Bank of the West Secured Mastercard®
Card Summary
The Secured Mastercard® from Bank of the West is designed to help you build or improve your credit. Here are some pros and cons of this card:
Pros:
- Credit Building: Like other secured cards, the Secured Mastercard® from Bank of the West can help you build or improve your credit.
- Low Annual Fee: The card charges a relatively low annual fee of $25.
- Flexible Credit Limit: The credit limit on this card is typically equal to the security deposit.
- Reports to Credit Bureaus: The card issuer reports your account history to the credit bureaus, which can help improve your credit score.
Card Summary - Cons
- Requires Security Deposit: Like all secured cards, you must provide a security deposit to open an account.
- Annual Fee: Despite being lower than some other cards, the $25 annual fee could still be a drawback for some people.
- High APR: The card has a 23.49% variable APR on purchases and balance transfers, which is relatively high.
- Balance Transfer Fee: There’s a fee for balance transfers, which is either $10 or 4% of the amount of each transfer, whichever is greater
Rates and fees
Highlights
Comparative Analysis with Other Cards
- Discover it® Secured Credit Card:
While the Discover it® Secured Credit Card offers cashback rewards and the potential for account graduation to an unsecured credit card with responsible use, the Secured Mastercard® from Bank of the West distinguishes itself with its straightforward approach to credit building and competitive fees. Where the Discover it® card emphasizes rewards, the Secured Mastercard® from Bank of the West prioritizes simplicity and affordability, making it an attractive option for individuals focused on establishing or rebuilding credit without the distraction of rewards programs.
- OpenSky® Secured Visa® Credit Card:
The OpenSky® Secured Visa® Credit Card provides an accessible option for individuals with poor or no credit history, as it doesn't require a credit check for approval. In contrast, the Secured Mastercard® from Bank of the West offers similar credit-building benefits but may appeal to those seeking a traditional banking relationship and the potential for future financial products with the bank. While both cards serve as tools for credit building, the choice between them depends on whether you prioritize accessibility or the potential for long-term banking relationships.
- Capital One Platinum Secured Credit Card:
While the Capital One Platinum Secured Credit Card offers a pathway to credit building with a refundable security deposit and the potential for credit limit increases, the Secured Mastercard® from Bank of the West distinguishes itself with its competitive annual fee and focus on simplicity in credit building. Where the Capital One card emphasizes credit-building features, the Secured Mastercard® from Bank of the West offers a straightforward approach to establishing or rebuilding credit without the burden of high fees. Depending on your preference for affordability and simplicity, one of these cards may better suit your needs.
- Citi® Secured Mastercard®:
The Citi® Secured Mastercard® offers a straightforward approach to credit building with a refundable security deposit and the potential for credit limit increases over time. In contrast, the Secured Mastercard® from Bank of the West distinguishes itself with its competitive annual fee and simplicity in credit building. While both cards serve as tools for credit building, the choice between them may depend on whether you prioritize a low-cost option or a straightforward approach to establishing or rebuilding credit.
- First Progress Platinum Select Mastercard® Secured Credit Card:
The First Progress Platinum Select Mastercard® Secured Credit Card offers a low annual fee and a straightforward application process, making it accessible for individuals looking to establish or rebuild credit. Conversely, the Secured Mastercard® from Bank of the West emphasizes simplicity in credit building and competitive fees. Depending on your preference for a low-cost option or simplicity in credit building, one of these cards may better suit your financial goals.
- USAA Secured Card Visa Platinum® Card:
The USAA Secured Card Visa Platinum® Card offers a secured credit card option with no annual fee and competitive interest rates. However, the Secured Mastercard® from Bank of the West distinguishes itself with its straightforward approach to credit building and competitive annual fee. While both cards provide opportunities for credit building, their choice may depend on whether you prioritize a banking relationship with USAA or simplicity and affordability in credit building with Bank of the West.
Conclusion
In conclusion, the Secured Mastercard® from Bank of the West is a formidable contender in secured credit products, offering a robust platform for credit-building endeavors. Its flexible deposit options, competitive APR, and potential for credit limit increases provide a clear pathway to responsibly improving one's credit standing. While the card does carry certain fees and limitations, its comprehensive suite of benefits, including online account management tools and fraud protection, adds substantial value for cardholders. For individuals committed to forging a brighter financial future, the Secured Mastercard® from Bank of the West proves to be a worthy ally on the journey to financial empowerment.
Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.
