What should I do?

This is really interesting. I am in the process of changing from BofA to WaMu. I have been with BofA for 28 years and would you believe I have never been offered a credit card (for any price) with them. I used to have great credit and even then they didn't. Your offer does sound appealing but I would want to know more about why they need the $99. I have had many cc's and I have had none. To me they are just a big pain and just another way of getting into debt.My self-control goes out the window and I am better off without them. Anyway, that is my take on it, but check carefully about fees, apr and do you have to pay this $99 just once or every year.

The letter says the $99 will serve as collateral for the credit card account. The variable apr is 18.24%. There is an annual fee of $29. Of course since my credit is so bad I have been getting credit card offers almost on a daily basis. The annual fee and APR on this card is better that any of the others I have seen. This would be helpful and I suppose I could use it to help build my credit but at the same time I don't want to cause myself any issues.

Have you actually been approved (not pre-approved) for this card? If not it might just be an ad. I have horrible credit and am sent offers weekly. My daughter was sent numerous offers for a certain credit card, finally accepted and is STILL getting them from the same darned place.

The idea of overdraft protection is good, but in my case I am afraid that would just cause me to be careless. It might be better to start a savings with BofA (you can start with $100)and have that linked for overdraft protection.Plus you can have your ATM/debit card set up to round up your purchases and the difference put in your savings. I saw that on TV and thought that would be an easy way to save.