Category: Bank of America

Bank of America No Fee Balance Transfer Offers

Balance Transfer Offers, Bank of America, FIA

This page has application links to the Bank of America Platinum Plus Visa and Platinum Plus MasterCard with 0% on purchases and balance transfers for 12 months and no balance transfer fees. Via FW.

Note: Be sure to check the latest balance transfer offers from all credit card issuers by using the offers database at this link. You can also browse the directory of card deals here.

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Free Museum Visits for Bank of America Cardholders

Bank of America

Bank of America continues its Museums On Usâ„¢ program this year, expanding the number of participating museums from 56 to 85. When you present your photo ID and a Bank of America credit card, ATM card, check card or MBNA credit card, you’ll receive free admission for yourself and a guest to participating museums during the month of May.

To see the full list of museums, visit http://www.bankofamericapromotions.com/museums/.

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Beware of Bank of America No Fee Balance Transfers

Balance Transfer Offers, Bank of America

Don’t believe everything you read in print. Or, in this case, on Bank of America’s web site. This recent post on FW recounts the problem. Essentially, several people have reported that although their credit card’s terms and conditions state that there should be no fee for balance transfers, they have been charged 3% with no cap. In particular, this seems to be a problem with the BofA Money Return Visa. Here’s the relevant text in question:

Transaction fee for Balance Transfers and Cash Advance Checks: None of each such cash advance (minimum $0 ).

This does nothing to suggest that the fee is actually 3% with no cap; while awkward, it does seem to suggest that there should be no fee. Compare this language to that on cards which do charge 3% with no fee (for example, the WorldPoints Platinum Plus MasterCard):

Transaction fee for Balance Transfers and Cash Advance Checks: 3% of each such cash advance (minimum $10).

To me, it seems more than reasonable to assume that the first card has no fee. Yet the reality is different. The awkward wording for the first card does suggest the possibility that some improper updating of the T&C’s is involved. However, that language has been used on their web site for at least a few months.

Given the potential ambiguity, you would hope that BofA would at least honor the no fee terms for customers who were honestly misled. It wouldn’t hurt to change the terms on their web site, either.

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Bank of America Phasing Out 1.5% and 2% Cash Back on Power Rewards Visa

Bank of America, Cash Back Cards

According to a few reports, including this one, Bank of America will be phasing out the 1.5% and 2% cash back redemption tiers on its Power Rewards Visa card:

I just called the Power Rewards Center at 1-888-434-2232, and they told me they will indeed be phasing out BOTH the 30,000 point reward (for $450 statement credit, 1.5% cash back), and the 50,000 point reward (for $1,000 statement credit, 2% cash back). She did not know when the phase out will occur, which is disappointing because I specifically asked her, “so, possibly by the end of this year?” She did not know.

Anyway, she said the highest cash back reward would be 20,000 points for a $200 statement credit, only 1% cash back.

This is a real shame, as this used to be a great card for big spenders, where a true 2% cash back was possible. Then again, that it was such a great deal probably spelled its demise. It also underscores the recurring problem with points based programs–that they can be devalued at any time.

Current cardholders would be well advised to get to one of the higher tiers and cash out while the 1.5% and 2% redemption tiers are still available. Currently these redemption options are only available by calling a CSR.

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