Build Credit With Public Savings Secured Visa

I am happy I found this site. :-) Bank Of America reports the card to the credit bureau as a secured card so I don't know how much help that will be if the purpose is to rebuild your credit. The only good thing is that after nine months of having the BOA secured card, your account will be reviewed for a unsecured card. If you are approved for an unsecured card, you will receive your deposit back but again, what good will it be if the card is being reported as a secured card?

With regard to that $79 fee, does that come out of the initial deposit needed to open the account or is that a separate charge all together?

Also, after reading more about the Public Savings Bank secured credit card, there is not chance of it every becoming a unsecured card. It seems to me that it would only be good fore the 6 months of no APR and after that, close the account and move on.

Here is my conversation with Bank of America agent.

Thank you for choosing Bank of America. An operator will be with you shortly.

You are now chatting with Jonathan.

Jonathan: Hello, how may I help you complete your online credit card application today?

you: Hi quick question, if I open secure visa card, will BOA will report to all three Credit Burue?

Jonathan: Yes, every month!

you: Awesome

you: is there any application or processing fee? I didn't see any

Jonathan: No, nothing like that whatsoever.

you: That is a nice card. I also want to know, can I pay my BOA secure card bill using my Chase debit card every month.

Jonathan: You can't use your Chase debit card, but you can use your Chase routing number and checking account number to make payments.

you: that will do it. Lastly, is there any credit check required for secure card?

Jonathan: Yes, there is a credit check- the US Patriot Act requires that all applications for loans or credit cards include a full credit check for security verification purposes.

you: well that part is shady. I have opened just this month another secure card with Public savings bank and there was no credit check for that. Patriot act does require to share info about my card with Uncle Sam but does not require credit check.

Jonathan: Alright.

you: Thank you for your help.

Last text message receivedJonathan: Take care!

Based on above discussion, when I will open this account, each time BOA will pull my credit history I will be dinged on my credit score and I can not control when they pull my credit report. However it does have a decent Annual fee of $29 VS Public savings bank with NO annual fee just one time fee of $79. Since public savings bank card will be my oldest card (I am planning to keep it for five years). I am saving alot of money instead of paying $29 every year for five years. However I do like this card and may open it.

I think the better offer is Wells Fargo(https://www.wellsfargo.com/credit_cards/secured/). It's annual fee is $18.

I'm confused this is a BoA card?

Actually every card will charge an annual fee due to new credit bill of rights law President signed which will start next May 2010. Bank are afraid to lose money so therefore will charge annual fee to gain profit. I read it in news at bankrate.com

Zero APR seems good deal but buyer beware and it isn't always good deal. Shop around and get what you truly need.

minimum deposit $300

Is the card reported as a secured cc to 3 MCB or what?

This sounds better than a lot of the other ones out there.

Make sure you read the fine print. A 79 dollar application fee is charged

The fact that there is $79 fee has already been established. My only question is, is that fee in addition to your collateral deposit or is it taken from your collateral deposit.