Information on Bank of America Money Return Visa
Author: NightStar
Posted: Sun Nov 16, 2003 6:35 pm
Post subject: Information on Bank of America Money Return Visa
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.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Randysbarb
Posted: Mon Nov 17, 2003 9:30 pm
Post subject: Information on Bank of America Money Return Visa
Note that although BofA is very good to some people, save your time if you have a past bankruptcy. I had one from 7 years ago and have had good credit since then. FICO is 680 and was declined due to past BK
Author: Verne
Posted: Mon Nov 17, 2003 10:45 pm
Post subject: Information on Bank of America Money Return Visa
I applied for BOA with $25,000+ debt, 75%util., and scores of 690-730. The offer was preapproved so I took a chance. Sure enough they gave me their lowest credit limit - $1,000. (APR 0% for 6 months and 9.9% thereafter)
I found them to be gimmicky the first year. They would send me convenience checks already made out for $900 and the checks would be treated the same as a cash advance with the high interest and fees. Month after month I didn't rise to the bait.
After 9 months I started seeing offers to increase my credit limit if I made a balance transfer of at least $500. They dropped the cash advance interest rate but still had a fee with a $50 cap on each check. But in the footnotes about three asterisks down, in the finest print on the page, I'm told the fee will be treated like a cash advance. In other words, the $50 would be buried at 19.9% beneath the rest of my balance at 9.9% and paid off last. I still didn't take the bait.
I rejected all their credit limit increase/BT offers with strings attached. A few months later, after I had the card a year, I noticed my CL was $3,000 - no strings.
Throughout the first year I ran the balances up to about $800 some months and near zero others. I always made more than the minimum payments, sometimes paying it completely off or letting some ride. I wanted to give them the impression I could handle credit. (I can't, but that's beside the point)
I tried to show them with the occasional high balance that I could use a credit limit increase yet pay it down to zero once in awhile to show them I was able to pay it off. While they think they are playing me, I'm playing them. I want them to think I'm dumb enough to get deep into debt (Well, I am, but that's beside the point) yet at the same time, worth the risk.
But the most important part of getting a credit limit increase is to act like you don't need it
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sun Nov 16, 2003 6:35 pm
Post subject: Information on Bank of America Money Return Visa
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.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Randysbarb
Posted: Mon Nov 17, 2003 9:30 pm
Post subject: Information on Bank of America Money Return Visa
Note that although BofA is very good to some people, save your time if you have a past bankruptcy. I had one from 7 years ago and have had good credit since then. FICO is 680 and was declined due to past BK
Author: Verne
Posted: Mon Nov 17, 2003 10:45 pm
Post subject: Information on Bank of America Money Return Visa
I applied for BOA with $25,000+ debt, 75%util., and scores of 690-730. The offer was preapproved so I took a chance. Sure enough they gave me their lowest credit limit - $1,000. (APR 0% for 6 months and 9.9% thereafter)
I found them to be gimmicky the first year. They would send me convenience checks already made out for $900 and the checks would be treated the same as a cash advance with the high interest and fees. Month after month I didn't rise to the bait.
After 9 months I started seeing offers to increase my credit limit if I made a balance transfer of at least $500. They dropped the cash advance interest rate but still had a fee with a $50 cap on each check. But in the footnotes about three asterisks down, in the finest print on the page, I'm told the fee will be treated like a cash advance. In other words, the $50 would be buried at 19.9% beneath the rest of my balance at 9.9% and paid off last. I still didn't take the bait.
I rejected all their credit limit increase/BT offers with strings attached. A few months later, after I had the card a year, I noticed my CL was $3,000 - no strings.
Throughout the first year I ran the balances up to about $800 some months and near zero others. I always made more than the minimum payments, sometimes paying it completely off or letting some ride. I wanted to give them the impression I could handle credit. (I can't, but that's beside the point)
I tried to show them with the occasional high balance that I could use a credit limit increase yet pay it down to zero once in awhile to show them I was able to pay it off. While they think they are playing me, I'm playing them. I want them to think I'm dumb enough to get deep into debt (Well, I am, but that's beside the point) yet at the same time, worth the risk.
But the most important part of getting a credit limit increase is to act like you don't need it
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:11 PM
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