cancel
Showing results for 
Search instead for 
Did you mean: 

Bank of America vs. Applied Bank (Secured Cards)

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
New Contributor

Bank of America vs. Applied Bank (Secured Cards)

I know this topic has probably been beaten to death but I will ask this question anyway...

 

I am going to get a secured card and there are two choices that I believe will be in my best interest:

 

- BankAmericard Visa Fully Secured Card

 

OR

 

- Applied Bank Platinum Secured Card

 

 

The main differences between the two cards are:

 

- BoA:

20.24% APR

$39 Annual Fee

 

Bank of America Secured Card Terms and Conditions

 

-Applied Bank

0% APR for the life of the card

No Annual Fee

$10 Monthly Maintenance Fee

 

Applied Bank Platinum Secured Card Terms and Conditions

 

Both cards report to all credit bureaus and both offer the option to go unsecured after 12 months. Besides the obvious name recognition, would anyone chose the BoA secured card over the Applied Bank secured card? If so, why?

Message 1 of 15
14 REPLIES 14
Regular Contributor

Re: Bank of America vs. Applied Bank (Secured Cards)

Applied bank only reports to ex and tu only
Message 2 of 15
Frequent Contributor

Re: Bank of America vs. Applied Bank (Secured Cards)


-Applied Bank

$10 Monthly Maintenance Fee

 



Good reason enough to avoid it at all cost.

Message 3 of 15
Senior Contributor

Re: Bank of America vs. Applied Bank (Secured Cards)


@cl5776 wrote:

I know this topic has probably been beaten to death but I will ask this question anyway...

 

I am going to get a secured card and there are two choices that I believe will be in my best interest:

 

- BankAmericard Visa Fully Secured Card

 

OR

 

- Applied Bank Platinum Secured Card

 

 

The main differences between the two cards are:

 

- BoA:

20.24% APR

$39 Annual Fee

 

Bank of America Secured Card Terms and Conditions

 

-Applied Bank

0% APR for the life of the card

No Annual Fee

$10 Monthly Maintenance Fee

 

Applied Bank Platinum Secured Card Terms and Conditions

 

Both cards report to all credit bureaus and both offer the option to go unsecured after 12 months. Besides the obvious name recognition, would anyone chose the BoA secured card over the Applied Bank secured card? If so, why?



I would choose Applied Bank if I wanted to put down a large deposit and charge it up to the limit and let it ride at 0%.  

 

I would choose BofA if I planned to PIF every month.

 

Normally I would choose BofA to develop relationship to get prime cards in the future.  

 

 

Message 4 of 15
Established Contributor

Re: Bank of America vs. Applied Bank (Secured Cards)

I first rebuilt credit using an applied bank card. I still have it. I would of choose a different secured card if I knew better, but I didn't. Get a credit union secured card. There are plenty of credit unions you can join. That would be your best choice imo. Building a relationship with a bank you might use for bigger purchases down the road.

__________________________
01/11/2011: FICO:TU: 746
12/14/2010: FICO:EQ: 744
08/12/2011: FICO:EXP: 766
Message 5 of 15
Valued Contributor

Re: Bank of America vs. Applied Bank (Secured Cards)

I'd go with BofA between the two. BofA's AF of $39 seems better to me than Applied's $120/year in monthly maintenance fees. The APR is better with Applied, but I would prefer not to carry a balance, so that wouldn't figure into my decision.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 730 08/15 (PSECU), TU08 710 08/15
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

Message 6 of 15
Regular Contributor

Re: Bank of America vs. Applied Bank (Secured Cards)

make sure you meet the level of income for the bofa secured card as i applied for one and was denied with a score of 720+ and was approved from everyone else Smiley Wink

My Cards
BBVA/Compass 2/12 $ 5000 ----- Chase Freedom 12/10 $3000 ---- Cabela's 1/12 $3000 -----US Bank FlexPerks Cash Rewards 6/11 $3000 ----Walmart Discover 10/11 $2814 ------ Discover More 11/11 $2500 ----- Amazon Store Card 2/11 $2100---- Amex Zync 4/11 ---- Citi Dividend Platinum Select 3/11 $1950 ---- BofA Cash Rewards 12/11 $1000
Message 7 of 15
Valued Contributor

Re: Bank of America vs. Applied Bank (Secured Cards)

What is the income level required?

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 730 08/15 (PSECU), TU08 710 08/15
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

Message 8 of 15
Regular Contributor

Re: Bank of America vs. Applied Bank (Secured Cards)

i dont really remember what they said but thats what it says in the denial letter 

 

this is what they told me when i app for it in march James: If for any reason you are somehow not approved for the BankAmericard Visa our online system will also check the Secured card for approval. You only have to apply once and we check both cards for approval. This is all done with one application and one credit check. How does that sound?

 

James: There is no income requirement. Employment is not even required to apply. Thank you for your interest in our Secured card. This particular credit card requires a deposit when you apply plus it has a $39 annual fee. Instead you may consider our BankAmericard Visa card. It can help you build your credit like the Secured card but with No annual fee, and No deposit. Would you like to view this card?


James: There is not. The truth is all U.S. credit cards even the Secured card are subject to approval and a credit check. We recommend applying for this BankAmericard Visa first because it is a unsecured card that will not require a deposit and it has no annual fee. If you apply and you are approved for this card, you will not make to make a deposit and this card has no annual fee.

My Cards
BBVA/Compass 2/12 $ 5000 ----- Chase Freedom 12/10 $3000 ---- Cabela's 1/12 $3000 -----US Bank FlexPerks Cash Rewards 6/11 $3000 ----Walmart Discover 10/11 $2814 ------ Discover More 11/11 $2500 ----- Amazon Store Card 2/11 $2100---- Amex Zync 4/11 ---- Citi Dividend Platinum Select 3/11 $1950 ---- BofA Cash Rewards 12/11 $1000
Message 9 of 15
New Contributor

Re: Bank of America vs. Applied Bank (Secured Cards)

OMG. Bank of America all the way. $10 maintenance fee...what on earth..

 

I have the BankAmericard Fully Secured Visa and I like it. I like having the ability to transfer money from my checking to the credit card to make an instant payment. Also you can get a sticker to put on your phone for contactless (paywave/paypass) payments. Pretty nifty. Surprisingly, there's also a CLI link available but I haven't touched it. 

TU FICO - 752 (8/12/11)
EX PLUS - 721 (8/9/11)
EQ FICO - 648 (2010)

(21 years old)
Message 10 of 15
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.