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BoatU.S.™ Platinum Plus® Visa® Card

• 0% Intro Annual Percentage Rate (APR)† on balance transfers and cash advance checks for the first 12 billing cycles.
• Earn 1 point for every net retail purchase dollar spent and redeem your points for travel, merchandise, gift certificates, and cash
• Access to the MyConcierge^SM service, a unique personal assistance service**
• Absolute fraud protection against unauthorized use, online and offline
• No annual fee
• Card issued by FIA Card Services, N.A.

Issuer:  Bank of America

APR: 0.00%

Introductory Period: 12 months

APR After Introductory Period:  9.90% or 15.99% depending on your credit rating that is fixed and applied towards balance transfers

Annual Fee: $0

Credit Line Possible: This is based on your credit worthiness and at the discretion of the credit card company.

Insurance included:  No

Financing Configuration – Interest on your BoatU.S. Platinum Plus Visa Card is calculated on your average daily balance.

Grace Period – You have twenty days during which you do not have to pay interest on purchases.

The Best Thing About It – There is no annual fee.

The Worst Thing About It – Cash advances are an expensive 19.99% and there are lots of fees. Even preferred customers will have to pay the standard APR on cash advances after August 11, 2007. There is also no insurance coverage offered with this card.

Credit Rating Needed For Acceptance – Excellent. To acquire a BoatU.S. Platinum Plus Visa Card household you also need an income over $15,000.

Who Is It For?

The BoatU.S. Platinum Plus Visa Card is for people who want to participate in a program that offers boating related rewards. It is a credit card that is best used to save money on purchases rather than one that will be used for cash advances or balance transfers.

The Benefits

There is a good rewards program. Through the WorldPoints reward program, cardholders earn one point for every dollar they spend on the card. Points are redeemable for cash, travel, merchandise and gift certificates. You can also earn generous bonus points for marine related purchases, 5000 points will earn you a $25 check, 12,000 points will earn you a $100 Gift Card to spend at Old Navy, and 25,000 points earns you a round trip airline ticket within the 48 continental United States.

Checks are cheap. The 0% introductory rate also applies to the free checks that are issued with your account.

There is a MyConcierge service. This means you have access to unique personal service from Bank of America Staff both online and off twenty-four hours a day.

The Drawbacks

 

Points do expire! Your points are no longer usable after five years.

A high interest rate for taking out cash advances. The Bank of America will charge you a 19.99% fixed rate for each cash advance transaction.

Monthly payments are applied to purchases first until they are paid off and then to purchases.  This can get very expensive if you use it to take out cash, as the interest rate is high.

A short grace period. Many credit cards don’t collect interest on purchases until thirty days after purchase. The grace period for the BoatU.S.  Platinum Plus Visa Card is twenty days.

The 0% introductory rate is not guaranteed. If you make a late payment on any bill, not just your credit card bill, your introductory 0% rate can be replaced with the prime rate.

There are lots of hidden fees. The fees for this card can add up and make it seem like you are paying an annual fee anyway. In fact the cash advance fee and balance transfer fees are almost double of what you would pay on another card.

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

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

Cash advance Fee: 3%, $10 minimum ($50 maximum for convenience checks).  The same applies to cash equivalents.

Balance Transfers: 3%, $10 minimum, $50 maximum (with this introductory offer)

To Summarize –

This is a good card for people who can pay their balance off every month. The points take a relatively long time to expire compared to other cards and the fees for simple transactions are double that of other cards. This is not a card that is recommended for drivers or travelers.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
0%	12 months	9.99%	None	Yes	Good Credit