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Bank of America Student Visa® Platinum Plus®

• Build your credit history
• No cosigner required
• No Annual Fee
• Online Banking Service
• Total Security Protection®
• Card issued by FIA Card Services, NA.

Just the Facts --

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

APR : 16.99% Variable

Cash Advance Rate : 16.99% variable rate on cash advance checks. 24.24% for bank and ATM cash advances.

Annual Fee : $0

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

Insurance included :  This student card includes 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  on your Bank of America Student Visa Platinum Plus Credit Card (including new purchases).

Grace Period – You have twenty days after making a purchase during which you do not have to pay interest.

The Best Thing About It – The Bank of America Student Visa Platinum Plus Credit Card offers cardholders various benefits such as access to online banking, auto rental insurance, and purchase protection services.

The Worst Thing About It – The APR is really high and there is no rewards program. There is also no introductory program.

Credit Rating Needed For Acceptance :  Excellent credit.

Who Is It For?

The Bank of America Student Visa Platinum Plus Credit Card, issued by FIA Card Services, N.A., is designed for students with very good credit who would like the opportunity to begin building their credit history.

The Benefits

There is no annual fee for additional Bank of America Student Visa Platinum Plus Credit Card 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 Bank of America Student Visa Platinum Plus Credit 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 card then you do not have to be liable for the usual $50 that is typically deducted as fraud liability.

 

The Drawbacks

 

There is no rewards program. The APR is very high for a card with no rewards program.

The Bank of America Student Visa Platinum Plus Credit Card has a short grace period. Many credit cards don’t begin to garner interest on purchases until thirty days after purchase. This card only gives you twenty days.

All payments you make with your Bank of America Student Visa Platinum Plus Credit Card will be applied to lower rate balances first. This makes it easy to get into debt.

There are lots of hidden fees.  See the Fees to Watch Out For section below.  The fees charged for your every little financial transaction can really add up and make it seem like you are paying an annual fee anyway.

Fees To Watch Out For

Late payment fee:  $15 on balances up to $100; $25 if between $100.01 and $1000. $35 if over $1000

Cash advance Fee: 3%, $10 minimum   

Over The Limit Fee: $15 on balances up to $500; $25 on balances over $500 up to $1,000; $35 on balances over $1,000

Balance Transfers: No fees on introductory balance transfers

To Summarize –

The Bank of America Student Visa Platinum Plus Credit Card has no annual fee. The interest rate for purchases and balance transfers is above average and it is not ideal for those who plan to carry a balance. It is best for students who can pay their balance in full. There is also no reward program.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
N/A	N/A	16.99%	$0	Yes*	Excellent Credit