Are you a customer of the Bank of America? How many benefits do you know that you can get is their customer? Are you the one thinking to become a customer of the Bank of America and want to know what all the bank can provide you?
Either way, this article is going to give you the information from all the sides that will be useful for you if you are thinking about Bank of America as a customer. Bank of America was named as a Top Global Research Firm for the year 2016 by Merrill Lynch.
Here are the 10 things you should know about the credit card of Bank of America. If you are already a customer of BoA or willing to become one, this is a must read for you.
Before that, if you want to get a credit card, then there are certain things that you have to consider before you apply at the Bank of America. Here is a 3-step guide to help you to get a right card. This 3-step guide is going to help you find the right card.
Define your requirements and recognize your limits:
Thinking of having a credit card in your name, you have to ask yourself some important questions: How, when and where you are going to use the card? This is an opportunity to get your credit rating layer card and plan to pay off the balance for every month. Being a bank customer, you might want to focus on the discounts and rewards every month as the interest rates are not the only one need to be considered as a factor. Having an APR layer could save the money for you in the long run if you are using the credit card with some balance in it.
It is recommendable to consider your appropriate credit limit, including any fees or the charges of interest. If you already know how much you want or need on your credit card, you may not be very much interested and less tempted by the offers that are offered by the lenders.
- Compare the features
There are certain things that you have to consider before applying for a credit card. Here is the list of features that you have to look into if you are willing to get one.
Student Credit Cards
If you are trying for a Student Credit Cards, check if the company is offering the card designed by keeping students in mind. Most of the student’s cards have a special APRs and fairly low limits on their credit that can help you to build a strong credit history.
Some of the credit cards offered by various banks require you to pay monthly or an annual maintenance fees layer. But there are some of the companies that offer you the credit cards without maintenance fees, but you might have to give up on the other features offered by the company.
Annual percentage rate:
The Annual Percentage rate, APR tells you the credit amount that costs you on the yearly basis. There are many cards that offer an introductory or promotional rate that increases after several months. So, you got to be careful here. Because the low rate may increase gradually after a while. Some of the cards increase your APR if you miss them or if you are late with the payment.
Okay. Here is the question.If you charge something today, does the card issuer start charging you the interest on the purchase you made on that day or after a grace period of a number of days? Why because the credit card issuers give you a grace period only if the account is paid in full and it has the complete purchase.
Fees and penalties
How much do you have to pay in the name of late fees or the fees for balance that transfers and cash advances?
Check More Cards to Apply: Credit Cards
Rewards and discounts
Check for the special incentives and opportunities to build up frequent flyer miles or a chance to earn rewards that can be redeemed merchandise or cash back.
Check if the lender is offering any special rates or rewards for a bonus for opening the account. Also, check if you can take an advantage of any special offers for students.
Where else can you use the card? Can you find the best credit card deals in the world? If you can’t use them where ever you want, other features would not matter.
- Read the fine print
It is suggestible to read the fine print before you submit the credit card for application and make sure you have read all the terms and conditions carefully. Ignoring this may impact on you negatively when you hit with unexpected fees of APR increase later.
Bank of America Offers Preferred Rewards in 3 Tiers
If are using Bank of America, you can make some extra bonuses and rewards with their Bank of America Preferred Rewards program. This program has 3 tiers. Gold, Platinum, and Platinum Honors. The tire that you fall into depends on your qualifying balances in any of the BoA checking, savings, or Merril Edge investing account. Your benefits grow as you grow your money.
If you have a 3-month average combined balance of, say, $20,000 or more in qualifying BoA accounts, then you are qualified for the Gold tier which can give you the access to the following benefits. 25% of rewarded bonuses while redeeming eligible credit card earnings to quality a BoA checking or savings. Access to client service priority specialists
No fees on select banking accounts and the finance options on banking. 0.25% interest discount on auto loans that are financed through the Bank of America. With the plan of Platinum and Platinum Honor tiers, you will be receiving all the benefits that are provided by Gold tier. Except that your benefits are increased. The flexibility given to the customer by the Bank of America is more because their cash back rewards do not have expiration dates.