When people think of a traditional credit card, they have an unsecured card in mind.Ī traditional credit card typically doesn’t require you to put down a deposit and it usually has a higher credit limit. unsecured credit cardsĪn unsecured credit card is a credit card that doesn’t require you to deposit money in case you don’t pay your balance.
If you want to improve your credit score, apply for a secured card that will report your credit activity. Not all secured cards report to the three major credit reporting bureaus, Experian, Equifax and TransUnion. Your deposit will also be refunded once you close your account, assuming you do not hold a balance. In turn, it may also refund your deposit after you’ve demonstrated responsible credit card usage. If you consistently pay your bill on time, the credit card company may increase your credit limit without requiring you to deposit more money. If you don’t pay your bill, the credit card company will use your deposit to cover it - and most likely cancel your credit card. Your deposit will be held as collateral by the credit card company. So if you deposit $300, you’ll typically end up with a $300 credit limit on your card. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs.What is a secured card and how does it work?Ī secured credit card requires an upfront deposit, which is usually equal to the credit limit on your card. These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising.
If you prefer that we do not use this information, you may opt out of online behavioral advertising.
#Make the jump from secured to unsecured credit card Offline
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