Bank of America Platinum Plus Visa Card

Card issued by FIA Card Services, NA.
Mini Card available
Photo Expressions available
0% Intro Annual Percentage Rate (APR)† on purchases and balance transfers for the first 6 months.
No Annual Fee
Credit lines as high as $25,000
Online Banking Service
Total Security Protection®

Start building a solid credit history with

Visa® Platinum Plus®

• No annual fee
  
• 0% Introductory APR on purchases, balance transfers, and cash advance checks for your first 6 billing cycles†
  
• After your introductory APR expires, you will receive a variable APR on purchases, balance transfers, and cash advance checks currently Prime + 2.99% for Platinum Plus® accounts or Prime + 12.99% for Preferred accounts. Please note that you will lose your introductory APR if you exceed your credit limit, close your account or are late with a payment.
  
• All payments you make will be applied to lower rate balances first
  
• No fees on balance transfers
  
• Credit lines as high as $25,000
  

• Online Banking service***
  
• Total Security Protection®, our free package of security features, including zero liability from unauthorized card use if you notify us promptly***
  
• Travel and emergency assistance***
  
• Automatic auto rental insurance***
  
• Purchase Replacement***
  
• Purchase Guard***
  
• Cash advance checks at no extra charge***
  
• Additional cards at no extra charge

DID YOU KNOW?

	Your credit report is information about you which is used by lending agencies in their determination as to whether or not to extend you more credit. Your credit report will including personal information, employment information, and credit information. There are three credit report agencies which regularly gather information and update their reports. Due to discrepancies in collection and reporting, the three credit report agencies may have slightly different information about you. Regular monitoring of your credit report is important in maintaining good credit. Inside the credit report Your credit report contains information about you as a person, you as an employee and you as a borrower. The personal information on your credit report is gathered from your previous credit applications. This credit report information includes your full name, mailing and residential addresses, social security number, and birth date. Information on your employment history, earning status and current employer will also be in the credit report. Perhaps more important than this basic information is the information in the credit report which describes you as a borrower. Any financial problems which are of public record, including any bankruptcy filing, home foreclosures, automobile repossessions and court judgments against you which deal with finances are all potential for inclusion in the credit report. The credit report will also show your history of credit applications and inquiries. Frequent applications are considered negative by most lenders. Credit report agencies There are three major credit report agencies: Experian, Equifax and TransUnion. When a lender receives a loan application from you, the lender will obtain your credit report from one of these three agencies. The three agencies usually have the same information about you; however, discrepancies in information gathering and reporting may lead to slight differences in the information in each credit report. Monitor your credit report Your credit report is the major factor used in determining whether or not you qualify for a credit card or loan. For this reason, it is important to regularly monitor your credit report, checking for errors including delays in clearing problems. For example, if you have paid off a loan which shows as outstanding on the credit report, you should contact the credit report agency and repair the report to reflect your better credit. Everyone is entitled to receive one free credit report each year from each of the three agencies, available on request to the credit report agency. Any time that you are denied for a loan application, you are also entitled to a free credit report. Checking the credit report can improve your credibility as a borrower and increase the likelihood of being able to borrow when you need to do so.

There are several loan products available in the market place. The amount of money that you are looking to borrow, your personal circumstances and how much you can afford to pay on a monthly basis dictate what loan type will be best for you. If you own a home and you need to borrow a larger sum of money, a home equity loan seems to be the way to go. There are considerable benefits to this type of loan, provided you have the equity in your home to cover your loan.

Your home equity is the market value of the property minus any outstanding mortgage or other loans secured upon it. The balance is the equity, and with home equity loans you can borrow against this equity. Over the last few years property prices have risen substantially. As a result, homeowners have seen their equity rise also. This equity can be used as collateral to borrow money when the need arises.

What it comes down to, is that a home equity loan permits the home owner to use the added value of the house without having to sell up or move. The security of the equity makes it possible to borrow more money than would be possible with an unsecured loan. The loan can oftentimes be spread out over longer periods of time, and as a result the monthly payments are more reasonable. Be careful, not to spread out the loan too much. If the value of your property goes down during the time of the loan, you loose equity and your loan is no longer fully secured.

This could potentially cause problems if you need to repay your loan and/or you are selling your house. The sale of the property may no longer be enough to repay your home equity loan. The balance of the debt needs to be repaid with other means and that could potentially be a problem. Another benefit of a secured loan is the fact that interest rates are lower, as the risk for the lender is less. This, obviously, results in even less monthly payments. Or, if so desired, you can borrow more money without paying more on a monthly basis. In both cases you come out the winner.