Mr Credit Card Review of the Financial Rewards® Visa® Platinum Plus® Card
Card issued by FIA Card Services, N.A.
Summary - The Financial Rewards® Visa® Platinum Plus® Card is a basic cash rebate credit card that allows you to earn 1% cash rebates for every dollar that you spend on the card. You can earn up to $600 in annual cash rebates. Find out more about this card.
Rebate Formula - The Bank of America Financial Rewards Visa Platinum Plus Card has a simple
rebate formula that pays you an equivalent of 1% cash
rebates. You earn one point for every one hundred you
spend and that one point will get you $1.00 in cash
rebates. You can redeem your cash rebates when you have
accumulated 25 points ($25.00). You can either choose to have the rebates sent to you via a check or deposited into your Bank of America savings or checking account. You can earn up to $600 in annual rebates.
For your first purchase, you will earn 5 bonus points ($5.00 cash rebates). You can also earn 5 bonus points for every $2,500 in net monthly balance transfers from a non-Bank of America account.
Annual Fee and APR - The Bank of America Financial
Rewards Visa has no annual fee. You get a 0% APR for both purchases and balance transfers for six billing cycles. There is no balance transfer fee. The APR
is as low as prime rate plus
5.99%. The average daily balance method (including new purchases) is used to calculate your monthly balance.
Verdict - The problem with the Financial Rewards® Visa® Platinum Plus® Card is that you could only 1% rebates. While this is better than a plain vanilla Visa or MasterCard, other cards pay more than 1% on some spending categories. Furthermore you can only earn up to $600 in annual cash rebates (which is equal to $60,000 in annual spending). If you are looking to maximize your cash rebates from credit cards this is not the card to get.
Positives
Enter your approximate monthly spending into the calculator below to see how much you can earn per month if you're using Bank Of America Financial Rewards Visa versus other cards!
| Financial Rewards® Visa® Platinum Plus® Card | |
| Rebate Formula | |
| Rebate Formula | 1% rebate formula Earn 1 point for every $100 you spend. 1 point is equal to to $1.00 in cash rebate. |
| Caps on rebates | Earn up to $600 |
| Benefits | |
| Customer communications are send in Spanish and English Total Security Protection Various Internet account related services Auto rental insurance Various travel and emergency assistance services Free Year-End Summary Statement Lost luggage recovery No liability for unauthorized Internet transactions Discounts on auto rentals Optional Mini Card See website for additional benefits Optional Purchase Guard |
|
| Cost/Fees/Interest rates | |
| (APR) Purchase | Intro Rate - 0% for six billing cycles. Goto rate is a variable risk based rate at as low as Prime Rate + 5.99% |
| (APR) Balance Transfer APR | Intro Rate - 0% for six billing cycles. Goto rate is a variable risk based rate at as low as Prime Rate+ 5.99% |
| (APR) Cash Advance | (P + 15.99%) |
| Finance Configuration | Average Daily Balance (including new purchases) |
| Annual Fees | None |
| Additional Cardholders | $0 |
| Grace Period | 20 days (Min) |
| Minimum Credit Limit | $500 |
| Maximum Credit Limit | $25,000 |
| Late Payment fee | Based on Account balance on the fee assessment date - $15 for balances less than or equal to $100, $29 for balances $100.01 to $250, $39 for balances greater than $250. |
| Over-the-credit-limit fee | Based on the highest Account balance during the Billing Cycle - $15 for balances less than or equal to $500, $29 for balances $500.01 to $1000, $39 for balances greater than $1000. |
| Cash Advance fee | 3% min $10.00 |
| Balance Transfer fee | 3% of each advance (min. $10) |