a credit score and credit history.  Unfortunately, many people looking for a Bank of America secured credit card will probably admit they have not made the best decisions in the last several years when it comes to finances.  Before applying for any type of credit card, car loan, personal loan or mortgage home loan it is always best to improve a credit score to the best of one’s ability.

To improve a credit score it is smart to make certain all high interest rate debts are paid down.  By creating a strong weekly or monthly budget it should not be too difficult to pay off high interest rate personal loans or credit cards.  There are many great financial calculators available online that should help most determine how much they should pay down to drastically improve a credit score.  By achieving a credit score that is above 740 borrowers will find they are able to take advantage of some of the lowest possible interest rates on credit cards.

In fact, some borrowers may find that they qualify for a 0% balance transfer credit card from banks like Wells Fargo, Citi, Chase or BB&T.  Doing a little bit of research online never hurt.  Check out credit card offers at many local and regional financial institutions before assuming that Bank of America is the best place to take out a secured credit card or a BankAmericard.  Paying interest rates in excess of 20% on any type of credit card can make one’s financial life much more difficult.  That said, there are ways to avoid these high interest rates by simply remaining patient and waiting for the right offer to come around.  If you start making good financial decisions banks and lending institutions will reach out to you with some very low interest rate offers.

Secured Credit Card Annual Fees

The Bank of America secured credit card has a $39 annual fee and this is something most people will want to monitor.  Prior to the credit crisis most banks were offering credit cards with no annual fees.  Now that lending has tightened up there are more banks and lenders that are assigning an annual fee.  In fact, many people who already have credit cards may be paying an annual fee and they do not even know it.  It never hurts to look over a credit card statement to make certain there are no annual fees that are being applied.  Unfortunately, some people may not know the exact month in which this annual fee is applied so they may want to check statements quite often.

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Paperless billing has helped to save many trees and lots of money on printing costs but it may end up hurting you in the long run.  Unfortunately, more and more people are simply clicking on paperless billing and they are never looking at their statements again.  They might be getting hit with monthly charges they do not even know about.  For anyone who has had financial problems in the recent past it might be better to continue to get paper copies of your bills.  This will help you recognize if there are any annual fees that are being applied to your credit cards.

We have all gotten notices in the mail from credit card companies and simply ripped them up.  These could have been notices that were telling us that the bank or lender was going to start charging annual fees for that particular credit card.  It might also be a notice that a credit limit is getting decreased or the interest rate is increasing.  Now matter what the letter says it is probably of some importance.  Some of us do not want to deal with all these issues when it comes to money but it is better to look at them now rather than letting them accumulate.  Addressing these issues early on will mean that a financial life will be much easier in the future.

Online Applications for Credit Cards

When looking for the Bank of America secured credit card application make sure to access this link.  This will help you put in all the information that is needed to attempt to qualify for the BankAmericard.  Remember that not everyone will qualify but if you have the money to put down as a deposit it is much easier to qualify in January of 2020 and beyond.  By putting this money down it makes it much easier for Bank of America or any bank to allow you to build credit.  Not that the limit is about $5000 so do not expect to go buy a brand new vehicle with this credit card.  In fact, it might be best to keep the amount spend on this particular credit card low just because you do not want to …

Bank of America Bad Credit Personal Loan Alternatives

Bank of America is one of the largest financial institutions in the country and continues to grow even after the credit crisis. One of the controversial moves Bank of America made after the credit crisis was to no longer offer bad credit unsecured personal installment loans. Much of this was due to the fact that they purchased lenders that had many bad credit loans on their books. With this in mind it should come as no surprise that borrowers are looking for Bank of America bad credit personal loan alternatives.

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Bank of America and Bad Credit Loans

Throughout much of the credit crisis analysts thought that Bank of America was not going to survive because of the bad credit home loans and personal loans on their books. Fortunately, Bank of America was able to survive one of the worst financial crises in the history of the world and today they are doing very well. Some have predicted that Bank of America will start offering bad credit unsecured personal loans in the near future but it has yet to happen.

During the credit crisis Bank of America purchased Countrywide Financial which was a huge mortgage broker on the West Coast. It was very obvious that this decision was a long-term decision. Countrywide financial was in a terrible situation as they had a significant amount of money in bad credit home loans. The housing market was doing very poorly on the West Coast and the only way that Countrywide was going to survive is if they were purchased by another major financial institution that had money.

Some are still arguing that this was a very bad decision by Bank of America but they got through it. Unfortunately, some people are still upset by the fact that Bank of America no longer offers bad credit unsecured personal loans. To take out a bad credit unsecured personal loan individuals will have to look to other financial institutions. Interestingly, Wells Fargo continues to offer unsecured personal loans to customers and new borrowers.

Bank of America Bad Credit Personal Loan Alternatives

Even though Bank of America does not offer bad credit unsecured personal loans it does not mean that they are not options available. In fact, most financial institutions will offer some type of unsecured personal loan. This does not mean that individuals with very low credit score will be able to borrow money from these institutions. If you have a credit score that is well below 500 and you do not have any access to cash it will likely be difficult to take out a personal loan from any financial institution.

