Bank of America MasterCard - A Review
The Bank of America MasterCard is only one of the vast array of financial services offered by this huge financial institution. No matter what financial service you are seeking, there's a good chance that Bank of America will be one of the companies offering that service.
Unlike other major credit institutions, the MasterCard options available from Bank of America are limited. The vast majority of the credit accounts offered are partnerships with Visa and American Express. Cards branded with sports team names are available with the MasterCard logo and Paypass.
Recent changes to regulations affecting credit lenders have led to massive changes in the terms of credit card agreements today. For a time, lenders pull back their range of accounts offered but large credit issuers such as Bank of America have now expanded their account lines and are once again actively pursuing new credit customers.
Solution For Any Situation
This bank offers a credit card solution for almost any situation. One popular card is the Bank of America World MasterCard which offers WorldPoints Rewards and Paypass. Although this is the only card with the MasterCard logo available from BOA, it is a popular option for consumers.
There is no annual fee and a 0% introductory APR applies for the first seven or ten billing cycles. However, reading the terms and conditions carefully you find the introductory APR applies only to purchases and transfers made within 60 days of opening a new account. Other terms for this account are:
- Paypass
- 12.99%-20.99 Variable annual percentage rate (dependant on credit rating)
- 24.24% APR for direct deposits, cash advances and cash equivalent transactions
- Transactions fees for balance transfers, cash advances and foreign transactions
- $35 Late payment fee
- $25 Returned payment fee
- One reward point earned for each $1 spent
The Paypass
Paypass is heavily advertised by Bank of America. Paypass enabled card carry a small logo identifying them. The cards are implanted with a microchip and a tiny antenna.
Using a Bank of America MasterCard that is Paypass enabled allows you to simply tap the credit cad on the processing machine when you make a purchase. There is no need to swipe the card or to sign to make a credit purchase.
When using your credit card at a convenience store, restaurant, sports arena or any one of many other venues, you simply touch the card to the processing machine and your purchase is instantly recorded.
Advantages
A Bank of America MasterCard is recognized world wide. Any merchant accepting MasterCard will readily accept a BOA card with no question. The Paypass enabled option is simple to use for purchases and eliminates the need to swipe or to sign a slip or computer screen and is meant to be both a convenience and a security option.
The variable interest rates are in line with other banks and the final APR given to a new account holder is based on that person's creditworthiness. Only those with stellar credit will qualify for the APR listed as the lower end of the range given.
Disadvantages
The Bank of America site is more difficult to navigate than sites of many other large credit lending institutions. Comparing terms can be tricky and at times the terms appear confusing.
The Bank of America MasterCard Paypass is definitely a convenience yet the same features that make it easy to use might also be a security disadvantage.
If your credit card is lost or stolen it can be disabled immediately to prevent unauthorized purchases. If not reported, the card is easy for anyone to use as a simple tap makes the charge with no signature or ID required.
Summary
Bank of America MasterCard options are rather limited and offered to appeal to consumers who appreciate the new MasterCard Paypass option. If convenience is a factor in your decision, this card may suit your purposes.