BofA secured questions

[disney2]

I did the prequalify for BoA and got a "this card is for you" kind of reply so I applied for it.  It came back saying I didn't get that one but could get the secured card.  It says this:

• A minimum refundable security deposit of $300 (maximum of $4,900) is required to open this account.Your maximum credit limit will be determined by the amount of the security deposit you provide, your income and your ability to pay the credit line established.

Will the credit limit equal the amount of the deposit like Discover does or could it be more?  Usually?

Is this card worth it? Will it grow?  It says it would be reviewed at 12 months and has a $39 annual fee but it does have rewards with it. 

[Adkins]

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@disney2wrote:

I did the prequalify for BoA and got a "this card is for you" kind of reply so I applied for it.  It came back saying I didn't get that one but could get the secured card.  It says this:

• A minimum refundable security deposit of $300 (maximum of $4,900) is required to open this account.Your maximum credit limit will be determined by the amount of the security deposit you provide, your income and your ability to pay the credit line established.

Will the credit limit equal the amount of the deposit like Discover does or could it be more?  Usually?

Is this card worth it? Will it grow?  It says it would be reviewed at 12 months and has a $39 annual fee but it does have rewards with it. 

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Your credit limit will be determined by the amount of your security deposit, just like Discover. The card does tend to graduate but growth depends on a person's credit profile. 

[disney2]

It sounds like I'm better off sticking to what I have then.

[Anonymous]

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@disney2wrote:

It sounds like I'm better off sticking to what I have then.

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What do you have?

[disney2]

USAA Amex, NF cash rewards, Capital one Quicksilver and Quicksilver one, discover secured, Amazon Visa, credit one (that I want to close), several retail cards.

[Anonymous]

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@disney2wrote:
USAA Amex, NF cash rewards, Capital one Quicksilver and Quicksilver one, discover secured, Amazon Visa, credit one (that I want to close), several retail cards.

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I don't see that you need a secured card unless you just want to get in with BOA.

[disney2]

Thanks. Yeah BoA isn't important. Just trying to get a better class of cards than that credit one.

[Anonymous]

I applied for the BoA Cash Rewards when I don't even have a FICO score yet, they counter offered the secured, made a $300 deposit and once I got my score (700-ish) I called and they sent the 300 back. I forgot the new CL they gave me but I think it was ~500 so I instantly applied for a CLI online, they did a HP but bumped it up to 1900

Wouldn't recommend since I paid the AF and missed the 150 signup bonus for the regular card