With this in mind it never hurts to improve a credit score to a level above 700. One of the easiest ways to do this is to make certain all bills are paid on time and in full. Even if you have a significant amount of debt you can still improve a credit score by paying down this debt and making sure all your bills are fulfilled. Unfortunately, many people with bad credit also have a very low income. By having this low income that makes it nearly impossible to pay for all of the bills.

Below are some of the financial institutions that offer unsecured personal loans at the present time:

  • Wells Fargo
  • TD Bank
  • Capital One
  • Discover Bank
  • First Merchants Bank
  • CitiBank
  • US Bank
  • SunTrust
  • Regions Bank
  • Comerica
  • Zions Bank

If you are having trouble finding a bank in your area please feel free to contact me through the comments below. You may also contact me through my Google plus profile as I tend to check that at least a couple times a day. I will do my best to find a financial institution in your area that offers some type of loan help. Make a mental note that there are many financial institutions that offer unsecured personal loans but they do not have financial products for individuals who have seen their credit score plummet over the last several months and years.

Improving a Bad Credit Score to Borrow Money

One of the best things you can do to make your financial life much easier it improve a credit score. Unfortunately, most people with very bad credit cannot even think about their credit score as they are living paycheck to paycheck. Not only are they living paycheck to paycheck they may be living two or three paychecks out as they have taken out cash advance payday loans in hopes of keeping the electricity on where the car paid for.

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The best thing you can do is come up with a strict weekly or monthly budget that will help you spend less than you make. If you are making a very small amount of money you may want to consider taking out a second job or third job just to get the bills paid. Unfortunately, many people do not want to do this as they continue to drown in debt. When coming up with this weekly or monthly budget it is also very important to stick to the budget. It is one thing to create a budget and a completely different thing to stick to it and improve a credit score over time.

By paying each and every bill on time and in full one’s credit score will naturally increase. This tells financial institutions that you are more than willing to make the necessary sacrifices to fulfill the commitment of these bills. This does not mean that you will have a credit score over 800 that will allow you to take out $500,000 mortgage. What it does mean is that you will be a borrower of money who is trusted by some of the bigger names in the banking industry.

Once again, if you are struggling to find banks or lenders that can help you in a bad credit situation please feel free to contact me. Also, please use the many free resources available online that have been created by authoritative figures. When searching for bad credit loans on the Internet make certain that you read the fine print and understand who is writing this content. Sometimes, the individual writing the content also owns a bad credit loan company that is trying to make money. You can figure this out quickly by seeing which search results have a picture beside the author.

If the author does not have a picture that means that Google authorship has not been installed on the website or for that particular article. This does not mean that they are not an expert or an authority in their field but it does mean that individuals should do some research on this author. The easiest way to find reputable material is to use the FTC or FDIC website. In fact, any government website is very useful for those who are looking to do research on bad credit situations.

Bad Credit Lenders in Florida

Many residents in the state of Florida recognize cash advance payday loans are available. There are some states that have created laws that prohibit bad credit cash advance loans. Florida is not one of these states and bad credit individuals have the opportunity to take out $1500 short-term loans. This can be good and it can be very bad. It can be good for anyone who simply needs a few extra hundred dollars to avoid having their electricity turned off or having their car repossessed. These individuals can get the money ahead of time to pay it back with fees when they receive their next paycheck.

It is very important to note that borrowers must know with 100% certainty that they will have this money in their bank account with their next paycheck. If they cannot honestly say this there is no reason to take out a bad credit cash advance loan. The high fees and cash advance loans will only cause problems for those who borrow money in the near future. It can be very bad for this exact reason. Individuals will see fees as high as $10 to $15 for every $100 they borrowed. It is important to note that the Florida state government has capped the fees are $15 or every $100 borrowed but this is still a lot of money for those who are struggling with their finances. If you are seeking Bank of America bad credit personal loan alternatives do plenty of extra research on cash advance loans before taking one out.

If you miss a payment on a bad credit payday loan the fees will reset and you will have to pay even more with your next paycheck. This is what makes bad credit payday loans so predatory in nature. Rather than taking out a bad credit cash advance payday loan it may be wise to seek unsecured personal loans throughout the state. Below are some of the larger financial institutions that have headquarters in the state of Florida:

  • Everbank
  • BankUnited
  • Raymond James
  • Capital Bank
  • Ocean Bank
  • Capital City Bank
  • USAmeriBank
  • TotalBank
  • CenterState Bank of Florida
  • Seacoast National Bank
  • 1st United Bank
  • Citizens First Bank

Note that these are not the only names that offer loans in the state of Florida that they are some of the bigger names. Feel free to do research on other financial institutions that may have a presence in the state of Florida but have headquarters elsewhere. This will make it much easier to make a major financial decision in the very near future.…

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