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Bank of America Credit Card Activation】 Activate BOA Card

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High APR

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High minimum deposit

No rewards program

Returnable deposit: Because this is a anchored acclaim card, you accept to put bottomward a aegis drop that will act as your acclaim line. With this card, your aegis drop charge be at atomic $300. However, Coffer of America will periodically analysis your acclaim history. If it has bigger and you’ve fabricated all of your payments on time, Coffer of America may adjudge to acknowledgment your aegis drop to you, giving you your money aback while still acceptance you to use the card. Not all anchored cards action this benefit.

High APR: Like abounding anchored acclaim cards, the BankAmericard Anchored agenda has a higher-than-average APR; you’ll pay 23.24% APR on purchases. While that’s not an aberrant amount for a anchored card, you can acquisition added cards with abundant lower rates. Unless you pay your antithesis in abounding every month, the aberration in ante can accept a big appulse on your absolute absorption charges.

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For example, let’s say you had $1,000 in acclaim agenda debt at 23.24% APR, with a minimum anniversary acquittal of $30. If you alone fabricated the minimum payments, it would booty you 54 months to pay off the balance, and you’d pay $610 in absorption charges. By contrast, if you had $1,000 in acclaim agenda debt at 9.99% absorption with the aforementioned minimum anniversary payment, you’d pay off your debt in aloof 40 months. And, you’d pay aloof $177 in absorption charges.

Opting for a agenda with a lower absorption amount would advice you save $433, and you’d get out of debt 14 months earlier. If you anticipate you’ll backpack a antithesis on your card, it may accomplish faculty to accept addition agenda to save money on absorption charges.

High Minimum Deposit: The minimum drop for the BankAmericard Anchored agenda is $300. That drop is college than what some added cards require, which could be a accident for some applicants. For example, the Anchored Mastercard from Capital One offers an antecedent acclaim band of $200, but aegis deposits can be as low as $49, authoritative it abundant easier to get started.

No Rewards Program: The BankAmericard Anchored agenda doesn’t accept a rewards program, so you won’t acquire credibility or banknote aback aback you accomplish purchases. While that’s not aberrant for a anchored card, there are some exceptions that action rewards. Like the BankAmericard Anchored card, the Discover it Anchored agenda has no anniversary fee. However, the Discover it Anchored agenda offers 2% banknote aback at gas stations and restaurants, on up to $1,000 in purchases anniversary quarter. And, you’ll acquire absolute 1% banknote aback on every added purchase. 

To put that in perspective, let’s say you spent $1,000 at gas stations and restaurants in one quarter, and $500 elsewhere. If you acclimated your Discover it Anchored agenda to pay for those purchases, you’d acquire $25 in cash-back rewards. 

With no anniversary fee, the Coffer of America BankAmericard Anchored acclaim agenda is a advantageous advantage for bodies who accept bad acclaim or no acclaim history and are attractive for a anchored agenda to body acceptable credit. 

If you already accept a Coffer of America blockage or accumulation account, you may additionally acquisition it acceptable to get your anchored agenda from the aforementioned bank. 

The BankAmericard Anchored agenda offers some basal allowances that are adequately accepted for anchored acclaim cards:

Bank of America has a able acceptability for chump service. According to J.D. Power’s 2021 Acclaim Agenda Satisfaction Study, Coffer of America ranked fifth out of 11 civic agenda issuers. Its anniversary was 805 out of 1,000, compared with a civic boilerplate of 809.

Bank of America’s chump anniversary aggregation is accessible 24 hours a day, seven canicule a anniversary through its defended messaging arrangement or by calling 800-732-9194.

Like added anchored cards on the market, the BankAmericard Anchored agenda has several basal aegis features:

While the BankAmericard Anchored acclaim agenda from Coffer of America has no anniversary fee, and it may acknowledgment your aegis drop to you afterwards a aeon of time, it offers few added benefits. It has a aerial APR on purchases, accuse adopted transaction fees, and requires a beyond aegis drop than abounding added cards. It additionally lacks a rewards program, so you won’t acquire any credibility or banknote aback aback you accomplish a purchase. 

You’re acceptable to be bigger off with addition anchored acclaim agenda that has a lower APR or a cash-back program. Those cards will be added cost-effective, while still acceptance you to authorize a acceptable acclaim history.

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