Bank of America is one of the world’s largest financial institutions that provide a variety of services to their customers like service to individual customers which include saving and current account as well as other services. This bank also deals with small, middle and large scale markets. Along with this the one of the imperative services that Bank of America provides is credit card facility to its premium account holders.

A credit card is a card given to the premium customers through whom the customers can lend money from bank according to their deposit into the Bank and the history of the customers and risk factors. Credit card is issued by the authorized financial intuitions which include private and government banks.

The customers can use the credit card at the point of sale and is best for Internet banking that can give online payment. For this bank, charged interest is more than normal loan interest. It is initially used as short term financial and later on depends upon credit rating.

 

CATEGORIES OF CREDIT CARDS

Bank of America provides many credit cards according to the need and pocket of the customers and according to the facility that customer require like:

Secured Credit Card: This card secures the future financial requirements and need initial security of $300-$4900 and review after 12 months and can credit according to that.

Education Credit Card: This card is generally given to students and when they use their credit card for payment, they will get discount on their purchase.

Rewards Points Credit Cards: This card is useful for those who buy goods in bulk quantity and if payment is made by this card then they earn one point for every dollar and no annual fee is required, but initially it requires $ 50 qualifying statements.

Cash Back Reward Credit Cards: This card gives discount on the purchase of goods like 2% on groceries, and 3% on gas and so on and $50 after the limit and get bonus of 10% if the customer puts that amount into their saving account.

Airline and travel Reward Credit Cards: This card is beneficial for those who have to travel on regular basis and by using these cards they get some amount of discount from the fare and can book the seat in advance with preference.

Charities and sports Causes Credit Cards: Those who give charity by this card get discount later on, over some of the household purchases like on gas and grocery and on sports gadgets.

As Bank of America is diversified into four major areas, they are:

• Basic service to the consumers
• Deals with the corporate people
• Deals in Investment Management
• Deals with International customers and market. So, according to that they issue credit card which satisfies their need and requirements.

PROCESS TO GET CREDIT CARD FROM BANK OF AMERICA

There are two ways to apply for credit card in Bank of America and the basic requirement to apply for credit card is that the customer should have saving or current account in that particular Bank.

The customer should have saving or current account in Bank of America.

They should collect complete information regarding all the credit cards available and their rates.

If the customer uses online banking and has an Id and password, then he or she can apply through online and can activate their credit card depending upon the limit of the customers and history of financial transaction. This is one of the fastest ways to apply for credit card in Bank of America and

Collect the application form and write an application to issue a credit card and submit the original documents in the office with required number of photographs, Identity proof and address proof. Collect information regarding the interest rates, credit limits, penalties and renew procedure.

PAYMENT AND OTHER CHARGES OF CREDIT CARDS

Bank of America credit card payment :

While using the credit card one has to be very careful and active. While giving payment from the credit card the user should call the lender and

• confirm the charges and fees every month,

• Credit card charges on membership fees on monthly basis:

• APR (Annual Percentage Rate) charge during the life time of the credit card and it increases after every 6 months.

Bank and customers use OCC formula to calculate the minimum charges with the help of APR rate which changes after six months. This formula works upon the outstanding balance in the credit card and find the transaction fee.

 

HOW DOES BANK OF AMERICA ACCEPT PAYMENTS

 Bank of America provides best online service to its credit card holders.  For this one has to log on to the website of the bank and follow the steps given on the Bank of America website and the customer should remember few points like credit card number, their address which he or she mentioned in the bank, security number and email id.

Log on the Bank of America website and click the bill pay and e Bill and then the payment account and pay the bill. After confirming the bank account it will take few days for the payment.

The payment can be made by phone by dialing the toll free number given by that particular Bank.

BENEFITS TO CREDIT CARD HOLDERS OF BANK OF AMERICA

 

There are many benefits to the customer for using credit card of bank of America like:

• Can assess and shop from any where at any time, no need to carry huge amount with himself.

• The customer can shop more with the use of credit card due to payment and due to the discounts that the credit card holder receives.

• Can use in emergency situation

• Payment of any thing by credit card is one of the convenient ways to give payments

• Credit card holders of Bank of America get time to time rewards and rebates and get insurance of credit card i.e. general insurance.

CONTACT DETAILS

Bank of America

Corporate Affairs

100 North

Tryon Street Charlotte,

NC 28255

For Lost or Stolen Credit Card contact on 1.800.732.9194

For International contact on 1.757.677.4701

For Credit Card Activation contact on 1.800.276.9939

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