» Bank of America Credit Card Review
The rather bewildering multitude of cards offered by Bank of America is, one assumes, meant to cover as many customers’ needs as possible. Depending on your lifestyle and financial circumstances, you should be able to find a card that suits your specific requirements.Range of Credit Cards:
Bank of America offer their BankAmericard, basic credit cards, secured credit cards, rewards and cashback cards, cards linked to charities and causes, student cards and sports cards, small business cards and credit cards in Spanish. At any given time there are all sorts of special offers, too, on a number of different card types.
At present the bank offers the BankAmericard Cash Rewards card with 1% cashback on every purchase made with an additional 2% cashback on groceries and a generous 3% cashback on gas purchases. A one off $50 cashback reward is also payable after qualifying purchases have been made.
Their current Balance Transfer Offer comes via the BankAmericard Visa card with 0% introductory APR rate on purchases and balances and the lowest annual percentage rate payable among all their BankAmericard products currently available.
As their limited time offer Bank of America provide the Accelerated Rewards Card, where cardholders earn 1.25 points for every $1 they spent on purchases and where they can qualify for up to $75 in statement credits.
After the initial 12 months period, the APR rate payable on purchases goes up to from 12.99% to 20.99%, depending on a cardholder’s creditworthiness when they open their account at Bank of America.
For the 0% balance transfer cards the initial interest free period is 12 months for transactions made within the first 60 days of opening the account. If bills are paid in full within 25 days from the date of the bill then no interest is payable on purchases.
Annual fees vary from balance transfer charges, purchases, cash allowances and foreign transactions and are either $10 or 4% of the amount for each transaction, whichever is the greater amount applicable.
These cards come with a $0 liability guarantee, online access and attract no annual fees. The Bank of America Student Platinum Plus Visa credit card is designed to let students build up a credit rating, offers student identity theft protection for up to 4 years at no extra cost and has a fairly competitive 14.24% APR on purchases and balance transfers. See also, Student Credit Cards.
Charities and Causes Cards
Suitable for anyone with a conscience who wants to combine their spending habits and lifestyle with the way to give to charities and worthy causes, these cards generally pick a specific cause or charity and with every purchase the cardholder contributes with money towards that cause. BankAmericard Cash Rewards Visa card PINK benefits the Susan G. Komen breast cancer charity.
The cashback offer is like the above mentioned regular rewards card, but here a cardholder can choose whether the cashback rewards should be credited to any savings or checking account, sent directly to the cardholder or simply credited back to their statement. There is no annual fee and the APR ranges from 12.99% to 20.99%, depending on creditworthiness at the time of opening the account.