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Bank of America Power Rewards Visa Platinum
Card issued by FIA Card Services, N.A.
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The Bank of America Power Rewards Visa Platinum was last reviewed on 8th November 2006
Summary - The Bank of America Power Rewards Visa Platinum Card is an all-round reward credit card from Bank of America that has travel, merchandise, gift certificates and cash rebates rewards options for the cardholder. You can redeem over 250 items. Let us explore this card in greater detail.
Reward Formula - The Bank of America Power Rewards credit card is a reward card with travel, shopping and cash rebate rewards. You earn 1 point for every dollar you spend on your credit card. You can earn unlimited points which are valid for 5 years. As a signing bonus, you get 500 points if you make your first purchase after 90 days.
The Power Reward is quite comprehensive in the shopping merchandise area. You can redeem rewards for as little as 2,500 points. As with most other reward programs, you can redeem your points for a variety of travel and also cash rewards. One interesting feature of the travel reward is that aside from letting you redeem points for a roundtrip US air ticket or a few days stay at a hotel, you can choose to get a travel discount when you book your holidays through Loyalty Innovations, Bank of America's travel agent. For example, you can redeem 10,000 points for a $100 travel discount. This gives you a little more flexibility choices for redeeming your points for travel.
Annual Fee and APR - The Bank of America Power Rewards Visa Platinum Card has no annual fee. The apr ranges between prime rate plus 3.99% and 12.99%. You get an introductory 0% APR for both purchases and balance transfer for six billing cycles. You do not pay any balance transfer fee. The Power Rewards Visa uses the average daily balance method (including new purchases) to compute your monthly balance.
Verdict - The strength of the Power Rewards lie in the variety of shopping rewards available and the option to use points for cash rebates. Most people will find the Bank of America Power RewardsTM Visa® to be a very solid reward credit card with no annual fee.
Update - As of 1st October 2006, Bank of America has stopped offering the Power Rewards credit card. Existing cardholders will have their cards replaced by the Bank of America WorldPoints™ Platinum Plus™ MasterCard® Credit Card, a reward credit card based on the WorldPoints Rewards. You can read our review of the WorldPointsTM Platinum Plus MasterCard® here.
Positives
Very good shopping rewardsCash rebate optionOption to get travel discountsNo annual feeEarn unlimited Points
| Bank of America Power Rewards Visa Platinum Card |
| Reward Benefits |
| Bonus Points |
First Purchase made within 90 days of enrollment: 500 Points |
| Point per Dollar |
1 point |
| Point Earning Caps |
None |
| Points Expiration |
5yr |
| Perks/Notations |
Cash access at more than 380,000 ATMs
Total Security Protection(R) Package including: Zero Liability for unauthorized card use; fraud monitoring
Auto rental insurance against collision or damage
Emergency medical and travel services
Purchase Replacement: will repair or replace your covered credit card purchases that are stolen, damaged or lost at a known location, within 90 days of purchase
Purchase Guard: will double the manufacturer's original United States (U.S.) warranty period for your covered credit card purchases with a warranty duration of 1 year or less
No liability for unauthorized Internet transactions
Optional personal photo on card.
Optional Mini Card
See website for additional benefits |
| Cost/Fees/Interest rates |
| (APR) Purchase |
Intro Rate - 10% for six billing cycles. Goto rate is a variable risk based rate between Prime + 3.99% and P + 12.99% |
| (APR) Balance Transfer |
Intro Rate - 0% for six billing cycles. Goto rate is a variable risk based rate between Prime + 3.99% and P + 12.99% |
| (APR) Cash Advance APR |
21.99% Variable * minimum 19.99% . (P + 15.99%) |
| Annual Fees |
None |
| Finance Configuration |
Average Daily Balance (including new purchases) |
| Additional Cardholders |
$0 |
| Grace Period |
20 days (Min) |
| Late Payment fee |
$19 for balances less than or equal to $250 and $39 for balances greater than $250 |
| Over-the-credit-limit fee |
$35.00 |
| Cash Advance fee |
3% min $10.00 |
| Balance Transfer Fee |
None when Balance Transfer is requested at time of application; thereafter, 3% of each advance (min. $10) |
Bank of America has discontinued the Power Rewards Visa. Apply for the Bank of America WorldPoints™ Platinum Plus™ MasterCard® Credit Card instead.
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