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Home Advantage™ MasterCard® from Bank of America |
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- 0% Intro Annual Percentage Rate (APR) on Balance Transfers and Cash Advance Checks Through Your First Twelve Billing Cycles*
- Earn 1 Point For Every $1 in Net Retail Purchases at All Merchants*
- Redeem Your Points for Cash Back, Travel With no Blackout Dates, Car Rental and Hotel Rewards, Brand Name Merchandise, or Gift Certificates*
- Redeem Your Points as Extra Payments- Every Time You Earn 5,000 Points, You Can Redeem Them for Cash - Which Can be Applied Directly to Your Mortgage*
- No Limit to The Number of Points You Can Earn Each Year*
- Absolute Fraud Protection Against Unauthorized Use, Online and Offline*
- Access to The MyConcierge(SM) Service, a Unique Personal Assistance Service*
- Secure Online Account Access and Electronic Bill Payment Service*
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Intro APR
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Intro APR Period
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Regular APR
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Annual Fee
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Balance Transfers
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Credit Needed |
0% on Balance Transfers*
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12 Billing Cycles*
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9.99% / 15.99%*
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None*
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Yes*
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Excellent Credit*
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Editor's Review:
Completing a balance transfer can be a great way to save some money on your finance charges. With the help of the Home Advantage™ MasterCard® from Bank of America, you can transfer your balances and take advantage of a great introductory offer. More specifically, the card provides you with a 0% APR for the first twelve months on your cash advance checks and on your balance transfers. Therefore, if you will be able to pay off the balance before the introductory period is complete, you can eliminate finance charges entirely as you pay down your debt.
It should be noted that there is a fee associated with making balance transfers or cash advances with this card. In both cases, your fee will be equivalent to 3% of the total amount you transferred or advanced. In addition, you will have to pay a $10 minimum fee and there is no maximum fee for transfers and advances. Therefore, you need to seriously take these fees into consideration when considering this card.
There is no annual fee associated with the card and it offers a very attractive rewards program. Cardholders receive one point for every dollar that they spend on qualifying purchases. They can also receive double points for making purchases at certain home improvement stores, including The Home Depot, Lowe’s and even Best Buy. The special double bonus rate, however, only applies for the first twelve months of membership.
Unlike typical rewards programs, there are no limits to the number of points you can earn each year with this card. The points do, however, expire after five years. Therefore, it is important to keep an eye on your points and to make certain you use them before you lose them. Once you have earned points, they can be used to purchase a variety of travel awards, gift certificates, merchandise or cash. Another interesting option offered through the program is the ability to redeem your points to help pay off your mortgage loan. For ever 5000 points you earn, you can choose to have $50 applied toward the principal of your mortgage, helping to pay down the loan and reducing the amount of interest you’re paying on your mortgage.
The Home Advantage™ MasterCard® Bank of America card offers some additional benefits. Cardholders can access their accounts online and they also have access to their own personal concierge service. Fraud protection services are also provided through the card and the APR is relatively low for cardholders that qualify.
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(Review Date: July 24, 2008)
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