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Efectiva™ Platinum Plus® Visa®

• Earn points towards cash back
• 0% Intro Annual Percentage Rate (APR)† on purchases and balance transfers for the first 6 billing cycles.
• Earn 5 bonus points with your first purchase
• Bilingual communications and services in English or Spanish
• No annual fee
• Card issued by FIA Card Services, N.A.

Just the Facts

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 6 billing cycles.

Introductory Period : Six billing cycles (six months)

APR After Introductory Period : 14.24% variable

Cash Advance Rate : 14.24%% variable rate on cash advance checks, 24.24% variable on 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 :  The Efectiva Platinum Plus Visa 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 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. The rewards program is generous.

The Worst Thing About It – The maximum credit limit is $25,000.

Credit Rating Needed For Acceptance :  Good credit.

Who Is It For?

The Efectiva Platinum Plus card is for users with good credit who need bilingual service and who are looking for a card that gives them cash rebates on every day purchases (no matter which retailer they use.)

Benefits

The rewards program is well organized and quite generous. Efectiva Platinum Plus Visa cardholders earn a 1% cash back rebate on all purchases made with the card with a yearly rebate limit of $600. Cardholders will earn one point for every $100 in net monthly purchases, five points for every $2,500 in net monthly balance transfers from non-FIA Card Services accounts, and five bonus points for the first purchase. For every 25 points that are earned, the cardholder receives a $25 check or a $25 credit to their Bank of America checking or savings account.

The card offers bilingual services. Customer service is available in both Spanish and English.

There is no annual fee for additional Efectiva Platinum Plus Visa 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 Efectiva Platinum Plus Visacard 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.

There is a yearly limit on points. The limit is 600 points per year.

The Efectiva Platinum Plus Visa has a shorter grace period. Many credit cards don’t begin to garner interest on purchases until thirty days after purchase. The Make-A-Wish Platinum Visa only gives you twenty days.

All payments you make with your Efectiva Platinum Plus Visa 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

To Summarize –

The Efectiva Platinum Plus Visa has no annual fee. The card has a reasonably low interest rate for purchases (for a reward card), no annual fee, and a 0% introductory rate that can be applied toward purchases, balance transfers, and cash advance checks for the first six billing cycles.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
0%	6 months	14.24%	None	Yes	Good Credit