Friday, July 31, 2009

Details about Secured Credit Cards: Bank of America and Wells Fargo

Here are some details about secured credit cards from major banks:

Bank of America

Annual fee (as of today) $29 APR (as of today) 14.24%
Fee on Balance Transfers (as of today) 4%, Min per transaction $10
ITIN (Individual Taxpayer Identification Number) accepted online and on paper form.

Wells Fargo

Annual fee (as of today) $18 APR (as of today) 18.99%
ITIN (Individual Taxpayer Identification Number) not mentioned, maybe it will be accepted anyway.
Existing account at Wells Fargo required for online Application.
Eligibility statement: "You must be at least 18 years old, not have declared bankruptcy within the past 12 months, and not have any unsettled liens."

Cards from other banks may provide similar features and should also be considered for your purpose. Both banks mentioned here, provide branch services in major areas of the US, which makes applying much easier than going through an online application process.