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The Bangor Savings Bank Secured Visa card accepts individuals who have been turned down for a credit card in the past, allowing you to build your credit. The card comes with a $35 annual fee and a secured 21.24% APR.
The APR on this card is quite high, however, for those who have been turned down for credit cards in the past, the Bangor Secured Visa card give you a way to repair your credit worthiness. You will need to open a secured savings account that is pledged as security for your credit card account. You can carry a balance and earn interest on your savings account. There are no additional benefits, though comparable cards do offer reward programs.
You may receive up to a $5,000 credit limit and their is no penalty APR. For those with poor credit, or with a limited finaincial history, this can be a great way to re-establish good credit. The card also includes the option to carry a balance while earning interest on your secured savings account.
The APR on purchases and balance transfers is secured at 21.24% and 24.24% for cash advances. There is also $35 annual fee and a surcharge of $5 or 3% of the amount of each balance transfer and $10 or 4% of each cash advance, whichever is greater.
Disclaimer: This content is not provided by the card issuer. Any opinions, analyses, reviews or recommendations on this page have not been reviewed, approved or otherwise endorsed by the card issuer. Terms, offers, conditions and rates were correct at the time of writing but may have changed since and not been updated on this page. For up-to-date terms, offers, rates and conditions, please see the issuer’s site.