Bank of Omaha Secured Credit Card Pros and Cons Explained

The Bank of Omaha Secured Credit Card is a popular option for those looking to rebuild their credit or establish a credit history. It's reported to have a relatively low annual fee of $39.

The card has a credit limit ranging from $300 to $2,000, which is determined by the bank's review of your creditworthiness. This can be a bit of a drawback for those who need a higher credit limit.

One of the benefits of this card is its low interest rate, which is around 14.49% (Variable) APR. This can help you save money on interest charges over time.

However, the card has a rather high security deposit requirement, which is equal to your credit limit. For example, if you're approved for a $1,000 credit limit, you'll need to deposit $1,000 upfront.

Recommended read: Chase Bank 0 Interest Credit Card

The First National Bank of Omaha Secured Visa Card has a Regular APR Interest Rate of 24.74% (Variable), which can vary with the market based on the Prime Rate. This means your interest rate may change over time.

Explore further: Synchrony Bank Credit Card Interest Rate

The card has no Annual Fee, which can save you money upfront. However, it does come with a Balance Transfer Fee of 5% with a minimum of $10, and a Cash Advance Fee of 5% with a minimum of $15.

Here are the key interest rates and fees to keep in mind:

The card minimum deposit is a crucial aspect of understanding your card's details. It's the minimum amount of money you need to deposit into your account to activate your card.

Typically, this amount ranges from $25 to $50, depending on the card issuer. Some card issuers may have a lower or higher minimum deposit requirement.

Having a card minimum deposit can help prevent unauthorized transactions and ensure that your account is secure. This is because the deposit is usually required to activate the card's chip or EMV technology.

For example, the article mentions that some card issuers require a $25 minimum deposit to activate their cards. This amount may seem small, but it's an important step in protecting your account.

Recommended read: Minimum Payment Bank of America

The details of the First National Bank of Omaha Secured Visa Card are pretty straightforward. The regular APR interest rate is 24.74%, which is variable and based on the Prime Rate.

This means your interest rate may change over time, so it's essential to keep an eye on it. The balance transfer interest rate is the same, 24.74%, making it a decent option for consolidating debt.

You'll also pay a 28.99% interest rate for cash advances, which is higher than the regular APR. This is a good reminder to avoid cash advances whenever possible.

The annual fee is a whopping $0.00, which is a great perk. However, the balance transfer fee is 5% with a minimum of $10, so be aware of that before making any transfers.

The cash advance fee is also 5% with a minimum of $15, so it's essential to factor that into your budget. Foreign transactions will cost you 3% of the transaction amount in U.S. dollars.

For another approach, see: Chase Bank Credit Card Balance Transfer

Here's a breakdown of the fees:

The late payment fee is a maximum of $40.00, which is a reasonable amount. Over limit fees are waived, which is a nice bonus.

One thing to note is that there is no sign-up bonus, which might be a disappointment for some. However, there are no rewards for specific categories like restaurants, gas, groceries, hotels, travel, pharmacy, or bills.

A different take: Secured Credit Card Bad Credit with No Security Deposit

The First National Bank of Omaha Secured Card offers a few key benefits. No membership fees are required to use the card.

You can qualify for the card even with bad credit. If your card doesn't arrive on time, you can call customer service for assistance.

The APR, or Annual Percentage Rate, is a crucial factor to consider when choosing a credit card. The First National Bank of Omaha Secured Card has a specific APR for purchases.

The APR for purchases on the First National Bank of Omaha Secured Card is not explicitly stated in the provided article section.

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The First National Bank of Omaha Secured Visa Card has some notable advantages and disadvantages.

One of the benefits of this card is that there are no membership fees.

You can qualify for this card even with bad credit.

If your card doesn't arrive on time, you can call customer service and they'll send you a replacement.

However, I would advise against doing a balance transfer with this card, as I've mentioned before.

The First National Bank of Omaha Secured card does a hard pull, which can cause your credit score to drop by 5-10 points. This is usually temporary, and most people's scores bounce back within 3-6 months with responsible credit management.

A hard pull can be a drawback, but it's worth noting that this card is designed for people who want to improve their credit. You can apply for it with bad credit, even if you're not pre-approved.

Additional reading: Bank of America Soft Pull Credit Card

You can expect to make a $300+ deposit, which will serve as your credit limit. This requirement is standard for secured cards, which are meant to help you build credit over time.

Keep in mind that your approval odds depend on your individual credit history, so it's essential to review your credit report before applying.

You can get expedited shipping for your new First National Bank of Omaha Secured Card by calling customer service at (888) 530-3626 immediately after you're approved. With expedited shipping, your card should arrive in 1-2 business days, rather than the 10 to 14 business days it will take with regular delivery.

If you already have a First National Bank of Omaha Secured Card account, you can get expedited shipping for a replacement card, too. You have to call customer service to request expedited shipping for a replacement First National Bank of Omaha Secured Visa Card.

Expedited shipping is not available for the FNB of O Speedy Rewards card, which is a different card offered by the same bank. It's a great card for earning rewards on gas and electric bills paid at Speedway gas stations.

A unique perspective: Chase Bank First Credit Card

The First National Bank of Omaha Secured Card has a significant number of reviews from customers.

1,138 reviews are available to read and learn from.

Many customers have shared their experiences with this card, providing valuable insights for those considering it.

You can read all 1,138 reviews to get a better understanding of the card's pros and cons.