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Home Advantage™ MasterCard® from Bank of America Review
Issued by Bank of America
  
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Overall Rating:
Benefit Rating:
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The Home Advantage™ MasterCard® from Bank of America, issued by FIA Card Services, N.A., is designed for those with excellent credit who would like to earn a variety of rewards, including payments toward their mortgage principal.
Through the reward program, cardholders earn one point per dollar spent on all qualifying purchases. Cardholders will also earn double points on purchases at home improvement stores including Lowe's®, The Home Depot®, and Best Buy® for the first twelve months. There is no limit to the number of points that may be earned, but points will expire after five years. Points are redeemable for various travel rewards, merchandise, gift certificates, and cash.
Cardholders can also redeem points for payments to their mortgage provider. For every 5,000 points earned, $50 will be applied towards the mortgage principal, providing cardholders with the opportunity to reduce interest costs over the life of their loan.
In addition to the reward program, the card also offers common cardholder benefits, such as online account access, fraud protection, and access to a personal concierge service.
The card has no annual fee, a 0% introductory rate for both balance transfers and cash advance checks for the first twelve billing cycles, and a reasonably low fixed interest rate on purchases (for those who qualify). It is important to understand that the APR for purchases and balance transfers will vary according to the applicant's credit history and will be either 9.99% or 15.99%.
Therefore, those who will qualify for the lowest rate offered, will take advantage of the introductory rate, and would like to participate in the reward program will benefit most from what the
Home Advantage™ MasterCard® from Bank of America has to offer.
Through the reward program, cardholders earn one point per dollar spent on all qualifying purchases. Cardholders will also earn double points on purchases at home improvement stores including Lowe's®, The Home Depot®, and Best Buy® for the first twelve months. There is no limit to the number of points that may be earned, but points will expire after five years. Points are redeemable for various travel rewards, merchandise, gift certificates, and cash.
Cardholders can also redeem points for payments to their mortgage provider. For every 5,000 points earned, $50 will be applied towards the mortgage principal, providing cardholders with the opportunity to reduce interest costs over the life of their loan.
In addition to the reward program, the card also offers common cardholder benefits, such as online account access, fraud protection, and access to a personal concierge service.
The card has no annual fee, a 0% introductory rate for both balance transfers and cash advance checks for the first twelve billing cycles, and a reasonably low fixed interest rate on purchases (for those who qualify). It is important to understand that the APR for purchases and balance transfers will vary according to the applicant's credit history and will be either 9.99% or 15.99%.
Therefore, those who will qualify for the lowest rate offered, will take advantage of the introductory rate, and would like to participate in the reward program will benefit most from what the
Home Advantage™ MasterCard® from Bank of America has to offer.
Review Date: August 19, 2008
Note: The review on this card was updated on August 19, 2008. The review is believed to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application.
| Credit Card Rate Details | |
Intro Rate (Intro APR):
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0% APR for 12 Billing Cycles |
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Intro Applied Towards:
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Balance Transfers |
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Additional Intro Details:
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The introductory rate is 0% for the first 12 billing cycles on balance transfers and cash advance checks. |
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Purchase APR:
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9.99% / 15.99% (Fixed) The APR for purchases is based on the Prime Rate. |
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Cash APR:
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24.99% (Fixed) The APR for cash advances is based on the Prime Rate. There is a minimum APR on cash advances. |
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Finance Configuration:
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Average Daily Balance (including new purchases) |
| Credit Card Fee Details | |
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Annual Fee:
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$0 |
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Additional Cardholders:
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$0 |
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Grace Period:
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20 Days (Min.) |
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Late Payment Fee:
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$15 on balances up to $100; $29 on balances over $100 up to $250; $39 on balances over $250 |
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Over the Limit Fee:
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None |
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Cash Advance Fee:
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3%, $10 minimum |
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Balance Transfer Fee:
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3%, $10 minimum |
| Credit Card Reward Program Details (Point) | |
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Points Per Dollar:
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1 Point |
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Additional Points:
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Cardholders will earn double points on purchases at home improvement stores including Lowe?s®, The Home Depot®, and Best Buy® for the first twelve months. |
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Point Details:
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Points are redeemable for travel, merchandise, gift certificates, and cash. Points are also redeemable for payments to the cardholder's mortgage provider. |
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Expiration:
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5 Years |
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Yearly Limit:
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None |
| Features | |
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Most Attractive Feature(s):
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| Access to reward program; introductory offer; no annual fee. | |
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Least Attractive Feature(s):
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| No extraordinary benefits or discounts offered to cardholders aside from the reward program. | |
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Additional Features:
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| Various Internet account related services. Personal concierge service. See website for additional benefits. |
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Important Notations
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| This card is issued by FIA Card Services, N.A. The fixed APR for purchases and balance transfers varies according to the applicant's credit history and will be either 9.99% or 15.99%. See website for complete terms and conditions of card usage and application disclosure. | |
