Credit Tips: Bank of America Platinum Visa
Written by carnold
Posted On: November 1, 2004
Author: NightStar
Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1711
Location: Illinois
Posted: Sun Nov 16, 2003 6:35 pm
Post subject: Bank of America:
www.bankofamerica.com/
Bank of America Money Return Visa Platinum
Annual Percentage Rate (APR) for Purchases 2.9% fixed introductory rate for the first six billing cycles, thereafter, Variable APR, currently between 11.99% and 16.99%*.
*If an introductory rate is applicable to this product, and we do not receive at least the minimum payment due during any billing cycle, or you go over your credit limit, any introductory rate on Purchases and Balance Transfers will terminate.
If at any time (including the introductory period, if applicable), you miss two consecutive minimum payments; or within a twelve month billing cycle period you miss three minimum payments or are three times Over the Credit Limit; your Purchase, Cash Advance and Balance Transfer APR will be the Prime Rate plus 14.99% (minimum 23.99%).
Annual Percentage Rate (APR) for Balance Transfers
2.9% fixed introductory rate for the first six billing cycles, thereafter, Variable APR, currently between 11.99% and 16.99%*.
Other APRs Cash Advance APR: 19.99% (Minimum 19.99%)*
Penalty Rate: 23.99% (Minimum 23.99%)*
Variable Rate Information
Your Purchase, Cash Advance and Balance Transfer APR may vary. The rate is determined monthly by adding a margin between 7.99% and 12.99% for Purchases and 12.99% for Cash Advances to the Prime Rate**.
**The Prime Rate used to determine your APR is the rate published in The Wall Street Journal effective on the last day of the prior month. The margin is determined by our review of your credit report and information you provide on the application.
Balance Calculation Method for Purchases
Average Daily Balance (including new purchases)
Annual Fee None
Grace Period for Purchases
At least 20 days Minimum Finance Charge for Purchases $1.50 (unless purchase Average Daily Balance is zero)
Late Payment Fees: $15 for balances less than $100, $29 for balances $100 to $1,000, $35 for balances greater than $1,000.
Over the Credit Limit Fee: $32;
Cash Advance Fee (including Overdraft Protection): 4% to 5% of each advance (min. $5 to $25).
Total Foreign Currency Conversion adjustment: 3% of foreign transaction.
Stop Payment Fee $29;
Returned Payment Fee $29;
Copy Charge: $3 per item;
Research Fee: $15 per hour;
Payment by Phone Fee: $10.
Money Return Terms 10% of the total interest charges you paid will be reimbursed to you at the end of every calendar year provided your account is eligible. To be eligible for reimbursement at the time of payment, your account must be open and current. Payments will be made by check except for amounts less than $2.00 which will be credited to your account.
Bank of America reserves the right to discontinue the Money Return program at any time without notice; however, all payments accrued to eligible accounts will be paid prior to the termination of the account.
The information listed above is correct as of 11/2003 and is subject to change at any time without prior notice.
To receive the most recent information please write to Bank of America, P.O. Box 53137, Phoenix, AZ 85027-9911.
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Curtis Arnold, a nationally recognized consumer educator and advocate, has been educating consumers about credit cards since 1998. Curtis is the author of "How You Can Profit from Credit Cards: Using Credit to Improve Your Financial Life and Bottom Line" (FT Press, 2008). He is also the co-author of the upcoming Complete Idiot's Guide to Person-to-Person Lending (Alpha Books/Pengiun Group USA, April 2009), a contribitor to The Ultimate Allowance (InnerWealth Publishing, 2008) and is extensively featured in 42 RulesTM for Driving Success With Books (Super Star Press, January 2009).
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