Secured Rewards??

[Anonymous]

Is there such a thing as a secured card that comes with rewards?

I am in process of rebuilding and recentlty recieved a Capital One Secured Platinum MasterCard.

But now I am curious if there is something out there for rebuilders to also recieve rewards.

thanks!!

[needtodobetter]

Some people have been able to get them on their BoA secured cards.  I do not have one, but I have read that once you have the card you can call or chat and request rewards be added.  

I am sure someone who has direct experience will respond soon :-)

[Anonymous]

Yes, I have a B of A Secured Card with rewards, the 99/500, opened in May.

I applied for a regular rewards card with a bank manager in a branch office and was counter-offered the secured card with rewards.  My scores were ok but I had a bad relationship experience with them from 2008-09.  I have had a banking relationship with them since 1999.

Others have had the 99/500 secured card and called in or chatted online and had the rewards added, sometimes after two or three attempts.

hth

[Anonymous]

BOA cash rewards. Discover has a secured it card (same bonus structure as regular it). US bank has several cobranded cards also with rewards. I have the harley davidson secured with them 1% back as a HD gift card. Which i just sell on one of the gift card sites making it a roughly .8% cash back card. Several credit unions also offer the score card rewards on their secured cards (basically worthless program but it is rewards). The nice thing with us bank, cobranded secured cards have no AF as opposed to the regular us bank secured 39 bucks i think.

[newhis]

From experience, if you apply for a regular BofA card at a branch and you get denied, they can offer you the Secured Cash Rewards, either 99/500 or full secured. You can apply directly to the Secured Card but you will not get the cash rewards, you will have to chat/phone support until you get someone that will PC your card.

My DW put $5,000 at 6 months and they auto graduated her at 9 months and she asked for Visa Signature. Before the year was up, we called to get our APR lowered and remove the AF. I have to contact them several times until they removed the AF, my DW was at first try. Good luck

[Sneakytiki]

I applied for the BoA Cashback Rewards Visa last week and was declined. I called them and they let me do the $99 deposit/$500 limit card which goes unsecured in roughly one year and still has the cash back benefits if that helps.

[Anonymous]

how does the Bank of America compare to the Navy Federal nRewards® Secured ?

[newhis]

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@Anonymous wrote:

how does the Bank of America compare to the Navy Federal nRewards® Secured ?

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BofA Cash Rewards Secured is a 3% gas, 2% groceries, 1% everything else card, 3.3%, 2.2% and 1.1% if you get the cash back to a BofA checking/savings. AF $39. APR 20.24%

Navi Federal is 1 point per $1, 2000 points = $10 starbucks card (0.5% cash back), 7500 = $75 some cards (1%). No AF. APR 8.99%.

I was able to lower BofA APR to 16.9, DW to 14.9.

Read this thread it has a nice table with secured cards:

http://ficoforums.myfico.com/t5/Credit-Cards/Updated-for-2015-Secured-Credit-Card-List/m-p/3856240

[Anonymous]

Since I now have a Capital One Secured Platinum MasterCard, myFICO gave me the following alerts:

Equifax A new account has been added to your credit report
score raised from 481 to 559

Experian A new account has been added to your credit report
score raised from 460 to 510

With these scores, should I try to get approved for the Bank of America Secured with rewards? I assume I would get denied and it wouldn't be worth the hard pull.

[Anonymous]

To get the maximum benefit from the Fico algorithms, you should have at least 3 revolving CCs, doesnt matter if they are secured or not.  Best results are with one CC reporting less than 9% util and the others at 0.

You would also benefit from having at least one installment loan.  An auto loan is fine, if not, you can get a secured loan from a place like SDFCU with a 500 deposit and a 36 month term.

They like to see a mortgage on there too.

I saw incremental changes upward in my scores when I opened the second and third cards too.

hth