What do you think of the BoA Visa Platinum Plus card?
I only need opinions from people who actually have or have had it. I have excellent credit (Upper 700′s credit score, great payment history). I use Bank of America for my banking, and I like the idea of being able to monitor at least one credit card along with my bank account (like I currently do with my Gold card). I’ve been considering applying for the BoA Visa Platinum Plus card. I need to ditch the BoA Gold card (stupid annual fee). The Visa Platinum Plus is listed under “Everyday Cards” on the BoA website. I think all of the ‘cash back rewards’ and various rewards cards are just not worth the hassle. I need a simple, decent APR% card. No tricks, no games…no extra charges out of some fine print I didn’t have 20 hours to read. I know all credit cards have the fine print, fees, etc.
As listed on their website:
- No annual fee
- 0% Introductory APR on purchases, balance transfers, and cash advance checks for your first 6 billing cycles†
- After your introductory APR expires, you will receive a variable APR on purchases, balance transfers, and cash advance checks currently Prime + 2.99% for Platinum Plus® accounts or Prime + 12.99% for Preferred accounts. Please note that you will lose your introductory APR if you exceed your credit limit, close your account or are late with a payment.
- All payments you make will be applied to lower rate balances first
- No fees on balance transfers
- Credit lines as high as $25,000
- Online Banking service***
- Total Security Protection®, our free package of security features, including zero liability from unauthorized card use if you notify us promptly***
- Travel and emergency assistance***
- Automatic auto rental insurance***
- Purchase Replacement***
- Purchase Guard***
- Cash advance checks at no extra charge***
- Additional cards at no extra charge
I don’t travel (no plane tickets, blah, blah, blah), rent cars, or any of that other crap. When I buy something, it’s either Retail purchases or online services. So even the listed rewards for travel and such mean very little to me.
Why does the “Preferred” (if it’s sooo preferred) have a higher interest rate than the Platinum Plus?
I’ll likely transfer my other 2 card balances to this card to pay it off as a whole through one card. So…is there anything I need to know about balance transfers to this card? I know they usually charge a 4% fee per transfer.
Oh yeah, and my current credit cards are in the 20′s+% APR…so why is this card seemingly so ‘special’ that it has a 12% APR? Is it hard to get because of the credit requirements or something? Does it really hold a higher ‘value’ (because of it’s odd name) than any other card, apart from maybe a lower APR%?
Justin
