With Bank of America being the largest issuer of credit cards, there are many Bank of America credit cards for an applicant to select from. One of these cards, the Platinum Plus® Visa® Card, is designed specifically for those card holders that have established a very good credit history and that would like to have the luxury of a platinum card. In addition, like most Bank of American credit cards, the Platinum Plus® Visa® Card does have an attractive introductory offer.
(Review Date: September 10, 2012)
Those that apply for the Platinum Plus® Visa® Card will enjoy a number of benefits that are commonly associated with platinum credit cards. Some of these benefits include a variety of different emergency and travel related services as well as automatic auto rental insurance. Cardholders also receive purchase protection and a number of security features.
The most attractive feature of the Platinum Plus® Visa® Card, however, is its introductory offer. Those that apply for and are approved for the Platinum Plus® Visa® Card receive an introductory rate of 0% for the first twelve months that applies toward purchases, cash advances, and balance transfers. After the first six months is complete, the APR remains reasonable.
There is no annual fee associated with the Platinum Plus® Visa® Card, though there aren’t as many benefits associated with this card as there are with many other Bank of America credit cards. Therefore, those that are not interested in a rewards program or in having any type of extraordinary benefits will be the most interested in the Platinum Plus® Visa® Card.
Those applying for the card may be approved for a line of credit up to $25,000. There is no minimum potential line of credit. Therefore, the credit extended to the applicant can be significantly less.
Once the cardholder receives a credit limit, he or she is expected to not exceed that credit limit. Those that do exceed the limit on balances of up to $500 will receive an over the limit fee of $15, Those that go over the limit with balances over $500 but less than $1,000 will have to pay a $29 fee while those that have a balance over $1,000 will have to pay a fee of $39.
As with all Bank of America credit cards, the cardholder is also expected to pay a monthly minimum payment toward repayment of the card debt. Those that pay late and that have a balance of up to $100 on the card will have to pay $15. Those that have a balance over $100 and up to $250 will be subject to a $29 fee while those that have a balance of over $1,000 will have to pay a $39 late payment fee.