2009 Credit Card Study
A credit card under a microscope
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Credit Card Exclusive: BofA

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CardBank of America Platinum Plus Visa

Bank of America Cash Rewards Platinum Plus MasterCard

Any time, any reason; universal defaultAny time, any reason.Any time, any reason.
Average daily balance or two-cycle?Average daily balance (including new purchases).Average daily balance (including new purchases).
Late fee range$15 on balance $0 to $100; $29 between $100.01 and $250; $39 on $250.01 or more.$15 on balance $0 to $100; $29 between $100.01 and $250; $39 on $250.01 or more.
Overlimit fee$39.$39.
Balance transfer fees: % of amount; minimum and maximum4% of each balance transfer; $10 minimum.4% of each balance transfer; $10 minimum.
Cash advance fees: % of advance; minimum and maximum5% of each advance; $15 minimum.5% of each advance; $15 minimum.
Payment related fees: phone, expressPhone: No fee with account and using automated system; $15 with or without account talking to a person.Phone: No fee with account and using automated system; $15 with or without account talking to a person.
Other fees (annual, returned check, etc.)Annual: $0
Returned check: $39
Wire transfer: $10
Copy: Five free per month
Annual: $0
Returned check: $39
Wire transfer: $10
Copy: Five free per month
Grace period20 days.20 days.
Introductory rate for purchases and balance transfersBalance transfer: 0% for six months.Balance transfer: 0% for six months.
Default APR rangeVariable APR is 27.24% for all purchase, balance transfer and cash advance balances if late or overlimit. The margin for the default APR is up to 23.99%.Variable APR is 27.24% for all purchase, balance transfer and cash advance balances if late or overlimit. The margin for the Default APR is up to 23.99%.
How payments applied to balance?Payments will be applied to balances with lower APRs before balances with higher APRs.Payments will be applied to balances with lower APRs before balances with higher APRs.
How is interest rate set?The U.S. prime rate used to determine your APRs for each billing cycle is the highest rate appearing in The Wall Street Journal at any time within the immediately preceding three months.The U.S. prime rate used to determine your APRs for each billing cycle is the highest rate appearing in The Wall Street Journal at any time within the immediately preceding three months.
Minimum payment charge1% of outstanding balance plus current finance charges. A minimum $15 charge for outstanding balance.1% of outstanding balance plus current finance charges. A minimum $15 charge for outstanding balance.
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Product Rate Change Last week
Balance Transfer Cards 15.73%  0.01 15.72%
Cash Back Cards 16.43% --0.00 16.43%
Low Interest Cards 10.98%  0.02 10.96%
 
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