BOA Secured vs. BOA 99/500

[Anonymous]

What is the difference in these two cards. I see both of them mentioned frequently on this forum.

I applied for a traditional BOA card but was declined. No surprise there. I want to call them up and see if I can get a secured but I want to be able to have an educated conversation regarding their different products so SKOOL me.

Thanks. 

[SCF]

Howdy ER_Tech,

Here is my understanding.  The BOA Secured card is a fully secured credit card, which means that your credit limit will be equal to the amount that you deposit with them.  You used to be able to apply for this card online, but I recently read on these forums that you can now only apply for this card in person at a BOA branch.  The BOA 99/500 is a partially secured card, where you provide a $99 deposit and recieve a $500 credit limit.  I don't think you were ever able to apply for this card directly, instead, you had to apply for a regular BOA card, and then, if your credit was not strong enough, BOA would counter-offer with either the 99/500 or the fully secured card.

I've read on these forums that both of these cards were eligible for review and promotion to unsecured status after 12 months.

Based on the fact that you were already declined and they seem to be offering the fully secured card only in branch, I would reccomend visiting the bank yourself and speaking with someone there about your options.

Good luck!

[LisaPA]

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@Anonymous wrote:

What is the difference in these two cards. I see both of them mentioned frequently on this forum.

I applied for a traditional BOA card but was declined. No surprise there. I want to call them up and see if I can get a secured but I want to be able to have an educated conversation regarding their different products so SKOOL me.

Thanks. 

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Which traditional card did you apply for? I had the 99/500 (it unsecured yesterday). You have to apply for the Platinum Plus Visa, be turned down, and then they may counter-offer with the partially secured card.The theory is that it if your score is close but not quite good enough, they'll give you the chance to get in with the partially secured card. My scores were in the 640-660 range when I applied last fall. I've never heard that you can get the 99/500 after being declined for any other card, but I guess it can't hurt to ask.

The 100% secured card can be applied for directly, but I've read in the forums that they no longer let you apply for it online. For some reason, you have to request the application by phone and apply by mail.