bank of america partial secured visa 99/500 card

[sleekblackroadster]

transunion: 633

experian: 620

equifax: not enough info to compile score

boa pulled experian.

[sleekblackroadster]

ok so i opened a new checking and savings account with BOA. happy about that!

now i got the info in the mail about the partial secured visa card.

i need help understanding how this works exactly.

i applied for the platinum plus visa originally. this had a 0% apr for the first 15 billing cycles offer and no annual fee. after that it is a prime plus 2.99% to 12.99% variable apr it says on the initial page on the website but when you click on the detailed info it looks like this variable apr range is higher at 7.99% to 17.99%. based on creditworthiness. i do not understand how this variable apr stuff really works at all. is the prime rate added to this range or what?

the grace period is stated as at least 20 days from the statement closing date (provided you fully paid your New Balance Total from the previous statement by its Payment Due Date). it says it will vary from month to month. i understand grace periods to be the time they give you from the date you purchase something until they start to charge you interest. so why is this stated as from the statement closing date instead of from the date of purchases?

so the partial secured card info i got in the mail forgoes the 0% intro apr and states a standard variable apr of 17.99%. the grace period is the same. it also states there is a $29 annual fee.

my hope is to understand how i can use this card for small purchases such as gas and pay the balance off soon enough to never incur interest. i guess the best way is so constantly pay the balance off as soon as i use the card for a purchase instead of trying to understand grace periods and statement dates and payment due dates?

also if after 8 or 12 months pass and the card is 'graduated' to the non-secured platinum plus visa i originally applied for, does all the apr stuff stay the same? or do i get to start the 0% apr for 15 billing cycle deal when the card becomes unsecured? and do they reevaluate whether the standard variable apr should stay at the max of their range at 17.99% at that point if i do not get to ever benefit from the 0% offer? also i would hope the $29 annual fee will be waived once the card is no longer secured?

everyone who has had this card seems happy with it but i am just trying to understand the details of how this all works and how i can best use it to benefit my credit reports and scores.. so anyone who has had this card or has insight into any of this help me out!

[llecs]

sleekblackroadster, I don't know the answers to your questions, but I do know from having that CC, BofA likes to see you PIF monthly, and pay on-time. I had that card before it graduated to unsecured and it is a great card to have. Whatever the rate is, go for it. BofA is very generous with CLIs after it graduates. Mine went unsecured at the 10th statement I believe.

[sleekblackroadster]

thanks!

i talked to a boa rep in the live chat session and she basically said not to worry about grace periods, statement closing dates and payment due dates and how they correspond. that as long as i PIF by the payment due date each month i will never incur interest charges. for some reason i thought they were trying to be sneaky with the 20 day grace periods instead of just having a whole month for grace period.

she said all the terms presented for the partial secured card will stay the same if the card graduates including the $29 annual fee. and that the 0% intro apr offered on the platinum plus visa will never be realized. but that at the time of graduation i may call in to request things such as lowering the standard variable apr, dropping the annual fee and raising the credit limit.

i think i am going to go for it and take the card and just use it wisely by paying in full early every month so i don't have to worry what the apr is. and i hope they will consider dropping the annual fee and giving me a CLI once it graduates!

[Anonymous]

take it its a great card, my mother got the card with high 500 scores and 9 months later they unsecured and cli to 1k then upped to 1.2k the same day via luv button on web site.

[Breakthecycle2]

I want to go for this card, but I don't want to apply, have a ding and then BOA reject me anyway.

[Anonymous]

In your experiences...does the card graduate on its own???...I have had my full secured card for 9 months....and was told that in order for it to graduate...I would have to call....and it was be credit based...