With the BankAmericard® Secured Credit Card, Bank of America will periodically review your account and credit history to determine if you’re eligible for your deposit to be refunded. The card requires a minimum security deposit of $300, though you can deposit up to $4,900. Your credit limit will be determined by your deposit, income, and ability to pay.
Even though the card doesn’t come with rewards, you can earn a $100 statement credit after making at least $1,000 in purchases within the first 90 days of opening your account.
With the Credit One Bank® Platinum Visa® Credit Card, you can build credit while earning rewards. You’ll have a minimum credit line of at least $300 when you’re approved. But Credit One Bank will also regularly review your account to see if you’re eligible for a credit line increase.
And you’ll get 1% cash back on everyday purchases — including gas, groceries, and your monthly mobile phone, internet, cable, and satellite TV services.
Practicing these healthy credit habits while you’re building your score can also put you in a great position to maintain a good credit score and credit history over the long term, even as you can qualify for cards with more lucrative rewards and benefits.
“One of the nice things about credit cards is you’re certainly not limited to just one,” says Ted Rossman, a senior industry analyst at CreditCards.com, which like NextAdvisor is owned by Red Ventures. “Even if you just have one to start out, oftentimes what we tell people is don’t close the old accounts. It actually makes sense to leave it open from a longevity and utilization standpoint.”
Rossman says by practicing these good credit habits, many people will see an improvement in their score in six to 12 months.
In addition to establishing good credit habits like paying your bill on time each month and keeping your credit utilization ratio low, credit-building incentives can potentially help you build credit even faster.
If you’re looking for a beginner card for credit-building, there are two common ways that credit card issuers may reward you for using your credit card wisely and paying your bill on time each month.
First, your issuer may review your account after a designated period to determine whether you’re eligible for a credit line increase. This is beneficial for credit-building because it can help lower your credit utilization ratio. A higher credit line means you’ll have more flexibility as you spend to stay below the recommended 30%. For example, if you start with a credit line of $200, you’d reach 30% credit utilization after spending just $60 per month. But if you qualify for an increased credit line of $1,000, you can spend $300 before reaching the threshold.
