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Bank of America Rewards™ American Express® Card

• 0% Intro Annual Percentage Rate (APR)† on balance transfers and cash advance checks for your first 12 billing cycles.
• Get Double Points on dining and travel purchases through January 1, 2007
• No annual fee and the flexibility to pay over time
• Reedeem your points for travel with no blackout dates, discounts at hotels, cash, brand-name merchandise, or gift certificates
• Earn one point for every net retail purchase dollar
• Access to special Cardmember offers from American Express to save on shopping, dining, travel, hotels, and much more.
• Free 24/7 Concierge Service
• Card issued by FIA Card Services, NA.

Issuer :  FIA Card Services, N.A. (Bank of America)

Introductory APR : 0% Intro Annual Percentage Rate (APR) on purchases and balance transfers for the first 12 billing cycles.

Introductory Period : twelve billing cycles (one year)

APR After Introductory Period : 7.99% plus prime rate

Cash Advance Rate : 19.99%% variable rate on cash advances

Annual Fee : $0

Credit Line Possible : The minimum credit line offered is $500 and the maximum is $25,000. 

Insurance included : The Bank of America Rewards American Express Card comes with extended car rental and warranty coverage on services and purchases for up to a year.

Financing Configuration – Interest is calculated on your average daily balance  (including new purchases).

Grace Period – You have twenty days after making a purchase Bank of America Rewards American Express Card during which you do not have to pay interest.

The Best Thing About It – This card offers cardholders various benefits such as access to online banking, auto rental insurance, and purchase protection services. There is also no annual fee and a concierge service

The Worst Thing About It – You may not qualify for the Bank of America Rewards American Express Card and the cash back program of 1% is not as generous as similar cards.

Credit Rating Needed For Acceptance :  Excellent credit.

Who Is It For?

The Bank of America Rewards American Express Card is for users with good credit who need looking for a card that gives them cash rebates on every day purchases (no matter which retailer they us), no annual fee and the flexibility to pay over time.

Benefits

There are no black out dates. Redeem your points for air miles with no black out dates.

There is a cashback program.  Earn a 1% cash back rebate on all purchases made with your Bank of America Rewards American Express Card.

You get special perks. Access to special Cardmember offers from American Express allows you to save on shopping, dining, travel, hotels, and much more.  The Bank of America Rewards American Express Card also provides various benefits and services including a personal concierge service and various discounts at participating merchants.

There is no annual fee for additional cards. Duplicate cards are free.

The card comes with the Bank of America’s Purchase Replacement program. This feature provides for repair or replacement for covered purchases that are stolen, damaged or lost at a known location, within 90 days of the date of purchase.

The card comes with the Bank of America’s Purchase Guard. This feature may double the manufacturer’s original U.S. warranty period for covered purchases with warranty duration of 1 year or less.

Zero Liability.  If you claim someone has stolen your Bank of America Rewards American Express Card then you do not have to be liable for the usual $50 that is typically deducted as fraud liability.

 

The Drawbacks

 

You only earn 5 first purchase bonus points with the rewards program. This is very low for a first purchase bonus.

Time limit on points. Your points will expire after 5 years

All payments you make with your Bank of America Rewards American Express Card will be applied to lower rate balances first. This makes it easy to get into debt.

Fees To Watch Out For

Late payment fee :  $15 on balances up to $100; $29 on balances over $100 up to $250; $39 on balances over $250

Cash advance Fee : 3%, $10 minimum

Over The Limit Fee : $15 on balances up to $500; $29 on balances over $500 up to $1,000; $39 on balances over $1,000

Balance Transfers : 3%, $10 minimum

To Summarize –

The Bank of America Rewards American Express Card has no annual fee, a 0% introductory rate for both balance transfers and cash advance checks for the first twelve billing cycles, and a very low fixed interest rate on purchases and balance transfers once the introductory rate expires. However the cash advance rate is one of the highest in the industry.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
0%	12 months	7.99%	$0	Yes*	Excellent Credit*