Posted on

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.

// ]]>

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.

// ]]>

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 throw money down the drain.

Almost every single bank in the United States offers some type of online application.  Whether you are looking for local community banks or major national banks you can find their website online.  By using the Google search almost everyone will be able to find resources that help explain what types of credit cards are available.  While secured credit cards remain popular in March 2020 there are rewards, balance transfer and college credit cards that will catch the interest of some borrowers.

As always, look at the interest rate that will be applied to these credit cards.  Unfortunately, the interest rate often skyrockets shortly after the low introductory period is over.  Credit card companies will lure you in with low interest rates to start, sometimes as low as 0%, but after that first nine or twelve months you will see these interest rates go up drastically.  Luckily, the information on this interest rate increase is available before you even submit the final application.

Some of the common banks in the state of North Carolina that will issue a secured credit card include SunTrust, First Citizens, Capital Bank, Wells Fargo, Chase, BB&T and former Wachovia locations.  Note that Wachovia was purchased by Wells Fargo several years ago so almost all of these locations have been renamed in the last few months.  It is funny to see Wells Fargo locations literally right across the street from each other.  There is a spot in Chapel Hill, North Carolina beside University Mall where there are Wells Fargo locations that are within 50 yards of each other.  I would imagine this happens in other parts of the south as well.

Leave a Reply

Your email address will not be published. Required fields are marked *